Lendlease REIT Distributable Income Up 11.7 Pct In 1H FY2026, Acquires PLQ Mall

KUALA LUMPUR, Feb 19 (Bernama) -- Lendlease Global Commercial Trust Management Pte Ltd, the manager of Lendlease Global Commercial REIT (Lendlease REIT), reported first-half (1H) financial results for FY2026 distributable income of SG$48.6 million, up 11.7 per cent year-on-year (YoY), or a distribution of 1.85 cents per unit. (SG$1 = RM3.07)

Gross revenue was SG$101.9 million, down 1.6 per cent, and net property income SG$74.0 million, down 1.2 per cent, largely due to the divestment of the Jem office and the replacement of Cathay Cineplexes with Shaw Theatres.

“Our first-half distribution reflects the resilience of our repositioned portfolio and disciplined execution of our strategy. With 90 per cent of our assets anchored in Singapore, we are well positioned to continue delivering stable returns for our Unitholders,” said the manager Chief Executive Officer, Guy Cawthra in a statement.

The REIT completed the acquisition of a 70 per cent stake in PLQ Mall in November 2025, while divesting Jem office, positioning approximately 90 per cent of portfolio value in Singapore, with 63 per cent concentrated in suburban retail.

On a like-for-like basis, excluding the Jem office divestment, gross revenue and net property income grew 0.6 per cent and 1.1 per cent, respectively, while property operating expenses improved by 2.7 per cent YoY, mainly due to lower maintenance requirements at the Milan assets.

Gross borrowings were SG$1.178 billion, with a gearing ratio of 38.4 per cent and no refinancing risks for FY2026. Sustainability-linked financing accounted for 93 per cent of total committed debt.

The manager also secured a two-year energy tariff contract for the Singapore portfolio, effective July 1, 2026, expected to reduce electricity expenses by roughly 15 per cent per annum.

-- BERNAMA