- Lendlease REIT achieved strong positive rental reversion of 20% for 313@Somerset and more than 10% for Jem in 3QFY24. Occupancy for its retail properties was stable at 99.4%. Rents for the office block at Jem could be adjusted higher by 20% during a rent review at end-24.
- - Read this at SGinvestors.io -
Resilient domestic consumption drives positive rental reversion in Singapore.
- Lendlease Global Commercial REIT (SGX:JYEU)T’s retail portfolio achieved positive rental reversion of 15.3% on an average vs average basis in 3QFY24 (313@Somerset: 20%, Jem: >10%). It maintained a high committed occupancy of 99.4% (313@Somerset: 98.7%, Jem: 99.7%) and healthy tenant retention of 86.2%.
- - Read this at SGinvestors.io -
Upside from higher office rents at Jem.
- The lease with the Ministry of National Development, which fully occupies the office block at Jem, is scheduled for a rent review at end-24. Management sees potential for rents to be adjusted higher by 20% compared with levels five years ago.
Proactively pursuing cost containment and improving cost efficiency.
- 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/ 2024-05-08
Read also UOB's most recent report:
2024-08-07 Lendlease Global Commercial REIT - Bumpy Contribution From Sky Complex In 2HFY24 But Backfilling In Progress.
Previous report by UOB:
2024-06-06 Lendlease Global Commercial REIT - 313@Somerset – Not Coasting Into The Sunset Yet.
Price targets by 3 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
