Lendlease Global Commercial REIT’s NPI soars 22.2% YoY to $93.4m in 1H24

Despite higher NPI, the REIT declared a lower DPU of $0.0210.

With improved operational performance from the retail malls and recognition of supplementary rent from the lease restructure with Sky Italia, Lendlease Global Commercial REIT recorded improved revenue and net property income (NPI) in 1H24.

The REIT’s gross revenue rose 17.9% YoY to $119.9m, whilst its NPI jumped 22.2% YoY to $93.4m.

Excluding the supplementary rent recognised in advance, gross revenue and NPI would still increase by 5.1% YoY.

Despite higher NPI and revenue, the REIT declared a distribution per unit (DPU) of $0.0210, lower than the $0.0245 recorded in 1H23.

The REIT attributed the lower DPU in 1H24 to higher borrowing costs amidst the higher interest rates as compared to a year ago.