
Fortune REIT's net property income grew 12.6% to $115.3m in H1
On back of solid rental growth.
Fortune REIT reported that its net property income grew 12.6% year-on-year to $115.3m (HK$654.4m) in the first half of the year.
The growth was driven by solid rental growth across its portfolio as well as additional income contributions from Laguna Plaza, which was acquired in January this year.
According to OCBC Investment Research,Fortune REIT’s financial position remains robust, with manageable gearing and no refinancing needs until 2016.
“We like Fortune REIT for its strong management team and resilient portfolio, as close to 60% of its gross rental income is derived from the non-discretionary retail sector,” OCBC said.