313@somerset

Lendlease Global Commercial REIT’s net profit dips 2.5% YoY to $29.6m in H1 FY2022

The decline was offset by lower property operating expenses.

Lendlease Global Commercial REIT’s (LREIT) net property income declined by 2.5% year-on-year (YoY) to $29.6m in the first half of the financial year 2022 (H1 FY2022).

The decrease in net profit was partially offset by the REIT’s lower property operating expenses of $1.7m or “14.9% from the absence of doubtful debt provisions and lower expenses contributed from marketing, insurances, salary & related expenses and operating expenses.”

Despite the net profit decline, the REIT’s distributable income still increased by 3.8% YoY to $28.6m, translating to a 2.6% increase in the distribution per unit to 2.40 cents.

Gross revenue, meanwhile, also declined to $39.2m attributed to lower rental reversion at 313@somerset and lower revenue from Sky Complex due to foreign exchange.

In terms of portfolio, the REIT reported an all-time high occupancy at 99.9% by the end of December 2021, with a weighted lease average expiry of 8.4 years by net lettable assets and 4.4 years by gross rental income.

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