Financial Summary

PROFIT (HK$ MIL) 2021 2022 2023 2024 2025
Total Rental Income $2,495 $2,359 $2,312 $2,185 $1,988
Net Property Income $2,197 $2,031 $1,946 $1,820 $1,613
DISTRIBUTION (HK$) 2021 2022 2023 2024 2025
Distributable Income (mil) $1,503 $1,298 $1,122 $958 $859
Distribution Amount (mil) $1,353 $1,168 $1,010 $862 $773
Distribution per Unit $0.2275 $0.1954 $0.1683 $0.1422 $0.1263
VALUATION (HK$) 2021 2022 2023 2024 2025
Gross Value of Portfolio (mil) $65,296 $63,555 $62,950 $60,104 $56,179
Net Asset Value per Unit $8.25 $7.91 $7.72 $7.16 $6.45
FINANCIAL RATIOS 2021 2022 2023 2024 2025
Net Expense Ratio 11.9% 13.9% 15.8% 16.7% 18.8%
Payout Ratio 90.0% 90.0% 90.0% 90.0% 90.0%
Gearing Ratio 22.9% 22.5% 22.8% 23.7% 25.4%
OPERATIONAL STATISTICS 2021 2022 2023 2024 2025
Three Garden Road Office Occupancy 89.0% 82.7% 82.8% 82.6% 81.6%
Three Garden Road Office Passing Rent (HK$ psf) $108.3 $99.7 $91.7 $87 $73.7
Langham Place Office Occupancy 96.3% 93.3% 93.3% 87.2% 86.9%
Langham Place Office Passing Rent (HK$ psf) $47.1 $46.0 $45.9 $44 $42.4
Langham Place Mall Occupancy 100.0% 100.0% 98.6% 99.3% 99.3%
Langham Place Mall Passing Rent (HK$ psf) $165.9 $157.1 $185.3 $157.5 $162.5
PROFIT (HK$ MIL)
2025
2024
2023
2022
2021
Total Rental Income
$1,988
Net Property Income
$1,613
DISTRIBUTION (HK$)
2025
2024
2023
2022
2021
Distributable Income (mil)
$859
Distribution Amount (mil)
$773
Distribution per Unit
$0.1263
VALUATION (HK$)
2025
2024
2023
2022
2021
Gross Value of Portfolio (mil)
$56,179
Net Asset Value per Unit
$6.45
FINANCIAL RATIOS
2025
2024
2023
2022
2021
Net Expense Ratio
18.8%
Payout Ratio
90.0%
Gearing Ratio
25.4%
OPERATIONAL STATISTICS
2025
2024
2023
2022
2021
Three Garden Road Office Occupancy
81.6%
Three Garden Road Office Passing Rent (HK$ psf)
$73.7
Langham Place Office Occupancy
86.9%
Langham Place Office Passing Rent (HK$ psf)
$42.4
Langham Place Mall Occupancy
99.3%
Langham Place Mall Passing Rent (HK$ psf)
$162.5