(in HK$ million, unless otherwise specified)
Profit and Loss
6 months ended 30 June
2023 2022 YoY (%)
Revenue 908.7 867.5 +4.7
Property Operating Expense 216.0 213.9 +1.0
Net Property Income 671.9 634.0 +6.0
Distributable Income 447.7 456.9 -2.0
Distribution to Unitholders 447.7 456.9 -2.0
DPU (HK cents) 22.36 23.05 -3.0
Payout Ratio 100% 100% -
Balance sheet
as at 30 June
2023 2022 YoY (%)
Investment Properties 39,537 39,201 +0.9
Total Assets 40,262 39,865 +1.0
Total Liabilities 11,444 10,691 +7.0
NAV per Unit (HK$) 14.39 14.72 -2.2
Financial Ratios
as at 30 June
2023 2022 YoY (%)
Cost to Revenue Ratio 23.8% 24.7% -0.9
Gearing 23.8% 22.4% +1.4
Interest Cover (Times) 4.6 5.8 N/A
Operational Statistics
as at 30 June
2023 2022 YoY (%)
Occupancy 94.1% 93.9% +0.2
Revenue1 At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. (HK$ 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.
Carpark income
Turnover rent
Other income
Net Property Income (HK$ million)
Distribution per Unit (HK $)
Interim
Final
Portfolio Valuation (HK$ million)
(in HK$ million, unless otherwise specified)
Profit and Loss
for the year ended 31 December
2022 2021 2020 2019 2018
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. 1,764.4 1,806.4 1,843.8 1,959.7 1,940.1
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. 434.2 424.8 425.1 433.0 422.6
Net Property Income 1,290.2 1,340.2 1,376.1 1,480.9 1,471.8
Distributable Income 877.3 981.1 970.4 993.8 986.2
Distribution to Unitdolders 877.3 883.0 921.9 993.8 986.2
DPU (HK cents) 44.15 44.83 47.16 51.28 51.28
Payout Ratio (%) 100% 90% 95% 100% 100%
Balance sheet
as at 31 December
2022 2021 2020 2019 2018
Investment Properties 39,503 39,500 39,075 42,820 42,000
Total Assets 40,335 39,725 39,336 43,049 42,632
Total Liabilities 11,408 10,542 10,705 10,425 10,619
NAV per Unit (HK$) 14.52 14.79 14.62 16.81 16.61
Financial Ratios
as at 31 December
2022 2021 2020 2019 2018
Cost to Revenue Ratio1At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. 24.6% 23.5% 23.1% 22.1% 21.8%
Gearing 23.9% 22.4% 22.4% 19.8% 20.9%
Interest Cover (Times) 4.8 6.3 5.0 5.0 5.9
Operational Statistics
as at 31 December
2022 2021 2020 2019 2018
Occupancy 93.9% 94.3% 95.8% 96.9% 93.1%
Unit data
as at 31 December
2022 2021 2020 2019 2018
Year-end Closing Unit Price (HK$) 6.34 8.01 7.39 9.09 8.99
Units in Issue and to be Issued ('000) 1,992,462 1,973,804 1,958,887 1,941,116 1,927,905
Market Capitalisation (HK$ million) 12,632 15,780 14,446 17,612 17,300
Notes:
  1. 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.
  2. Base rental includes base rent, license income and atrium income.
  3. Charge-out collection includes utilities charges and management fees.
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