Link REIT recently declared an interim distribution per unit (DPU) of 141.47 cents, while it reported a lower profit of $6,717 million for the first half of the financial year 2019/2020.
According to chairman Nicholas Allen, “During the period under review, we achieved modest growth despite the tough market conditions, benefitting from the resilience of our non-discretionary retail-focused portfolio and our decisive actions over the past few years on cost control.”
CEO George Hongchoy added that the company has “committed a significant amount of time and effort during the past six months to engage with our tenants and business partners to understand their challenges.”
Hongchoy added that the company tries to “offer effective and targeted support to them so we all are able to weather the storm together, becoming stronger and more resilient.”
Link Asset Management Limited, the manager of Link Real Estate Investment Trust, recently revealed stable interim results of Link REIT for the six months ended 30 September 2019.
Total distributable amount, after adjustments and a discretionary capital distribution of $145 million (six months ended 30 September 2018: Nil), amounted to $2,966 million (six months ended 30 September 2018: $2,759 million). Interim DPU increased by 8.3% to 141.47 cents (six months ended 30 September 2018: 130.62 cents), which includes an additional discretionary distribution of 6.93 cents (six months ended 30 September 2018: Nil).
For the period under review, revenue and net property income increased by 7.8% and 8.5% year-on-year on a like-for-like basis respectively, excluding any properties acquired, divested and/or newly operational during the periods under analysis.
The first six months of the 2019/20 financial year have been turbulent, marked by escalating trade tensions between China and the United States, as well as the civil unrest in Hong Kong since June, the company said in their earnings presentation.
Link also revealed its medium-term target Vision 2025 in June. “We will continue to grow our portfolio as we pursue our Vision 2025. We will continue to seek opportunities to grow, be it in Hong Kong, the four first-tier cities in Mainland China and their surrounding river delta areas, or other markets where suitable opportunities arise,” Hongchoy said.