Net property income (NPI) of $16.2 million exceeded the forecast by 3.2%, due to lower property operating expenses. “On the expenses front, we had property tax and elec-tricity savings, giving us a positive variance resulting in a $200,000 increase in GRI and a $500,000 increase in NPI,” Chow adds.
SINGAPORE (Feb 17): In the three months to Dec 31, 2019, for its 2QFY2020, Lendlease Global Commercial REIT (LREIT) outperformed its forecast numbers. Distribution per unit was 1.29 cents, 3.1% above forecast DPU of 1.25 cents. Distributable income of $15.0 million was 2.4% higher than forecast.
Gross revenue of $21.4 million was 1% higher than forecast, mainly driven by gross rental income (GRI) from 313@somerset. The hip, popular mall along Orchard Road, which sits atop Somerset MRT Station, reg-istered positive rental reversion of 0.5% for the October-to-December quarter. “313 outperformed relative to forecasts because of rental uplift. [We had] a slight increase of gross rental income,” said Kelvin Chow, CEO of LREIT’s manager, in a recent interview.
