- Lendlease Global Commercial REIT (SGX:JYEU)'s 1HFY24 gross revenue rose 17.9% y-o-y to S$119.9m (+5.1% y-o-y after exclusion of supplementary rent from Sky Italia lease restructuring). NPI rose 22.2% y-o-y to S$93.4m.
- - Read this at SGinvestors.io -
Lendlease REIT's 1HFY24 results highlights
- Retail reversions came in at a strong 15.7%.
- Portfolio occupancy declined to 87.9% and was within expectations (SG assets maintained at ~100% occupancy), primarily due to a ~20% decline in Sky Complex’s occupancy, where master lease tenant Sky Italia returned one out of three towers at the property.
- Tenant sales rose 0.6% y-o-y, to be maintained within the range of ~110%-120% of pre-COVID levels in CY 2H24 with a similar boost in sales across December festivities with a spike to ~150% of pre-COVID levels.
- - Read this at SGinvestors.io -
- Supplementary rent received during this period from the Sky Italia lease restructuring was worth two years of rent from Block 3.
- Gearing reached 40.5% as at 31 December 2023, with an average cost of debt of 3.38% (+43bps q-o-q), higher than expectations.
- Interest coverage ratio was 3.8x, with 61% of debt coming under fixed borrowing cost.
Well-positioned assets to capture domestic footfall.
- Read more at SGinvestors.io.
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/.
Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-02-06
Previous report by DBS:
2023-09-11 Lendlease Global Commercial REIT - Stronger Than Sell-Down Suggests; Trading At Eye Catching Valuations.
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
