Lendlease Global Commercial REIT property, 313@Somerset. (Photo: Lendlease Global Commercial REIT)

Data from Lendlease Global Commercial REIT’s latest results have been updated into the Singapore REITs table.

Lendlease Global Commercial REIT (LREIT) has reported gross revenue of SGD37.0 million for its 2H 2021, which is up 8.5% year-on-year.

The REIT has attributed the higher revenue to lower rental waivers granted to the tenants at 313@somerset amid a gradual reopening of Singapore, and higher revenue from Sky Complex due to foreign exchange.

The increase in gross revenue has resulted in a higher net property income (NPI) of SGD26.5 million for 2H 2021, which represents a year-on-year growth of 10%.

On the back of this, LREIT’s FY2021 gross revenue and NPI increased by 5.6% and 5.4% year-on-year to SGD78.7 million and SGD56.9 million respectively.

Correspondingly, distributable income for 2H 2021 increased 33.5% year-on-year to SGD27.6 million, translating to a distribution of 2.34 cents per unit.

And for FY 2021, distributable income rose 15.3% year-on-year to SGD55.1 million, equivalent to a distribution of 4.68 cents per unit.

The REIT’s full disclosure of its results can be viewed here.

LREIT was last done on the Singapore Exchange at SGD0.895, which currently implies a distribution yield of 5.23% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.