Lendlease Global Commercial REIT - Phillip Securities 2024-05-07: Rental Upside To Come From Sky Complex Milan

Lendlease Global Commercial REIT - Rental Upside To Come From Sky Complex Milan

Lendlease REIT (SGX:JYEU) | SGinvestors.ioLendlease REIT (SGX:JYEU)
  • No financials were provided for 3Q24. Portfolio committed occupancy plunged 11% y-o-y to 88.8% in the face of the departure of the anchor tenant of Sky Complex, which returned one-third of the space. However, on a q-o-q basis, it improved by 0.9% due to the backfilling of Sky Complex by 8.1%.
  • - Read this at SGinvestors.io -
  • We reiterate our BUY recommendation on Lendlease Global Commercial REIT (SGX:JYEU) with an unchanged DDM-TP of S$0.83 and FY24e- 25e DPU forecast of 4.16-4.59 Singapore cents.
  • We expect potential upside from the high rental reversion upon the successful backfilling of Building 3 Sky Complex Milan and the completion of Live Nation in Grange Road.

The Positives

Robust retail rental reversion of 15.3% with 313 achieving ~20% and Jem delivering resilient performance of ~10%.

  • - Read this at SGinvestors.io -
  • We expect rental reversion for the whole year FY24e to be ~15% (FY23: 4.8%).

Potential rental uplift from Jem and Sky Complex.

  • Read more at SGinvestors.io.

Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.

Liu Miao Miao Phillip Securities Research | https://www.stocksbnb.com/ 2024-05-07

Previous report by Phillip:
2024-02-05 Lendlease Global Commercial REIT - High Rental Reversion & Rental Upside From Sky Complex.

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


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