Financial Highlights

 Annual Results

(in HK$' million, unless otherwise specified)
  Year ended
31 December 2025		 18 months ended
31 December 2024		 Year ended 30 June
2023 2022 2021
Revenue 778.1 1,236.3 783.3 802.9 799.3
Property operating expenses 177.1 278.6 159.3 161.0 159.6
Net property income 601.0 957.7 624.0 641.9 639.7
Cost-to-income ratio (%) 22.8 22.5 20.3 20.1 20.0
(Loss) / profit after taxation (275.4) (173.0) (28.4) 102.9 (233.7)
Distributable income 330.2 499.7 380.3 431.1 438.3
DPU (HK cents) 18.2 27.4 22.0 25.0 25.6
Payout ratio (%)
96.1 94.0 97.9 97.4 97.5
  At 31 December  At 30 June
2025 2024 2023 2022 2021
Portfolio valuation 17,403.0 17,933.6 18,512.2 18,095.2 18,341.7
Total assets 17,944.4 18,515.8 19,217.9 18,960.4 19,199.7
Total liabilities 5,541.8 5,505.7 5,548.7 4,909.0 5,075.4
Net asset value 12,402.6 13,010.1 13,669.2 14,051.4 14,124.3
Net asset value per unit (HK$) 7.09 7.53 8.06 8.36 8.45
Gearing ratio (%) 27.8 27.0 26.1 23.3 23.0

 

Interim Results

(in HK$’ million, unless otherwise specified)    
  Six months ended 30 June 2025 Six months ended   30 June 2024Note
Revenue 391.2 411.0
Property operating expenses 83.8 86.1
Net property income 307.4 324.9
Cost-to-income ratio (%) 21.4 21.0
(Loss) / profit after taxation (172.2) 79.5
Distributable income 168.6 171.6
DPU (HK cents) 9.1 9.1
Payout ratio (%) 93.8 90.9
  At 30 June 2025 At 31 December 2024
Portfolio valuation 17,630.5 17,933.6
Total assets 18,220.2 18,515.8
Total liabilities 5,586.1 5,505.7
Net asset value 12,634.1 13,010.1
Net asset value per unit (HK$) 7.27 7.53
Gearing ratio (%) 27.4 27.0

Note: The comparative figures are derived from the condensed interim financial statements for                        the 12 months ended 30 June 2024.
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