LREIT’s revenue and NPI declined 13.6% and 19.8% y-o-y to $103.6 million and $74.9 million in 1HFY2025 respectively. This was due to the absence of supplementary rent from the lease restructure of LREIT’s Milan office property Sky Complex, though it was partially cushioned by the higher Singapore contributions.
Lendlease Global Commercial REIT (LREIT) may have been awarded the tender to redevelop the 48,200 sq ft car park at Grange Road next to its retail mall 313@Somerset, but slower completion of this event space and a lower overall net property income (NPI) margin have forced CGS International Research analyst Lock Mun Yee to cut her target price to 69 cents from 71 cents previously.
Still, Lock is staying “add” on LREIT following the release of its results for 1HFY2025 ended Dec 31, 2024.
