Financial Highlights

Key Income Statement Items

For the year ended 31 December
(HK$'000)
2023 2022 2021 2020 2019
Revenue
437,314
434,007
444,981
452,894
462,314
Net property income
336,382
337,905
352,086
358,038
365,866
Distributable income
214,662
244,985
267,619
272,922
274,651
Distribution per unit (HK$)
0.1409
0.1625
0.1763
0.1791
0.1828

Distribution Statement

For the year ended 31 December
(HK$'000)
2023 2022 2021 2020 2019
(Loss)/ Profit for the year, before transactions with unitholders
(5,673)
74,891
57,020
(874,501)
333,105
Adjustments:
Manager's fee
47,984
48,629
49,504
52,123
54,127
Change in fair value of investment properties
120,951
186,504
186,518
982,856
(128,112)
Change in fair value of derivative financial instruments
40,059
(92,745)
(44,463)
94,320
(5,017)
Finance costs
8,985
8,040
7,979
8,013
7,991
Deferred tax
2,356
19,666
11,061
10,111
12,557
Distributable income
214,662
244,985
267,619
272,922
274,651

Key Statement of Financial Position Items

As at 31 December
(HK$'000)
2023 2022 2021 2020 2019
Investment properties
9,703,000
9,801,000
9,967,000
10,147,000
11,126,000
Net assets attributable to unitholders
6,888,706
7,098,489
7,262,603
7,542,506
8,636,754
Net asset value per unit (HK$)
4.56
4.71
4.83
4.95
5.75
Gearing ratio (%)
24.2%
23.4%
23.0%
22.3%
20.3%

Key Operation Data

For the year ended 31 December 2023 2022 2021 2020 2019
Average effective unit rent per sq.ft.
22.21
22.63
23.61
24.85
25.18
Occupany rate (%) (as at 31 December)
95.9%
96.3%
97.7%
96.1%
97.3%
Rental reversion rate (%)
(1.8%)
(4.6%)
(7.7%)
(4.4%)
7.4%
Cost-to-revenue ratio (%)
23.1%
22.1%
20.9%
20.9%
20.9%