- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-02-08
Read also UOB's most recent report:
2024-11-13 Lendlease Global Commercial REIT 1QFY25 - Resiliency From Singapore; Progressively Backfilling Building 3 In Milan.
Previous report by UOB:
2024-08-07 Lendlease Global Commercial REIT - Bumpy Contribution From Sky Complex In 2HFY24 But Backfilling In Progress.
Price targets by 2 other brokers at Lendlease REIT Target Prices.
Listing of research reports at Lendlease REIT Analyst Reports.
Relevant links:
Lendlease REIT Share Price History,
Lendlease REIT Announcements,
Lendlease REIT Dividends & Corporate Actions,
Lendlease REIT News Articles
