Lendlease REIT’s net property income down by 19.8% YoY in H1 2025

This is due to the absence of supplementary rent from the lease restructure of Sky Complex.

Lendlease Global REIT’s net property income (NPI) declined by 19.8% year-on-year (YoY) to $74.9m in the first half of the financial year 2025 (H1 2025), according to its financial report.

The company mainly attributes this to the absence of supplementary rent from the lease restructure of Sky Complex that was received and recognised upfront in December 2023.

After adjustments, gross revenue for H1 2025 was 0.4% higher whilst NPI was 2.2% lower YoY.

In H1 2025, the REIT's distributable income was $43.5m, translating to a distribution per unit (DPU) of $0.0180, lower than the $0.0210 reported in H1 2024. The reduction in DPU was due to higher finance costs, lower NPI, and an enlarged unit base.

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