- 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 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/ 2024-11-13
Previous report by UOB:
2024-08-07 Lendlease Global Commercial REIT - Bumpy Contribution From Sky Complex In 2HFY24 But Backfilling In Progress.
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
