- Lendlease REIT reported DPU of 1.80 cents for 1HFY25 (-14.3% y-o-y), which is slightly below our expectation.
- Lease restructuring boosted performance last year. Gross revenue and NPI declined 13.6% and 19.8% y-o-y respectively in 1HFY25. Adjusting for supplementary rent estimated at S$13m from lease restructuring for Sky Complex received in 1HFY24, NPI was 2.2% lower y-o-y.
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313@Somerset and Jem maintained almost full occupancy.
- Lendlease REIT achieved positive rental reversion of 10.7% in 1HFY25 (313@Somerset: high single digit, Jem: low teens).
- Tenant sales declined 5.2% y-o-y in 1HFY25, affected by the rise in outbound travel, but were 23% above pre-pandemic levels in 2QFY25. Occupancy remained high at 99.9% for both 313@Somerset and Jem. Tenant retention was healthy at 86%.
Secured two new tenants for Building 3.
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- Overall occupancy at Sky Complex improved 6.6ppt q-o-q to 81.6% in 2QFY25. Management continues to work on backfilling the remaining vacant space at Building 3.
Cost of debt has stabilised.
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