The REIT manager notes that its tenant sales for 4QFY2022 has recovered at aversion of 3.6%

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Lendlease Global Commercial REIT has declared a unit-wide distribution that is 2.45 cents for the 2HFY2022 that completed in June, which brings the total year payout up to 4.85 cents.

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

Net property earnings for 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 the company’s other major asset.

Gross revenue increased 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 based on net leaseable surface and 5.5 years in the gross rent income.

At June 30, its portfolio was worth $3.6 billion, which is up 2.5%.

The REIT manager has noted that tenant sales for the 4QFY2022 period has increased to surpass the prior Covid period. The REIT has been able to attain an aversion to rental that is 3.6%.

“The manager is convinced that LREIT will gain from its increased exposure to the retail market in the suburbs and the significant concentration in the essential services sector of 57% (by GRI),” the manager says.

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

“The outstanding set of results that we achieved is a testimony to our dedication to creating worth for the unitholders we serve. We not only succeeded in creating sustainable value for Unitholders but we also increased our resilience and financial strength,” he adds.