Hashtag
Men's Weekly

Sunlight Real Estate Investment Trust ("Sunlight REIT") Final Results for the 18 Months Ended 31 December 2024

Building Resilience

HONG KONG SAR - Media OutReach Newswire - 11 March 2025 - Henderson Sunlight Asset Management Limited (the "Manager") announces the final results of Sunlight REIT for the 18 months ended 31 December 2024 (the "Reporting Period"), which are prepared incidental to the change of financial year end date from 30 June to 31 December.

For the Reporting Period, Sunlight REIT posted total revenue and net property income of HK$1,236.3 million and HK$957.7 million respectively, while distributable income was HK$499.7 million. The key performance indicators on a calendarized basis are summarized as follows:

in HK$' million
(unaudited)
12 months ended
31 December 2024
12 months ended
31 December 2023
Revenue
817.1
814.0
Net property income
634.5
639.6
Distributable income
337.3
344.4

The Board has resolved to declare a final distribution of HK 9.3 cents per unit. Together with the first and second interim distributions of HK 9.0 cents and HK 9.1 cents per unit respectively, the total distribution per unit for the Reporting Period would amount to HK 27.4 cents, representing a payout ratio of 94.0% (FY2022/23: 97.9%). Based on the closing price of HK$1.86 per unit on 31 December 2024, the annualized distribution yield for the Reporting Period was 9.8%.

The portfolio of Sunlight REIT was appraised at HK$17,933.6 million at 31 December 2024, while its net asset value was HK$13,010.1 million, or HK$7.53 per unit.

Operating Highlights

At 31 December 2024, the occupancy rate of Sunlight REIT's overall portfolio was 91.3%, while the corresponding figures of the office and retail portfolios were 92.0% and 90.1% respectively. The average passing rent of the overall portfolio was HK$43.7 per sq. ft., down 3.7% as compared to the level at 30 June 2023. For the Reporting Period, an average rental reversion of negative 2.6% was recorded for the overall portfolio.

In respect of the operating performance of major properties, the occupancy rate of Dah Sing Financial Centre at 31 December 2024 improved to 92.2%, but the property recorded a negative rental reversion of 8.2% which included a rent review for a key tenant. Sheung Shui Centre Shopping Arcade achieved a positive rental reversion of 4.2% for the Reporting Period, while its occupancy rate of 91.4% was lower than the 97.6% recorded at 30 June 2023, principally due to the space vacated by the kindergarten tenant which accounted for 7.5% of its gross rentable area. Meanwhile, the occupancy rate of Metro City Phase I Property declined marginally to 91.7% with a negative rental reversion of 0.9%.

Mr. Au Siu Kee, Alexander, Chairman of the Manager said, "In light of persistent headwinds, the Manager will devote additional effort to shoring up the resilience of Sunlight REIT by adopting a disciplined and innovative asset management strategy, while reaffirming our steadfast commitment to sustainability."

Remarks: Attached financial highlights of final results of Sunlight REIT for the 18 months ended 31 December 2024.

Financial Highlights of Final Results for the 18 Months Ended 31 December 2024:
(in HK$' million, unless otherwise specified)


18 months ended
31 December 2024
Year ended
30 June 2023
Revenue
1,236.3
783.3
Net property income
957.7
624.0
Cost-to-income ratio (%)
22.5
20.3
Loss after taxation
(173.0)
(28.4)
Distributable income
499.7
380.3
Distribution per unit (HK cents)
27.4
22.0
Payout ratio (%)
94.0
97.9


At 31 December 2024
At 30 June 2023
Portfolio valuation
17,933.6
18,512.2
Net asset value
13,010.1
13,669.2
Net asset value per unit (HK$)
7.53
8.06
Gearing ratio (%)
27.0
26.1

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 #REIT

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 trust deed dated 26 May 2006 (as amended and restated) (the "Trust Deed"). It offers investors the opportunity to invest in a diversified portfolio of 11 office and six retail properties in Hong Kong with a total gross rentable area of approximately 1.3 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.

Business News

Tenchijin Named Finalist for IVS2025 LAUNCHPAD

Exhibiting at IVS Startup Market to Showcase Advanced Water DX Solutions TOKYO, JAPAN - Media OutReach Newswire - 30 June 2025 - Tenchijin Inc...

Hashtag.net.au - avatar Hashtag.net.au

ESET and Canon Extends Regional Alliance to Combat Asia’s Security Challenges

SINGAPORE - Media OutReach Newswire - 30 June 2025 – ESET Asia Pte. Ltd. ("ESET"), a global leader in cybersecurity, and Canon Singapore Pte. Ltd. ("Canon") today announced the signing of a Memorandu...

Hashtag.net.au - avatar Hashtag.net.au

Counterfeit and Refurbished Transducers Pose Serious Safety Risks

Merz Aesthetics® Hong Kong Launches Ultherapy® Authenticity Verification Reward Program This August Consumers Urged to Verify Ultherapy® Transducers Authenticity for Safe and Effective Treatments HONG...

Hashtag.net.au - avatar Hashtag.net.au

Porsche Design Tower Bangkok and Curvistan Bangkok Host an Exclusive Preview of the "Electrifying Past. Present. Future." Exhibition

BANGKOK, THAILAND - Media OutReach Newswire - 28 April 2025 - Porsche Design Tower Bangkok showcased its commitment to innovation by hosting an exclusive evening reception with Curvistan Bangkok, a p...

Hashtag.net.au - avatar Hashtag.net.au

Hong Kong: Bridging Business Opportunities under the Belt and Road Initiative

HONG KONG SAR - Media OutReach Newswire - 30 June 2025 - As a global trade and financial centre and a key link in the Belt and Road Initiative (B&RI), Hong Kong plays a pivotal role in connecting...

Hashtag.net.au - avatar Hashtag.net.au

Octa Black: Octa broker's premium trading experience

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 1 July 2025 - Octa, a globally regulated and trusted broker since 2011, rewards its high-value clients in Indonesia, Malaysia, and Nigeria with an e...

Hashtag.net.au - avatar Hashtag.net.au

Health & Wellness

Telehealth Could be the Catalyst for Better Heart Health in Australia

Hashtag.net.au - avatar Hashtag.net.au

Image by stockking on Freepik Heart disease is one of the leading causes of death in Australia despite decades of advancements in medicine and health education campaigns. More than 400 Australians ...

Disability Care in Melbourne: What Families Need to Know in 2025

Hashtag.net.au - avatar Hashtag.net.au

If you’re supporting a loved one with a disability in Melbourne, you’ll know how important it is to find the right care—and how overwhelming it can be to navigate the system. With the National Disab...

Online Medical Certificate Services: Essential Features to Look Out For

Hashtag.net.au - avatar Hashtag.net.au

"Discover top online medical certificate services! Essential features to look for to get trusted and efficient results." Choosing high-quality services is essential for ensuring reliable, efficient, ...