Lendlease Global Commercial (JYEU) Q1 2025 earnings summary

Executive summary

• Portfolio committed occupancy stood at 89.5% as of 30 September 2024, with retail at 99.9% and office at 81.7%.

• Retail rental reversion achieved 11.4% on a weighted average basis, and tenant retention rate reached 90.0% by NLA.

• Tenant sales in 1Q FY2025 remained above pre-COVID-19 averages.

• ESG leadership maintained with top GRESB Asia Retail (Listed) ranking for five consecutive years.

• Portfolio value was S$3.68 billion, with 90% in Singapore and 10% in Milan.

Financial highlights

• Gross borrowings were S$1,554.4 million as at 30 September 2024, with a gearing ratio of 40.7%.

• Weighted average debt maturity was 2.3 years, and weighted average cost of debt increased to 3.74% p.a.

• Interest coverage ratio stood at 2.9 times.

• Approximately 70% of borrowings are hedged to fixed rates, and 85% of committed debt facilities are sustainability-linked.

Outlook and guidance

• Focus remains on proactive asset management, prudent capital management, and achieving resilient, sustainable returns.

• Continued progress towards ESG targets and sustainability commitments, including Absolute Zero Carbon by FY2040.

• Leasing interest for Sky Complex Building 3 remains strong, with advanced negotiations ongoing.

• Jem office rental review has commenced, with updates to follow.