- Lendlease REIT reported a 13.6% y-o-y decline in gross revenue and a 19.8% y-o-y decline in NPI. After adjusting for supplementary rent from Sky Complex Building 3, gross revenue for 1H FY2025 was 0.4% higher y-o-y, while NPI was 2.2% lower y-o-y due to higher operating expenses at Singapore assets and equipment replacement at Sky Complex.
1H FY25 results within our expectations, but below consensus.
- - Read this at SGinvestors.io -
Singapore operations remain stable.
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- Tenant sales at Singapore malls declined 5.2% y-o-y in the calendar year 2H24, driven by strong outbound travel among locals.
- Lendlease REIT also announced the commencement of the Grange Carpark redevelopment, scheduled for completion in 2H26. The new multifunctional event space will have a seating capacity of 3,000, along with dedicated food and beverage (F&B) spaces and an art exhibition lane.
Adjusted interest cover ratio drops to 1.5x, watch for potential reset of perps at higher coupon rates.
- Read more at SGinvestors.io.
