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Link Real Estate Investment Trust (823) investor relations material
Link Real Estate Investment Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered solid results with distributable income up 4.6%, DPU up 3.7%, and NPI up 5.5% year-over-year, despite valuation pressures and macroeconomic headwinds in Hong Kong and Mainland China.
Maintained a robust financial position with net gearing around 21.2%-21.5%, strong credit ratings, and ample liquidity, supported by a diversified portfolio across Hong Kong, Mainland China, Australia, Singapore, and the UK.
Advanced sustainability initiatives, including progress toward a 2035 net-zero target, expanded green building certifications, and enhanced climate risk scenario planning.
Continued diversification and operational efficiency, with significant growth in portfolio value and total return since IPO.
Strengthened stakeholder trust through transparent reporting, proactive engagement, and robust risk management frameworks.
Financial highlights
Revenue rose 4.8% year-over-year to HK$14.2B, NPI reached HK$10.6B (+5.5% YoY), and distributable amount was HK$7.0B (+4.6% YoY).
DPU increased 3.7% year-over-year to HK$2.72, with portfolio value at HK$226B and NAV per unit at HK$63.3.
Maintained high occupancy rates: Hong Kong retail 97.8%, Mainland China retail 95.9%, Australia retail 99.0%, Singapore retail 99.6%.
Average all-in borrowing cost decreased to 3.6%, and total debt was reduced by HK$6.5B.
G&A expenses rose 19.5% year-over-year, mainly due to LTI adjustments, legal/consultant fees, and uncapitalized M&A expenses.
Outlook and guidance
Market conditions in Hong Kong and Mainland China expected to remain challenging, with negative rental reversions likely to persist in low to mid-single digits.
Management remains focused on operational efficiency, cost control, portfolio optimization, and disciplined capital deployment.
Continued execution of Link 3.0 strategy and REIM business growth, with no AUM target disclosed for the new fund management business.
Committed to the 2035 operational net-zero target, with interim milestones for 2025/2026 and 2030.
Ongoing investment in energy efficiency, renewable energy, and climate resilience, aiming for 100% green building certification by 2025/2026.
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