Champion REIT reports DPU 7.7% decline on weak retail performance

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Champion REIT has reported a distribution per unit (DPU) of HKD0.1229 (1.6 USD cents) for its 1H 2020, down 7.7% from HKD0.1332 in 2H 2020.

This after the REIT reported a year-on-year decline of 5.4% in its net property income for the period, which came in at HKD1.19 billion.

“While the office portfolio managed to deliver a stable growth from rental income, it was insufficient to compensate the weak retail performance”, said Champion REIT in its results announcement.

Particularly affected was footfall and sales into Langham Place Mall, said the REIT.

Total rental income of the REIT decreased 4.1% to HKD1,342 million, while retail net property income decreased by 5.4% to HKD1,194 million.

Champion REIT was last done on the Hong Kong bourse HKD4.09.

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