Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — 1Q 2026/2027 Earnings Presentation
20 slides from Link Real Estate Investment Trust's earnings presentation, Sep 8, 2026
Slide 1: 1Q 2026/2027 Operational Update
1Q 2026/2027 Operational Update 8 September 2026
Slide 2: Agenda
2 Agenda 01 Highlights 02 Operational Overview 03 Capital Management 04 Focus Areas 05 Q&A Sau Mau Ping Shopping Centre, Hong Kong
Slide 3: Key Highlights
3 Key Highlights 01 Results ▪ 1Q performance remained steady during the quarter Topline ▪ Hong Kong retail spot rents stabilising, while unit rents remain broadly stable ▪ HK and CML navigated softer retail sentiment, while SG and AU delivered solid performance 02 Operational Overview ▪ Retail portf
Slide 4: Operational Overview
01 Operational Overview Lok Fu Place, Hong Kong
Slide 5: Link REIT Portfolio Overview
5 Link REIT Portfolio Overview (1) Pro-Forma Portfolio Value : HK$216B (as at 30 June 2026) Retail and Car Park Assets Other Assets 139 Retail, 9 Offices & Car Parks and 6 Logistics Related Business 10.5% 89.5% Assets Portfolio Value Assets Portfolio Value 139 HK$193B 15 HK$23B 51.0% 3.4% AU Office
Slide 6: Hong Kong Assets Performance
6 Hong Kong Assets Performance HK Retail Operating Metrics HK Car Parks and Related Business ▪ Parking demand remained soft amid declining car ownership and lower Occupancy Unit Rent ticket volumes (as at 30 Jun) (as at 30 Jun) ▪ Parking revenue remained stable, supported by tariff growth and 97.5%
Slide 7: Hong Kong Retail Assets Operating Metrics
7 Hong Kong Retail Assets Operating Metrics Link’s Tenant Sales(1) YoY Growth HK Occupancy Costs(2) Trade 1Q26/27 1Q25/26 (3) General Retail – 14.1% Overall – 12.6% Food & Beverage – 12.6% Supermarket & Foodstuff – 11.5% F&B 1.5% 1.6% Supermarket & Foodstuff -1.9% 0.4% 14.1% 12.6% 12.6% 11.5% Genera
Slide 8: Navigating Retail Headwinds Through Curated Retail Offerings
8 Navigating Retail Headwinds Through Curated Retail Offerings Activating Common Areas to Repurposing Space to Better Serve Generate Incremental Revenue Evolving Community Needs Food Fair Pop-up Booth Healthcare & Community Services Elderly Care & Social Services Curating In-Person Offerings That Br
Slide 9: Targeted Income Initiatives Support Utilisation And Recurring Parking Income
9 Targeted Income Initiatives Support Utilisation And Recurring Parking Income 1Q 2026/2027 Car Park Initiatives Apr 2026 Parking Privilege Revamp Monetise customer incentives Introduced paid parking privileges to convert existing benefits into parking income while maintaining customer engagement Ma
Slide 10: Chinese Mainland Retail
10 Chinese Mainland Retail Operational Update Retail Occupancy ▪ Maintained high occupancy and positive unit rent growth (as at 30 Jun) across the portfolio despite structural supply headwinds ▪ Rental reversions remained under pressure amid 96.0% challenging retail conditions, while tenant sales (e
Slide 11: Singapore & Australia Retail
11 Singapore & Australia Retail Singapore Australia Operational Update Operational Update ▪ Solid occupancy and positive ▪ Occupancy reflected frictional double-digit rental reversion vacancy, with committed occupancy at 99.9% ▪ Tenant sales remained resilient Jurong Point, Singapore despite a cauti
Slide 12: Other Assets Performance
12 Other Assets Performance Occupancy (as at 30 Jun 2026) Hong Kong Office Chinese Mainland Office ▪ Leasing conditions remained mixed ▪ Occupancy softened against a Hong Kong 99.6% across Kowloon submarkets backdrop of new supply and rising Office market vacancy ▪ Proactive leasing and ongoing flig
Slide 13: Capital Management
03 Capital Management Link Plaza Qibao, Shanghai, Chinese Mainland
Slide 14: Prudent Capital Management
14 Prudent Capital Management Ample Liquidity & Healthy Credit Metrics Highlights As at 31 March 2026 Stable Financing Costs ▪ Finance costs remained largely stable despite Average All-in divergent interest rate trends across key markets Net Gearing Ratio Borrowing Costs 23.9% Competitive Refinancin
Slide 15: Healthy Debt Maturity Profile with Prudent Refinancing Cadence
15 Healthy Debt Maturity Profile with Prudent Refinancing Cadence Debt Profile Breakdown Debt Maturity Breakdown As at 31 March 2026 As at 31 March 2026 (HK$ billion) (HK$ billion) Medium Term Notes 11.8 Convertible Bonds Debt Mix by Type 20.1 3.3 33.3 Bank Loans (35%) (6%) (59%) Medium Term Notes C
Slide 16: Focus Areas
04 Focus Areas Yat Tung Shopping Centre, Hong Kong
Slide 17: "Back to Basics" Strategy
17 Reaffirming Our Strategic Priorities “Back to Basics” Strategy Focus on Active Capital Cost Discipline Core Businesses Recycling ▪ Focus on retail assets ▪ Simplify the portfolio, ▪ Continued organisational and car parks across dispose non-core assets simplification to support APAC margin improve
Slide 18: Delivering Against Capital Recycling and Third-Party Capital Partnership
18 Delivering Against Capital Recycling and Third-Party Capital Partnership Capital Recycling Leadership Update Swing By @ 50% Stake in Neil Slater Thomson Plaza 100 Market Street Appointed CEO S$250M A$225.9M Effective 1 Mar 2027 ▪ Value crystalised through disposal at ▪ Retains 50% stake via joint
Slide 19: Q&A
05 Q&A T Town, Hong Kong
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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