Business Daily Media

Men's Weekly

.

Sunlight Real Estate Investment Trust ("Sunlight REIT") Final Results for the Year Ended 30 June 2022

Crafting a Brighter Future

HONG KONG SAR - Media OutReach - 6 September 2022 - Henderson Sunlight Asset Management Limited (the "Manager") announces the final results of Sunlight REIT for the year ended 30 June 2022 (the "Year").

Despite global inflationary pressures and a fierce fifth wave of COVID-19 infections, Sunlight REIT's net property income ("NPI") for the Year still registered a mild improvement of 0.4% from the preceding year to HK$641.9 million. Annual distributable income dropped a slight 1.7% to HK$431.1 million, reflecting a moderate increase in interest expenses during the Year.

The Board has resolved to declare a final distribution of HK 12.8 cents per unit. Together with an interim distribution of HK 12.2 cents per unit, the total distribution per unit for the Year would amount to HK 25.0 cents. The implied payout ratio is 97.4%, compared with 97.5% for FY2020/21. Based on the closing price of HK$3.65 on the last trading day of the Year, the distribution yield was 6.8%.

At 30 June 2022, the value of Sunlight REIT's property portfolio was appraised by the principal valuer Note at HK$18,095.2 million, representing a decrease of 1.3% from a year ago. As a result, its net asset value was down marginally by 0.5% to HK$14,051.4 million, or HK$8.36 per unit.

Operating Highlights

The overall portfolio of Sunlight REIT recorded an average occupancy rate of 94.7% at 30 June 2022 (30 June 2021: 93.7%), with the office and retail portfolios registering occupancy rates of 94.8% (30 June 2021: 92.4%) and 94.5% (30 June 2021: 96.5%) respectively. In light of the uncertain global business environment, however, average rental reversion for the Year was negative at 5.2%, while average passing rents of the office and retail portfolios were HK$35.1 per sq. ft. and HK$67.6 per sq. ft. at 30 June 2022, down 4.4% and 4.0% respectively from a year ago.

In respect of the performance of major properties, Dah Sing Financial Centre maintained a relatively stable occupancy rate of 91.4% at 30 June 2022 while its NPI registered a year-on-year improvement of 4.6% to HK$178.4 million. For the retail portfolio, Sheung Shui Centre Shopping Arcade reported a lower occupancy rate of 92.9% and a mild 2.1% decline in NPI to HK$139.5 million. Gratifyingly, NPI of the Metro City Phase I Property was up 1.7% to HK$135.4 million for the Year, despite a drop in its occupancy rate to 94.6%.

The Manager has continued to actively pursue the sustainability agenda of Sunlight REIT. In particular, substantial inroad has been made into green building certification, as nearly 80% of the properties under management have been given recognition by BEAM Society Limited at 30 June 2022. Meanwhile, a total of HK$1,300 million in sustainability-linked loans were concluded during the Year, increasing such proportion to over 60% of Sunlight REIT's total borrowings.

Mr. Au Siu Kee, Alexander, Chairman of the Manager said," Considering the onslaught of multiple shocks both at home and abroad throughout the Year, the performance of Sunlight REIT should be deemed solid. Against a fast-evolving external environment, we will keep increasing the capability of Sunlight REIT to stand strong in the face of adversities. With great stamina and teamwork, we will strive to craft a brighter future."

Note : CBRE Limited

Remarks: Attached financial highlights of FY2021/22 final results of Sunlight REIT.

Financial Highlights of FY2021/22 Final Results:

(in HK$' million, unless otherwise specified)


2022
2021
Change
(%)
For the year ended 30 June:
Revenue
802.9
799.3
0.5
Net property income
641.9
639.7
0.4
Profit/(loss) after taxation Note
102.9
(233.7)
N/A
Annual distributable income
431.1
438.3
(1.7)
Distribution per unit (HK cents)
25.0
25.6
(2.3)
Payout ratio (%)
97.4
97.5
N/A

At 30 June:
Portfolio valuation
18,095.2
18,341.7
(1.3)
Net asset value
14,051.4
14,124.3
(0.5)
Net asset value per unit (HK$)
8.36
8.45
(1.1)
Gearing ratio (%)
23.3
23.0
N/A

Note: Included a fair value loss of investment properties of HK$263.9 million (versus a fair value loss of HK$605.2 million for the year ended 30 June 2021).

Disclaimer: The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.

Hashtag: #SunlightREIT

The issuer is solely responsible for the content of this announcement.

About Sunlight REIT

Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission, and constituted by the amended and restated trust deed dated 10 May 2021 (the "Trust Deed"). It offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of over 1.2 million sq. ft.. The office properties are located in both core and decentralized business areas, while the retail properties are situated in regional transportation hubs, new towns and urban areas with high population density.

About the Manager

The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited. Its main responsibility is to manage Sunlight REIT and all of its assets in accordance with the Trust Deed in the sole interest of its unitholders.

News from Asia

DL Holdings Solidifies Web3.0 with "3-Phase" Plan

HONG KONG SAR - Media OutReach Newswire - 24 July 2025 - Recently, DL Holdings Group (1709.HK) has entered into strategic cooperation agreements with ViaBTC, Asseto, and Rich Dragon Consultants, w...

ONYX Hospitality Group Reinforces Long-Term Commitment to Key Market Japan Through Targeted Development Strategy

BANGKOK, THAILAND - Media OutReach Newswire - 24 July 2025 - ONYX Hospitality Group, the prominent management company in Southeast Asia specialising in hotels and resorts, serviced apartments and...

PRCA Thailand Conference 2025 to Explore "AI: Truth, Trust and Thailand"

BANGKOK, THAILAND - Media OutReach Newswire - 24 July 2025 - As artificial intelligence redefines how stories are told, trust is built, and reputations are managed, PRCA Thailand is calling on com...

DBS Launches Gen AI-Powered Coaching Tool to Future Proof Its Workforce

HONG KONG SAR - Media OutReach Newswire - 24 July 2025 - DBS announced today that it is democratising coaching for its workforce with the launch of iCoach, a Generative AI-powered (Gen AI) platfor...

BlueLink International CZ certified as one of the Best Places to Work in the Czech Republic for 2024: A testament to exemplary human capital practices

PRAGUE, CZECH REPUBLIC - Media OutReach Newswire - 24 July 2025 - BlueLink, a prominent provider of customer relationship management solutions, has been formally recognized as a "Best Place to Wor...

Bitcoin's surge & beyond: An Octa broker forecast

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 July 2025 - Bitcoin (BTC) has been rising almost uninterruptedly over the past three months, setting new all-time highs (ATH) essentially ever...

Unlocking trading flexibility: the power of Octa Broker's swap-free accounts

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 25 July 2025 - In a dynamic and somewhat dangerous world of currency trading, it is critical to understand every element that impacts your potent...

Citi Renews Coverage of Fosun International with a "Buy" Rating

HONG KONG SAR - Media OutReach Newswire - 25 July 2025 - Citi issued its latest report on 23 July, announcing the renewing coverage on Fosun International (00656.HK) with a "Buy" rating and a targ...

Far East Hospitality Strengthens its Presence in Japan with Two New Hotels in Osaka

Group enters Osaka with two Far East Village Hotels in Namba South and Honmachi districts, reinforcing its commitment to double its footprint to 2000 rooms in Japan.SINGAPORE - Media OutReach News...

VinFast launches all-electric VF 7 suv in Indonesia

JAKARTA, INDONESIA - Media OutReach Newswire - 23 July 2025 - VinFast today officially introduced and began sales of the VF 7, a C-segment all-electric SUV with right-hand drive, in Indonesia...

Chris Hancock AM Honoured as 2025 Communications Ambassador

SYDNEY Chris Hancock AM, former CEO of AARNet, has been awarded the prestigious Communications Ambassador title at the 2025 Telecommunications Indus...

Baby boomers are driving development feasibility leading to larger apartments

As residential developers continue to grapple with feasibility issues on apartment projects, the sector is struggling to deliver volumes of new st...

Hays launches FY25/26 Salary Guide: ‘Salary Paradox’ deepens as pay rises fail Australians

Rising dissatisfaction with pay, progression and perks is fuelling a new wave of career change in FY25/26, as Australians demand more from employe...

Australian Businesses Still Stuck in the AI Hype Cycle

Data Governance Failures, ROI Gaps and Unclear Strategy Slowing Progress Despite artificial intelligence (AI) dominating headlines and boardroom ag...

How to ensure your manufacturing business survives international tariff turmoil

Optimising your operations in FY2026 will help you combat the challenges of a volatile trading environment. Up, down, in out…Since the commence...

Why Apptio is Enhancing Visibility into AI and Hybrid Cloud

AI investments have become a strategic priority for business with the mindset that if you're not using AI, you're falling behind. But according to...

Sell by LayBy