Lendlease Global Commercial REIT is on its journey towards recovery, slowly but surely

Analysts are positive on Lendlease Global Commercial REIT (LREIT) following its latest 1HFY2021 results announcement, which saw distribution per unit (DPU) increase by 0.8% y-o-y to 2.34 cents, with distributable income (DI) increasing by 1.4% y-o-y to $27.5 million.

Gross revenue increased by 3.2% y-o-y to $41.6 million, bringing net property income (NPI) for the first half ended December to $30.4 million, 1.6% higher y-o-y.

Portfolio occupancy remained high at 99.7% as at Dec 31, 2020, with a long weighted average lease expiry (WALE) of 9.3 years by NLA and 4.9 years by gross rental income (GRI). Approximately 2% and 6% of the portfolio net lettable asset (NLA) and GRI remain for renewal and review, respectively, in FY2021.