Core Insights - Lendlease Global Commercial REIT reported strong operational performance with a portfolio committed occupancy of 95.0% as of September 30, 2025, and a positive retail rental reversion of 8.9% [4][6][10] - The divestment of Jem office is nearing completion, expected by November 12, 2025, with a projected disposal gain of approximately S$8.9 million for Unitholders [3][10] - The company has been recognized for its sustainability efforts, being awarded the Regional Sector Leader in Retail Asia (Listed) by GRESB 2025 and included in the iEdge Singapore Next 50 Index [11][12] Operational Performance - The retail portfolio's occupancy rate exceeded 99%, while the Milan office portfolio occupancy increased to 88.5% from 81.6% [4] - Tenant retention was reported at 52.2%, with a notable increase to 72.9% when excluding the exit of Cathay Cineplexes [6] - Visitation improved by 7.7% year-on-year, although tenant sales dipped by 0.8% [7] Capital Management - Lendlease REIT refinanced S$115.5 million in loans, with gross borrowings at S$1,668.9 million and a weighted average debt maturity of 2.6 years [8] - Approximately 68% of borrowings were hedged to fixed rates, with the weighted average cost of debt improving to 3.09% per annum [9][10] - The interest coverage ratio was reported at 1.6 times based on the last financial results [9] Awards and Recognition - Inclusion in the iEdge Singapore Next 50 Index has doubled the average daily trading volume to approximately 10 million units [11] - Lendlease REIT achieved a 5 Star rating in the GRESB assessment for its ESG performance, marking the sixth consecutive year as Regional Sector Leader [12][13]

Core Insights - Lendlease Global Commercial REIT (LREIT) reported stable operational performance with a committed occupancy rate of 92.1% as of March 31, 2025, and a well-spread lease expiry profile [3][5][15] - The retail portfolio achieved a high occupancy rate of 99.5% with a positive rental reversion of 10.4%, although tenant sales declined by 5.1% year-to-date due to a softer retail landscape [5][9] - The company successfully refinanced S$200 million of perpetual securities at a lower coupon rate of 4.75%, reducing overall debt costs and gearing to 38.0% [12][14][15] Operational Performance - LREIT's portfolio maintained a committed occupancy of 92.1% as of March 31, 2025, with only 1.2% of net lettable area (NLA) and 2.4% of gross rental income (GRI) due for renewal in FY2025 [3] - The retail portfolio's tenant retention rate was healthy at 87.9%, while the office portfolio occupancy stood at 86.6% [5][8] - New tenants signed during the quarter included Shaw Theatres, lululemon, Chagee, and 2 Street, enhancing the tenant mix [6] Asset Management and Development - LREIT is redeveloping a car park at Grange Road into a multifunctional event space, with construction on track for completion by the second half of 2026 [4][9] - Refurbishment works to upgrade restroom facilities at Jem are underway, scheduled for phased completion by Q1 2026 [7][9] Capital Management - LREIT issued S$120 million in perpetual securities at a 4.75% annual rate to refinance existing securities, with net proceeds used to reduce debt and lower gearing [12][14] - As of March 31, 2025, gross borrowings were S$1,451.7 million, with a weighted average debt maturity of 1.8 years and approximately 76% of borrowings hedged to fixed rates [13][14] Strategic Outlook - The CEO emphasized the importance of managing capital positions and pursuing asset recycling options to reduce gearing, while also planning for strategic growth [15]