- Lendlease REIT reported 1HFY25 DPU of S$0.018, +1.7% h-o-h/-14.3% y-o-y.
- Higher financing cost and an enlarged unit base offset a relatively stable top line.
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Stable performance
- Lendlease REIT reported 1HFY25 revenue and NPI of S$103.6m and 74.9m, fell 13.6% and 19.8%, respectively. The decline was due to absence of supplementary rental income on lease restructure of Sky Complex. On an adjusted basis, revenue was +0.4%, while NPI was 2.2% lower.
- Margins were impacted by provisions for Singapore malls and one-off expenditures related to equipment replacement at Sky Complex. Combined with higher finance costs from repricing of Euro hedge, Lendlease REIT's DPU fell.
Higher occupancy; normalising reversions
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- Jem office positive rent reversion is likely to come in at low teens, when tentatively signed by this quarter. Management is closely monitoring revenue from Cathay Cineplex (1.8% of rent) but has buffers.
Managing gearing
- Read more at SGinvestors.io.
