Lendlease REIT portfolio occupancy stays up at 99.8% in 3Q FY23

The Manager recorded a 99.5% retail occupancy rate on 31 March.

Lendlease Global Commercial REIT's (LREIT) portfolio occupancy remained high at 99.8% in the third quarter of 2023 with a long weighted average lease expiry (WALE) of 8.3 years by net lettable area (NLA) and 5.4 years by gross rental income (GRI).

The Manager substantially de-risked the remaining leases expiring for the year to 1.4% by NLA from 5.8% and 3.3% by GRI from 9.6%.

LREIT also recorded a high committed occupancy rate of its retail portfolio by 99.5% on 31 March with a positive rental reversion of 3.3%, whilst tenant sales and visitation grew 4.6 and 2.7 times year-over-year, respectively. At the end of the period, it registered a healthy tenant retention rate of 79.5%.

READ MORE: Lendlease REIT occupancy at 99.7% in Q1 FY23

Meanwhile, the Sky Complex's 4% positive office rental increase and long office WALE of 12.2 years by NLA and 15 years by GRI would continue providing a stable income for LREIT's unitholders.