Sunlight Real Estate Investment Trust · HKEX:435
Sunlight Real Estate Investment Trust — FY2025 Earnings Presentation
35 slides from Sunlight Real Estate Investment Trust's earnings presentation, Mar 11, 2026
Slide 1: 2025 Final Results Navigating on a Firm Foundation
2025 Final Results Navigating on a For the year ended 31 December 2025 Firm Foundation Investor Presentation 11 March 2026
Slide 2: Agenda
AGENDA 1. Results Highlights 2. Portfolio & Asset Performance 3. Capital Management 4. Sustainability Updates 5. Prospects & Strategy 6. Appendix
Slide 3: Highlights of the Year
Results Highlights Highlights of the Year 1. Distributable income for the Year registered a mild 2.1% drop as compared to the corresponding calendarized figure in 2024. 2. Distribution per unit for the Year was HK 18.2 cents, representing a payout ratio of 96.1%. 3. Net asset value per unit was HK$7
Slide 4: Key Financials
Results Highlights Key Financials Revenue Net Property Income Distributable Income HK$’ million HK$’ million HK$’ million 778.1 601.0 330.2 4.8% YoY^ 5.3% YoY^ 2.1% YoY^ 817.1* (12 months ended 31 Dec 2024) 634.5* (12 months ended 31 Dec 2024) 337.3* (12 months ended 31 Dec 2024) Appraised Property
Slide 5: Distribution Summary
Results Highlights Distribution Summary Distributable Income Distribution Per Unit Payout Ratio Distribution Yield HK$’ million HK cents 2.1% 330.2 YoY (CY25 vs CY24) 18.2 96.1% 7.7%1 337.3* (12 months ended 31 Dec 2024) 27.4 (18 months ended 31 Dec 2024) 94.0% (18 months ended 31 Dec 2024) DPU at a
Slide 6: Property Valuation Summary
Results Highlights Property Valuation Summary Valuation (HK$’ million) Property Valuation Office Retail HK$’ million Dah Sing Sheung Sheung Metro 3.0% 17,403.0 (vs 31 Dec 2024) Financial Wan/ Other Shui City Other Centre Central Office Centre Phase I Retail At 31 Dec 2025 4,583.0 2,507.0 1,725.0 3,6
Slide 7: Portfolio & Asset Performance
Portfolio & Asset Performance
Slide 8: Key Operational Statistics at a Glance
Portfolio & Asset Performance Key Operational Statistics at a Glance Occupancy Rate Cost-to-income Ratio Retention Rate Rental Reversion 90.6% 22.8% 70% -9.3% 89.2% (30 Jun 2025) 22.5% (18 months ended 70% (18 months ended -2.6% (18 months ended 31 Dec 2024) 31 Dec 2024) 31 Dec 2024) Property Operat
Slide 9: Sector Performance
Portfolio & Asset Performance Sector Performance Office Retail At 31 Dec At 30 Jun At 31 Dec At 30 Jun 2025 2025 2025 2025 Occupancy rate 91.2% 90.0% 89.6% 87.6% Passing rent HK$/sq. ft. 31.0 31.7 63.9 65.5 18 months 18 months Year ended ended Year ended ended 31 Dec 2025 31 Dec 2024 31 Dec 2025 31
Slide 10: Dah Sing Financial Centre
Portfolio & Asset Performance Dah Sing Financial Centre ◼ Stable occupancy with a satisfactory retention rate, while financial services tenants has become the mainstay by tenant mix Tenant Mix Occupancy Rate Rental Reversion (at 31 Dec 2025) 91.0% -14.4% Financial Gov’t & related services 25.2% orga
Slide 11: Sheung Shui Centre Shopping Arcade
Portfolio & Asset Performance Sheung Shui Centre Shopping Arcade ◼ A solid banking-driven tenant base underpins the property’s resilience and affirms its position as a competitive retail destination. Tenant Mix Occupancy Rate Rental Reversion (at 31 Dec 2025) 87.5% -10.7% Financial Healthcare & beau
Slide 12: Metro City Phase I
Portfolio & Asset Performance Metro City Phase I ◼ Stable community mall with a healthy retention rate and diversified tenant mix. Tenant Mix Occupancy Rate Rental Reversion (at 31 Dec 2025) 87.1% -9.0% Healthcare & beauty Supermarket & 14.7% foodstuff Passing Rent Retention Rate 11.5% HK$/sq. ft. F
Slide 13: Other Key Office Properties
Portfolio & Asset Performance Other Key Office Properties Passing Rent Occupancy Rate HK$/sq. ft. 31 Dec 2025 31 Dec 2025 4 Strand 50 89.1% 27.9 8 The Harvest 100.0% 38.0 9 Righteous Centre 90.6% 34.7 Strand 50 4 8 9 ▪ Witnessed a rebound in occupancy rate, with a new eatery opened at end-2025 ❹ The
Slide 14: Other Key Retail Properties
Portfolio & Asset Performance Other Key Retail Properties Passing Rent Occupancy Rate HK$/sq. ft. 31 Dec 2025 31 Dec 2025 14 Kwong Wah Plaza 100.0% 50.7 15 West 9 Zone Kids 89.6% 40.7 Kwong Wah Plaza ▪ Full occupancy with a high retention rate 14 15 West 9 Zone Kids ▪ Successful revitalization with
Slide 15: Asset Enhancement of West 9 Zone Kids
Portfolio & Asset Performance Asset Enhancement of West 9 Zone Kids ◼ CAPEX: HK$4.5 million ◼ Secured a range of new food and beverage tenants with improvement in occupancy level ◼ Introduced “Cherry Hub” as a new communal space fostering tenants’ activities and interactions, emphasizing “Connectivi
Slide 16: Capital Management
Capital Management
Slide 17: Credit Profile
Capital Management Credit Profile Total Borrowings Interest Margin Weighted Debt Maturity Period HK$’ million (Floating-rate portion) 4,993 HIBOR + 0.75% p.a. 3.1* years 4,993 (31 Dec 2024) HIBOR + 0.81% p.a. (31 Dec 2024) 1.4 years (18 months ended 31 Dec 2024) Composition of Borrowings Maturity Pr
Slide 18: Interest Rate Management
Capital Management Interest Rate Management Weighted Average Weighted Average Interest Interest Coverage Ratio Funding Cost Rate for Fixed Rate Borrowings 3.5% p.a. 3.58% p.a. 3.0x 4.2% p.a. (18 months ended 31 Dec 2024) 3.17% p.a. (31 Dec 2024) 2.6x (18 months ended 31 Dec 2024) Fixed Rate Borrowin
Slide 19: Sustainability Updates
Sustainability Updates
Slide 20: Major Sustainability Achievements
Sustainability Updates Major Sustainability Achievements ▪ Green Building Certification: LEED v4.1 Operations and Maintenance: Existing Buildings Gold rating for MCPI ▪ Green Lease: Initiated the signing of green leases with tenants of Strand 50 and SSC Key Green Building Certifications of Sunlight
Slide 21: Major Sustainability Updates
Sustainability Updates Major Sustainability Updates Climate change and carbon Placemaking and community investment emissions ▪ Provided more favourable rental packages and event venue sponsorships to assist NGOs and startups ▪ Enhanced climate resilience through a proactive and strategic approach Co
Slide 22: Prospects & Strategy
Prospects & Strategy
Slide 23: Prospects
Prospects & Strategy Prospects Commercial Real Estate Interest Rates ▪ The protraction of negative rental reversion will ▪ Barring unforeseen circumstances, the trajectory of continue to impact on income performance. local interest rates is expected to echo the more accommodative monetary stance of
Slide 24: Strategy
Prospects & Strategy Strategy Operational Capital Management ◼ Stay focused on improving occupancy and ◼ Adequate fixed-rate exposure through interest enhancing operational efficiency. rate swaps. ◼ Capitalize on new leasing demand from Chinese ◼ Refinancing of all loans due in 2026 in the Mainland
Slide 25: Appendix
Appendix
Slide 26: Overview of HK Office Market
Appendix Overview of HK Office Market Overall Grade A office vacancy rate (by Quarter) Hong Kong Grade A office supply 25.0% 4,000,000 20.0% Grade A office 15.0% 13.8% Wan Chai/ Causeway Bay 9.3% 2,000,000 10.0% 5.0% 0.0% 31 Mar 24 30 Jun 24 30 Sep 24 31 Dec 24 31 Mar 25 30 Jun 25 30 Sep 25 31 Dec 2
Slide 27: Hong Kong Retail-related Statistics
Appendix Hong Kong Retail-related Statistics Retail Sales (2H 2025 vs 2H 2024) Restaurant Receipts (2H 2025 vs 2H 2024) (YoY change) (QoQ change) 15.0% 5.0% 4.0% 10.6% 10.0% 1.9% 5.4% 5.0% 0.3% 0.0% 0.8% 0.0% -0.2% -0.4% -1.5% -2.0% -5.0% -4.4% -10.0% -5.0% -4.3% Overall Chinese drugs Supermarkets C
Slide 28: Portfolio at a Glance
Appendix Portfolio at a Glance Top three properties ❶ Dah Sing Financial Centre ❷ Sheung Shui Centre ❸ Metro City Phase I Shopping Arcade Property GRA: 376,381 sq. ft. GRA: 122,339 sq. ft. GRA: 188,889 sq. ft. Sheung Wan/Central office Other office properties Other retail properties properties GRA:
Slide 29: Timeline of Major Asset Recycling
Appendix Timeline of Major Asset Recycling 2015 2017 2018 2023 - + - + Everglory Centre The Harvest Palatial Stand Property West 9 Zone Kids Yue Fai Commercial Centre (previously known as Fung Disposal proceeds: Acquisition amount: Royal Terrace Property Shun Commercial Building) HK$748m HK$101m Dis
Slide 30: Key Financial Information
Appendix Key Financial Information Consolidated Statement of Profit or Loss Financial Position 18 months Year ended ended At 31 Dec At 31 Dec 31 Dec 2025 31 Dec 2024 2025 2024 HK$’ million HK$’ million HK$’ million HK$’ million Revenue 778.1 1,236.3 Non-current assets 17,447.2 18,004.6 Property oper
Slide 31: Key Office Portfolio Statistics
Appendix Key Office Portfolio Statistics Rental and Appraised Occupancy rate Passing rent car park income value (%) (HK$/sq. ft.) (HK$’000) (HK$’000) Property at at at at Year 18 months at 31 Dec 31 Dec 31 Dec 31 Dec ended ended 31 Dec 2025 2024 2025 2024 31 Dec 2025 31 Dec 2024 2025 Office Grade A
Slide 32: Key Retail Portfolio Statistics
Appendix Key Retail Portfolio Statistics Rental and Appraised Occupancy rate Passing rent car park income value (%) (HK$/sq. ft.) (HK$’000) (HK$’000) Property at at at at Year 18 months at 31 Dec 31 Dec 31 Dec 31 Dec ended ended 31 Dec 2025 2024 2025 2024 31 Dec 2025 31 Dec 2024 2025 Retail New Town
Slide 33: Sunlight REIT at a Glance
Appendix Sunlight REIT at a Glance Unitholding Structure (at 31 Dec 2025) Market Capitalization Shau Kee Financial HK$4,108 million2 Enterprises Limited 21.4% Unit Price Free float 55.0%1 1,748.1 million Henderson Land HK$2.352 Development units Co. Ltd. 23.4% Discount to NAV Directors and managemen
Slide 34: Contact Us
Contact Us Henderson Sunlight Asset Management Limited REIT 30/F, Dah Sing Financial Centre, 248 Queen’s Road East, Manager Wan Chai, Hong Kong www.sunlightreit.com Ms. Vivian Yip General Manager - Finance & Investor Relations Tel: (852) 3669 2880 IR Vivian.Yip@hendersonsunlight.com Contacts Ms. Miu
Slide 35: Disclaimer
Disclaimer This presentation contains certain statements and terminologies that are forward-looking. These statements are made on the basis of the current beliefs, assumptions, expectations and projections of the board of directors and senior management of the Manager. They are subject to risks, unc
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