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FY26 (ended June) Lendlease REIT's DPU rose 3.0% y-o-y to 3.70 cents, in line with our estimates, supported by the acquisition of PLQ Mall, positive Singapore rental reversions and lower financing expenses.
Results were in line; DPU bottomed out
- - Read this at SGinvestors.io -
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Gearing improved to 38.9% from 42.6% at end-FY25, while the cost of debt fell to 2.75% and ICR rose to 2.1x.
PLQ Mall anchors the next growth phase
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FY26 gross revenue/NPI increased 2.6%/2.7% y-o-y to S$211.9m/S$152.7m. Retail rental reversion remained robust at 11.7%, while like-for-like tenant sales increased 4.0% y-o-y and retail occupancy stayed healthy at 98.5%.
- - Read this at SGinvestors.io -
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We expect the full-year contribution from PLQ Mall and asset initiatives—including the reconfiguration of ~16,000 sq ft at PLQ Mall and the new event space adjacent to 313@somerset—to support FY27E earnings.
Balance sheet position strengthened
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Liu Miaomiao Maybank Research | https://www.maybanktrade.com.sg/ 2026-08-05
Previous report by Maybank:
2026-05-19 Lendlease Global Commercial REIT - PLQ Mall Reconfiguration To Drive Next Leg of Growth.
Price targets by 2 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
