Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — Corporate Update (March 2025)
20 slides from Link Real Estate Investment Trust's corporate update, Mar 25, 2025
Slide 1: 9M FY2024/25 Operational Update Presentation
9M FY2024/25 Operational Update Presentation 25 March 2025
Slide 2: Agenda
2 Agenda 01 Highlights 02 Operational Update 03 Financial 04 Other Updates 05 Q&A
Slide 3: Highlights
01 Highlights
Slide 4: Executive Summary
4 Executive Summary • Highly uncertain global context with prolonged high interest rates, uncertainty around the global economy, and geopolitical tensions. • Outlook in our key markets looks challenging, particularly Hong Kong where retail and property sectors are undergoing structural change. • Lin
Slide 5: Navigating Shifts in Policy and Heightened Uncertainties; Divergence Amongst Key Markets
5 Navigating Shifts in Policy and Heightened Uncertainties; Divergence Amongst Key Markets Geoeconomic Confrontation Macroeconomic Outlook for Key Markets Hong Kong Mainland China Interest rates Full-year GDP target: ~5% for 2025(2) GDP: Expected real GDP to grow 2-3% Timing of interest rate cuts in
Slide 6: Link REIT Portfolio
6 Link REIT Portfolio Portfolio Value (1) Hong Kong: 130 assets 51.6% Retail(2) 74.1% 19.9% Car Parks and Related Business(3) ▪ Optimise our portfolio by continuing 2.6% Office to explore opportunities in APAC markets, such as Australia, Japan, Mainland China: 6 retails, 1 office, 5 logistics and Si
Slide 7: Operational Update
02 Operational Update
Slide 8: Overall Portfolio – Solid Occupancies Maintained
8 Overall Portfolio – Solid Occupancies Maintained Operational Highlights Occupancy Summary Hong Kong (As at 31 December 2024) The resilience and stability of non-discretionary retail and premium office assets are evidenced by continued high Hong Kong 97.1% 99.2% occupancy rates. Retail Office Mainl
Slide 9: Hong Kong Retail – Reversion Registered a Mild Decline Amidst Challenging Market Conditions
9 Hong Kong Retail – Reversion Registered a Mild Decline Amidst Challenging Market Conditions Occupancy Reversion Unit Rent psf Tenant Sales Growth Occupancy Cost 97.1% Negative low single-digit $64.1 3.3% 13.1% (As at 31 Dec 2024) (For the 9 months ended 31 Dec 2024) (As at 31 Dec 2024) (For the 9
Slide 10: Hong Kong Car Parks – Sustained Modest Growth Momentum
10 Hong Kong Car Parks – Sustained Modest Growth Momentum Number of Parking Tickets Parking Tariffs Parking Revenue Minor Decline Rise with Market Rate Modest Growth (For the 9 months ended 31 Dec 2024) (For the 9 months ended 31 Dec 2024) (For the 9 months ended 31 Dec 2024) Hourly car park Revenue
Slide 11: Mainland China Business – Manoeuvring Through Economic Uncertainties
11 Mainland China Business – Manoeuvring Through Economic Uncertainties Occupancy 94.1% Occupancy 90.3% Occupancy 96.6% Retail Office Logistics (As at 31 Dec 2024) (As at 31 Dec 2024) (As at 31 Dec 2024) Occupancy rate held steady at Occupancy rate exceeded district Occupancy rate maintained at a 94
Slide 12: International Business – Strengths Underpinned by Strategic Locations and Positioning
12 International Business – Strengths Underpinned by Strategic Locations and Positioning Occupancy 99.5% Occupancy 100% Occupancy 90.8% AU Retail SG Retail Int’l Office (As at 31 Dec 2024) (As at 31 Dec 2024) (As at 31 Dec 2024) Portfolio occupancy remained Portfolio occupancy of 100% was Flight-to-
Slide 13: Financial
03 Financial
Slide 14: Prudent Capital Management with a Robust Financial Position
14 Prudent Capital Management with a Robust Financial Position Key Financial Metrics Hedging ratio (As at 30 September 2024) Fixed rate debt ratio in the upper range of 50- EBITDA Average All-in 70% in anticipation of Net Gearing Ratio Interest Coverage Borrowing Cost more gradual and 20.6% 4.8x 3.6
Slide 15: Prudent Capital Management with a Robust Financial Position
15 Prudent Capital Management with a Robust Financial Position Debt Profile Breakdown Debt Maturity Breakdown Debt Mix by Type (HK$ billion) 17.3 3.3 35.0 (HK$ billion) Medium Term Notes Convertible Bonds Bank Loans (31.2%) (5.9%) (62.9%) 18.5 Medium Term Notes Convertible Bond Bank Loans 15.7 Debt
Slide 16: Other Updates
04 Other Updates
Slide 17: Link Asset Management Limited – Update
17 Link Asset Management Limited – Update ▪ LREP aims to leverage Link’s experience and scale in Asia Pacific real estate, identifying and executing compelling investment strategies across the risk spectrum to serve private institutional capital. ▪ LREP is led by John Saunders, Link’s Group Chief In
Slide 18: Enhancing Transparency Through Revised Operational Update Format
18 Enhancing Transparency Through Revised Operational Update Format Purpose To provide robust transparency and timely update to our investors Current Practice New Practice Format Schedule Format Schedule Briefing session and Mar: 9M operational No briefing session; Feb: 9M operational operational up
Slide 19: Q&A
05 Q&A
Slide 20: Disclaimer
20 Disclaimer ◼ This document has been prepared by Link Asset Management Limited in its capacity as the Manager (the “Manager”) of Link Real Estate Investment Trust (“Link REIT”) solely for use at the presentations/meetings held and may not be reproduced or redistributed without permission. Neither
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