- See Lendlease REIT's announcement dated 07 Nov 2022 for its 1QFY23 operational update.
Portfolio occupancy remained stable at 99.7%, against 99.8% as at end-FY22.
- - Read this at SGinvestors.io -
- WALE stood at 5.5 years by gross rental income (GRI), with 14.5% of leases by GRI expiring for the rest of the financial year.
- On a portfolio basis, tenant sales continued to surpass pre-COVID levels in 1QFY23, with sales at 313@Somerset surging to ~125% of pre-COVID levels in the quarter, far outpacing our expectations.
- Footfall gap against pre-COVID levels has also moderated at ~90% of pre-COVID levels.
- New portfolio tenants include Japanese fashion brand A Bathing Ape and Ramen chain Kanada-Ya.
Margin compression unlocked with sustainability-linked loans.
- - Read this at SGinvestors.io -
- Sustainable financing accounts for ~63% of total borrowings, which saw some margin compression during the period from Lendlease REIT’s sustainability-linked loans. Lendlease REIT attained net-zero carbon this year, ahead of their original target of 2025.
- ICR ratio stood at 6.9x.
- Loans due in FY23 have been refinanced to FY28, with ~28% of loans denominated in Euro dollars are up for renewal in FY24.
Grange carpark to see potential delays against our forecast; expect higher reversions moving forward.
- Read more at SGinvestors.io.
