Lendlease Global Commercial (JYEU) Q3 2025 earnings summary

Executive summary

• New CEO Guy Cawthra appointed effective 1 April, bringing extensive real estate investment experience.

• Retail portfolio achieved a positive rental reversion of 10.4% year-to-date, with tenant retention at 87.9% by net lettable area as of 31 March 2025.

• Jem office secured a rental uplift of 13% following a rent review, with full lease to Singapore's Ministry of National Development until 2044.

• Portfolio committed occupancy at 92.1% as of 31 March 2025; retail at 99.5%, office at 86.6%.

• Active asset management initiatives included new tenant signings, asset enhancements, and ongoing refurbishments.

Financial highlights

• Retail rental reversion up 10.4% year-to-date; office rental uplift of 13% in Singapore.

• Tenant sales declined 5.1% year-to-date compared to FY2024; visitation dropped 0.2%.

• Dividend yield at 7.6% as of 31 March 2025.

• Portfolio value at S$3.68 billion; market capitalisation S$1.2 billion.

• Tenant retention at 87.9% by net lettable area as of 31 March 2025.

Outlook and guidance

• Portfolio optimisation and asset recycling targeted to raise capital and reduce gearing.

• Focus on sustainable income growth via retail rent increases and new tenancies.

• Strategic growth plan to be formulated and communicated to investors.

• Construction of a multifunctional event space at Grange Road is progressing on schedule, with completion targeted for 2H 2026.