Link Reit investors get bigger payouts
The landlord of shopping malls, markets and car parks sees total interim revenue increase 10pc to HK$4.6bn
Total distributable income at Link Real Estate Investment Trust, which owns shopping malls, markets and car parks, most of them formerly owned by the Hong Kong Housing Authority, rose 12.9 per cent during the six months to September 30, as rental income increased.
Interim distribution per unit paid to unit holders was 111.75 HK cents, compared with 98.99 HK cents over the same period last year, according to its filing with the Hong Kong Stock Exchange on Wednesday.
Total revenue increased 10 per cent year on year to HK$4.6 billion and net property income jumped 11.1 per cent to HK$3.44 billion.
“In the silhouette of a challenging retail market, our portfolio showed a resilient performance
as we continued to focus on mass market, non-discretionary trades,” said the statement.
The occupancy rate for the portfolio at the end of the period remained stable at 95.9 per cent, while the reversion rate stood at 21 per cent with a 6.6 per cent year-on-year growth in retail rentals.
Average monthly unit rents improved to HK$52.5 per square foot in September from HK$50.0 in March.