Lendlease REIT posts 12.2% retail rental reversion in Q3

Portfolio occupancy rose as the REIT completed full acquisition of PLQ Mall.

Lendlease Global Commercial REIT recorded a 12.2% retail rental reversion in the third quarter (Q3) of financial year (FY) 2026, supported by high occupancy across its retail portfolio.

Portfolio committed occupancy rose to 95.3% as at 31 March, from 94.9% in the previous quarter. Retail occupancy stood at 99.7%, whilst occupancy at its Milan office portfolio was 89.1%, according to the manager.

Lendlease REIT completed the acquisition of the remaining 30% stake in PLQ Mall on 26 March, giving it full ownership of the asset where enhancement works are underway and expected to be completed by end-2026, said the manager.

Following the acquisition, the REIT refinanced PLQ Mall loans, securing about $2m in annual debt cost savings, according to the manager.

Year-to-date tenant sales increased 17.6% year on year (YoY), including four months of contribution from PLQ Mall. Excluding PLQ Mall, tenant sales rose 2.5% on a like-for-like basis.

Shopper visitation also grew 13.7% YoY, or 5.2% excluding PLQ Mall.

As at 31 March, gearing stood at 38.7%. The REIT said $82.8m from its preferential offering was used after the quarter ended to repay loans, reducing gearing to 37.5% on a pro forma basis.

Gross borrowings totalled $1.74b as at 31 March, whilst the weighted average cost of debt remained at about 2.9% per annum. The interest coverage ratio stood at 1.8 times based on its latest reported financial results as at 31 December 2025.

On 14 April, the manager issued $120m in perpetual securities at 4.28% per annum to partially refinance $200m in perpetual securities due in June 2026.

Separately, the REIT said it will redeem all of its existing $200m 4.20% subordinated perpetual securities on 4 June, after which the securities will be cancelled and delisted from the Singapore Exchange Securities Trading Limited.

Lendlease REIT said it has no debt refinancing risks in FY2026 and about $611m in available debt facilities. It also said electricity tariffs have been fixed through FY2028.

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Lendlease Global Commercial REIT

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