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Public company info - Link Real Estate Investment Trust , 00823.HK

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Link Real Estate Investment Trust, 00823.HK - Company Profile
Chairman Nicholas Charles ALLEN
Share Issued (share) 2,170,000,000
Par Currency
Par Value -0.0
Industry Real Estate Investment Trust
Corporate Profile Business Summary: The principal activity of the Group is investment in retail and carpark operations in Hong Kong. Performance for the year: During the year, revenue and net property income increased by 5.9% and 7.4% year-on-year to HK$9,255 million (2016: HK$8,740 million) and HK$6,994 million (2016: HK$6,513 million), respectively. DPU for the year increased by 10.8% to HK228.41 cents (2016: HK206.18 cents), comprising an interim DPU of HK111.75 cents (2016: HK98.99 cents) and a final DPU of HK116.66 cents (2016: HK107.19 cents). The total DPU represents a distribution yield of 4.2% based on the closing market price of the units of HK$54.45 on 31 March 2017. As a result, Link delivered a total return (including unit price appreciation and distribution yield) of 23.3% for the year. Business Review: Hong Kong Portfolio Retail The Hong Kong retail market was challenging during the year. However, The group's portfolio continued to show resilience given the group's focus on mass market non-discretionary trades. Occupancy rate for the portfolio stood at 96.1% as at 31 March 2017. Reversion rate for the year remained strong at 23.8%, while retail rental recorded a 4.2% increase year-on- year. Average monthly unit rent improved from HK$50.0 psf as at 31 March 2016 to HK$55.3 psf as at 31 March 2017. Operational statistics of the retail portfolio Starting last year, the group categorised the group's properties into three segments to better define the property management strategy and allocation of resources – Destination, Community and Neighbourhood – all of which demonstrated steady growth in the past year. Portfolio lease expiry profile Car Parks Representing 18.9% of the group's business in Hong Kong by value, the group's car parks had consistently contributed income growth and recorded a year-on-year increase of 5.1%. The group's Park & Dine mobile app and enhanced shopping environment helped drive visitations to the group's shopping centres, especially the hourly parking. The continuously increasing number of new private cars on the road also gave rise to a growing demand for car park spaces at the group's car parks – which led to growth in car park income. Car park income per space per month increased by 10.7% year-on-year to HK$2,239 for the year ended 31 March 2017. Prospects: Looking ahead and supported by the group's strong management team, the business will continue to grow prudently. The group expect that the economic and social uncertainty experienced in 2016/2017 will remain in place in the coming 2017/2018 year. With greater focus on value creation for all stakeholders, The group seek to establish stronger ties within the communities where the group operate to mitigate negative perceptions and publicity and enhance the group's standing in developing true community assets. Having established and strengthened the group's vision of serving and improving the lives of all those around the group and the solid business foundation that looks towards the future, I am confident Link will continue to raise the bar to improve operational performance and make further progress towards being a world class real estate investor and manager.

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