Lendlease Global Commercial REIT - DBS Research 2025-08-06: Conviction Rewards The Patient

• Lendlease REIT reported full year FY24/25 results, with lower gross revenue of S$206.5mil (-6.5% y-o-y) and an NPI of S$148.8mil (-10% y-o-y) due to the absence of one-off supplementary rent (adjusted to distributable income).
• - Read this at SGinvestors.io -

DPU decline of 7% owed to a one-off debt provision on Cathay Cineplexes arrears.

• Net property income also accounted for a one-off bad debt provision linked to Cathay Cineplexes, which is reflected as a higher S$2.2mil in property operating expenses this financial year. The lease awaits incoming rent contribution from replacement tenant Shaw Theatres (targeted to open year-end).
• - Read this at SGinvestors.io -

Divestment of JEM office crystalised ~12% of portfolio value at book.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-02-05 Lendlease Global Commercial REIT - Perpetuals Reset Hurdle To Pass.

Price targets by 3 other brokers at Lendlease REIT Target Prices.

Listing of research reports at Lendlease REIT Analyst Reports.

Relevant links:
Lendlease REIT Share Price History,
Lendlease REIT Announcements,
Lendlease REIT Dividend Payout Dates & Corporate Actions,
Lendlease REIT News