Lendlease Global Commercial Trust Management Pte. Ltd. announces first-half financial results for FY2026. Completed divestment of Jem office and acquired 70% stake in PLQ Mall. Lowered cost of debt to 2.90% per annum, increased interest coverage ratio to 1.8 times. Gearing ratio at 38.4% with positive retail rental reversion of 10.4%. Tenant sales grew 7.2% year-to-date.

Financial performance for 1H FY2026 saw gross revenue and net property income decline slightly due to divestment of Jem office and revenue impact from exit of Cathay Cineplexes. Distributable income grew 11.7% to S$48.6 million. Gearing ratio lowered to 38.4% with weighted average cost of debt at 2.90% per annum.

Operational performance highlights strong retail portfolio performance with PLQ Mall included. Achieved positive rental reversion of 10.4% and tenant sales grew 7.2% year-to-date. Portfolio committed occupancy at 95% with retail portfolio occupancy at 99.5%. Lease expiry profile remains sound with 7.5% due for renewal in FY2026.

Capital management improved post-Jem office divestment with net sales proceeds used for debt repayment. Gearing ratio lowered to 38.4% with 72% of borrowings hedged to fixed rates. Weighted average cost of debt decreased to 2.90% per annum. Portfolio committed occupancy at approximately 95%.

Lendlease REIT’s active portfolio optimization strategy strengthens its retail portfolio with a focus on Singapore assets. Achieved positive rental reversion of 10.4% and tenant sales grew 7.2% year-to-date. Commenced reconfiguration of retail spaces at PLQ Mall to drive uplift in rental rates. Mr. Guy Cawthra, CEO, highlights resilience of the portfolio and strategic execution.

Read more at GlobeNewswire: Distribution Per Unit Increased 3.1% Year-on-Year to 1.85