Lendlease Global Commercial REIT - DBS Research 2023-08-10: Just The Start Of Robust Reversions

• Lendlease Global Commercial REIT (SGX:JYEU) reported 2H23 gross revenue of S$103.1m (+65.1% y-o-y) and NPI of S$77.5m (+69% y-o-y). This is supported by incremental contributions from acquisitions – including the JEM mixed development and 10% stake in Parkway Parade.
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• On a full-year basis, Lendlease REIT's FY23 gross revenue and NPI more than doubled to S$204.9m and S$153.9m, respectively, on the back of acquisitions.
• Distributable income of S$108.2m (+51.3% y-o-y) and DPU of 4.70 cents (-3.2% y-o-y) come in below our full-year DPU estimate of 4.89 cents. See Lendlease REIT's distribution dates.

Operations:

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Capital management:

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

Read also DBS's most recent report:
2025-02-05 Lendlease Global Commercial REIT - Perpetuals Reset Hurdle To Pass.

Previous report by DBS:
2024-08-07 Lendlease Global Commercial REIT - FY24 Results Impacted By Steeper Finance Costs; Holding Faith In Quality SG Assets.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Lendlease REIT News