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

Data from Lendlease REIT’s latest disclosure has been updated into the Singapore REITs table.

Lendlease Global Commercial REIT (Lendlease REIT) reported on 9 May that its gearing ratio has increased slightly to 39.3% with weighted average cost of debt at 2.51% as at 31 March 2023.

The REIT’s gearing and cost of debt was at 39.2% and 2.35% respectively as at 31 December 2022.

Lendlease REIT’s portfolio occupancy was at 99.8% with weighted average lease expiry (WALE) of 8.3 years by net lettable area and 5.4 years by gross rental income.

Its retail portfolio’s occupancy rate was at 99.5% with a positive retail rental reversion of 3.3% in the year-to-date.

Tenant sales and visitation increased 4.6 times and 2.7 times year-on-year respectively in 3Q FY2023, said the REIT.

As at 31 March 2023, the REIT's gross borrowings were SGD1,454.4 million.

Its weighted average debt maturity was 2.3 years with an interest coverage ratio of 4.6 times.

As at the period end, the REIT has undrawn debt facilities of SGD230.4 million to fund its working capital.

All of its debt is unsecured with approximately 61% of its borrowings hedged to fixed rate.

Lendlease REIT was last done on the Singapore Exchange at SGD0.675, which presently implies a distribution yield of 7.26% according to data on the Singapore REITs table.

Related: Lendlease REIT sees SGD8.3 million outflow of institutional funds

By Shariffa Al-Habshee

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