Link REIT Posts Higher Distribution Per Unit In First Three Months Of 2020
June 2, 2020 — The board of directors of Link Asset Management Limited as manager of Link Real Estate Investment Trust reported to unitholders the audited consolidated final results of Link and its subsidiaries for the year ended 31 March 2020.
The final results and the consolidated financial statements of the Group for the year ended 31 March 2020, after review by the audit and risk management committee of the Manager were approved by the Board on 1 June 2020.
Revenue and net property income increased by 6.8% and 6.9% year-on-year to HK$10,718 million (2019: HK$10,037 million) and HK$8,220 million (2019: HK$7,689 million), respectively. On a like-for-like basis(1), revenue and net property income increased by 5.6% and 6.3% year- on-year, respectively.
Valuation of the investment properties portfolio declined by 11.6% to HK$193,224 million (31 March 2019: HK$218,496 million). As a result, loss for the year, before transactions with Unitholders was HK$17,303 million (2019: profit of HK$20,442 million). Net asset value per unit fell by 13.3% to HK$77.61 (31 March 2019: HK$89.48).
Total distributable amount, after adjustments and a discretionary distribution of HK$291 million (2019: HK$53 million), amounted to HK$5,965 million (2019: HK$5,723 million). Distribution per unit (DPU) for the year increased by 5.9% to HK287.19 cents (2019: HK271.17 cents), comprising an interim DPU of HK141.47 cents (2019: HK130.62 cents) and a final DPU of HK145.72 cents (2019: HK140.55 cents).
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