{"id":11967,"date":"2021-02-04T09:45:00","date_gmt":"2021-02-04T09:45:00","guid":{"rendered":"https:\/\/eodishasamachar.com\/en\/2021\/02\/04\/sunlight-real-estate-investment-trust-sunlight-reit-interim-results-for-the-six-months-ended-31-december-2020\/"},"modified":"2021-02-04T09:45:00","modified_gmt":"2021-02-04T09:45:00","slug":"sunlight-real-estate-investment-trust-sunlight-reit-interim-results-for-the-six-months-ended-31-december-2020","status":"publish","type":"post","link":"https:\/\/eodishasamachar.com\/en\/2021\/02\/04\/sunlight-real-estate-investment-trust-sunlight-reit-interim-results-for-the-six-months-ended-31-december-2020\/","title":{"rendered":"Sunlight Real Estate Investment Trust (“Sunlight REIT”) Interim Results for the Six Months Ended 31 December 2020"},"content":{"rendered":"

\n<\/p>\n

\n <\/p>\n

HONG KONG
\nSAR –\u00a0Media
\nOutReach<\/a>\u00a0– 4 February 2021 –\u00a0Henderson Sunlight
\nAsset Management Limited (the “Manager<\/b>“)
\nannounces the interim results of Sunlight REIT for the six months ended 31
\nDecember 2020 (the “Reporting Period<\/b>“).<\/p>\n

Reflecting the unfavourable operating environment attributable to the pandemic outbreak, Sunlight REIT recorded an 8.6% year-on-year decline in revenue to HK$399.5 million for the Reporting Period, while net property income (“NPI<\/b>“) came in at HK$319.5 million, down 7.6%.<\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

The Board has
\nresolved to declare an interim distribution per unit of HK 12.5 cents, representing
\na payout ratio of 94.7%, and an annualized distribution yield of 6.6% based on
\nthe closing price of HK$3.77 on the last trading day of the Reporting Period. <\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

The appraised value
\nof Sunlight REIT’s portfolio was HK$18,548.6 million at 31 December 2020,
\nrepresenting a mild decrease of 2.0% from 30 June 2020. Meanwhile, net assets
\nof Sunlight REIT dropped 2.9% to HK$14,349.7 million, which
\ntranslates to a net asset value of HK$8.61 per unit.<\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

Highlights of Interim Results<\/b><\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

The overall occupancy
\nrate of Sunlight REIT’s portfolio at 31 December 2020 was 91.5% (30 June 2020:
\n95.7%). The decline was mainly attributable to office occupancy rate which
\ndropped to 90.1% (30 June 2020: 95.6%). In contrast, retail occupancy rate of 94.5%
\nwas reasonably satisfactory (30 June 2020: 95.8%), demonstrating some early
\nsigns of stability in domestic consumption. For the Reporting Period, the
\noffice and retail portfolios registered negative rental reversions of 2.4% and 5.9%
\nrespectively, giving rise to an overall negative rental reversion of 4.5%.<\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

In respect of the
\nperformance of key properties, Sunlight Tower was inevitably affected by the
\nrental loss due to higher vacancy and slower new letting activities, resulting in a 13.1%
\ndecline in NPI. On the bright side, Strand 50 achieved an 8.5% increase in NPI,
\nthanks to a timely refurbishment. On the retail front, NPI of Sheung Shui
\nCentre Shopping Arcade dropped 11.4%, while Metro City Phase I Property has
\ndemonstrated its resilience, with NPI recording a moderate decrease of 4.5%. \u00a0<\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

During the Reporting
\nPeriod, Sunlight REIT completed its first sustainability-linked loan with an
\namount of Japanese yen 7,000 million (equivalent to approximately HK$513
\nmillion) for a tenure of seven years, while issuing its maiden HK$300 million
\nfive-year medium term notes. At 31 December 2020, the gearing ratio of Sunlight
\nREIT was 22.4% (30 June 2020: 21.6%), while the percentage of fixed rate
\nborrowings has increased to approximately 79%.<\/p>\n


\n
\n
\n <\/p>\n

Mr. Wu Shiu Kee, Keith, Chief Executive Officer<\/b> of the Manager said,
\n“While lower occupancy rates, negative rental reversions and the impact of
\nrental concessions are set to stay, their adverse effects should be less
\npronounced, barring unforeseen circumstances. On a more encouraging note,
\nSunlight REIT stands to benefit from contributions from new tenants such as Dah
\nSing Bank, Limited, stringent cost containment measures as well as proactive
\nfinancing initiatives implemented by the Manager. Meanwhile, we welcome the
\nrecent amendments to the Code on Real Estate Investment Trusts, which should
\nprove beneficial to the long term development of Sunlight REIT. “<\/p>\n


\n <\/p>\n

\u00a0<\/p>\n


\n <\/p>\n

Remarks: Attached financial
\nhighlights of FY2020\/21 interim results of Sunlight REIT.<\/i><\/p>\n


\n
\n
\n <\/p>\n

Financial Highlights
\nof FY2020\/21 Interim Results:<\/b><\/p>\n


\n <\/p>\n

(in HK$’ million, unless otherwise specified)<\/p>\n


\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/p>\n

\u00a0<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Six months ended<\/b><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31 December 2020<\/b><\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Six
\n months ended<\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31
\n December 2019<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Change<\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (%)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Revenue<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

399.5<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

437.1<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8.6)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Net
\n property income<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

319.5<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

345.7<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7.6)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

(Loss)\/profit
\n after taxation Note<\/sup><\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

(194.1)<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

30.7<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N\/A<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Distributable income<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

220.0<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

233.5<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5.8)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Distribution
\n per unit (HK cents) <\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

12.5<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

13.2<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5.3)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Payout ratio (%) <\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

94.7<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

93.6<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N\/A<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

\u00a0<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

\u00a0<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

At 31
\n December 2020<\/b><\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 At
\n 30 June 2020<\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Change<\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (%)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Portfolio
\n valuation<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,548.6<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,918.0<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2.0)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Net
\n asset value<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,349.7<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,771.2<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2.9)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Net
\n asset value per unit (HK$)<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.61<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.89<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.1)<\/p>\n

\n <\/td>\n


\n <\/tr>\n

<\/p>\n

Gearing
\n ratio (%)<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.4<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.6<\/p>\n

\n <\/td>\n

<\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N\/A<\/p>\n

\n <\/td>\n


\n <\/tr>\n<\/tbody>\n<\/table>\n


\n <\/p>\n

Note:\u00a0Included a
\nfair value loss on investment properties of HK$380.2 million (six months ended
\n31 December 2019: HK$162.5 million).<\/p>\n


\n
\n
\n <\/p>\n

Disclaimer: The
\ninformation contained in this press release does not constitute an offer or
\ninvitation to sell or the solicitation of an offer or invitation to purchase or
\nsubscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.<\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG SAR –\u00a0Media OutReach\u00a0– 4 February 2021 –\u00a0Henderson Sunlight Asset Management Limited (the “Manager“) announces the interim results of Sunlight REIT for the six months ended 31 December 2020 (the “Reporting Period“). Reflecting the unfavourable operating environment attributable to the pandemic outbreak, Sunlight REIT recorded an 8.6% year-on-year decline in revenue to HK$399.5 million …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/11967"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=11967"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/11967\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=11967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=11967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=11967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}