SINGAPORE (Feb 17): In the three months to Dec 31, 2019, for its 2QFY2020, Lendlease Global Commercial REIT (LREIT) outperformed its forecast numbers. Distribution per unit was 1.29 cents, 3.1% above forecast DPU of 1.25 cents. Distributable income of $15.0 million was 2.4% higher than forecast.

Gross revenue of $21.4 million was 1% higher than forecast, mainly driven by gross rental income (GRI) from [email protected]. The hip, popular mall along Orchard Road, which sits atop Somerset MRT Station, reg-istered positive rental reversion of 0.5% for the October-to-December quarter. “313 outperformed relative to forecasts because of rental uplift. [We had] a slight increase of gross rental income,” said Kelvin Chow, CEO of LREIT’s manager, in a recent interview.

Net property income (NPI) of $16.2 million exceeded the forecast by 3.2%, due to lower property operating expenses.  “On the expenses front, we had property tax and elec-tricity savings, giving us a positive variance resulting in a $200,000 increase in GRI and a $500,000 increase in NPI,” Chow adds.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook