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Annual Report 2007 Year Ended 31 March 2007 the Link Real Estate Investment Trust Annual Report 2007 New Face, New Era

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Annual Report 2007 Year Ended 31 March 2007 the Link Real Estate Investment Trust Annual Report 2007 New Face, New Era Stock Code: 823 The Link Real Estate Investment Trust The Link Real Estate Investment Trust Annual Report 2007 Year Ended 31 March 2007 The Link Real Estate Investment Trust www.thelinkreit.com Annual Report 2007 New Face, New Era Hau Tak Shopping Centre, one of The Link’s asset enhancement projects, exemplifi es the success of optimising the potential of our properties. In just one year, the East Wing of the Hau Tak Shopping Centre has experienced a total facelift. The lifted ceiling height introduces better natural sunlight, giving the renovated atrium a more modern and spacious look and feel. The East Wing has now become Tseung Kwan O’s major dining hub, offering many exclusive choices in the area and is visited by thousands of customers each day. Asset enhancement is a continual evolution, providing leverage to creating value for our customers and the community of Hong Kong. Annual Report 2007 The Link Real Estate Investment Trust 1 Contents 2 Corporate Information 3 Information for Unitholders 4 Corporate Profi le 5 Mission and Values Statements 6 Financial Highlights 8 Chairman’s Statement 10 CEO’s Report 18 Board of Directors 22 Management Team 26 Management Discussion and Analysis 51 Corporate Citizenship 53 Corporate Governance Report 69 Connected Party Transactions 74 Progress Report on the Title Transfer of the Properties 77 Trustee’s Report 78 Independent Auditor’s Report 80 Consolidated Financial Statements 113 Performance Table 114 Summary and Particulars of Properties 138 Valuation Report 2 The Link Real Estate Investment Trust Annual Report 2007 Corporate Information Board of Directors of the Manager Nomination Committee Chairman (also an Independent Non-Executive Director) Nicholas Robert SALLNOW-SMITH (Chairman) Nicholas Robert SALLNOW-SMITH Michael Ian ARNOLD Anthony CHOW Wing Kin Executive Directors Harry LEE Nai Shee Victor SO Hing Woh (Chief Executive Offi cer) Victor SO Hing Woh CHEW Fook Aun (Chief Financial Offi cer) Non-Executive Directors Responsible Offi cers of the Manager John HO Chi On Victor SO Hing Woh LIEW Mun Leong CHEW Fook Aun PUA Seck Guan Simon HO Kam Por Independent Non-Executive Directors Authorised Representatives of The Link REIT Michael Ian ARNOLD CHEW Fook Aun Leslie CHAO Tse Hou Phoebe LAM Wan Ting Anthony CHOW Wing Kin Patrick FUNG Yuk Bun Qualifi ed Accountant of the Manager Stanley KO Kam Chuen CHEW Fook Aun Harry LEE Nai Shee Company Secretary of the Manager Patrick SUN Phoebe LAM Wan Ting Allan ZEMAN Audit Committee Trustee HSBC Institutional Trust Services (Asia) Limited Patrick FUNG Yuk Bun (Chairman) Harry LEE Nai Shee Auditors of The Link REIT Allan ZEMAN PricewaterhouseCoopers Disclosures Committee Nicholas Robert SALLNOW-SMITH (Chairman) Principal Valuer CB Richard Ellis Limited CHEW Fook Aun Anthony CHOW Wing Kin Hong Kong Legal Advisors PUA Seck Guan Linklaters Victor SO Hing Woh Baker & McKenzie Finance and Investment Committee (Chairman) Principal Bankers Patrick SUN Bank of China (Hong Kong) Limited Michael Ian ARNOLD The Bank of Tokyo-Mitsubishi UFJ, Ltd, Hong Kong Branch Leslie CHAO Tse Hou BNP Paribas Hong Kong Branch CHEW Fook Aun DBS Bank Ltd, Hong Kong Branch John HO Chi On The Hongkong and Shanghai Banking Corporation Limited LIEW Mun Leong Standard Chartered Bank (Hong Kong) Limited Nicholas Robert SALLNOW-SMITH Victor SO Hing Woh Registered Offi ce of the Manager 18th Floor, 8 Queen’s Road Central, Hong Kong Human Resources and Compensation Committee Unit Registrar and Transfer Offi ce (Chairman) Michael Ian ARNOLD Computershare Hong Kong Investor Services Limited John HO Chi On Shops 1712-1716, 17th Floor, Hopewell Centre Stanley KO Kam Chuen 183 Queen’s Road East, Wanchai, Hong Kong LIEW Mun Leong Victor SO Hing Woh Patrick SUN Annual Report 2007 The Link Real Estate Investment Trust 3 Information for Unitholders Unit Listing The Link REIT’s units are listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). The stock code is 823. Investor Calendar Final results announcement for the year ended 31 March 2007 8 June 2007 Closure of register of unitholders (for distribution)* 25 to 26 June 2007 (both dates inclusive) Record date for the fi nal distribution 26 June 2007 Closure of register of unitholders (for annual general meeting)** 18 to 23 July 2007 (both dates inclusive) 2007 Annual General Meeting 23 July 2007 Scrip distribution election period closes^ 3 August 2007 Distribution payment date On or about 22 August 2007 Interim results announcement for the six months ending 30 September 2007 November 2007# * For the purpose of the distribution, the register of unitholders of The Link REIT will be closed from 25 June 2007 to 26 June 2007 (both dates inclusive), during which no transfer of units can be registered. To qualify for the distribution, all transfers, accompanied by the relevant unit certifi cates, must be lodged with The Link REIT’s unit registrar, Computershare Hong Kong Investor Services Limited (the “Unit Registrar”), Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong for registration not later than 4:30 pm on 22 June 2007. ** For the purpose of the annual general meeting, the register of unitholders of The Link REIT will be closed from 18 July 2007 to 23 July 2007 (both dates inclusive), during which no transfer of units can be registered. To be eligible to attend and vote at the annual general meeting, all transfers, accompanied by the relevant unit certifi cates, must be lodged with the Unit Registrar at its address mentioned above for registration not later than 4:30 pm on 17 July 2007. ^ A distribution reinvestment scheme will be available to the unitholders and the unitholders can elect to receive the distribution in respect of the year ended 31 March 2007 in the form of cash, or in the form of new units of The Link REIT, or a combination of both. A circular containing the details and the election form will be sent to unitholders on or about 7 July 2007. # tentative date Investor Information Corporate press releases, fi nancial reports and other investor information on The Link REIT are available online at its website. Investor Relations Contact Please direct enquiries to: Investor Relations Offi cer Address: 4/F, Multi-Storey Carpark Building, 108 Ching Tak Street, Wong Tai Sin, Kowloon, Hong Kong Telephone: (852) 2175 1800 Facsimile: (852) 2175 1900 Email: [email protected] Website Address www.thelinkreit.com 4 The Link Real Estate Investment Trust Annual Report 2007 Corporate Profi le The Link Real Estate Investment Trust The Link REIT was listed on the Hong Kong Stock (“The Link” or “The Link REIT”) is Hong Kong’s fi rst and Exchange on 25 November 2005 (Hong Kong stock largest real estate investment trust. code: 823), as part of a divestment exercise by the Hong Kong Housing Authority. 100% of the units of Our 180 retail and carpark facilities are on the doorstep The Link REIT were sold at the Initial Public Offering to nearly 40% of Hong Kong’s population. Our (“IPO”). properties are where our customers shop for their daily needs. The current investment strategy of The Link REIT’s manager, The Link Management Limited (the The Link REIT’s portfolio consists of approximately “Manager”), is to invest in sustainable income- 1,015,000 square metres of retail space and 80,000 producing properties in Hong Kong that are mainly carpark spaces and boasts a large and diverse tenant for retail and carpark use and to maximise their value base, including retailers of varying sizes in a wide array through asset enhancement works encompassing of trades. Some of them are Hong Kong’s best-known physical structure, trade-mix, customer service and retail and restaurant brands. promotional activities. As these enhancement projects progress, we can offer customers a better shopping experience with more choices at reasonable prices, whilst improving returns for unitholders. Annual Report 2007 The Link Real Estate Investment Trust 5 Mission and Values Statements Mission Statement To build The Link as a market-driven and value-creating asset manager off ering – ◆ inviting shopping experiences to customers; ◆ prosperous business opportunities to tenants; and ◆ rewarding fi nancial returns to investors. Values Statement ◆ Integrity, Professionalism and Innovation ◆ Customer-Focused, People-Oriented ◆ Continuous Development, Pursuit of Excellence ◆ Teamwork, Commitment to Quality 6 The Link Real Estate Investment Trust Annual Report 2007 Financial Highlights Year ended Period ended Changes 31 March 2007 31 March 2006(3) % Revenue HK$M 3,954 1,354 1.6%(1) Net property income HK$M 2,361 813 1.0%(1) Distributable income HK$M 1,441 467 7.4%(1) Valuation of investment properties at year/period end HK$M 39,557 35,772 10.6% Net asset value at year/period end HK$M 26,789 23,715 13.0% Distribution per unit Interim HK cents 32.81 N/A N/A Final HK cents 34.62 21.81 10.8%(2) Total HK cents 67.43 21.81 7.6%(1) Net asset value per unit at year/period end HK$ 12.53 11.09 13.0% Borrowings to total asset ratio at year/period end % 26.92 29.91 -10.0% Expenditure/Income ratio for the year/period % 40.30 39.96 0.9% Expenditure/Income ratio excluding estate common area costs for the year/period % 38.90 38.71 0.5% Composite reversion rate for the year/period % 9.87 3.72 165.3% Retention rate for the year/period % 78.70 93.40 -15.7% Retail facility occupancy rate at year/period end % 90.30 91.20 -1.0% Carpark utilisation rate at year/period end % 71.60 72.00 -0.6% Average base unit rent excluding self use offi
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