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Investor Day 29 March 2019

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Investor Day 29 March 2019 Investor Day 29 March 2019 We Link People to a Brighter Future TODAY’S AGENDA Today’s Agenda Link’s Investor Day 1 Lunch with JLL Presentation 1:00pm George HONGCHOY Andy CHEUNG 2 Link Today and Tomorrow ED & CEO ED & COO 2:00pm – 3:30pm 3 Open Discussion 3:30pm – 4:00pm Kok Siong NG Eric YAU 4 Coffee Break CFO CSO 4:00pm – 4:30pm 5 Guided tour at CENTRALWALK 4:30pm – 5:30pm Emmanuel FARCIS Gary FOK Calvin KWAN Asset Management Asset Management Sustainability Hong Kong China P.2 TODAY’S AGENDA Link Today Eric Yau Chief Strategy Officer P.3 TODAY’S AGENDA About Link REIT • REIT listed in Hong Kong #1 • REIT in Asia by market capitalisation • Only internally-managed REIT in Asia 100% • Free float held by institutions and private investors Portfolio (1) • Includes retail facilities, car parks and offices Hong Kong Mainland China 126 ~ 56,000 Properties Car park spaces 5 ~ 5M sq ft ~ 8M sq ft ~ 0.9M sq ft Properties Retail and Retail space Under development office space Note: (1) As at 31 December 2018, assuming all asset disposals to date and the acquisitions of Beijing Jingtong Roosevelt Plaza and CENTRALWALK are completed P.4 Healthy Financial Track Record Healthy Financial Track TODAY’S AGENDA TODAY’S (2) (1) Notes: CAGR from FY2012/13 to FY2017/18 to CAGR FY2012/13 from otherwise) stated (unless 2018 September 30 as at All figures Valuation Valuation Revenue Revenue Mar 14 109,899 13/14 7,155 Mar 15 138,383 14/15 7,723 15/16 Mar 16 160,672 8,740 (HK$’M) Mar 17 174,006 (HK$’M) 16/17 9,255 Mar 18 203,091 17/18 10,023 Sep 18 209,790 1H18/19 4,930 DPU DPU NPI 13/14 165.81 13/14 5,202 5,669 14/15 (HK$’M) 14/15 182.84 cents) (HK 15/16 6,513 15/16 206.18 6,994 16/17 228.41 16/17 17/18 249.78 17/18 7,663 1H18/19 3,759 1H18/19 130.62 P. 5 TODAY’S AGENDA Value Creation Model →Tenant sales growth →Open space →Distribution per unit →Total return for the year →Credit rating →Staff attrition rate →Staff / Board diversity →Succession planning →Perception audit result →Impact of Link Together Initiatives →Community Sentiment Index →Number of asset enhancement projects →Energy consumption reduction →Waste diverted from landfill P.6 TODAY’S AGENDA Largest REIT in Asia US$B 60.0 56.0 50.0 SECOND LARGEST RETAIL REIT IN THE WORLD 40.0 30.0 24.5 23.0 22.3 20.0 15.5 10.2 9.8 10.0 8.3 7.8 7.0 6.4 6.1 6.1 5.4 3.2 2.1 1.9 0.0 Note: Comparison of selected major REITs in the world based on market capitalisation Source: Bloomberg as of 28 March 2019 P.7 TODAY’S AGENDA Continuously Growing Total Return Distribution per unit Price per unit (HK cents) (HK$) 80 450 Distribution Per Unit Price Per Unit 70 400 60 350 50 300 249.78 40 250 228.41 206.18 30 182.84 200 165.81 20 146.46 150 129.52 130.62 110.45 10 97.37 83.99 100 67.43 74.40 0 50 21.81 -10 0 -20 Year/period Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Sep-18 ended Compound annual total return since listing +18.6% (1) Note: (1) A combination of unit price appreciation and distribution paid since listing in 25 November 2005 to 31 March 2018 P.8 TODAY’S AGENDA Our Strategic Journey So Far Multiple growth drivers to deliver sustainable return for unitholders Property Re-development Future Asset Property Since Disposal Development 2014 / 2015 Asset Asset Asset Since Management Enhancement Acquisition IPO / 2011 P.9 TODAY’S AGENDA Key Questions from Our Stakeholders 1. How sustainable is the organic portfolio? 2. How do you see the Mainland China market? 3. How do you plan to grow your portfolio? 4. What are your capital management priorities? 5. Is Link a responsible investor? 6. How do we see Link in 5 years? P.10 TODAY’S AGENDA 1. How sustainable is the organic portfolio? Emmanuel Farcis Head of Asset Planning & Strategy P.11 TODAY’S AGENDA Hong Kong Portfolio 86.9% Total portfolio value 126 Properties Hong Kong HONG KONG ~56k Spaces Car park ~8M sq ft Retail space ~0.9M sq ft Under development P.12 TODAY’S AGENDA Hong Kong Retail Operations OCCUPANCY (1) MONTHLY UNIT RENT (1) REVERSION RATE (2,3) 97.0% 96.0% 96.1% 95.5% $65.7 94.8% $62.4 $55.3 $50.0 $45.4 29.1% 25.9% 22.0% 23.8% 22.5% Average monthly unit rent Reversion Mar 15 Mar 16 Mar 17 Mar 18 Sep 18 Mar 15 Mar 16 Mar 17 Mar 18 Sep 18 Notes: (1) As at period/year end (2) Reversion rate refers to the percentage change in per square foot average unit rent between old and new leases on the same unit (3) For the year/period end P.13 TODAY’S AGENDA Hong Kong Macro Indicators Remain Positive 4Q 2018 Median monthly Public housing household income +8.5% YoY Overall +3.3% YoY GDP +1.3% YoY Non-discretionary +1.4% YoY retail sales & restaurant receipts Unemployment rate 2.8% Source: Census & Statistics Department P.14 TODAY’S AGENDA Hong Kong Portfolio Update for 3Q FY2018/2019 Link HK Link Tenant Sales Retail Sales Rent-to-sales Growth (2) Growth Ratio (3) F&B 5.8% 4.7% 13.8% Supermarkets & 4.4% 2.1% 12.2% foodstuff General retail (4) 8.2% 8.1% 14.3% Overall 6.1% 6.4% 13.4% Notes: (1) For the period between 1 April to 31 December 2018 (2) Percentage figures represent year-on-year change in tenants’ average monthly sales per square foot of the respective periods (3) A ratio of base rent plus management fee to tenants’ gross sales (4) Including clothing, department store, electrical and household products, personal care/medicine, optical, books and stationery, newspaper, valuable goods, services, leisure and entertainment, and retail others P.15 TODAY’S AGENDA Hong Kong Car Park Operations MONTHLY INCOME PER SPACE (1) VALUATION PER SPACE $2,706 $2,492 $595K $2,239 $567K $2,022 $446K $1,767 $384K $330K Mar 15 Mar 16 Mar 17 Mar 18 Sep 18 Mar 15 Mar 16 Mar 17 Mar 18 Sep 18 Note: (1) Include monthly and hourly parking P.16 TODAY’S AGENDA Hong Kong Car Park Market Imbalance Continued 4Q 2018 Private car parking space < Private car license +1.2% YoY +2.3% YoY V V Source: Transport Department, Legislative Council - Panel on Transport P.17 TODAY’S AGENDA Our Asset Management Strategy District Portfolio Active Study Segmentation Tenant Remixing Customer Placemaking Innovation Engagement P.18 TODAY’S AGENDA District Study of Tseung Kwan O Profile of a typical household in Tseung Kwan O vs Hong Kong average Tseung Kwan O HK overall (Population: ~400k) (Population: ~7.5M) 42.9 Median age 43.4 52.8% Working population 51.0% $32,000 Median household income $25,000 23.3% Live in public rental housing 30.4% Live in home ownership scheme / 76.6% 68.3% private housing 3.0 Average household size 2.8 56.4% Families with kids 52.1% Source: Census and Statistics Department P.19 PortfolioTODAY’S SegmentationAGENDA Tseung Kwan O District Ying Ming Po Lam TKO CENTRAL Yan Ming Hang Hau Po Lam TKO North TKO Gateway Nan Fung Plaza Maritime Bay TKO Central TKO Gateway Hang Hau Nan Fung Wo Ming Sheung Tak Maritime Bay Tong Ming Flagship Mall Daily necessities & service Choi Ming Tseung Kwan O TKO SOUTH TKO NORTH TKO South Tseung Kwan O Tiu Keng Leng Po Lam Sheung Tak Plaza Choi Ming Po Lam Kin Ming TKO Area 65 / 66 / 68 Tiu Keng Leng New Development LOHAS Park LOHAS Park LOHAS Park New Residential Link Assets Second largest Stabilised Sizeable Link AssetsDevelopment 11 With Fresh mall in TKO Community Mall Neighbourhood Mall market 400m P.20 PortfolioTODAY’S SegmentationAGENDA TKO Gateway as a Destination Shopping Centre Introduced “Food Lane” with extended operating hours to serve late night diners Fresh market asset enhancement to fulfil the extended catchment (including Sai Kung) needs P.21 ActiveTODAY’S Tenant AGENDA Remixing Strategic Tenant at Sheung Tak HK Velodrome Park TKO Waterfront Park Sai Kung water activities P.22 PlacemakingTODAY’S AGENDA Adding Kids’ Playground at Tsz Wan Shan Shopping Centre ▪ Extension of living room ▪ Utilise open space for the neighbourhood ▪ Place for gathering and family time P.23 CustomerTODAY’S AGENDA Engagement Chinese New Year Campaign at Temple Mall Jan Feb ✓ Drive shopper traffic ✓ Stimulate sales CNY – 5th Feb ✓ Lead shopper to targeted areas ✓ Create social media presence CNY Laisee Hunting Campaign with unique shopper experience P.24 TODAY’S AGENDA Innovation through Technology Park & Dine app T.O.P app 344,000+ download since launch As of 28 Feb 2019 Launched the tenant staff appreciation campaign to engage both shoppers and tenants through offline & online marketing Won HSBC x HKET Innovative Business Award – Innovative Enterprise (Silver Award) P.25 TODAY’S AGENDA Exploring Solutions with Technology FACILITIES MANAGEMENT INFORMATION TECHNOLOGY Operations Maintenance Preventive Maintenance Building Planning & Security Management Coordination P.26 TODAY’S AGENDA Continuous Asset Enhancement Pipeline Projects FY18/19 FY19/20 FY20/21 FY21/22+ 10 Underway (HK$1,029M) 5 To commence (HK$681M) 19 Under planning (HK$839M) ROI Target >15% Annual CAPEX ~HK$600-800M Note: (1) As at 30 September 2018.
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