- Lendlease Global Commercial REIT (SGX:JYEU) was hit by higher property tax and utilities costs. Distributable income was also affected by tenant incentives for Sky Complex apportioned to FY24. DPU of 1.77 cents for 2HFY24 (-21.2% y-o-y) is below our expectations.
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Incurred higher property operating expenses.
- Gross revenue and NPI decreased 2.1% and 7.2% y-o-y respectively due to absence of rental income from Building 3 of Sky Complex in Milan after the lease restructure. Property operating expenses increased 13.5% y-o-y or S$3.5m due to higher property tax and utilities costs.
- Including the support from the supplementary rent, on a pro forma basis, gross revenue was 1.4% higher but NPI was 2.6% lower y-o-y. The supplementary rent of about €10m will be distributed to unitholders over a period of two years.
Resiliency at Jem and recovery at 313@Somerset.
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- The two malls, namely 313@Somerset and Jem, achieved 100% occupancy. Tenant sales increased 0.2% y-o-y in FY24 and was 11% above pre-pandemic levels in 4QFY24. Essential services accounted for 57% of gross rental income.
Upside from rent review at Jem.
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