(in HK$ million, unless otherwise specified)
Profit and Loss
For the six months ended 30 June |
2024 |
2023 |
% Change |
| Revenue |
871.8 |
908.7 |
-4.1 |
| Property Operating Expense |
219.1 |
216.0 |
1.4 |
| Net Property Income |
633.1 |
671.9 |
-5.8 |
| Distributable Income |
369.5 |
447.7 |
-17.5 |
| Distribution to Unitholders |
369.5 |
447.7 |
-17.5 |
| DPU (HK cents) |
18.23 |
22.36 |
-18.5 |
| Payout Ratio |
100% |
100% |
- |
| Cost to Revenue Ratio |
25.1% |
23.8% |
1.3 p.p. |
| Balance sheet |
As at 30 Jun 2024 |
As at 30 Jun 2023 |
% Change |
| Investment Properties |
38,715 |
38,997 |
-0.7 |
| Total Assets |
39,201 |
39,510 |
-0.8 |
| Total Liabilities |
11,480 |
11,430 |
0.4 |
| NAV per Unit (HK$) |
13.67 |
13.94 |
-1.9 |
| Financial Ratios |
As at 30 Jun 2024 |
As at 31 Dec 2023 |
Change |
| Gearing |
24.8% |
24.6% |
0.2 p.p. |
| Interest Cover (Times) |
2.9 |
3.3 |
N/A |
Operational Statistics
as at 30 June |
2024 |
2023 |
Change |
| Occupancy |
94.8% |
94.1% |
0.7 p.p. |
Revenue1 At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. (HK$ million)
Base rental2
Base rental includes base rent, license income and atrium income.
Charge-out collection3
Charge‐out collection includes utilities charges and management fees.
Net Property Income (HK$ million)
Distribution per Unit (HK $)
Portfolio Valuation (HK$ million)
(in HK$ million, unless otherwise specified)
Profit and Loss
for the year ended 31 December |
2023 |
2022 |
2021 |
2020 |
2019 |
| Revenue1 At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. |
1,785.9 |
1,764.4 |
1,806.4 |
1,843.8 |
1,959.7 |
| Property Operating Expense1 At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. |
446.2 |
434.2 |
432.8 |
425.1 |
433 |
| Net Property Income |
1,299.4 |
1,290.2 |
1,340.2 |
1,376.1 |
1,480.9 |
| Distributable Income |
810.6 |
877.3 |
884.6 |
970.4 |
993.8 |
| Distribution to Unitdolders |
810.6 |
877.3 |
884.6 |
921.9 |
993.8 |
| DPU (HK cents) |
40.38 |
44.15 |
46.88 |
47.16 |
51.28 |
| Payout Ratio (%) |
100% |
100% |
100% |
95% |
100% |
Balance sheet
as at 31 December |
2023 |
2022 |
2021 |
2020 |
2019 |
| Investment Properties |
38,997 |
39,503 |
39,500 |
39,075 |
42,820 |
| Total Assets |
39,510 |
40,335 |
39,725 |
39,336 |
43,049 |
| Total Liabilities |
11,430 |
11,408 |
10,542 |
10,705 |
10,425 |
| NAV per Unit (HK$) |
13.94 |
14.52 |
14.79 |
14.62 |
16.81 |
Financial Ratios
as at 31 December |
2023 |
2022 |
2021 |
2020 |
2019 |
| Cost to Revenue Ratio1At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. |
25.0% |
24.6% |
23.5% |
23.1% |
22.1% |
| Gearing |
24.6% |
23.9% |
22.4% |
22.4% |
19.8% |
| Interest Cover (Times) |
3.3 |
4.8 |
6.3 |
5 |
5 |
Operational Statistics
as at 31 December |
2023 |
2022 |
2021 |
2020 |
2019 |
| Occupancy |
94.4% |
93.9% |
94.3% |
95.8% |
96.9% |
Unit data
as at 31 December |
2023 |
2022 |
2021 |
2020 |
2019 |
| Year-end Closing Unit Price (HK$) |
4.96 |
6.34 |
8.01 |
7.39 |
9.09 |
| Units in Issue and to be Issued ('000) |
2,008,653 |
1,992,462 |
1,973,804 |
1,958,887 |
1,941,116 |
| Market Capitalisation (HK$ million) |
9,963 |
12,632 |
15,780 |
14,446 |
17,612 |
Notes:
- At the end of 2018, "Revenue" and "Property operating expenses" have been reclassified to conform with the new presentation format. Accordingly, "Revenue", "Property operating expenses" and "Cost to revenue ratio" of prior years (i.e. 2016 and 2017) were restated.
- Base rental includes base rent, license income and atrium income.
- Charge-out collection includes utilities charges and management fees.
