Sunlight Real Estate Investment Trust · HKEX:435
Sunlight Real Estate Investment Trust — H1 2026 Earnings Presentation
29 slides from Sunlight Real Estate Investment Trust's earnings presentation, Aug 7, 2026
Slide 1: 2026 Interim Results
2026 Interim Results For the six months ended 30 June 2026 Investor Presentation 7 August 2026 2026
Slide 2: Interim Results Highlights
Results Summary Interim Results Highlights ◼ The unexpected outbreak of armed conflict in the Middle East has led to a resurgence in inflationary anxiety, casting a long shadow over market sentiment. ◼ Performance of Grade A office leasing market was underpinned by financial sector demand, while com
Slide 3: Financial Performance Highlights
Results Summary Financial Performance Highlights Revenue Net Property Income Distributable Income HK$’ million HK$’ million HK$’ million 382.4 299.7 164.0 2.2% YoY 2.5% YoY 2.7% YoY ◼ Net property income dropped 2.5% thanks to a 1.3% saving in operating expenses. ◼ Cost-to-income ratio was stable at
Slide 4: Financial Position Summary
Results Summary Financial Position Summary Total Assets Total Borrowings Net Asset Value Per Unit Gearing Ratio HK$’ million HK$’ million HK$ % 17,728.3 5,023 6.92 28.3 1.2% (vs 31 Dec 2025) 4,993 (31 Dec 2025) 2.4% (vs 31 Dec 2025) 27.8% (31 Dec 2025) ◼ Gearing ratio remained at a manageable level
Slide 5: Distribution Summary
Results Summary Distribution Summary Distribution Per Unit Payout Ratio Annualized Distribution Yield HK cents 8.8 94.3% 8.1%1 9.1 (six months ended 30 Jun 2025) 93.8 % (six months ended 30 Jun 2025) DPU at a glance (HK cents) 9.3 9.1 9.1 8.8 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 For the s
Slide 6: Property Valuation Summary
Results Summary Property Valuation Summary Valuation (HK$’ million) Office Retail Portfolio Valuation Dah Sing Sheung Metro HK$’ million Financial Sheung Shui City 1.6% 17,118.1 (vs 31 Dec 2025) Centre (DSFC) Wan/ Central Other Office Centre (SSC) Phase I (MCPI) Other Retail At 30 Jun 2026 4,528.0 2
Slide 7: Portfolio & Asset Performance
Portfolio & Asset Performance
Slide 8: Operating Performance Summary
Portfolio & Asset Performance Operating Performance Summary Occupancy Rate Passing Rent Rental Reversion Retention Rate HK$/sq. ft. 90.8% 41.1 -7.6% 77% 90.6% (31 Dec 2025) 42.1 (31 Dec 2025) -10.8% (6 months ended 31 Dec 2025) 70% (FY2025) Occupancy Rate and Passing Rent 91.3% 89.2% 90.6% 90.8% 43.
Slide 9: Operating Statistics
Portfolio & Asset Performance Operating Statistics Office Retail At At At At 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Occupancy Rate 92.0% 91.2% 88.4% 89.6% Passing Rent HK$/sq. ft. 30.6 31.0 62.2 63.9 6 months ended 6 months ended 6 months ended 6 months ended 30 Jun 2026 31 Dec 2025 30 Jun
Slide 10: Major Office Properties
Portfolio & Asset Performance Major Office Properties ❶ ❷ ❸ ❹ ❸ Mong Kok ❹ Sheung Wan ❷ ❶ Wan Chai Occupancy Rate Passing Rent HK$/sq. ft. 30 Jun 31 Dec 30 Jun 31 Dec 2026 2025 2026 2025 ❶ DSFC 91.8% 91.0% 35.2 35.3 ❷ Strand 50 92.2% 89.1% 26.8 27.9 ❸ The Harvest 95.7% 100.0% 37.8 38.0 ❹ Righteous C
Slide 11: Major Retail Properties
Portfolio & Asset Performance Major Retail Properties ❸ ❶ Sheung Shui ❶ ❷ ❸ Yuen Long ❹ Tseung Kwan O ❷ Olympic ❹ Occupancy Rate Passing Rent HK$/sq. ft. 30 Jun 31 Dec 30 Jun 31 Dec 2026 2025 2026 2025 ❶ SSC 86.9% 87.5% 98.2 102.2 ❷ MCPI 88.0% 87.1% 52.0 53.4 ❸ Kwong Wah Plaza 92.8% 100.0% 51.7 50.7
Slide 12: Asset Enhancement Initiatives
Portfolio & Asset Performance Asset Enhancement Initiatives Return Enhancement for Targeted Occupiers Climate Resilience & Cost-efficiency Improvement Customized fit-out support for beauty tenants Curtain wall waterproofing Proptech initiatives improvement work 2026 INTERIM RESULTS | INVESTOR PRESEN
Slide 13: Capital Management
Capital Management
Slide 14: Credit Profile
Capital Management Credit Profile Total Borrowings (HK$’ million) Weighted Average Funding Cost Interest Margin (Floating-rate portion) 5,0231 3.41% p.a. HIBOR + 0.66% p.a. 4,993 (31 Dec 2025) 3.70% p.a (six months ended 30 Jun 2025) HIBOR + 0.75% p.a. (31 Dec 2025) Composition of Term Loan Faciliti
Slide 15: Interest Rate Management
Capital Management Interest Rate Management Cash Interest Expense Weighted Average Interest Rate Interest Coverage Ratio HK$’ million for Fixed Rate Borrowings 84.3 3.51% p.a. 3.0x 7.9% YoY 3.48% p.a. (30 Jun 2025) 2.9x (six months ended 30 Jun 2025) Fixed Rate Borrowings as a % of Total Borrowings
Slide 16: Outlook & Strategy
Outlook & Strategy
Slide 17: Outlook and Strategy
Outlook and Strategy Outlook and Strategy Outlook Strategy ◼ Property transaction volumes have improved, Improving occupancy will be key to mitigating but asset prices have yet to recover meaningfully the impact of negative rental reversion. as distress-driven transactions are still evident. Str
Slide 18: Appendix
Appendix
Slide 19: Overview of Hong Kong Office Market
Appendix Overview of Hong Kong Office Market Overall Grade A office vacancy rate (by Quarter) Grade A office supply NFA (sq. ft.) 4,000,000 25.0% 20.0% Grade A office 15.0% 13.9% Wan Chai/ 2,000,000 Causeway Bay 10.0% 10.1% 5.0% 0.0% 31 Mar 24 30 Jun 24 30 Sep 24 31 Dec 24 31 Mar 25 30 Jun 25 30 Sep
Slide 20: Hong Kong Retail Sales Statistics
Appendix Hong Kong Retail Sales Statistics Retail Sales (1H 2026 vs 1H 2025) Restaurant Receipts (1H 2026 vs 1H 2025) (YoY change) (QoQ change) 30.0% 5.0% 25.1% 25.0% 20.0% 2.2% 15.0% 1.2% 0.8% 9.6% 10.0% - 4.6% 5.0% 1.5% -1.1% -1.2% 0.0% -1.4% -5.0% -5.1% -10.0% -3.9% -5.0% Overall Chinese drugs Su
Slide 21: 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. New Territories Sheung Wan/Central office Other office properties Other retail properties
Slide 22: Tenant Mix of Key Retail Properties
Appendix Tenant Mix of Key Retail Properties Tenant Mix (by GRA) 61.2% (at 30 Jun 2026) 63.5% 8.7% 26.6% 16.8% 30.9% 9.3% 2.5% Non-Discretionary Trades: 9.6% 11.1% Food and beverage Financial 13.1% Education 5.0% 4.2% Grocery and light refreshments Lifestyle 12.0% 13.9% 3.9% 12.8% 9.0% 5.5% 5.1% She
Slide 23: Major Sustainability Achievements
Appendix Major Sustainability Achievements Green Buildings and Energy Efficiency Sustainable Finance LEED v4.1 Operations and • All borrowings are structured as Maintenance: Existing Buildings sustainability-linked loans. New SSC : Gold Rating 2026 INTERIM RESULTS | INVESTOR PRESENTATION 22
Slide 24: Key Financial Information
Appendix Key Financial Information Consolidated Statement of Profit or Loss Financial Position Six months Six months At 30 Jun At 31 Dec ended ended HK$‘ million 2026 2025 HK$’ million 30 Jun 2026 30 Jun 2025 Non-current assets 17,168.9 17,447.2 Revenue 382.4 391.2 Current assets 559.4 497.2 Propert
Slide 25: 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) at at at at six months six months at Property 30 Jun 31 Dec 30 Jun 31 Dec ended ended 30 Jun 2026 2025 2026 2025 30 Jun 2026 30 Jun 2025 2026 Office
Slide 26: 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) at at at at six months six months at Property 30 Jun 31 Dec 30 Jun 31 Dec ended ended 30 Jun 2026 2025 2026 2025 30 Jun 2026 30 Jun 2025 2026 Retail S
Slide 27: Sunlight REIT at a Glance
Appendix Sunlight REIT at a Glance Unitholding Structure (at 30 Jun 2026) Market Capitalization 1 Shau Kee Financial HK$3,796 million Enterprises Limited Free float 21.3% Unit Price 54.5% 1,757.3 1 million Henderson Land HK$2.16 units Development Co. Ltd. 24.0% Discount to NAV Directors and senior m
Slide 28: 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 29: 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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