- Lendlease REIT delivered good results with 1HFY23 DPU increasing 2.1% y-o-y to 2.45 cents. Jem and 313@Somerset achieved positive rental reversion of 2%. Jem contributed for the full six months and occupancy has hit 100%. 313@Somerset benefits from the reopening of China and return of tourists to Orchard Road.
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Lendlease REIT's 1HFY23 Results
- Lendlease Global Commercial REIT (Lendlease REIT, SGX:JYEU) reported 1HFY23 DPU of 2.45 cents (+2.1% y-o-y), which is in line with our expectations. See Lendlease REIT's announcement dated 07 Feb 2023.
Growth from Jem and 313@Somerset.
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- Occupancy at 313@Somerset improved 0.4ppt q-o-q to 98.5% in 2QFY23. Suburban mall Jem is fully occupied at 100%. Tenant retention rate for the two retail malls is healthy at 72.4%. Jem provided a full six-month contribution in 1HFY23.
- Lendlease REIT’s office portfolio, comprising Sky Complex and office component of Jem, is fully occupied.
Shielded from higher cost of electricity in FY23.
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