Lendlease Global Commercial REIT 1QFY25 - UOB Kay Hian 2024-11-13: Resiliency From Singapore; Progressively Backfilling Building 3 In Milan

• Lendlease Global Commercial REIT provided business updates for 1QFY25:

Resiliency growth from Jem and temporary hump at 313@Somerset.

• - Read this at SGinvestors.io -
• 313@Somerset saw softer rental reversion at high teens (FY24: 20%) due to renewal for an anchor F&B tenant. Tenant retention rate was healthy at 90%.
• Jem is fully occupied, while 313@Somerset is near full occupancy at 99.6%.

Tenant sales affected by temporary disruptions.

• Tenant sales slipped 5.7% y-o-y but remained about 11% above pre-pandemic levels in 1QFY25.
• - Read this at SGinvestors.io -
• Food Republic, the food court operator at 313@Somerset, was undergoing renovations, which disrupted the flow of shopper traffic. The refreshed look and new dining options will be ready by end-24. Essential services accounted for 57% of gross rental income.

Cost of debt has stabilised.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-02-07 Lendlease Global Commercial REIT 1HFY25 - Resilient Contributions From Singapore; Upside From Office Block At Jem.

Price targets by other brokers at Lendlease REIT Target Prices.

Listing of research reports at Lendlease REIT Analyst Reports.

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