100 Market Street100 Market Street, Link REIT's first property outside Hong Kong and the PRC. (Photo: Google Maps)

Link REIT’s revenue and net property income for its FY2020 increased by 6.8% and 6.9% year-on-year to HKD10,718 million (USD1.38 billion) and HK$8,220 million respectively despite tougher operating conditions.

On a like-for-like basis excluding acquired properties, the REIT’s revenue and net property income increased by 5.6% and 6.3% year- on-year respectively.

The increases have been recorded against the backdrop of a COVID-19 outbreak in Hong Kong, which peaked in February 2020.

Link REIT’s financial year for FY2020 ended on 31 March 2020.

However, amid the ongoing protests, valuation of the REIT’s portfolio declined by 11.6% to HKD193,224 million.

As a result, loss for the year, before transactions with unitholders was HKD17,303 million.

Accordingly, net asset value per unit fell by 13.3% to HKD77.61, while the total distributable amount came in at HKD5,965 million.

Distribution per unit (DPU) for the year increased by 5.9% to HK287.19 cents, comprising an interim DPU of HK141.47 cents, and a final DPU of HK145.72 cents.

The REIT’s occupancy rate for the portfolio remained stable at 96.5% as at 31 March 2020.

Link REIT was last done on the Hong Kong stock exchange at HKD65.25, up 6.4% from the previous trading session.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.