- Lendlease REIT report DPU of S$1.8 cents, flat h-o-h/+1.8% y-o-y. FY25 DPU of S$3.60 cents was -7% y-o-y. Growth in 2H25 DPU was supported by lower borrowing cost.
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Steady operations.
- Lendlease REIT's FY25 revenue and NPI of S$206.5 and S$148.8m was 1.1% and 0.1% higher y-o-y after adjusting for supplementary rent from Sky Complex in FY24.
- Property expenses were stable, excluding the one-off provision for doubtful debts for Cathay Cineplexes of S$2.2m. Borrowing expenses fell by ~S$2m. After accounting for distribution adjustments and DRP issuance, FY25 distributable income fell 4.2% y-o-y and DPU declined 7% y-o-y.
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- Retail rent reversion tracked +10.2% for FY25 despite retail sales falling 5.2% y-o-y.
Lowering gearing.
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