Lendlease Global Commercial REIT - UOB Kay Hian 2023-09-28: Deleveraging With Acceptable Trade-Offs

Lendlease Global Commercial REIT - Deleveraging With Acceptable Trade-Offs

Lendlease REIT (SGX:JYEU) | SGinvestors.ioLendlease REIT (SGX:JYEU)
  • Buoyant tenant sales and a limited new supply of retail space are supportive of continued positive rental reversions at 313@Somerset and Jem.
  • Lendlease REIT has the option of divesting the office block at Jem combined with a private placement to redeem perpetual securities of S$400m and deleverage. We estimate the negative impact to be manageable at 3.8% for DPU and 2.3% for NAV per unit.
  • - Read this at SGinvestors.io -

Higher occupancies reflect improving confidence for retailers.

  • Lendlease Global Commercial REIT (SGX:JYEU)’s retail properties, which accounted for 75% of its portfolio valuation (Orchard Road: 28%, suburban: 47%) as of Jun 23, are resilient and benefitting from the buoyant retail scene in Singapore. 313@Somerset and Jem had maintained high committed occupancies of 99% and 100% respectively as of Jun 23.
  • - Read this at SGinvestors.io -
  • Management expects the positive momentum for rental reversion from its retail properties to be maintained in FY24.

Buoyant tenant sales support positive rental reversion.

  • 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/ 2023-09-28

Previous report by UOB:
2023-08-10 Lendlease Global Commercial REIT 2HFY23 - Enlarging Scale In Home Base Singapore.

Price targets by 4 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


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