- Lendlease REIT’s 1QFY25 business update underscored a steady operations, underpinned by low-teens positive retail reversion, fully occupied Singapore assets and slow backfilling of space of Milan office.
- - Read this at SGinvestors.io -
- Management of Lendlease REIT reiterated focus remains on unlocking asset value and simplifying capital structure in a meeting with investors.
Steady operations; Healthy reversions,
- Lendlease REIT achieved portfolio occupancy of 89.5% vs 89.1% last quarter. Gains were led by incremental pick up in committed occupancy of Sky Complex. Signing of leases under advanced negotiations is likely to bring up occupancy to 30% from current high single digit. Retail malls are fully let.
- - Read this at SGinvestors.io -
- Tenant sales fell 5.7% y-o-y due to the high-base effect, cautious spending by locals and tourists and one-off effect from MRT disruptions.
- Guide is for retail rental reversion to sustain at these levels. Lease review for Jem office is likely to result in low double-digit reversion with minimal risk of downsizing.
Managing gearing; focusing on capital management
- Read more at SGinvestors.io.
