Lendlease Global Commercial REIT’s doubles net property income in FY23

It recorded an NPI of $153.9m during the period.

Lendlease Global Commercial REIT’s (LREIT) net property income (NPI) increased two-fold during FY23, soaring to $153.9m.

In a bourse filing, the REIT attributed the higher NPI to the “full-year financial contribution in FY2023 from the acquisition of Jem in April 2022.”

LREIT was recognised in the recently concluded Singapore Business Review National Business Award 2023 for its transformational acquisition of Jem.

The positive rental growth achieved across the LREIT’s portfolio boosted its income for the period.

In FY23, LREIT’s portfolio committed occupancy remained high at 99.9% with a weighted average lease expiry (WALE) of 8.2 years by net lettable area (NLA) and 5.5 years by gross rental income (GRI).

Apart from higher NPI, the REIT also recorded higher gross revenue of $204.9m and a 51.3% YoY uptick in its distributable income.

Despite its higher $108.2m distributable income, the REIT proposed a 3.2% YoY lower distribution per unit (DPU) of $0.0470 for FY23.