Champion Real Estate Investment Trust, controlled by Great Eagle Holdings, said total distributable income for the eight months to December last year was HK$257.04 million, 23 per cent higher than a forecast made at its initial public offering.
The reit said the dividend distributable to shareholders from when it was formed on April 26 to December 31 was 20 HK cents a unit.
Champion Reit, which earns income from the grade-A office building Citibank Plaza in Central, said the encouraging result was helped by continued strong demand for offices in the Central business district.
During the period, the company said it leased about 137,000 square feet, lifting occupancy within the 15-year-old development from 86.6 per cent in February last year to 96.2 per cent at the end of the year.
Total revenue was HK$339.51 million, 9.8 per cent more than the forecast made in its listing prospectus in May last year. Rental income, which accounted for 85.83 per cent of total revenue, was HK$291.4 million.
Operating expenses were 5.8 per cent less than forecast, thanks to reduced agency commissions. Rents of grade A offices in Central rose about 30 per cent last year, according to property consultants.
No comparison figure was provided as the reit was only listed in May last year.