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Link Real Estate Investment Trust (LKREF) Q4 2026 Earnings Call May 27, 2026 8:00 PM EDT

Company Participants

Christy Lam
Duncan Owen
Kok Ng – CFO & Executive Director
John Russell Saunders – Chief Investment Officer & Executive Director

Conference Call Participants

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Karl Chan – JPMorgan Chase & Co, Research Division
Xinyuan Li – Citigroup Inc., Research Division
Mark Leung – UBS Investment Bank, Research Division
Karl Choi – BofA Securities, Research Division
Jeff Yau – DBS Bank Ltd., Research Division
C Wong – Bloomberg Intelligence
Wai Ming Liu – HSBC Global Investment Research

Presentation

Christy Lam

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On the stage, we have our Chair of the Board, Mr. Duncan Owen, Executive Director and Chief Financial Officer, Mr. Kok Siong Ng; Executive Director and Chief Investment Officer, Mr. John Saunders. So on the screen, you may find today’s agenda. And without further ado, let me hand the floor over to Duncan to give an overview of our results. Thank you.

Duncan Owen

Thanks, Christy. Good afternoon, everyone. Whether you’re in the room at our office in the Quayside here or watching via the webcast, thank you for taking the time to join this session. We’re here to report the full year and results for Link REIT 2025 year ending 2026. But before we cover the details of our results, I’d like to just start speaking on behalf of the Board and management to say that we’ve been listening carefully, reflecting on the views of our unitholders and other important stakeholders. Our response during the final months of 2025, ’26 and going into the new financial year has been to go back to basics, focusing on our key competitive advantages as owners and operators of retail malls and car parks in APAC. What that means is focusing on our core assets and our core skills. This is why in January’s announcement, we confirmed that no less than 80% of Link’s balance sheet capital would

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LOS ANGELES — Taylor Swift has confirmed her collaboration with Pixar’s “Toy Story 5,” writing and recording an original song titled “I Knew It, I Knew You” for the animated film’s soundtrack, with the track scheduled for release on Friday, June 5.

The announcement, shared via Swift’s Instagram account on Tuesday, marks another high-profile Hollywood venture for the 12-time Grammy winner. Swift revealed she penned the song immediately after viewing an early cut of the movie, describing the experience as a longtime dream realized.

“I’ve loved these characters since I was five years old,” Swift wrote in her post, expressing enthusiasm for contributing to the beloved franchise. The single is now available for preorder on her website, including acoustic and piano versions alongside the main track.

“Toy Story 5” is set for theatrical release on June 19, continuing the story of Woody, Buzz Lightyear and the toy gang as they navigate new challenges. Tom Hanks and Tim Allen reprise their iconic roles as Woody and Buzz, with the plot centering on the toys competing for children’s attention against a new tablet device called Lilypad.

Fan Speculation and Marketing Tease

The collaboration had been building for days through cryptic marketing. Mysterious billboards featuring “TS” references appeared in major cities worldwide, sparking intense speculation among Swift’s dedicated fanbase, known as Swifties. Many noted the imagery included 13 clouds, a recurring number in Swift’s work symbolizing good luck.

Pixar amplified the buzz with social media activity highlighting Jessie and subtle nods to Swift’s lyrics. The coordinated campaign effectively blended the worlds of pop music and family entertainment, generating significant online engagement ahead of the official reveal.

Career Milestone Potential

The project positions Swift for a potential first Academy Award nomination in the Best Original Song category. Composer Randy Newman previously earned nominations for his work on the first four “Toy Story” films and won an Oscar for “We Belong Together” from “Toy Story 3.” Industry observers suggest Swift’s track could follow a similar path given her songwriting pedigree and the film’s anticipated commercial success.

Swift’s recent album “The Life of a Showgirl” has dominated charts, spending 12 weeks at No. 1 on the Billboard 200 and producing her longest-running Hot 100 single to date. The “Toy Story 5” contribution extends her reach into family audiences while maintaining her status as a cultural force across music and film.

Swift’s Hollywood Trajectory

This marks Swift’s latest foray into film soundtracks. She previously contributed “Carolina” to the 2022 film “Where the Crawdads Sing,” earning a Golden Globe nomination, and wrote songs for her own feature film projects. Her involvement in “Toy Story 5” represents a strategic alignment with Pixar’s global brand, known for emotional storytelling and massive box office returns.

At 36, Swift continues evolving her artistry while expanding her influence. The “Eras Tour,” which concluded in 2024, grossed more than $2 billion, cementing her as one of the most successful live performers in history. Her business ventures, including re-recordings of her catalog and merchandise lines, have further solidified her economic impact.

Toy Story Franchise Legacy

The “Toy Story” series has been a cornerstone of Pixar Animation Studios since the 1995 original revolutionized computer-generated imagery. The franchise has grossed billions worldwide and earned critical acclaim for exploring themes of friendship, loyalty and obsolescence. “Toy Story 4” in 2019 introduced new characters and concluded Woody’s arc, setting the stage for this fifth installment.

Director Josh Cooley returns for “Toy Story 5,” promising fresh storytelling while honoring the series’ emotional core. The introduction of the Lilypad tablet reflects contemporary concerns about technology’s role in childhood, providing narrative relevance for modern audiences.

Supporting voice cast includes established characters alongside potential new additions. Marketing materials emphasize the toys’ continued adventures in a digital age, blending nostalgia with contemporary resonance.

Music Industry Impact

Swift’s new single is expected to debut strongly on global charts. Her ability to mobilize fans has repeatedly translated into record-breaking first-week streams and sales. Preorder activity already signals robust interest, with retailers and streaming platforms highlighting the release.

The song’s title “I Knew It, I Knew You” has prompted fan theories about lyrical themes, though full details remain under wraps until Friday. Early speculation suggests it may touch on recognition, friendship or personal growth — motifs consistent with both Swift’s catalog and the “Toy Story” narrative.

Broader Cultural Significance

The collaboration underscores the increasing intersection of music superstars and family entertainment. Artists like Swift bring built-in audiences to films, enhancing marketing reach and emotional connection. For Pixar, partnering with a generational talent like Swift refreshes the franchise for younger viewers while appealing to parents who grew up with the original films.

Industry analysts project strong box office performance for “Toy Story 5,” potentially exceeding previous entries amid a recovering theatrical market. The film’s June release timing aligns with summer family viewing patterns.

Swift’s involvement has already boosted anticipation, with social media trends blending Swift lyrics with toy-themed content. This cross-promotion benefits both the artist and the studio, creating a multifaceted entertainment event.

What’s Next

Following the song’s release on June 5, focus will shift to the film’s June 19 premiere. Swift is expected to participate in promotional activities, potentially including red carpet appearances or social media content.

For Swift, the project fits into a busy period of new music and creative exploration. Fans await further details on future albums and tours while celebrating this family-friendly milestone.

The announcement reinforces Swift’s versatility as an artist capable of dominating charts, stadiums and now animated blockbusters. As “Toy Story 5” prepares to hit theaters, her contribution adds another layer of cultural excitement to an enduring franchise.

With the song dropping this week, audiences will soon hear how Swift interprets the world of toys in her signature style. The project represents more than a soundtrack addition — it signals continued evolution for one of music’s most influential figures.

Legal pressure is mounting on OpenAI as Florida pursues both civil and criminal investigations that state officials say could expose the company to potentially billions of dollars in damages.

Florida Attorney General James Uthmeier joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss Florida’s lawsuit against OpenAI, the company behind ChatGPT, and what he described as evidence that the platform poses risks to children without stronger safeguards.

The lawsuit comes as lawmakers and regulators across the country debate how artificial intelligence should be regulated, particularly as younger users increasingly turn to AI chatbots for companionship, advice and information.

Uthmeier argued Florida’s investigation uncovered examples of harmful interactions involving ChatGPT and said the company failed to implement adequate protections for minors.

5 MOST EXPLOSIVE CLAIMS FROM FLORIDA’S LAWSUIT AGAINST OPENAI, SAM ALTMAN

“Our evidence shows countless examples of ChatGPT being used to encourage, aid and assist individuals, including children, in finding ways to hurt themselves, commit suicide, carry out violent attacks, even murder other people… We’re going to hold them accountable,” Uthmeier said.

Uthmeier also pointed to the 2025 mass shooting at Florida State University, claiming investigators found evidence the suspect used ChatGPT while planning the attack. The allegation is part of the broader argument Florida is making as it seeks increased oversight of AI platforms.

“The FSU shooter, we know for sure, was consulting ChatGPT on what guns to use, what ammo to use, what time of day to carry out the attack where he might run into as many people as possible on campus,” AG Uthmeier said.

ELON MUSK ATTORNEY CLAIMS OPENAI, SAM ALTMAN ‘STOLE A CHARITY’ AS HIGH-STAKES LEGAL FIGHT BEGINS

Those concerns have led Florida officials to push for stronger age-verification requirements and additional safeguards for younger users. Uthmeier compared the issue to Florida’s recent efforts to restrict social media access for children under 16, arguing AI platforms may require similar protections.

“What we want is programmatic changes to ensure that children cannot access this platform without parental controls being put in place,” Uthmeier said.

Uthmeier said Florida is seeking both significant financial penalties and platform changes, adding that OpenAI could be “exposed for possibly billions in damages here in the state of Florida.”

OpenAI has pushed back on claims that ChatGPT encourages harmful behavior, pointing instead to safety features designed to limit dangerous content and provide additional protections for younger users.

OpenAI did not respond to Fox News Digital’s request for comment.

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For the better part of a century, the fish and chip shop has been the most reliable barometer of British high-street health. When the chippies are thriving, the parade is alive. When they are boarded up, it is rarely a sector-specific problem. Right now, according to one of the trade’s most experienced operators, the chippies are battening down the hatches at precisely the moment Westminster should be helping them grow.

That is the verdict of Danny Hennesy, a three-decade veteran of the trade and owner of Mandens, the UK’s leading broker for buying and selling fish and chip shops. His warning is blunt: ministers are quietly squandering an opportunity to back one of Britain’s most resilient SME sectors at the very moment buyer appetite is at its highest in years.

“There has never been more interest in the sector, but it’s getting harder to run these businesses,” Hennesy told Business Matters.

That interest is visible in the listings. There are currently 338 fish and chip shops on the market across the UK via BusinessesForSale.com, pointing both to a maturing generation of owner-operators preparing to step back and a sizeable cohort of would-be entrepreneurs eyeing the trade as their escape route from corporate life. Whether those deals translate into thriving, reinvested businesses depends almost entirely on the trading conditions the next owners inherit.

The arithmetic of the fish and chip trade has always been unforgiving, but the past 18 months have stretched even the most well-run shops. The industry generates an estimated £1.2 billion a year and serves hundreds of millions of portions annually through a network represented by the National Federation of Fish Friers. Yet operators are being hit from every direction at once.

April’s increase in employer National Insurance Contributions, rising from 13.8 per cent to 15 per cent and biting from a far lower secondary threshold, has hammered margins in a sector where staffing is the second-largest line cost after raw materials. Business Matters has previously reported that employers’ NIC bills have overshot Treasury forecasts by £28 billion, with hospitality among the hardest-hit sectors.

Energy bills remain stubbornly high. And the price of the white fish that defines the menu, cod and haddock, is being pushed up again by tensions in the Middle East. Reuters and others have documented how fishing fleet diesel costs have doubled on some routes, with the conflict feeding directly into the price of a Friday-night supper.

“Fish and chips is one of the most resilient food sectors in the UK,” Hennesy said. “It’s part of our DNA, when times are tough, people still come back to it because it’s familiar, affordable and reliable. But costs are rising from every angle, energy, raw materials, staffing, and global events are now feeding directly into the price of running a shop. That’s stopping owners from investing and growing.”

The behavioural shift Hennesy describes is the issue ministers should care most about. Operators who would normally be refurbishing, taking on second sites or upgrading energy-hungry fryers are instead conserving cash. That caution echoes wider sector data: Business Matters has reported that the hospitality tax raid is now forcing some pubs and restaurants to shut one day a week simply to protect margins.

“We should be seeing growth, instead, people are just trying to hold on,” Hennesy said. “Without support, more shops will close, and that would be a real loss to the high street.”

The loss would not just be sentimental. Fish and chip shops are anchor tenants in thousands of secondary parades that no national chain will ever colonise. When a chippie shuts, the footfall it generates for the newsagent two doors down goes with it, a dynamic that helps explain why high street closures are projected to accelerate sharply as the business-rates relief regime tightens.

For all the pressure, the underlying economics remain attractive, which is precisely why buyer demand has not collapsed. Well-run shops can deliver margins of around 28 per cent. Many turn over £8,000 to £10,000 a week. Top-performing sites push past £15,000, and a handful of marquee chippies clear more than £1 million a year.

Andrew Markou, chief executive and co-founder of BusinessesForSale.com, says that profile is exactly what is keeping mid-career career-changers in the market.

“In uncertain times, people look for businesses that offer stability and steady demand, and fish and chip shops are a classic example,” he said. “The demand is there. The question is whether the wider environment allows the sector to grow, or simply forces it to stand still.”

Hennesy’s frustration is not that the sector lacks resilience. It is that resilience is being mistaken for a reason to do nothing. He wants ministers to recognise that targeted relief, on energy, on the NIC threshold for hospitality SMEs, on business rates for independents, would unlock investment that is currently being deferred.

“This industry has survived everything, recessions, rising costs, changing habits. It will survive this too,” he said. “But with the right backing, it could do far more than just survive, it could lead growth in the fast food sector.”

For now, the chippies remain open, the queues remain steady and the national dish remains, as it always has, a low-cost ritual that outlasts almost everything thrown at it. The question for the Treasury is whether it is content to let one of Britain’s most reliable SME success stories merely endure — or whether, with a few well-aimed measures, it is willing to let it grow.

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Shares of Alkem Laboratories witnessed block deals worth about Rs 930 crore on Tuesday, with promoter family entities selling shares to a clutch of domestic mutual funds and foreign institutional investors. According to NSE block deal data, a total of 17.88 lakh shares changed hands at Rs 5,200 apiece. The transaction value works out to about Rs 930 crore.

On the sell side, Jayanti Sinha sold 12.38 lakh shares, while Samprada & Nanhamati Singh Family Trust offloaded 5.5 lakh shares. Together, the two sellers divested 17.88 lakh shares. The shares were acquired by a mix of domestic and foreign institutional investors.

Among the largest buyers were ICICI Prudential Mutual Fund, which purchased 9.04 lakh shares, and HDFC Mutual Fund, which bought 5.1 lakh shares. Other participants included DSP Mutual Fund, Nippon India Mutual Fund, Morgan Stanley Asia Singapore, Goldman Sachs Bank Europe, BNP Paribas Arbitrage, Societe Generale and Edelweiss Mutual Fund.

The deal comes after a strong run in Alkem Laboratories shares over the past year, supported by steady growth in its domestic formulations business, improving margins and a recovery in its US operations.

Alkem is among India’s leading pharmaceutical companies with a strong presence in acute therapies, chronic segments and international markets. The participation of large domestic mutual funds in the transaction suggests continued institutional interest in quality healthcare names despite broader market volatility.

Shares of Alkem Laboratories are likely to remain in focus as investors assess the impact of the stake sale and changes in promoter shareholding following the transaction.