Link Rl Est Invt Tr Uts (LKREF) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

On the stage, we have our Chair of the Board, Mr. Duncan Owen, Executive Director and Chief Financial Officer, Mr. Ko Shung Un, Executive Director and Chief Investment Officer, Mr. John Saunders. So on the screen, you may find today's agenda. And without further ado, let me hand the floor over to Duncan to give an overview of our results. Thank you. Thank you, Christy. Good afternoon, everyone. Whether you're in the room at our offices in the Quayside here or watching via the webcast, thank you for taking the time to join this session. We're here to report the full year end results for LINC REIT 2025, year ending 2026. But before we cover the details of our results, I'd like to just start speaking on behalf of the board and management to say that we've been listening carefully, reflecting on the views of our unit holders and other important stakeholders. Our response during the final months of 2025-26 and going into the new financial year has been to go back to basics, focusing on our key competitive advantages as owners and operators of retail malls and car parks in APAC. What that means is focusing on our core assets and our core skills. This is why in January's announcement we confirmed that no less than 80% of Link's balance sheet capital would be invested in core competency and currently we indeed have over 90% of our assets in this core area. Whilst we will continue with partnerships, principally for value add opportunities with higher returns, these activities should not ever be more than 20% of the balance sheet and they will normally be a lot lower. Our immediate focus is therefore now on reinvigorating the existing core portfolio, divesting non-core assets, which means the sale of mainly offices and warehousing, and buying back shares where pricing is attra...