Lock and Eing also point out that the tenant retention ratio improved from 61.5% in FY21 to 90% in 1QFY2022, as LREIT took a deliberate move to change its tenant mix at 313@Somerset last year.
CGS-CIMB Research analysts Eing Kar Mei and Lock Mun Yee have maintained their “add” call and target price of 95.6 cents for Lendlease Global Commercial REIT, pointing at “encouraging” 1QFY2022 rental reversions.
In a Nov 9 report, Lock and Eing note that the occupancy rate for the REIT remained high 99.8%, which was flat compared to 2HFY2021. They note, however, 313@Somerset’s occupancy rate declined slightly from 99.2% in 2HFY21 to 98.9% in 1QFY2022, while Sky Complex remained 100% occupied.
