Lendlease Global Commercial REIT Reports a 32.8% Rise in its DPU as at end June 2021
August 10, 2021 – Lendlease Global Commercial REIT announced that distributable income increased 33.5% year-on-year to S$27.6 million (US$20.34 million) in their H2 FY2021 (six months ended June), translating to a distribution of 2.34 cents per unit.
Gross revenue for 2H FY2021 was S$37.0 million, up 8.5% YoY. The higher revenue was attributed to lower rental waivers granted to the tenants at 313@somerset amid the calibrated reopening of the economy and higher revenue from Sky Complex due to foreign exchange.
Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “We are heartened and encouraged by the resounding support and decisive vote from our Unitholders. This is indeed an endorsement of confidence for the REIT, the Board and the Management team. We will continue to focus on optimising LREIT’s portfolio and its performance, and to deliver stable returns to our Unitholders.”
Commenting on LREIT’s portfolio, Mr Chow, added, “LREIT has delivered higher net property income and distributable income year-on-year, and we are pleased to end FY2021 with a consistently high portfolio occupancy of 99.8%. While we remain well-capitalised with ample financial flexibility, we will continue to exercise prudence.”
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