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Link Real Estate Investment Trust (823) investor relations material
Link Real Estate Investment Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered resilient results amid macroeconomic and market challenges, with net property income and revenue declining 3.4% and 1.8% year-over-year, mainly due to negative rental reversions in Hong Kong and the Chinese Mainland.
Operational efficiency drive launched, targeting over HKD 200 million in annualized cost savings, with a focus on cost management and diversification of capital sources.
CEO transition underway, with interim management in place and a global search for a new CEO ongoing.
Financial highlights
Net property income declined 3.4% year-over-year to HK$5,178 million, with distributable amounts and distribution per unit falling 5.6% and 5.9% respectively.
Portfolio valuation at HKD 223 billion as of September 2025, with NAV per unit at HK$61.19, and net gearing at 22.5%.
Average borrowing cost reduced to 3.2%, and 65.8% of debt portfolio at fixed interest rates.
Over HK$10 billion of debt refinanced in the past six months at competitive rates.
Ample liquidity of HK$9.4 billion as at 30 September 2025.
Outlook and guidance
Operating conditions expected to worsen slightly in the second half before stabilizing, with negative rental reversions persisting in Hong Kong and the Chinese Mainland.
Gradual recovery anticipated, supported by market stabilization, rising consumer confidence, and potential US interest rate cuts.
Cost control benefits to be fully realized in the next financial year, targeting HKD 200 million in annualized savings.
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