Fortune REIT - Investor Relations > Financial Highlights

(in HK$ million, unless otherwise specified)

Profit and Loss For the year ended 31 December	2024	2023	% Change
Revenue	1,746.2	1,785.9	-2.2
Property Operating Expense	454.2	446.2	1.8
Net Property Income	1,253.3	1,299.4	-3.5
Distributable Income	723.4	810.6	-10.8
Distribution to Unitholders	723.4	810.6	-10.8
DPU (HK cents)	35.59	40.38	-11.9
Payout Ratio	100%	100%	-
Cost to Revenue Ratio	26.0%	25.0%	1 p.p.

Balance sheet as at 31 December	As at 31 Dec 2024	As at 30 Jun 2024	% Change
Investment Properties	38,056	38,715	-1.7
Total Assets	38,459	39,201	-1.9
Total Liabilities	11,529	11,480	0.4
NAV per Unit (HK$)	13.21	13.67	-3.4

Financial Ratios as at 31 December	As at 31 Dec 2024	As at 30 Jun 2024	Change
Gearing	25.6%	24.8%	0.8 p.p.
Interest Cover (Times)	2.8	2.9	N/A

Operational Statistics as at 31 December	2024	2023	Change
Occupancy	95.0%	94.4%	0.6 p.p.

Revenue¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. (HK$ million)

Base rental2 Base rental includes base rent, license income and atrium income.

Charge-out collection3 Charge‐out collection includes utilities charges and management fees.

Carpark income

Turnover rent

Other income

Net Property Income (HK$ million)

Distribution per Unit (HK $)

Interim

Final

Portfolio Valuation (HK$ million)

(in HK$ million, unless otherwise specified)

Profit and Loss for the year ended 31 December	2024	2023	2022	2021	2020
Revenue¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	1,746.3	1,785.9	1,764.4	1,806.4	1,843.8
Property Operating Expense¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	454.2	446.2	434.2	432.8	425.1
Net Property Income	1,253.3	1,299.4	1,290.2	1,340.2	1,376.1
Distributable Income	723.4	810.6	877.3	884.6	970.4
Distribution to Unitdolders	723.4	810.6	877.3	884.6	921.9
DPU (HK cents)	35.59	40.38	44.15	46.88	47.16
Payout Ratio (%)	100%	100%	100%	100%	95%

Balance sheet as at 31 December	2024	2023	2022	2021	2020
Investment Properties	38,715	38,997	39,503	39,500	39,075
Total Assets	39,201	39,510	40,335	39,725	39,336
Total Liabilities	11,480	11,430	11,408	10,542	10,705
NAV per Unit (HK$)	13.67	13.94	14.52	14.79	14.62

Financial Ratios as at 31 December	2024	2023	2022	2021	2020
Cost to Revenue Ratio¹At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	26.0%	25.0%	24.6%	23.5%	23.1%
Gearing	24.8%	24.6%	23.9%	22.4%	22.4%
Interest Cover (Times)	2.8	3.3	4.8	6.3	5

Operational Statistics as at 31 December	2024	2023	2022	2021	2020
Occupancy	95.0%	94.4%	93.9%	94.3%	95.8%

Unit data as at 31 December	2024	2023	2022	2021	2020
Year-end Closing Unit Price (HK$)	3.99	4.96	6.34	8.01	7.39
Units in Issue and to be Issued ('000)	2,038,349	2,008,653	1,992,462	1,973,804	1,958,887
Market Capitalisation (HK$ million)	8,133	9,963	12,632	15,780	14,446

Notes:

At the end of 2018, "Revenue" and "Property operating expenses" have been reclassified to conform with the new presentation format. Accordingly, "Revenue", "Property operating expenses" and "Cost to revenue ratio" of prior years (i.e. 2016 and 2017) were restated.
Base rental includes base rent, license income and atrium income.
Charge-out collection includes utilities charges and management fees.