Tenant sales have exceed pre-Covid levels
Lendlease Global Commercial REIT has announced a distribution per unit of 2.45 cents for its 2HFY2022 ended June, bringing full year distribution to 4.85 cents.
The 2HFY2022 dpu, which includes the advanced distribution of 1.1371 cents for the Jan 1 to March 30 period, was up 4.9% y-o-y.
Net property income for the same period was up $45.9 million, up 72.9% y-o-y, driven by contributions from newly-acquired stake in the Jem mall as well as better operating numbers at 313@Somerset, its other key asset.
Gross revenue was up 68.6% y-o-y to $62.5 million.
For FY2022, the REIT managed to achieve a portfolio occupancy of 99.8%, with a weighted average lease expiry period of 8.7 years by net leasable area and 5.5 years by gross rental income.
As at June 30, its portfolio is valued at $3.6 billion, up 2.5%.
The REIT manager notes that its tenant sales for 4QFY2022 has recovered to exceed the pre-Covid period. The REIT has managed to achieve a rental aversion of 3.6%.
“The manager is confident that LREIT will benefit from the increased exposure in the suburban retail segment and the high concentration in the essential services trade of 57% (by GRI),” the manager adds.
“Our results and achievements in FY2022 have been very encouraging,” says Kelvin Chow, CEO of the manager.
“The excellent set of results that we delivered is a testament of our commitment to create value for our unitholders. Not only did we succeed in generating sustainable value for Unitholders, we also enlarged our financial strength and resilience,” he adds.