Lendlease Reit net property income up 32.7% YoY in FY22

Its distribution per unit grew 4.9% year-on-year (YoY).

Lendlease Reit posted a net property income of $75.5m up 32.7% YoY in fiscal year 2022 following its acquisition of Jem and improved operating performance at 313@somerset.

It also reported a higher net property income of $45.9m for the second half of this fiscal year. Whilst gross revenue grew 29.3% YoY to $101.7m in fiscal year 2022.

Meanwhile, its distributable income went up 55.6% YoY to $42.9m in the second half of fiscal year 2022 on the back of high portfolio occupancy. 

According to its financial statement, Its distribution per unit increased 4.9% YoY to 2.45 cents per unit. 

For the fiscal year 2022, distributable income went up 29.7% YoY to $71.5m, which is equivalent to distribution of 4.85 cents per unit..

Gross revenue for the second half of fiscal year 2022 was at $62.5m, up 68.6% YoY.