LHN (41O) Q1 2025 earnings summary

Executive summary

• High occupancy and expansion across co-living, storage, development, facilities management and renewable energy marked 1QFY2025.

• FY2025 priorities include growing Coliwoo and solar capacity, expanding storage, and shifting toward an asset-light portfolio.

Segment performance

• Occupancy across industrial, commercial and Coliwoo co-living spaces exceeded 95%, excluding joint venture properties and spaces under progressive handover.

• Managed co-living portfolio totaled 2,915 keys at 31 December 2024, including 461 under renovation; 2,586 keys were secured, and 45 additional keys were secured during 1QFY2025.

• Facilities Management secured 29 new contracts and re-tendered 75 existing contracts; cleaning services had 93 external and 27 internal customers.

• Car-park management covered 100 Singapore car parks with over 27,000 lots and two Hong Kong car parks with over 700 lots at 31 December 2024.

• Energy operations had 8.8 MW of solar capacity and 19 EV charging points across the business and its joint venture at 31 December 2024.

Outlook and guidance

• Three Coliwoo launches at Arab Street, Balestier Road and Upper Bukit Timah Road are planned for FY2025, adding over 130 keys; two more projects are planned for later financial years, alongside a target of at least 800 new rooms annually.

• FY2025 solar-capacity target is 13 MW, up from 8.8 MW at 31 December 2024; expansion will include harvesting solar energy beyond building rooftops.

• Work + Store @ 38 Ang Mo Kio is scheduled to add air-conditioned storage services in 2QFY2025.

• Five Singapore residential projects are scheduled to open from 3QFY2025 to 1QFY2027, comprising 24, 45, 62, 210 and 120 keys.

• Asset-light plans include portfolio optimisation, capital recycling, increasing master-lease assets and exploring an asset-light AUM model.