Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — BofA Securities 2025 Global Real Estate Conference
70 slides from Link Real Estate Investment Trust's conference presentation, Sep 10, 2025
Slide 1: BofA Securities 2025 Global Real Estate Conference
BofA Securities 2025 Global Real Estate Conference 9-10 Sep 2025
Slide 2: Table of Contents
2 Table of Contents Introduction to Link 3 1Q FY2025/2026 Operational Update 9 • Hong Kong Business • Mainland China Business • International Business • Capital Management Annual Results 2024/2025 Analyst Presentation 15 • Highlights • Business & Strategy • Financials • Link REIT Portfolio Highlight
Slide 3: Introduction to Link
_2 4 Introduction to Link
Slide 4: Link Today
4 Link Today No.1 19 years 100% The largest REIT in Asia in Track record of revenue, NPI Free float held by public and terms of asset value and distributable amount growth institutional investors Only 1 HK$226B (1) 154 Investments Covering Assets in Hong Kong, Internally-managed REIT in Asia Portfol
Slide 5: Link's First 20 Years
5 Link’s First 20 Years Key Corporate Events Further Entered SG expansion in Disposals of Acquired a AU Acquisition of 1st asset 1st asset two HK asset International development Acquired the retail assets acquisition disposal Diversified portfolios at expansion Entered the site off remaining 50% fro
Slide 6: Link REIT Portfolio Overview
6 Link REIT Portfolio Overview Hong Kong: 130 assets; Portfolio Value: HK$170B Portfolio Value (1) 75.1% 52.2% 20.4% Retail(2) Car Parks and Related Business(3) 2.5% Office Mainland China: 6 retails, 1 office, 5 logistics; Portfolio Value: HK$31B HK$ 226B 10.8% Retail 13.9% 2.1% Office 1.0% Logistic
Slide 7: Diversification Enabled Resilient Earnings
7 Diversification Enabled Resilient Earnings Distributable Amount Annualised Total Portfolio Value CAGR(2) Unitholder Return(3,4,5) HK$226B 9.1% 10.9% since IPO 5.7x since IPO outperformed HSI (+5.8%) & HSPI (+3.1%) Total distributable amount(1) (HK$B) & NPI Contribution analysis (%) NPI HK$10.62B N
Slide 8: Strategy Update
8 Strategy Update ‘REIT plus’ investment case to provide resilient earnings with potential for growth Optimise Link REIT Portfolio Grow REIM Business Active Management and Diversification Organic o Accretive investments in assets with o Launch of LREP growth potential in our key markets o Explore ot
Slide 9: 1Q FY2025/2026 Operational Update
1Q FY2025/2026 Operational Update 13 August 2025
Slide 10: Key Highlights
10 Key Highlights 1 Operations ▪ Occupancy sustained despite challenging operating environment in Hong Kong and Mainland China retail ▪ Robust operating conditions in Singapore and Australia retail with close to full occupancy ▪ Enhanced operational efficiency measures to preserve operating margins
Slide 11: Hong Kong – Portfolio Occupancy Stable; Car Park Revenue Steady
11 Hong Kong – Portfolio Occupancy Stable; Car Park Revenue Steady Retail & Office Performance Car Park Performance Retail Occupancy Retail Unit Rent psf Tenant Sales Growth(1) No. of Parking Tickets 97.6% $62.8 Link Hong Kong Moderate Decline Trade 1Q25/26 1Q24/25 1Q25/26 1Q24/25 Retail Reversion O
Slide 12: Mainland China Business – Navigating Challenges Amid Headwinds
12 Mainland China Business – Navigating Challenges Amid Headwinds Occupancy Occupancy Occupancy Retail Office Logistics 95.4% 92.4% 97.5% ▪ Performance and rental ▪ Occupancy stable and ▪ Rental pressure persists reversions, particularly at the rental rates under amid intense competition two Beijing
Slide 13: International Business – Sustained Growth and Momentum
13 International Business – Sustained Growth and Momentum SG Occupancy AU Occupancy Int’l Occupancy Retail 99.8% Retail 99.5% Office 85.5% ▪ Strong rental reversion, ▪ Increased foot traffic in CBD ▪ Flight-to-quality and core backed by continued interest and improved retailer location continue to s
Slide 14: Benefitting from Lower Interest Rates and Credit Margins
14 Benefitting from Lower Interest Rates and Credit Margins Update Key Financial Metrics (As at 31 March 2025) ▪ Recent decline in HIBOR / SORA / BBSY has contributed to Net Gearing Fixed-rate Debt 21.5% 66.9% lower finance costs Ratio Ratio ▪ Enjoy decade-low refinancing credit margins due to the A
Slide 15: Annual Results 2024/2025 Analyst Presentation
Annual Results 2024/2025 Analyst Presentation 27 May 2025
Slide 16: Agenda
16 Agenda 01 02 03 Highlights Business & Strategy Financials Announcement 04 05 06 Link REIT Portfolio Highlights Outlook Appendix Presentation Kai Tin Shopping Centre, Hong Kong
Slide 17: Highlights
01 Highlights
Slide 18: Highlights
18 Highlights o Solid results: NPI +5.5% YoY and DPU +3.7% YoY o Hong Kong and Mainland China businesses faced challenges o Valuation pressures across most operating markets o Intensifying macro headwinds and heightened uncertainty o Robust financial position and management priorities to weather cha
Slide 19: Solid Results amid Intensifying Challenges
19 Solid Results amid Intensifying Challenges FY2024/2025 Performance Highlights Revenue Net Property Income Distributable Amount HK$14.2B HK$10.6B HK$7.0B 4.8% YoY 5.5% YoY 4.6% YoY Distribution Per Unit NAV Per Unit Portfolio Value HK$2.72 HK$63.3 HK$226B 3.7% YoY 9.6% YoY 6.6% YoY Average All-in
Slide 20: Business & Strategy
02 Business & Strategy
Slide 21: Link's First 20 Years
21 Link’s First 20 Years Key Corporate Events Further Entered SG expansion in Disposals of Acquired a AU Acquisition of 1st asset 1st asset two HK asset International development Acquired the retail assets acquisition disposal Diversified portfolios at expansion Entered the site off remaining 50% fr
Slide 22: Link REIT Portfolio Overview
22 Link REIT Portfolio Overview Hong Kong: 130 assets; Portfolio Value: HK$170B Portfolio Value (1) 75.1% 52.2% 20.4% Retail(2) Car Parks and Related Business(3) 2.5% Office Mainland China: 6 retails, 1 office, 5 logistics; Portfolio Value: HK$31B HK$ 226B 10.8% Retail 13.9% 2.1% Office 1.0% Logisti
Slide 23: Diversification Enabled Resilient Earnings
23 Diversification Enabled Resilient Earnings Distributable Amount Annualised Total Portfolio Value CAGR(2) Unitholder Return(3,4) HK$226B 9.1% 10.9% since IPO 5.7x since IPO outperformed HSI (+5.8%) & HSPI (+3.1%) Total distributable amount(1) (HK$B) & NPI Contribution analysis (%) NPI HK$10.62B NP
Slide 24: 20 Years of Success in Value Creation
24 20 Years of Success in Value Creation Asset Management Capabilities Proven Exit Track Record Link REIT Portfolio 103 57 154 AE Projects Completed Realised Assets Unrealised Assets 18.0% 20.8% 11.7% Average ROI Unlevered Gross IRR Unlevered Gross IRR 6.2% HK$47B HK$226B Portfolio NPI growth per an
Slide 25: Key Strategic Initiatives in FY2024/25
25 Key Strategic Initiatives in FY2024/25 Portfolio Optimisation Investment Management Capital Management ▪ Completed AEIs on two assets ▪ Launched Link Real Estate Partners ▪ RMB hedging ▪ Enhanced operational efficiency ▪ A pan-regional team and ▪ Competitive refinancing rate ▪ Upgraded car park m
Slide 26: Financials
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Slide 27: Steady Growth Bolstered by Income Stability
27 Steady Growth Bolstered by Income Stability Mainland China International Steady Growth Portfolio Showed Portfolio Solid Pressure on in Hong Kong Improved Maintained Steady Financial Position Asset Valuation Portfolio Performance Growth Total revenue Total revenue and SG and AU retail Low net gear
Slide 28: FY2024/25 Financial Highlights Showcasing Financial Resilience
28 FY2024/25 Financial Highlights Showcasing Financial Resilience HK$’M FY2024/25 FY2023/24 YoY% • Excluding long-term incentive (“LTI”) scheme Revenue 14,223 13,578 4.8 adjustments, consultancy and legal fee, as G&A well as M&A expenses, G&A would have Property operating expenses (3,604) (3,508) 2.
Slide 29: Valuation Impacted by Cap Rate Expansion
29 Valuation Impacted by Cap Rate Expansion Valuation Capitalisation Rate Local As at As at As at As at (’B) Currency HoH% 31 Mar 2025 30 Sep 2024 31 Mar 2025 30 Sep 2024 Hong Kong HKD -3.4% Retail properties 117.7 122.2 3.7% - 4.9% 3.5% - 4.8% Car parks and related 46.0 47.1 3.0% - 5.0% 2.8% - 4.9%
Slide 30: Prudent Capital Management with Stable Finance Costs
30 Prudent Capital Management with Stable Finance Costs Key Financial Metrics Average All-in EBITDA Interest Net Gearing Ratio Borrowing Costs Coverage 21.5% 3.6% 5.0x (1) Fixed-rate Debt Ratio Average Debt Maturity Available Liquidity 66.9% 2.8 years HK$8.7B Highlights Finance Cost Hedging Ratio Cu
Slide 31: Healthy Debt Profile with Effective Hedging
31 Healthy Debt Profile with Effective Hedging Debt Profile Breakdown Financing Arranged in FY24/25 (HK$ billion) 16.0 3.3 34.2 Debt Mix by Type (30%) (6%) (64%) New Financing Medium Term Notes Convertible Bond Bank Loans HK$5.2B Debt Mix by Fixed 35.8 17.7 / Floating Rates (67%) (33%) (After intere
Slide 32: Link REIT Portfolio Highlights
04 Link REIT Portfolio Highlights
Slide 33: Hong Kong Retail – Steady Leasing Performance Marked by Healthy Occupancy
33 Hong Kong Retail – Steady Leasing Performance Marked by Healthy Occupancy Key Operating Metrics Revenue Growth Occupancy Reversion Unit Rent psf +1.5%YoY 97.8% -2.2% HK$63.3 (1) (3) Tenant Sales Growth Occupancy Cost Link’s performance vs HK market 4.0% 1.1% -1.7% 5.1% 0.2% 0% -0.9% -1.7% (2) -3.
Slide 34: Hong Kong Retail – Adaptive Leasing Approach
34 Hong Kong Retail – Adaptive Leasing Approach Signed in FY2024/2025 Retention Rate Over 600 New Leases (1) Over 80% (1) (over 210 new brands and 390 existing brands) As of March 2025 by IFA First to Link’s Portfolio Mainland China Brands Japan Brands Apparel F&B F&B Furniture & Home Accessories Le
Slide 35: Hong Kong Car Parks and Related Business Steady Growth
35 Hong Kong Car Parks and Related Business Steady Growth Revenue Car Park Income Avg Car Park Valuation New Car Park Growth HK$3,391 HK$734,000 System Deployed +1.7%YoY Per space per month Per space Across Portfolio 1.6% YoY 1.3% YoY Sustained Revenue Growth Trajectory (1) Hourly car park Monthly c
Slide 36: Mainland China Retail Showed Divergent Trends
36 Mainland China Retail Showed Divergent Trends Occupancy Reversion 95.9% -0.7% ▪ Excluding Link Plaza ZGC, which is affected by the challenging business environment, the rental reversion would have been 7.6% ▪ Signed over 300 new leases in FY2425, with growing consumer preference for sporting good
Slide 37: International Retail Continued Sustainable Growth
37 International Retail Continued Sustainable Growth Singapore ▪ High occupancy rates across the portfolio with growth in shopper traffic Occupancy ▪ Tenant sales moderated slightly by -0.8% YoY on lower 99.6% discretionary spending. Necessity trades including F&B and Beauty & Wellness, registered g
Slide 38: International Office and Mainland China Logistics – Mixed Performance
38 International Office and Mainland China Logistics – Mixed Performance International Office (1) ▪ Flight-to-quality causing deepening bifurcation in the Sydney office market Occupancy 85.5% ▪ Support leasing outcome with speed-to-market speculative fit-out ▪ Tapering of new pipeline supply in 2025
Slide 39: Active Asset Management For Growth
39 Active Asset Management For Growth AE Project Pipeline Hong Kong Retail Mainland China Retail Estimated CAPEX Estimated CAPEX HK$2.3B (Include projects underway, under planning RMB180M and statutory approval, and The Anderson (Include projects underway) development project) EV Chargers Solar Powe
Slide 40: Sustainability Drives Operational Efficiency
40 Sustainability Drives Operational Efficiency Strategic Priorities Achievements Continued to invest on energy 21.0% saving initiatives Carbon Intensity Reduction (1) Decarbonisation Pioneered sustainability-linked 11.7% insurance Reduction in Climate Resilience Insurance Premium Costs Co-investmen
Slide 41: Outlook
05 Outlook
Slide 42: Looking Further Ahead
42 Looking Further Ahead Challenging Macro Backdrop Tariffs Interest Geopolitical Technological Demographic Rates Tension Advancement Change Key Impact Areas Consumer Rental Asset Inflationary Finance Sentiment Level Valuation Pressure Cost Signs of Resilience in MLC Key Markets HK Lease Tourist Inf
Slide 43: Our Priorities to Address Challenging Outlook
43 Our Priorities to Address Challenging Outlook Sustaining Resilience Vigilant Cautious Investment Through Operational Cost Optimisation to Build for Future Excellence Enhanced operational efficiency Reviewing all areas of cost under Continue to invest with caution measures and continued close our
Slide 44: Strategy Update
44 Strategy Update ‘REIT plus’ investment case to provide resilient earnings with potential for growth Optimise Link REIT Portfolio Grow REIM Business Active Management and Diversification Organic o Accretive investments in assets with o Launch of LREP growth potential in our key markets o Explore o
Slide 45: Aligning Compensation with Unitholders' Interest
45 Aligning Compensation with Unitholders’ Interest The Key Principles of our Remuneration Strategy Major Updates on Executive Remuneration Led by the Remuneration Committee, we: • Engaged an independent external consultant • Consulted several long-term unitholders • Reviewed executive remuneration
Slide 46: Appendix
06 Appendix
Slide 47: Table of Contents
47 Table of Contents Board and Governance 48 Financial Data 55 • Financial Statement 55 • Capital Management 59 Operational Data 60 Hong Kong Market Data 66 • Car Park Demand and Supply 66 • Retail Sales 67 • Transport Infrastructure 68 ESG Updates 69 • ESG Indices Performance 69 • Community Engagem
Slide 48: Experienced Team and Board of Director
48 Appendix 1 Experienced Team and Board of Director Diverse Board Relevant Experience Credible Fiduciaries ✓ Background ✓ Real estate ✓ Fund management ✓ Transparency ✓ Professional experiences ✓ Investment ✓ Advisory ✓ Due diligence ✓ Industry knowledge ✓ Urban planning ✓ Corporate finance ✓ Accou
Slide 49: Chair and Chair Alternate
49 Appendix 2 Chair and Chair Alternate Duncan OWEN Christopher BROOKE Chair & Chair Alternate & Independent Non-Executive Independent Non-Executive Director (INED) Director (INED) • INED since 2024; appointed as Board Chair in Aug • INED since 2018, appointed as Chair Alternate in Mar 2024 2025 • L
Slide 50: Executive Directors
50 Appendix 3 Executive Directors George HONGCHOY Kok Siong NG Executive Director & Executive Director & Group Chief Executive Officer Chief Financial Officer • Developing, driving and delivering performance • Supporting the GCEO in supervising the financial against business plans agreed by the Boar
Slide 51: Non-Executive and Independent Non-Executive Directors
51 Appendix 4 Non-Executive and Independent Non-Executive Directors Keith GRIFFITHS Jana ANDONEGUI SEHNALOVA Barry BRAKEY Non-Executive Director (since 2007) Independent Non-Executive Director Independent Non-Executive Director • Finance and Investment Committee (since 2024) (since 2024) (Member) •
Slide 52: Senior Management Team Members
52 Senior Management Team Members Greg CHUBB John NOLAN John SAUNDERS Chief Operating Officer Chief People and Organisation Officer Group Chief Investment Officer • Overseeing and leading asset • Devising and executing people • Formulating long-term management, leasing and and organisational transfo
Slide 53: Corporate Governance Framework
53 Appendix 5 Corporate Governance Framework Unitholders and Other Stakeholders Board and Board Committees o Comprehensive investor relations programmes to keep o High level of independence Unitholders abreast of developments o Diversity of skills, experience, gender and ethnicity o Periodic reporti
Slide 54: Oversight and Leadership
54 Appendix 6 Oversight and Leadership Audit and Risk Finance and Investment Nomination Remuneration Sustainability Management Committee Committee Committee Committee Committee o Review of financial o Oversight of investment o Board performance o Setting Link’s remuneration o Review of sustainabilit
Slide 55: Key Financial Data
55 Appendix 7 Key Financial Data Percentage contribution Year ended Year ended year ended 31 Mar 2025 31 Mar 2024 YoY 31 Mar 2025 Consolidated HK$’M HK$’M % (%) Revenue 14,223 13,578 +4.8 - Net property income 10,619 10,070 +5.5 - Rentals Hong Kong retail and office properties 6,657 6,652 +0.1 46.9
Slide 56: Financials – Income Statement Summary
56 Appendix 8 Financials – Income Statement Summary Year ended Year ended 31 Mar 2025 31 Mar 2024 YoY HK$’M HK$’M % Revenue 14,223 13,578 +4.8 Property operating expenses (3,604) (3,508) +2.7 Net property income 10,619 10,070 +5.5 (1) (2) General and administrative expenses (915) (766) +19.5 (3) Int
Slide 57: Property Operating Expenses Analysis
57 Appendix 9 Property Operating Expenses Analysis Percentage contribution Year ended Year ended year ended 31 Mar 2025 31 Mar 2024 YoY 31 Mar 2025 (HK$’M) (HK$’M) (%) (%) Property managers’ fees, security (1) 958 922 3.9 26.6 and cleaning (2) Staff costs 660 648 1.9 18.4 Repair and maintenance 296
Slide 58: Financials – Distribution Statement Summary
58 Appendix 10 Financials – Distribution Statement Summary Year ended Year ended 31 Mar 2025 31 Mar 2024 YoY HK$’M HK$’M % Loss for the year, before transactions with Unitholders (8,863) (1,983) 346.9 attributable to Unitholders Change in fair values of investment properties attributable to 16,181 7
Slide 59: Financials – Capital Management
59 Appendix 11 Financials – Capital Management Key Credit Metrics by Rating Agencies S&P Moody’s Fitch As at requirement requirement requirement 31 Mar 2025 (A / Stable) (A2 / Stable) (A / Stable) Net debt / IP 22.4% N/A N/A <30% Debt / Debt + Equity 23.2% <30% N/A N/A EBITDA Interest Coverage 5.0x
Slide 60: Retail Portfolio – Lease Expiry Profile
60 Appendix 12 Retail Portfolio – Lease Expiry Profile (2) Hong Kong Retail Mainland China Retail Australia Retail Singapore Retail As % of As % of As % of As % of monthly monthly monthly monthly total area rent (1) total area rent (1) total area rent (1) total area rent (3) As at 31 Mar 2025 (%) (%
Slide 61: Office Portfolio – Lease Expiry Profile
61 Appendix 13 Office Portfolio – Lease Expiry Profile Hong Kong Office Mainland China Office International Office As % of As % of As % of total area monthly total area monthly total area monthly (%) rent(1) (%) rent(1) (%) rent(1) As at 31 Mar 2025 (%) (%) (%) 2025/2026 8.1 4.5 12.0 14.1 1.7 2.2 20
Slide 62: Hong Kong and Mainland China Retail Portfolio – Trade Mix
62 Appendix 14 Hong Kong and Mainland China Retail Portfolio – Trade Mix 15.1% 6.9% 2.8% 5 0.7% 8 4 1.0% 7 6 1 29.0% 5.5% 38.6% 5 Hong Kong 27.0% Mainland China 5 Retail Trade Mix 3 Retail Trade Mix 1 4 10.5% (by rent)(1) (by rent)(1,4) 4 2 3 20.8% 17.4% 2 24.7% Hong Kong Retail Mar-25 Sep-24 Mainla
Slide 63: International Retail Portfolio – Trade Mix
63 Appendix 15 International Retail Portfolio – Trade Mix 4.1% 0.5% 11.2% 16.0% 56 4.4% 8 4 7 5.1% 36.6% 6 42.2% Australia 1 1 6.0% 5 Singapore 15.0% Retail Trade Mix Retail Trade Mix 3 (by rent) (1,3) (by rent) (2,4) 4 1 10.3% 2 3 2 22.2% 12.3% 14.1% Australia Retail Mar-25 Sep-24 Singapore Retail
Slide 64: Link REIT HK Portfolio – Historical Operating Metrics
64 Appendix 16 Link REIT HK Portfolio – Historical Operating Metrics Link REIT Tenant Sales Y/Y & Rental Reversion Occupancy Rate Tenant Sales Y/Y Rental Reversion 40% 98.0% 98.0% 29.1% 97.8% 30% 97.7% 23.8% 22.5% 20% 97.1% 12.6% 97.0% 10% 7.8% 7.1% 7.9% 96.5% 96.8% 8.0% -1.8% 4.8% 6.2% -2.2% 0% 4.0
Slide 65: Link REIT HK Portfolio – Historical Operating Metrics
65 Appendix 17 Link REIT HK Portfolio – Historical Operating Metrics Occupancy Cost Unit Rent psf HK$ 15% 14.7% 80 14.1% 70.3 14% 70 68.0 13.5% 63.8 64.4 62.4 62.4 62.7 63.3 13.1% 13.0% 12.9% 13% 60 12.5% 12.6% 55.3 12.1% 12% 50 11% 40 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24
Slide 66: Hong Kong Market Data – Car Park Demand and Supply
66 Appendix 18 Hong Kong Market Data – Car Park Demand and Supply No. of Registration of Vehicles and Private Car Demand and Supply (YoY) Parking Spaces (Private Cars) 717,033 5.4% 631,976 3.1% 2.7% 2.0% 2.3% 1.5% 629,104 1.5% 1.2% 1.3% 1.4% 1.3% 1.1% 1.0% 0.7% 0.8% 0.6% 0.8% 0.3% 0.5% 0.4% 0.5% 0.0
Slide 67: Hong Kong Market Data – Retail Sales
67 Appendix 19 Hong Kong Market Data – Retail Sales YoY% Change Hong Kong Retail Sales 60% CY2Q2025 (Apr – Jun 2025) Non-discretionary Discretionary 40% (2) Total retail sales 20% 3.7% 1.6% ↑ 3.7% YoY 0% 0.4% Non-discretionary retail sales -20% ↑ 0.4% YoY -40% Total retail sales(2) -60% 1Q 2Q 3Q 4Q
Slide 68: Hong Kong Market Data – Transport Infrastructure
68 Appendix 20 Hong Kong Market Data – Transport Infrastructure Smart and Green Mass Transit System 6 Link REIT’s assets poised to benefit from enhanced connectivity Choi Hung Choi Wan Station Station Shun Lee Station Sau Mau Ping Shun Lee Kwun Tong Central Lam Tin Yau Tong Choi Hung Hillside Shun O
Slide 69: ESG Indices Performance
69 Appendix 21 ESG Indices Performance 4 Star Rating AA 2024: 87/100 2024: 78.6/100 2023: 87/100 2023: 75.5/100 Asia Pacific Index BBB 2024: 70/100 2024: 5.6/10 2023: 68/100 2023: 5.7/10 FTSE4GOOD Index Negligible Risk Rating 2024: 4.1/5 2024: 8.84/100 (1) 2023: 3.8/5 2023: 10.37/100 (1) Ardent Supp
Slide 70: Community Engagement and Sustainability Initiatives
70 Appendix 22 Community Engagement and Sustainability Initiatives Renewable Energy Adoption Link Together Initiatives(1) 53 Assets in Hong Kong Our flagship charity and community engagement programme aims to engage • >4.5 MW installed capacity (3) stakeholders in the communities and enhance sustain
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