Core Viewpoint - The logistics service demand remains weak due to trade disputes and economic uncertainties, leading to downward pressure on rental prices for logistics properties [1][2]. Financial Performance - SF REIT reported a 0.2% year-on-year increase in distributable income for the first half of 2025, amounting to HKD 119.5 million, while the distribution per unit decreased by 10.9% to HKD 0.1311 [1]. - The payout ratio has decreased from 100% in mid-2024 to 90% in mid-2025 [1]. Rental Agreements and Adjustments - The rental agreements for properties in Tsing Yi, Foshan, and Wuhu, which account for approximately 59% of the total leasable area, will expire in the first half of 2026, followed by the lease for the Changsha property in the second half of 2026 [1]. - The management has renewed half of the leases expiring this year, with an average rental adjustment of -9.6% [2]. - The occupancy rate is expected to decline by 1.2 percentage points to 96.1% by June 30, 2025, due to one third-party tenant not renewing their lease [2]. Market Conditions - The overall economic uncertainty in Hong Kong and geopolitical factors have slowed the development of logistics suppliers, leading to a decrease in demand for rental spaces [2]. - The overall vacancy rate in the market has risen to over 10%, the highest in decades, due to reduced demand and increased supply [2]. Future Outlook - Approximately 9 million square feet of new logistics supply is expected in the next two years, which will continue to exert pressure on rental prices [3]. - The impact of the tariff war has slowed the growth of cross-border e-commerce clients in the Greater Bay Area, affecting future expansion plans [3]. - The company plans to continue monitoring logistics real estate investment opportunities, particularly in the Greater Bay Area, while acknowledging the volatility of the market and economic environment [3].
顺丰房托： 预计租金短期内仍有一定压力
3 6 Ke·2025-08-18 06:01