Sunlight Real Estate Investment Trust (‘Sunlight REIT’) Operational Statistics for the Quarter Ended 30 September 2019

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HONG KONG, CHINA – Media OutReach – 17 October 2019 – Henderson Sunlight Asset Management Limited (the ” Manager“), as manager of Sunlight Real Estate Investment Trust (” Sunlight REIT “), announces the operational statistics of Sunlight REIT for the first quarter of the financial year 2019/20.

At 30 September 2019, the average occupancy rate of the overall portfolio of Sunlight REIT was 95.9% (30 June 2019: 95.3%). Office occupancy rate improved to 95.9% (30 June 2019: 94.0%), mainly attributable to the partial handover of the new co-working space at Strand 50. On the other hand, retail occupancy rate declined to 95.9% as compared with 98.1% at 30 June 2019, principally reflecting a trade mix reshuffling exercise at Metro City Phase I Property (” MCPI“).

Passing rent of the overall portfolio was HK$49.1 per sq. ft. at 30 September 2019, representing a quarterly increase of 1.0%. Rental reversions for the office and retail portfolios, calculated on the basis of change in effective rent of the leases that have been renewed and commenced during the quarter, were 13.3% and 9.1% respectively.

On the office front, Sunlight Tower was fully let as passing rent improved 0.3% quarter on quarter. The Sheung Wan/Central office portfolio performed well with an average passing rent increase of 3.8%.

Regarding the retail portfolio, Sheung Shui Centre Shopping Arcade recorded an occupancy rate of 97.7% with passing rent unchanged at HK$118.4 per sq. ft.. Meanwhile, both MCPI and Kwong Wah Plaza Property recorded reasonable passing rent improvement during the quarter under review.

Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2019/20.

Operational statistics for the first quarter of the financial year 2019/20

Property Location

Occupancy Rate (%) 1

Passing Rent (HK$/sq. ft.) 2

   

at 30 Sep 19

at 30 Jun 19

at 30 Sep 19

at 30 Jun 19

Office  

 

 

 

 

Sunlight Tower Wan Chai 100.0 98.2 39.7 39.6
Strand 503 Sheung Wan 78.8 68.44 34.0 31.8
The Harvest Mong Kok 91.3 96.4 52.5 51.2
135 Bonham Strand Trade Centre Property Sheung Wan 98.0 100.0 30.0 29.4
Winsome House Property Central 100.0 100.0 45.5 43.8
Righteous Centre Mong Kok 100.0 100.0 36.6 36.3
235 Wing Lok Street Trade Centre Sheung Wan 94.9 93.8 22.6 22.6
Java Road 108 Commercial Centre North Point 96.1 96.1 26.6 26.4
On Loong Commercial Building Wan Chai 100.0 100.0 32.1 31.6
Sun Fai Commercial Centre Property Mong Kok 96.5 100.0 23.4 22.7
Wai Ching Commercial Building Property Yau Ma Tei 100.0 97.2 16.9 16.1
Average   95.9 94.0 36.0 35.5
Retail          
Sheung Shui Centre Shopping Arcade Sheung Shui 97.7 98.1 118.4 118.4
Metro City Phase I Property Tseung Kwan O 94.1 98.9 59.7 57.5
Kwong Wah Plaza Property Yuen Long 100.0 100.0 54.8 54.3
Beverley Commercial Centre Property Tsim Sha Tsui 75.4 62.9 45.0 45.6
Supernova Stand Property North Point 100.0 100.0 54.5 54.5
Average   95.9 98.1 77.3 75.8
Average   95.9 95.3 49.1 48.6

Notes:

1.         Calculated on the basis of occupied gross rentable area (” GRA“) as a proportion of total GRA on the relevant date.

2.         Calculated on the basis of average rent per sq. ft. for occupied GRA on the relevant date.

3.         The property was previously known as Bonham Trade Centre.

4.         Excluding the renovated area, the occupancy rate would have been 95.4%.

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