Link annual payout rises to HK$6b

Link Real Estate Investment Trust (0823) said the total distributable amount for the year ended March 31 inched up by 0.75 percent year-on-year to HK$6.01 billion, after adjustments and a discretionary distribution of HK$290 million.

Distribution per unit for the year increased by 1 percent to 289.99 HK cents. Revenue grew by 0.2 percent year-on-year to HK$10.74 billion, and net property income increased by 0.2 percent to HK$8.23 billion.

As of March 31, the occupancy rate for Link's retail portfolio in Hong Kong was 96.1 percent, and overall portfolio reversion rate was negative 1.8 percent. Reversion rate refers to the percentage change in per square foot average unit rent between old and new leases on the same unit. Average monthly unit rent dropped by 3.4 percent year-on-year to HK$62.4 per square foot.

Revenue from the mainland China portfolio fell by 6.3 percent, due to income loss from asset enhancement of Link CentralWalk in Shenzhen and coronavirus disease related rental concessions given during the year.

More than 400 new leases were signed in the Hong Kong property portfolio during the year ended March, Link REIT chief executive George Hongchoy Kwok-lung said in an online news conference.

More than 200 new leases were signed in the mainland property portfolio.

As for the commercial site on Caroline Hill Road, Causeway Bay, for which Link REIT has submitted tender, chairman Nicholas Allen said: "We do like assets such as that." The company will continue to seek commercial investment opportunities.

Hongchoy said Link is looking at overseas investment, such as mainland, Singapore, Japan, Australia and the UK. But the firm will not consider acquisitions of residential projects.

Hong Kong is the core market, Hongchoy emphasized.