Lendlease Global Commercial REIT - Phillip Securities 2026-02-23: PLQ Mall Strengthens Suburban Retail Portfolio

• 1HFY26 Lendlease REIT's DPU of 1.85 cents rose 3.1% y-o-y, forming 51% of our full-year FY26e forecast. The resilient performance of the retail portfolio (rental reversion up 10.4% y-o-y) and strong capital management (gearing down 430 bps to 38.4%) resulted in a 11.7% y-o-y increase in distributable income to S$48.5mil.
• - Read this at SGinvestors.io -

The positives

PLQ Mall acquisition strengthens retail portfolio.

• The 70% acquisition of PLQ Mall from ADIA for S$885mil (a 2.1% discount to appraised value) is 2.5% DPU accretive.
• - Read this at SGinvestors.io -
• The retail portfolio’s rental reversion was 10.4% (~7% ex-PLQ Mall), with occupancy at 99.5%. PLQ Mall has been under-rented since its COVID period opening, and ongoing reconfiguration works are expected to drive rental uplift from single digits to the high teens per cent range.

Disciplined capital management.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2025-08-06 Lendlease Global Commercial REIT - Long Waited JEM Divestment At Valuation.

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