REIT managed to achieve a portfolio occupancy of 99.8%, with lease expiry period of 8.7 years

Lendlease Global Commercial REIT has disclosed a unit-based distribution that is 2.45 cents for the 2HFY2022 that finished in June, bringing the full year payout up to 4.85 cents.

Copen Grand launch price bid of $400,318,000. The site attracted seven offers, including those from CSC Land Group and a joint bid from Sunway Development and Hoi Hup Realty.

The 2HFY2022 DPU, which also includes an advanced allocation of 1.1371 cents for the January 1-March 30 timeframe increased by 4.9% y-o-y.

Net property income during the same time frame was $45.9 million, which is up 72.9% y-o-y, driven by contributions from a stake recently acquired of Jem Mall. Jem mall, and improved operating numbers for 313@Somerset which is its second key asset.

Gross revenue grew by 68.6% y-o-y to $62.5 million.
In FY2022 The REIT was able to attain an occupancy that was 99.8%, with a weighted average lease expiry time of 8.7 years by net leaseable surface and 5.5 years in the gross rent income.

At June 30, the portfolio was estimated at $3.6 billion, which is up 2.5%.

The REIT manager has noted that rental sales in 4QFY2022 have increased to surpass the prior Covid period. The REIT is able to reach an aversion to rental in the range of 3.6%.

“The manager is optimistic that LREIT will gain from the greater exposure in the retail market in the suburbs as well as the large concentration of the essential services sector of 57% (by GRI),” the manager states.

“Our accomplishments and results for FY2022 have been extremely encouraging,” says Kelvin Chow the CEO of the manager.

“The impressive set of outcomes that we have delivered is proof of our determination to create the most value possible for unitholders. Not only were we successful in creating value that is sustainable for Unitholders but we also increased our resilience and financial strength,” he adds.