Hong Kong · Delayed Price · Currency is HKD Link Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Net property income declined 3.7% year-over-year due to negative rental reversions in Hong Kong and Chinese mainland, but cost optimization and portfolio streamlining helped limit the distributable per unit decline to 6.4%. International assets performed strongly, and proceeds from non-core asset sales will fund share buybacks to support returns.
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Net property income and distribution per unit declined year-over-year due to negative rental reversions in Hong Kong and China, but international assets in Australia and Singapore delivered strong growth. Operational efficiency initiatives are on track to save over HKD 200 million annually, and the balance sheet remains robust with low gearing and strong credit ratings.
Fiscal Year 2025
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Solid results achieved with distributable income up 4.6% and DPU up 3.7% year-over-year, despite asset valuation declines and challenging conditions in Hong Kong and mainland China. Operational efficiency, portfolio diversification, and cost control remain key priorities.
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Management outlined a shift to quarterly updates, ongoing portfolio diversification, and resilience in APAC markets. Hong Kong faces negative rental reversions, while Singapore and Australia remain strong. Focus remains on tenant retention, cost management, and new fund management initiatives.
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Revenue and NPI grew 6.4% and 5.8% year-on-year, driven by acquisitions and strong international performance, while DPU rose 3.7%. Despite macroeconomic uncertainty and retail headwinds, the portfolio remains resilient with high occupancy and disciplined capital management.