Link Real Estate Investment Trust (823) Earnings Call Transcripts

Link Real Estate Investment Trust's Latest Earnings Call - May 28, 2026

In the earnings call for Link Real Estate Investment Trust (823:HK) for the fiscal year ending 2026, management reported a decline in net property income by 3.7% year-on-year, primarily due to negative rental reversions in the Hong Kong and Chinese Mainland portfolios. The distributable amount per unit decreased by 6.4% to HKD 6.5 billion, with a final dividend of HKD 2.54 per unit. Management signaled a cautious outlook for the upcoming year, indicating that negative rental reversions are expected to persist, but they are optimistic about stabilizing earnings through cost optimization initiatives and a focus on core retail assets.

Reported metrics

Guidance from management

Management anticipates that negative rental reversions will persist into fiscal year 2027 but expressed confidence in stabilizing earnings through cost optimization and a focus on core assets.

What management said

On the stage, we have our Chair of the Board, Mr. Duncan Owen; Executive Director and Chief Financial Officer, Mr. Kok Siong Ng; Executive Director and Chief Investment Officer, Mr. John Saunders. So on the screen, you may found today's agenda. And without further ado, let me hand the floor over to Duncan Owen to give an overview of our results.

Okay. Definitely, K.S. can expand on the question about the buybacks. I think the percentages are used in slightly different context. There is a range of 5% to 10% of assets that you might reasonably expect would be sold. What we're saying to unitholders and investors and funds separately to that, so full stop after that point. Separately to that, no less than 80%, but we can reasonably expect 90% plus at the moment...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of earnings given the ongoing negative rental reversions and the potential impact of e-commerce on tenant sales. There were also questions about the timeline for the CEO search and how it might affect operational stability.

Main topics on the call

• Negative Rental Reversions — Management indicated that negative rental reversions in the Hong Kong retail portfolio are expected to persist at similar levels into the fiscal year 2027. They noted, "negative rental reversions however, will persist at...
• Cost Optimization Initiatives — Link REIT has successfully implemented cost-saving measures, surpassing their annualized savings target of HKD 200 million. CFO Kok Ng stated, "we surpassed the original annualized savings target of HKD 200 million in th...
• Focus on Core Assets — Management emphasized a strategic shift back to core competencies, with over 90% of assets now focused on retail and car parks in APAC. Duncan Owen mentioned, "our immediate focus is, therefore, now on reinvigorating the...
• Dividend Decline — The distributable amount per unit decreased by 6.4% year-on-year, leading to a final dividend of HKD 2.54 per unit. This reflects the challenges faced in the retail sector, as noted by management.

Read the full Link Real Estate Investment Trust transcript (May 28, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 19 Link Real Estate Investment Trust earnings call transcripts on record, spanning March 30, 2020 to May 28, 2026. Based on this history, Link Real Estate Investment Trust reports semi-annually. The most recent call on file is dated May 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

823

Exchange

SEHK

Country

HK

Sector

Real Estate

Industry

Retail REITs

Calls on record

19

First call

March 30, 2020

Most recent

May 28, 2026

Reporting cadence

semi-annually