Lendlease Global Commercial REIT - DBS Research 2023-02-08: Smashing Sales Records At 313@Somerset

• Lendlease Global Commercial REIT (SGX:JYEU) reported 1HFY23 (Oct to Dec 2022) gross revenue of S$101.7m (+159% y-o-y) and NPI of S$76.4m (+158% y-o-y). The higher top-line revenue and NPI were due to incremental contributions from the JEM mixed development.
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Positive reversions for both retail and office leases in 1H23

• Lendlease REIT's portfolio occupancy stood at 99.8% on a committed basis (vs. 99.7% in 1QFY23).
• Reversions for the retail segment stood at ~2% for 1HFY23 (approximately 1% in 1QFY23, and 3% in 2QFY23), while office reversions came in stronger at 4% led by Sky Complex, which is pegged to inflation benchmarks.
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313@Somerset continues to front-run Orchard peers in recovery, with footfall exceeding pre-COVID levels

• Retail metrices outperformed, with 313@Somerset leading the recovery within the Orchard malls.
• Mall footfall trended upwards to end at ~115% of normalised levels in Dec 22.
• 313@Somerset has reached pre-COVID levels in terms of mall traffic in the quarter ending Dec 22, leading the recovery amongst central malls that we track within the S-REIT sphere.
• Alongside the strong recovery in footfall, tenant sales averaged in the monthly range of ~120%-150% of normalised levels in 4Q22 calendar year, while surging to a new record high of ~150% of normalised levels in the month of December.
• The food & beverage segment continues to lead the recovery for Lendlease REIT’s retail assets.

Stable capital management with no borrowings up for renewal for the rest of FY23

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.