(in HK$ million, unless otherwise specified)
Profit and Loss
For the year ended 31 December |
2025 |
2024 |
% Change |
| Revenue |
1,682.4 |
1,746.2 |
-3.7 |
| Property Operating Expense |
457.5 |
454.2 |
0.7 |
| Net Property Income |
1,188.1 |
1,253.3 |
-5.2 |
| Distributable Income |
722.9 |
723.4 |
-0.1 |
| Distribution to Unitholders |
722.9 |
723.4 |
-0.1 |
| DPU (HK cents) |
35.22 |
35.59 |
-1.0 |
| Payout Ratio |
100% |
100% |
- |
| Cost to Revenue Ratio |
27.2% |
26.0% |
1.2 p.p. |
| Balance sheet |
As at 31 Dec 2025 |
As at 30 Jun 2025 |
% Change |
| Investment Properties |
36,524 |
37,277 |
-2.0 |
| Total Assets |
36,746 |
37,538 |
-2.1 |
| Total Liabilities |
11,606 |
11,594 |
0.1 |
| NAV per Unit (HK$) |
12.22 |
12.67 |
-3.6 |
| Financial Ratios |
As at 31 Dec 2025 |
As at 30 Jun 2025 |
Change |
| Gearing |
26.9% |
26.2% |
0.7 p.p. |
| Interest Cover (Times) |
3.1 |
3.2 |
N/A |
Operational Statistics
as at 31 December |
2025 |
2024 |
Change |
| Occupancy |
95.8% |
95.0% |
0.8 p.p. |
Revenue
Base rental1
Base rental includes base rent, license income and atrium income.
Charge-out collection2
Charge‐out collection includes utilities charges and management fees.
Net Property Income (HK$ million)
Distribution per Unit (HK $)
Portfolio Valuation (HK$ million)
(in HK$ million, unless otherwise specified)
Profit and Loss
for the year ended 31 December |
2025 |
2024 |
2023 |
2022 |
2021 |
| Revenue |
1,682.4 |
1,746.3 |
1,785.9 |
1,764.4 |
1,806.4 |
| Property Operating Expense |
457.5 |
454.2 |
446.2 |
434.2 |
432.8 |
| Net Property Income |
1,188.1 |
1,253.3 |
1,299.4 |
1,290.2 |
1,340.2 |
| Distributable Income |
722.9 |
723.4 |
810.6 |
877.3 |
884.6 |
| Distribution to Unitdolders |
722.9 |
723.4 |
810.6 |
877.3 |
884.6 |
| DPU (HK cents) |
35.22 |
35.59 |
40.38 |
44.15 |
46.88 |
| Payout Ratio (%) |
100% |
100% |
100% |
100% |
100% |
Balance sheet
as at 31 December |
2025 |
2024 |
2023 |
2022 |
2021 |
| Investment Properties |
36,524 |
38,056 |
38,997 |
39,503 |
39,500 |
| Total Assets |
36,746 |
38,459 |
39,510 |
40,335 |
39,725 |
| Total Liabilities |
11,606 |
11,529 |
11,430 |
11,408 |
10,542 |
| NAV per Unit (HK$) |
12.22 |
13.21 |
13.94 |
14.52 |
14.79 |
Financial Ratios
as at 31 December |
2025 |
2024 |
2023 |
2022 |
2021 |
| Cost to Revenue Ratio |
27.2% |
26.0% |
25.0% |
24.6% |
23.5% |
| Gearing |
26.9% |
25.6% |
24.6% |
23.9% |
22.4% |
| Interest Cover (Times) |
3.1 |
2.8 |
3.3 |
4.8 |
6.3 |
Operational Statistics
as at 31 December |
2025 |
2024 |
2023 |
2022 |
2021 |
| Occupancy |
95.8% |
95.0% |
94.4% |
93.9% |
94.3% |
Unit data
as at 31 December |
2025 |
2024 |
2023 |
2022 |
2021 |
| Year-end Closing Unit Price (HK$) |
4.89 |
3.99 |
4.96 |
6.34 |
8.01 |
| Units in Issue and to be Issued ('000) |
2,057,379 |
2,038,349 |
2,008,653 |
1,992,462 |
1,973,804 |
| Market Capitalisation (HK$ million) |
10,061 |
8,133 |
9,963 |
12,632 |
15,780 |
Notes:
- Base rental includes base rent, license income and atrium income.
- Charge-out collection includes utilities charges and management fees.
