Sunlight REIT distributable income drops 2.1pc to HK$330.2 million

Sunlight Real Estate Investment Trust (0435) recorded distributable income dropped 2.1 percent to HK$330.2 million last year, mainly attributable to a 16.1 percent reduction in interest expense, according to a filing published on Wednesday.

Sunlight REIT declared a final distribution to unitholders of HK 9.1 cents, bringing distribution per unit for the year to HK 18.2 cents.

Its revenue decreased 4.8 percent to HK$778.1 million while net property income fell by 5.3 percent to HK$601 million, according to a filing.

The company's overall portfolio occupancy stood at 90.6 percent, with office and retail portfolios recording occupancy rates of 91.2 percent and 89.6 percent, respectively.

Besides, the portfolio recorded an average retention rate of 70 percent last year, while rental reversion came in at negative 9.3 percent. 

Vivian Yip May-ling, general manager of finance and investor relations, noted that as Hong Kong re-emergence as a leading financial hub, the office market is expected to benefit from this trend.

The company, which owns Dah Sing Financial Centre and Sheung Shui Centre Shopping Arcade, said that there has been a noticeable increase in leasing interest from mainland Chinese brands and it also welcomes further engagement from them.