Lendlease Global Commercial REIT - DBS Research 2026-02-15: Emerging Singapore Retail Titan

• Lendlease REIT (SGX:JYEU) reported a resilient set of results where we see the full swing of portfolio reconstitution efforts come into play this half.

1HFY25/26 Results.

• - Read this at SGinvestors.io -
• Distributable income rose 11.7% y-o-y from interest cost savings and lower perpetual coupon payments. Overall Lendlease REIT's DPU rose 3.1% y-o-y to 1.85 cents on the back of an enlarged units base from PLQ mall fund raising and in line with our full year FY26F estimates of 3.70 cents.

Portfolio occupancy remained healthy

• - Read this at SGinvestors.io -
• Leverage landed at 38%, a reduction from 43% last quarter, with the repayment of debt with JEM office proceeds. This, alongside a ~20 bps q-o-q improvement in average debt cost to 2.90%, pushed for a vast improvement in ICR ratio to 1.8x (from 1.6x last quarter).

Our views.

• 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/.

Read also DBS's most recent report:
2026-02-23 Lendlease Global Commercial REIT - Reset And Reloaded – Purchase Of 70% Stake In PLQ Mall.

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