Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — 1H FY2024/25 Earnings Presentation
73 slides from Link Real Estate Investment Trust's earnings presentation, Nov 6, 2024
Slide 1: Interim Results Analyst Presentation
Interim Results Analyst Presentation 6 Nov 2024
Slide 2: Agenda
2 Agenda 01 Macro Overview & Outlook 02 Interim Results Highlights 03 Operational Update 04 Capital Management 05 Strategy Update 06 Q&A 07 Appendix Tsz Wan Shan Shopping Centre
Slide 3: Link REIT is not an ordinary REIT
Link REIT is not an ordinary REIT and we offer more as a leading investor and manager with an integrated and proven operating platform specialising in the APAC market. Duncan OWEN Chair
Slide 4: Our goal is to be the Trusted Partner in APAC Real Estate
4 Link Today Our goal is to be the Trusted Partner in APAC Real Estate for unitholders, capital partners, tenants and the wider communities that we serve Link REIT The largest REIT in Asia in terms of asset value (823.HK) 100% free float held by institutional and retail investors 19 years track reco
Slide 5: Macro Overview and Outlook
5 01 Macro Overview and Outlook
Slide 6: Macro Overview: Opportunities from key pivot points
6 Macro Overview Opportunities arising from key pivot points during macroeconomic transitions Crucial Pivot Points with Macro Transitions Climate Demographic Geopolitical Technological Changes / Changes Challenges Advancement Sustainability Key Impact Areas Our Edge Hong Kong’s economy and the conte
Slide 7: Market Outlook
7 Market Outlook Heightened uncertainty but opportunities are present Uncertainties Bright spots Pace and breadth of interest rate cuts by global central Policy easing and reversal of some austerity banks likely to be gradual and uncertain, balancing measures in China implemented in the last few yea
Slide 8: Interim Results Highlights
Interim Results Highlights 01
Slide 9: 1H 2024/2025 Interim Results Highlights
9 1H 2024/2025 Interim Results Highlights Consistent growth achieved through diversification despite facing challenges Choi Ming Shopping Centre Hin Keng Shopping Centre TKO Gateway REVENUE NPI HK$7,153M 6.4% YoY HK$5,359M 5.8% YoY DISTRIBUTABLE DPU AMOUNT HK$1.3489 HK$3,476M 4.3% YoY 3.7% YoY NAV P
Slide 10: 1H FY2024/25 Key Highlights
10 1H FY2024/25 Key Highlights Continued efforts to foster sustainable growth Link REIT Portfolio Asset Enhancement Capital Management Hong Kong Portfolio Mainland China International Portfolio Portfolio Achieved Sustained Portfolio Showed Maintained Steady Diversification Growth Improved Performanc
Slide 11: 1H FY2024/25 Key Highlights: Strategic portfolio management
11 1H FY2024/25 Key Highlights Strategic portfolio management to strengthen resilience Link REIT Portfolio Asset Enhancement Capital Management Hong Kong AEs Achieved A Mainland China Asset Robust Proactive Capital ROIs in the High-Teens Completed AE Financial Position Management Completed 2 AEs in
Slide 12: Market Prospects – Hong Kong
12 Market Prospects – Hong Kong Macro policies aiding recovery Hong Kong Hong Kong Economy Gross domestic product growth +1.8% YoY in 3Q 2024 Population Top Talent Pass Scheme contributing to population inflows, supporting retail consumption by increasing demand Interest Rates Gradual subsequent rat
Slide 13: Market Prospects – Mainland China
13 Market Prospects – Mainland China Gaining optimism from policy easing Mainland China Monetar y Policy PBoC cut deposit and loan rates to inject ample liquidity in the market Property Support Measures Multiple measures to boost property market, including removal of certain restrictions and mortgag
Slide 14: Market Prospects – Singapore and Australia
14 Market Prospects – Singapore and Australia Economic stability demonstrated in our operating markets Singapore Australia ❖ Sep 2024 total retail sales +2.0% YoY; F&B services grew at ❖ The Westpac-MI consumer sentiment index improved 6.2% in Oct +1.6% YoY 2024 on easing concerns of rate hikes ❖ Su
Slide 15: Operational Update
01 Operational Update
Slide 16: Hong Kong Retail Overview
16 Hong Kong Retail Overview Solid performance despite challenging market and consumption sentiment REVENUE GROWTH OCCUPANCY +2.2% YoY 97.8% UNIT RENT REVERSION PSF Lok Fu Place Tak Tin Plaza +0.7% HK$64.5 ❖ Revenue growth bolstered by non-rental ancillary income ❖ Healthy occupancy at 97.8%, suppor
Slide 17: Hong Kong Retail Sales
17 Hong Kong Retail Sales Ongoing resilience T Town Wan Tsui Shopping Centre Hing Wah Plaza Tenant Sales YoY% Change Tenant Sales Index Link Hong Kong TENANT SALES GROWTH INDEX (5) 0% (FY2018/2019 = 100) LINK HK -0.7% -1.7% -3.5% -4.3% Food and beverage 103.7 89.0 -5.2% -6.6% -10% -8.8% Supermarket
Slide 18: Occupancy Costs
18 Occupancy Costs Higher occupancy costs amidst retail headwinds Lung Hang Commercial Centre Hing Wah Plaza Butterfly Plaza Fu Tung Plaza Occupancy Cost OCCUPANCY COST Food & Beverage Supermarket & Foodstuff General Retail Overall 13.1% 14.4% General 13.1% Overall 13.1% F&B 12.1% Supermarket & food
Slide 19: Hong Kong Retail Leasing
19 Hong Kong Retail Leasing Emerging leasing trends and demand from non-discretionary trades and services Emerging Tenant Trends ❖ Maximise synergies between our Mainland China and Hong Kong portfolio by cross-selling brands in both directions >300 New Leases (1) ❖ Capture emerging demand from pick-
Slide 20: Hong Kong Car Parks and Related Business
20 Hong Kong Car Parks and Related Business Smart parking system opens opportunities for optimising utilisation REVENUE CAR PARK AVERAGE CAR GROWTH INCOME PARK VALUATION +1.4% YoY HK$3,383 1.4% YoY HK$748,000 0.5% YoY per space per month per space Continuous growth momentum for Car Parks and Related
Slide 21: Hong Kong Car Parks: Digitalisation to boost productivity
21 Hong Kong Car Parks and Related Business Digitalisation to boost productivity >56,000 121 >500 Spaces Car Parks Lanes ❖ License Plate Recognition System (LPRS) ❖ Digitalisation of services and payments ❖ Optimises parking resource utilisation ❖ Better-tailored marketing and services
Slide 22: Hong Kong Asset Enhancement
22 Hong Kong Asset Enhancement Maximising asset value and returns Projects Completed Sau Mau Ping Fu Shin Retail CAPEX CAPEX HK$37M HK$55M ROI ROI 17.2% 19.9% Projects Under Planning & Projects Underway Statutory Approval TARGET EST. CAPEX CAPEX COMPLETION DATE ~HK$657M HK$75M Between end 2024 and m
Slide 23: Case Study: Sau Mau Ping Shopping Centre
23 Case Study: Sau Mau Ping Shopping Centre Optimising 3/F Productivity and Upgrading Children’s Playground CAPEX HK$55M Introduce 6 new F&Bs ROI 19.9% F&B by IFA +6.9% vs. Pre AE Jul 2024 vs. Apr 2022 Productivity Optimisation ▪ Sees potential for rental KEY TRADE MIX increment and foot traffic imp
Slide 24: Revitalising the children's playground
24 Sau Mau Ping Shopping Centre Revitalising the children’s playground
Slide 25: Exploring New Revenue Streams
25 Exploring New Revenue Streams Expanding solar infrastructure to power the city CAPEX HK$78M Build-Operate-Transfer (BOT) Service Agreements with CLPeS Projected ROI 19.6% ▪ BOT Service Agreements signed with CLPeS encompass PLANNED SCOPE 23 solar generation systems, Target by March 2025 represent
Slide 26: Singapore Retail
26 Singapore Retail Solid occupancy and continued positive reversion AMK Hub Jurong Point Swing By @ Thomson Plaza OCCUPANCY • High occupancy rates across the portfolio with shopper traffic recovered to pre-pandemic levels 99.8% • Sales performance continues to be driven by F&B and Beauty & Wellness
Slide 27: Australia Retail
27 Australia Retail Addition of new and unique brand offerings OCCUPANCY 99.1% • Portfolio occupancy remained robust at 99.1% • Tenant sales continues to improve, given higher tourists, CBD worker footfall and Gadigal train station opening • New and unique brand offerings continue to drive performan
Slide 28: International Office
28 International Office Portfolio benefits from flight-to-quality OCCUPANCY 90.2% OVERALL WALE ~4.7 Years 151 151 Clarence Clarence Street Street 567 Collins Street The Cabot • Flight-to-quality, particularly in core precincts where there was positive net absorption • Support leasing outcome with sp
Slide 29: Mainland China Retail
29 Mainland China Retail Robust occupancy rate underpinned by strong leasing demand OCCUPANCY REVERSION 96.4% -3.2% Link Plaza Liwan Link Plaza Tianhe Link Centralwalk • Rental reversion registered a growth of 6.4%, excluding Link Plaza ZGC amidst substantial tenant remixing and mall repositioning i
Slide 30: Mainland China Asset Enhancement
30 Mainland China Asset Enhancement Unlocking asset value potential Projects Underway Link Plaza ZGC Link Plaza Qibao B1 Food Street L4 & L5 EST. CAPEX EST. CAPEX ~RMB 6M ~RMB 19M TARGET TARGET COMPLETION DATE COMPLETION DATE Dec 2024 Dec 2024 Rendering photo for illustration only Rendering photo fo
Slide 31: Case Study: Link CentralWalk Seismic Changes
31 Case Study: Managing Seismic Changes in the Operational Landscape Swift reaction to the repositioning of the basement area at Link CentralWalk Anchor tenant since Enhanced and Proactive adjustment Revitalised acquisition diversified offerings basement area EARLY 2019 ▪ Carrefour occupied the ▪ Be
Slide 32: Maximising Potential with Basement Renovation
32 Maximising Potential with Basement Renovation Transforming shopping mall into social hubs CAPEX ROI NO. OF TENANTS RMB 24M 43.8% +53 LINK CENTRALWALK
Slide 33: Case Study: Link Plaza Qibao F&B Offerings
33 Case Study: Enhancing Retail Experience with Enriched F&B Offerings Elevated mall performance through strategic renovation Unproductive tenant Early termination Asset enhancement Outstanding results with limited offerings ▪ Initiated early termination of ▪ With a CAPEX of RMB 5 ▪ The renovation r
Slide 34: Enhancing Productivity of Food Hall at Link Plaza Qibao
34 Enhancing Productivity of Food Hall at Link Plaza Qibao Curating retail space to attract diverse customers CAPEX ROI NO. OF TENANTS RMB 5.2M 106% +26 LINK PLAZA QIBAO
Slide 35: Mainland China Logistics
35 Mainland China Logistics Steady demand in GBA while challenges persist in YRD Foshan Warehouse Jiaxing Warehouse Dongguan Warehouse Changshu South Warehouse Changshu North Warehouse • Occupancy rate of the five logistics assets saw sequential improvements • Leasing momentum in the Greater Bay Are
Slide 36: Capital Management
36 01 Capital Management
Slide 37: Strong Financial Position
37 Strong Financial Position Healthy balance sheet with low gearing and funding costs NET GEARING AVERAGE ALL-IN Financial Highlights RATIO BORROWING COST 20.6% 3.69% ❖ Average all-in borrowing cost remained competitive at 3.69% despite AVAILABLE EBITDA INTEREST the elevated interest rates LIQUIDITY
Slide 38: Prudent Capital Management
38 Prudent Capital Management Disciplined debt management with diversified sources of capital (HK$ billion) 17.3 3.3 35.0 Debt Mix by Type (31.2%) (5.9%) (62.9%) DEBT Medium Term Notes Convertible Bond Bank Loans PROFILE Debt Mix by Fixed / Floating Rates 36.9 18.7 (66.4%) (33.6%) BREAKDOWN (After i
Slide 39: Robust Credit Ratings
39 Robust Credit Ratings Reinforced favorable capital access with competitive finance costs CREDIT RATINGS A Stable A2 Stable A Stable S&P Moody’s Fitch S&P Moody’s Fitch As at As at requirement requirement requirement (1) 30 Sep 2024 31 Mar 2024 (A / Stable) (A2 / Stable) (A / Stable) Net Debt / IP
Slide 40: Valuation
40 Valuation Cap rate expansion mitigated partially by increasing rental cashflows As at As at As at As at HK$’M 30 Sep 2024 31 Mar 2024 30 Sep 2024 31 Mar 2024 Hong Kong Retail properties 122,180 126,442 3.50% - 4.75% 3.25% - 4.60% Car parks and related business 47,073 47,559 2.80% - 4.90% 2.70% -
Slide 41: Strategy Update
41 01 Strategy Update
Slide 42: Portfolio Overview
42 Portfolio Overview Diversification continues to contribute Zhejiang & Jiangsu 130 properties Province Shanghai Hong Kong Beijing HK$ 237B 12 properties 3 Logistics 1 Retail 1 Office Mainland China 2 Retail Portfolio Value(1) Hong Kong Guangdong 12 properties Province Guangzhou AU, SG & the UK 130
Slide 43: Link 3.0 Strategy Update
43 Link 3.0 Strategy Update Striving to be a successful “REIT plus” investment case WHY evolve Uncertainties and challenges from ongoing structural changes in the the strategy? macroeconomy, geopolitics and consumer behaviour WHAT Link REIT to be a “REIT plus” investment case characterised by both w
Slide 44: Distribution Calendar
44 Distribution Calendar Distribution period April 2024 – September 2024 Last day of trading on a “cum” basis 15 November 2024 Ex-distribution date 18 November 2024 20 November 2024 to 21 November 2024 Distribution book close (both days inclusive) Record date for entitlement to distribution 21 Novem
Slide 45: Q&A
01 Q&A
Slide 46: Appendix
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Slide 47: Table of Contents
47 Table of Contents Sustainability 48 Hong Kong Car Park Demand and Supply 50 Retail Sales Figures 51 Financial Data 53 • Valuation 53 • Financial Statement 54 • Hong Kong Portfolio 59 • Mainland China Portfolio 65 • International Portfolio 67 Our Strategy Partners 71 Definitions and Glossary 72
Slide 48: Sustainability recognitions
48 Appendix 1 Sustainability recognitions ESG Indices Performance 4 Star Rating BBB 2024: 87/100 2024: 5.6/10 2023: 87/100 2023: 5.7/10 Asia Pacific Index Negligible Risk Rating 2024: 70/100 2024: 8.84/100 (1) 2023: 68/100 2023: 10.37/100 (1) FTSE4GOOD Index AA 2024: 4.1/5 2024: 78.6/100 2023: 3.8/5
Slide 49: 40% of the portfolio has implemented renewable energy options
49 Appendix 2 40% of the Link REIT portfolio has implemented renewable energy options 1 ASSET IN THE UK • 100% green power for whole- building consumption at The Cabot 5 ASSETS IN MAINLAND CHINA (1) • >20 MW installed capacity in the entire logistics portfolio • >RMB 0.8M rooftop rental income per y
Slide 50: Hong Kong car park demand and supply
50 Appendix 3 Hong Kong car park demand and supply No. of Registration of Vehicles and Private Car Demand and Supply (YoY) Parking Spaces (Private Cars) 715,932 5.4% 631,976 3.1% 2.7% 2.0% 2.3% 1.5% 634,643 1.2% 1.3% 1.4% 1.3% 1.5% 0.8% 0.6% 0.8% 1.1% 1.1% 0.5% -0.2% 471,685 -1.7% 2012 2013 2014 201
Slide 51: Hong Kong retail sales
51 Appendix 4 Hong Kong retail sales YoY% Change Hong Kong Retail Sales 80.0% Sep 2024 Total Retail Sales 65.2% Non-discretionary 60.0% Discretionary 40.8% 40.0% 21.4% ↓1.0% YoY 20.0% Non-discretionary retail sales 11.8% 10.5% -1.0% ↓12.9% 6.9% 1.4% 1.9% -0.5% -4.4% -1.9%-3.3% -2.1% 0.0% 2.6% 0.9% -
Slide 52: Australia retail sales far exceed pre-COVID level
52 Appendix 5 Australia retail sales far exceed pre-COVID level National Extended Melbourne Extended Sydney (Jun-Oct 2021) lockdown lockdown (Jun-Oct 2020) and Melbourne lockdown (Aug- (Mar-May and shorter regional Oct 2021), and shorter regional Total retail sales 2020) lockdown in Victoria lockdow
Slide 53: Valuation table
53 Appendix 6 Valuation table As at As at As at As at HK$’M 30 Sep 2024 30 Sep 2023 30 Sep 2024 30 Sep 2023 Hong Kong Retail properties 122,180 126,506 3.50% - 4.75% 3.25% - 4.60% Car parks and related business 47,073 47,448 2.80% - 4.90% 2.70% - 4.90% Office property 6,254 (1) 7,400 (1) 3.50% 3.30%
Slide 54: Key financial data
54 Appendix 7 Key financial data Percentage contribution Six months Six months Six months ended 30 ended 30 ended 30 Sep Sep 2024 Sep 2023 YoY 2024 Consolidated HK$’M HK$’M % (%) Revenue 7,153 6,725 +6.4 - Net property income 5,359 5,063 +5.8 - Rentals Hong Kong retail and office properties 3,359 3,
Slide 55: Financials – Income statement summary
55 Appendix 8 Financials – Income statement summary Six months Six months ended 30 ended 30 Sep 2024 Sep 2023 YoY HK$’M HK$’M % Revenue 7,153 6,725 +6.4 Property operating expenses (1,794) (1,662) +7.9 Net property income 5,359 5,063 +5.8 General and administrative expenses(1) (441) (383) +15.1 Inte
Slide 56: Property operating expenses analysis
56 Appendix 9 Property operating expenses analysis Percentage contribution Six months Six months Six months ended 30 ended 30 ended 30 Sep 2024 Sep 2023 YoY Sep 2024 (HK$’M) (HK$’M) (%) (%) Property managers’ fees, security 479 422 +13.5 26.7 and cleaning Staff costs 329 319 +3.1 18.3 Repair and mai
Slide 57: Financials – Distribution statement summary
57 Appendix 10 Financials – Distribution statement summary Six months Six months ended 30 ended 30 Sep 2024 Sep 2023 YoY HK$’M HK$’M % Loss for the period, before transactions with Unitholders (3,684) (3,374) +9.2 attributable to Unitholders Change in fair values of investment properties attributabl
Slide 58: Movement of financial position & investment properties
58 Appendix 11 Financials – Movement of financial position & investment properties Financial Position Summary As at As at As at HK$’M 30 Sep 2024 31 Mar 2024 30 Sep 2023 Total assets 241,214 252,314 253,689 Total liabilities 69,765 73,872 72,699 Non-controlling interests (684) (381) (179) Net assets
Slide 59: Hong Kong portfolio – Retail revenue analysis
59 Appendix 12 Hong Kong portfolio– Retail revenue analysis Percentage contribution Six months Six months Six months ended 30 ended 30 ended 30 Sep 2024 Sep 2023 YoY Sep 2024 HK$’M HK$’M % % Retail rentals: Shops (1) 2,545 2,518 +1.1 66.5 Markets / cooked food stalls 540 529 +2.1 14.1 Education / we
Slide 60: Hong Kong car parks revenue analysis
60 Appendix 13 Hong Kong portfolio – Car parks and related business revenue analysis Percentage contribution Six months Six months six months ended 30 ended 30 ended 30 Sep 2024 Sep 2023 YoY Sep 2024 HK$’M HK$’M % % Rental income: Monthly car parks 822 815 +0.9 65.3 Hourly car parks 325 316 +2.8 25.
Slide 61: Hong Kong portfolio – Retail portfolio data
61 Appendix 14 Hong Kong portfolio – Retail portfolio data Retail properties Retail Average monthly (2) No. of Total area Valuation rentals unit rent (1) Occupancy rate properties (’000 sq. ft.) (HK$’M) (HK$’M) (HK$ psf) (%) As at As at As at Six months As at As at As at As at 30 Sep 30 Sep 30 Sep e
Slide 62: Hong Kong retail and car parks portfolio data
62 Appendix 15 Hong Kong portfolio – Retail and car parks and related business portfolio data As at As at 30 Sep 2024 31 Mar 2024 Change Average monthly unit rent (psf pm)(1) ◼ Shops HK$62.4 HK$62.3 +0.2% ◼ Overall (ex self use office) HK$64.5 HK$64.4 +0.2% Occupancy rate ◼ Shops 98.1% 98.4% -0.3% ◼
Slide 63: Hong Kong portfolio – Lease expiry profile
63 Appendix 16 Hong Kong portfolio – Lease expiry profile Retail Office As % of As % of As % of As % of (1) total area monthly rent total area monthly rent (1) As at 30 Sep 2024 (%) (%) (%) (%) 2024/2025 19.1 17.0 3.6 3.6 2025/2026 27.2 30.2 8.1 4.3 2026/2027 24.8 27.3 18.4 19.6 2027/2028 and beyond
Slide 64: Hong Kong portfolio – Trade mix
64 Appendix 17 Hong Kong portfolio – Trade mix 8.9% 15.2% 3.0% 8 9 0.7% 3.9% 8 1.0% 7 7 28.7% 6 1 8.2% 5.5% 5 1 6 5 Retail Trade Mix 2.0% 5 Office Trade Mix 4 (by rent)(1) (by rent) (1) 1 43.3% 10.3% 4 6.2% 4 2 2 3 3 21.1% 11.8% 17.5% 3 2 12.7% Retail Sep-24 Mar-24 Office Sep-24 Mar-24 1. Food and b
Slide 65: Mainland China – Retail lease expiry profile
65 Appendix 18 Mainland China portfolio – Retail lease expiry profile Retail Office As % of As % of As % of As % of (1) (1) total area monthly rent total area monthly rent As at 30 Sep 2024 (%) (%) (%) (%) 2024/2025 12.9 18.0 13.3 16.8 2025/2026 22.2 27.9 6.9 7.7 2026/2027 16.4 17.9 12.6 14.7 2027/2
Slide 66: Mainland China portfolio – Trade mix
66 Appendix 19 Mainland China portfolio – Trade mix 5.1% 2.5% 4 5 28.9% 6 37.1% 27.5% 1 3 Retail Trade Mix Office Trade Mix 1 41.3% (by rent)(1,2) (by rent) (1) 1.9% 5 4 2 15.4% 3 2 27.8% 2.2%10.3% Retail Sep-24 Mar-24 Office Sep-24 Mar-24 1. Professional services 41.3% 41.7% 1. Food and beverage 37
Slide 67: International portfolio – Retail lease expiry profile
67 Appendix 20 International portfolio – Retail lease expiry profile (1) (2) Australia Retail Singapore Retail As % of As % of monthly As % of As % of monthly total area rent total area rent (3) As at 30 Sep 2024 (%) (%) (%) (%) 2024/2025 19.0 15.8 5.3 4.6 2025/2026 11.5 16.7 26.6 30.4 2026/2027 11.
Slide 68: International retail portfolio – Trade mix
68 Appendix 21 International retail portfolio – Trade mix 3.7% 0.5% 11.5% 16.6% 56 4.2% 8 4 7 5.0% 37.0% 6 43.4% 1 Australia 1 6.1% 5 Singapore 13.7% Retail Trade Mix Retail Trade Mix 3 (by rent) (1,3) (by rent) (2,4) 4 1 9.4% 2 3 2 22.1% 12.5% 14.3% Retail Sep-24 Mar-24 Retail Sep-24 Mar-24 1. Fash
Slide 69: International office – Lease expiry profile
69 Appendix 22 International office portfolio – Office lease expiry profile (1,2) International Office As % of As % of monthly total area rent As at 30 Sep 2024 (%) (%) 2024/2025 6 6.2 2025/2026 1.6 1.8 2026/2027 10.7 13.4 2027/2028 and beyond 75.9 78.6 Vacancy 5.9 - Total 100.0 100.0 Notes: (1) Ref
Slide 70: International office portfolio – Tenant mix
70 Appendix 23 International office portfolio – Tenant mix 12.6% 6 12.3% 1 27.5% 5 Office Trade Mix 5.7% 4 (by rent) (1,2) 1 2 14.0% 3 27.9% Office Sep-24 Mar-24 1. Financial and insurance services 27.5% 33.3% 2. Government 14.0% 18.4% 3. Professional services 27.9% 23.7% 4. Industry 5.7% 4.4% 5. Re
Slide 71: Our strategic partners
71 Appendix 24 Our strategic partners First Priority Group Fujian Dongbai Group Investa Mercatus Co-operative Nan Fung Group Oxford Properties Group Vicinity Centres Note: (1) In alphabetical orders.
Slide 72: Definitions and Glossary
72 Appendix 25 Definitions and Glossary average monthly unit rent the average base rent per month psf of leased area in respect of a lease, the standard rent payable under the lease, exclusive of any additional turnover rent (if applicable) and base rent other charges and reimbursements DPU distribu
Slide 73: Disclaimer
73 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
Link Real Estate Investment Trust — 1H FY2024/25 Earnings Presentation on 6ix