- Lendlease REIT’s 3QFY25 business update indicates steady operations and new management’s priorities of portfolio optimization and regaining financial flexibility.
- Portfolio occupancy, while high, fell sequentially from lower occupancy at 313@somerset. Positive reversion continued while tenant sales continued to normalize.
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Operations resilient
- Lendlease REIT's portfolio occupancy was 92.1% (2QFY25: 92.3%). Retail occupancy slipped to 99.5% (2QFY25: 99.9%) due to slippage at 313@somerset (98.8% vs 2QFY25: 99.9%). Office occupancy was unchanged at 86.6%. Pre-committed occupancy for Building 3, Sky Complex in Milan is unchanged at 31%.
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- Year-to-date tenant sales for the retail malls moderated 5.1% y-o-y. LREIT has signed Shaw Theatres as a new tenant for Jem, replacing Cathay Cineplex at a similar rent. Revenue will commence from 2HCY26. Guidance is for moderation of positive reversion to low to mid-single digit for the next financial year.
Prioritizing portfolio optimization
- Read more at SGinvestors.io.
