Lendlease REIT

[jess_sy]

Scrip is here.... scrip offered at 0.5690, which is lower than the current market price.

DPU dropped 15%...

Worth or pass?

 

[foo9883]

if I wanna get 701 shares, how many existing shares do I need to get as scrip?

Anyone can help?

My calculation says I need 19,056 shares. Anyone can double confirm my calculation?

 

[wira]

isnt it troublesome to get scrip dividends and end up with odd lots ?

 

[reddevil0728]

isnt it troublesome to get scrip dividends and end up with odd lots ?

Some people may just want to hold forever, so not as much concern?

 

[petromax]

isnt it troublesome to get scrip dividends and end up with odd lots ?

you can choose to receive partially in shares and in cash
so just calculate your number so that you will get even lots..

 

[duhduhduh]

if I wanna get 701 shares, how many existing shares do I need to get as scrip?

Anyone can help?

My calculation says I need 19,056 shares. Anyone can double confirm my calculation?

Its about there, but i forgot to round up or round down the amount

 

[jtsh55]

if I wanna get 701 shares, how many existing shares do I need to get as scrip?

Anyone can help?

My calculation says I need 19,056 shares. Anyone can double confirm my calculation?

Yes, my calculation also tally with yours too.

Its about there, but i forgot to round up or round down the amount

It's always round down for scrip shares.

 

[duhduhduh]

Yes, my calculation also tally with yours too.


It's always round down for scrip shares.

Ok thx!

So it's the last number before it goes to 701!

 

[jtsh55]

Ok thx!

So it's the last number before it goes to 701!

You are correct.

 

[starbugs]

Here's a reference table to get scrip dividend in multiple of 100.

Elect	Receive
2731​	100​
5433​	200​
8163​	300​
10866​	400​
13596​	500​
16298​	600​
19028​	700​
21731​	800​
24461​	900​
27163​	1000​
29894​	1100​
32596​	1200​
35326​	1300​
38029​	1400​
40759​	1500​
43461​	1600​
46191​	1700​
48894​	1800​
51624​	1900​
54326​	2000​
57057​	2100​
59759​	2200​
62489​	2300​
65191​	2400​
67922​	2500​
70624​	2600​
73354​	2700​
76057​	2800​
78787​	2900​
81489​	3000​
84219​	3100​
86922​	3200​
89652​	3300​
92354​	3400​
95085​	3500​
97787​	3600​

 

[foo9883]

Yes, my calculation also tally with yours too.


It's always round down for scrip shares.

Thank you!!

 

[Shion]

LREIT reports slightly higher occupancy rate for 3QFY2024 with more takers for Italy office space​

https://www.theedgesingapore.com/ca...-rate-3qfy2024-more-takers-italy-office-space

Lendlease Global Commercial REIT has reported an improved portfolio committed occupancy of 88.8% as at March 31 versus 87.9% as at last December, as it secured more takers for its office space in Italy, the Sky Complex.

In its 3QFY2024 business update, LREIT, whose key assets are stakes in three retail malls in Singapore, was able to achieve a committed occupancy of 99.4% for its retail assets.

It was also able to achieve a positive rental reversion of 15.3%, as well as a healthy retail tenant retention rate of 86.2%.

Tenant sales continued to grow 2.6% y-o-y in 3Q FY2024, and visitation also increased 6.1% y-o-y in the same quarter.

“We are pleased to deliver another quarter of healthy operational performance," says Kelvin Chow, CEO of the REIT's manager.

"The leasing progress at Building 3 of Sky Complex is an encouraging step towards our strategic repositioning to secure multi-tenancy at market rents.

"Moving forward, we will continue to remain focused on prudent capital management to manage cost and gearing," he adds.

LREIT continued to maintain a long portfolio weighted average lease expiry of 7.8 years by net leasable area and 4.8 years by gross rental income.

According to LREIT, it was able to secure power at lower rates which will help reduce utilities expenses by approximately 30% per year for the next two years and help to cushion against the increase in other expenses.

As at March 31, LREIT's gross borrowings were $1.57 billion with a gearing ratio of 41.0%, with an interest coverage ratio of 3.4 times.

LREIT shares closed at 55 cents on May 6, up 2.8% for the day but down 14.06% year to date.

 

[Shion]

Lendlease Global Commercial REIT posts 17.7% decline in FY2024 DPU to 3.87 cents​

https://www.theedgesingapore.com/ca...l-reit-posts-177-decline-fy2024-dpu-387-cents

The manager of Lendlease Global Commercial REIT (LREIT) has announced that its distribution per unit (DPU) for FY2024 ended June 30 came in at 3.87 cents, 17.7% lower than 4.70 cents a year ago.

This came on the back of a 15.6% decline in amount distributable to unitholders to $91.4 million.

Revenue for the year end period was 7.8% higher y-o-y at $220.9 million, while net property income (NPI) was 7.4% higher at $165.3 million, mainly attributed to the good operational performance from the retail malls and the recognition of Supplementary Rent received from the lease restructuring of Sky Complex in December 2023.

Excluding the supplementary rent recognised in advance, gross revenue and NPI were 3.2% and 1.3% higher y-o-y on a proforma basis respectively.

Property expenses in FY2024 were $55.6 million, $4.7 million higher compared to FY2023 mainly due to higher property tax and utilities costs from LREIT’s Singapore properties.

For the 2HFY2024 period, DPU was 1.77 cents, 21.2% lower than 2.25 cents the previous year. The lower DPU was primarily driven by higher borrowing costs amidst the higher interest rate environment and expired hedges being refinanced at higher rates (including the replacement of EURIBOR interest rate hedge) as well as the enlarged unit base.

Gross revenue and NPI for 2HFY2024 were 2.1% and 7.2% lower y-o-y at $71.9 million and $101.0 million, respectively, with the absence of rental income from Building 3 post the lease restructure. Including the support from the supplementary rent, on a proforma basis, gross revenue was 1.4% higher while NPI was 2.6% lower due to higher property operating expenses in 2HFY2024 as compared to 2HFY2023.

Weighted average cost of debt for the year ending June 30 was 3.58% per annum, as compared to 2.69% per annum in the previous financial year.

As at June 30, gross borrowings were $1.56 billion with a gearing ratio of 40.9%. The weighted average debt maturity was 2.5 years. As at the period end, LREIT has an interest coverage ratio of 3.2 times, which provides sufficient buffer from its debt covenants of 2.0 times.

Post FY2024, the manager has increased its interest hedging to approximately 70% from 61%. All of LREIT’s debt is unsecured and it has undrawn debt facilities of $168.6 million to fund its working capital.

Approximately 85% of LREIT’s total committed debt facilities as at June 30 are sustainability-linked financing. LREIT has achieved interest savings from the sustainability-linked financing since the establishment of its green finance in FY2022.

Kelvin Chow, CEO of the manager, says: “We have delivered positive retail rental reversion of 14.0% in FY2024 with a steady portfolio occupancy of 89.1%. We will continue to remain focused on prudent capital management. On our Milan assets, the repositioning of Sky Complex Building 3 is still in progress and we continue to receive leasing interest for the space. We look forward to providing more updates as we progress.”

Units in LREIT closed 2.5% lower on Aug 5 at 58 cents.

 

[Shion]

LREIT posts positive retail rental reversion rate of 11.4% in 1QFY2025​

https://www.theedgesingapore.com/ca...ive-retail-rental-reversion-rate-114-1qfy2025

Lendlease Global Commercial REIT (LREIT) has reported a positive retail rental reversion of 11.4% in its latest update for 1QFY2025 ended Sept 30.

Its portfolio committed occupancy remained high at 89.5%% in 1QFY2025, up from 89.1% in the same period last year. This came on the back of new leases committed for Building 3 of the REIT’s Sky Complex.

For the period, the REIT reported a long weighted average lease expiry (WALE) of 7.4 years by net lettable area (NLA), and 4.7 years by gross rental income (GRI).

In the first three months of FY2025, the REIT’s manager adds that its lease expiry profile remains well-staggered with 6.4% by NLA and 12.1% by GRI, which are due for renewal in FY2025.

As at Sept 30, the committed occupancy for the REIT’S retail portfolio remained high at 99.9%, achieving a healthy tenant retention rate of 90.0% by NLA. Rental reversion for the REIT’s retail portfolio stood at 11.4%.

The REIT’s manager says it remains focused on strengthening the tenancy mix and bringing in new offerings to rejuvenate the malls. Currently, new tenants brought onboard include Tims Signature, Eclaire & Savoir Cafe and Slow Green.

For the period, the REIT’s office tenants accounted for approximately 21% of portfolio GRI with a long WALE of 12.2 years by NLA and 14.5 years by GRI, it says.

The manager adds that it continues to see good leasing interests for Building 3 of Sky Complex. As at Sept 30, committed occupancy rate for Sky Complex saw an increase to 75.0%. The manager is currently in advanced negotiations with potential tenants as it continues to drive leasing of Building 3 at market rental.

For the quarter, the REIT’s gross borrowings stood at $1,554.4 million with a gearing ratio of 40.7%. The weighted average debt maturity was 2.3 years, with a weighted average cost of debt of 3.74% per annum.

LREIT has an interest coverage ratio of 2.9 times, which provides a “sufficient buffer” from its debt covenants of 2.0 times. All of its debt is unsecured with approximately 70% of its borrowings hedged to fixed rates.

As at Sept 30, LREIT has undrawn debt facilities of $171.1 million to fund its working capital. In addition, approximately 85% of LREIT’s total committed debt facilities are sustainability linked financing, with interest savings tied to the achievement of annual sustainability targets.

The manager has also commenced the process of arranging the refinancing of LREIT’s $360 million borrowings due in FY2025.

Kelvin Chow, CEO of the manager, says: “Improvements in operating performance were broad-based with positive rental reversion and higher portfolio occupancy. Leasing of Sky Complex Building 3 is progressing well, and we continue to receive leasing interest for the space.”

He adds: “We will continue to focus on proactive asset management to strengthen our portfolio and exercise prudence in capital management.”

Units in LREIT closed flat at 56.5 cents on Nov 11.

 

[Shion]

Lendlease Global Commercial REIT reports portfolio occupancy of 92.1% as at end March​

https://www.theedgesingapore.com/ca...eit-reports-portfolio-occupancy-921-end-march

Lendlease Global Commercial REIT (LREIT) has reported a portfolio committed occupancy of 92.1% as at March 31, 2025.

The REIT’s retail portfolio received a 99.5% occupancy with a positive rental reversion of 10.4% as at March 31. Its office portfolio occupancy stood at 86.6%.

LREIT reported a weighted average lease expiry (WALE) of approximately 7.3 years (by NLA) and 4.9 years (by GRI) respectively.

The REIT’s gross borrowings as at March 31 came in at $1.5 billion, down from the $1.57 billion reported in the previous quarter.

Gearing ratio stood at 38%, and weighted average debt maturity at 1.8 years.

The REIT’s fixed rate borrowings came in at 76% as at March 31, and interest coverage ratio (ICR) was 1.5 times.

The REIT issued $120 million perpetual securities at 4.75% per annum for the refinancing of the $200 million 5.25% perpetual securities due in April 2025, with the remaining $80 million to be refinanced with loans.

Net proceeds from the $120 million issuance were utilised to reduce debt borrowings, lowering gearing to 38.0% as at March 31, 2025. In April 2025, debt was drawn to repay the $200 million perpetual securities.

The REIT says that it aims to improve its ICR by active asset management, managing the cost of capital, and asset recycling.

During the quarter, the manager signed a lease agreement with Shaw Theatres as a new tenant. It has commenced refurbishment works to upgrade restroom facilities at Jem, scheduled for completion in 1Q2026.

The REIT completed the rental review exercise for Jem office in February, with a positive uplift of about 13% over the prevailing base rent for five years effective from Dec 3, 2024. Jem's office is fully leased to Singapore's Ministry of National Development (MND) until 2044.

As of March 31, 2025, Building 3 in Milan had an occupancy rate of approximately 31%.

The REIT’s portfolio comprises leasehold properties in Singapore namely Jem (an office and retail property) and 313@somerset (a prime retail property) as well as freehold interest in Sky Complex (three Grade A commercial buildings) in Milan.

Units in Lendlease closed flat at 51.5 cents on May 7.

 

[Shion]

Lendlease Global Commercial REIT full year DPU down 6.9% y-o-y; Jem office segment to be divested​

https://www.theedgesingapore.com/ca...-year-dpu-down-69-y-o-y-jem-office-segment-be

Lendlease Global Commercial REIT (LREIT) has reported a distribution per unit (DPU) of 3.60 cents for the FY2025 ended June 30, down 6.9% y-o-y. For the 2HFY2025, DPU grew 1.8% y-o-y to 1.80 cents.

LREIT’s gross revenue for the full year similarly declined 6.5% y-o-y to $221 million, but grew 1.9% y-o-y to $101 million for the 2HFY2025.

Net property income (NPI) for FY2025 also fell 10% y-o-y to $165.3 million, but grew 2.7% y-o-y to $73.8 million for the 2HFY2025.

The decline in full year revenue and NPI was mainly due to the upfront recognition of supplementary rent in relation to the lease restructuring of Sky Complex that was received in FY2024.

LREIT says that on a proforma basis, after adjusting for the supplementary rent, gross revenue and NPI for FY2025 were 1.1% and 0.1% higher y-o-y respectively.

Property expenses in FY2025 at $57.8 million were S$2.2 million higher compared to FY2024, impacted by the provision of doubtful debts for Cathay Cineplexes. Excluding this one-off provision, expenses remained broadly stable.

As at June 30, gross borrowings stood at $1.664 billion, and weighted average debt maturity stood at 2.6 years.

As at June 30, LREIT’s debt portfolio remains unsecured, with $135.9 million in undrawn facilities available to support working capital requirements. Approximately 68% of the borrowings are hedged to fixed rates, with weighted average cost of debt for FY2025 at 3.46% per annum. The REIT’s ICR ratio is at 1.6 times as at end June.

LREIT’s portfolio occupancy as at end June was 92.1%, and weighted average lease expiry is 7.2 years by net lettable area and 4.9 years by gross rental income respectively.

Jem office divestment The REIT has announced on Aug 4 that it is divesting the office component of Jem, which comprises 12 levels of office space. This decision was made in relation to current gearing levels of the REIT.

The divestment consideration is $462 million, and Keppel's Sustainable Urban Renewal (SUR) strategy is the buyer of the asset. Jones Lang LaSelle is the independent valuation for the office component of Jem for the divestment.

The estimated total cost of the divestment is approximately $5.0 million, comprising the divestment fee of approximately $2.3 million payable to the manager for the divestment; and the estimated professional and other fees and expenses incurred which is about $2.6 million.

The net cash proceeds from the divestment is estimated to be $459.4 million, resulting in an estimated net cash gain over the cost of investment of approximately $8.9 million.

The manager of LREIT intends to use net proceeds to repay certain loans which is expected to reduce its aggregate leverage ratio from 42.6% as at June 30, to approximately 35% on a pro forma basis and potentially distribute net cash gain on disposal.

The manager of LREIT believes that this divestment will improve the REIT’s financial position and strengthen capital structure; enhance financial flexibility to support the REIT’s potential portfolio growth; and increase the REIT’s focus on Singapore retail.

Keppel says that its SUR strategy invests in value-add real estate opportunities with the goal of decarbonising the built environment, while delivering attractive risk-adjusted returns to limited partners. In April 2025, Keppel secured $760 million in new capital commitments for its SUR strategy, including from one of Europe’s largest pension funds, bringing the strategy’s cumulative Funds under Management 1 (FUM) to approximately to approximately $4.3 billion.

Currently, the office asset is fully leased to the Ministry of National Development of Singapore. Keppel intends to explore undertaking targeted upgrading works aimed at reducing the property’s energy use intensity, in line with the SUR strategy’s decarbonisation goals.

Units in LREIT closed 1.5 cents higher or 2.727% up at 56.5 cents on Aug 4.

 

[starbugs]

Another DRP that is worth subscribing to.

Reference table to get scrip dividend in multiple of 100.

Elect	Receive
2975​	100​
5919​	200​
8893​	300​
11838​	400​
14782​	500​
17757​	600​
20701​	700​
23646​	800​
26620​	900​
29564​	1000​
32509​	1100​
35483​	1200​
38428​	1300​
41372​	1400​
44346​	1500​
47291​	1600​
50265​	1700​
53210​	1800​
56154​	1900​
59128​	2000​
62073​	2100​
65017​	2200​
67992​	2300​
70936​	2400​
73881​	2500​
76855​	2600​
79799​	2700​
82744​	2800​
85718​	2900​
88663​	3000​
91637​	3100​
94581​	3200​
97526​	3300​
100500​	3400​

 

[foo9883]

Another DRP that is worth subscribing to.

Reference table to get scrip dividend in multiple of 100.

Elect	Receive
2975​	100​
5919​	200​
8893​	300​
11838​	400​
14782​	500​
17757​	600​
20701​	700​
23646​	800​
26620​	900​
29564​	1000​
32509​	1100​
35483​	1200​
38428​	1300​
41372​	1400​
44346​	1500​
47291​	1600​
50265​	1700​
53210​	1800​
56154​	1900​
59128​	2000​
62073​	2100​
65017​	2200​
67992​	2300​
70936​	2400​
73881​	2500​
76855​	2600​
79799​	2700​
82744​	2800​
85718​	2900​
88663​	3000​
91637​	3100​
94581​	3200​
97526​	3300​
100500​	3400​

thank you sir, appreciate this a lot

 

[Euqorab]

Another DRP that is worth subscribing to.

Reference table to get scrip dividend in multiple of 100.

Elect	Receive
2975​	100​
5919​	200​
8893​	300​
11838​	400​
14782​	500​
17757​	600​
20701​	700​
23646​	800​
26620​	900​
29564​	1000​
32509​	1100​
35483​	1200​
38428​	1300​
41372​	1400​
44346​	1500​
47291​	1600​
50265​	1700​
53210​	1800​
56154​	1900​
59128​	2000​
62073​	2100​
65017​	2200​
67992​	2300​
70936​	2400​
73881​	2500​
76855​	2600​
79799​	2700​
82744​	2800​
85718​	2900​
88663​	3000​
91637​	3100​
94581​	3200​
97526​	3300​
100500​	3400​

Was this calculated using taxable and non taxable separately? Or combined?

I made a mistake by using combined method (for starhill drp) when I wanted to round my holdings to 100s… ended up my holdings became 99 and I wondered why

so recently I read very carefully, they calculate each component separately and rounded down the unit to be given each…

last time was best, they rounded unit to be given to the nearest whole number that is 0.49 = 0 and 0.50 = 0

 

[starbugs]

Was this calculated using taxable and non taxable separately? Or combined?

I made a mistake by using combined method (for starhill drp) when I wanted to round my holdings to 100s… ended up my holdings became 99 and I wondered why

so recently I read very carefully, they calculate each component separately and rounded down the unit to be given each…

last time was best, they rounded unit to be given to the nearest whole number that is 0.49 = 0 and 0.50 = 0

Separately