Lendlease REIT has achieved a high occupancy for its retail malls in Singapore. However, its relatively high debt levels has led to an increase interest cost and a decline in distributions. What happened? Many REIT investors might be familiar with Lendlease Global Commercial REIT (SGX:JYEU), which owns the 313@Somerset and JEM malls in Singapore. Recently, Lendlease REIT reported its full full-year results for FY2023. As compared to most S-REITs that reported 1H 2023 results for this earning season, Lendlease REIT is slightly different as its financial year ends in June.  For FY2023, Lendlease REIT reported a distribution per unit (DPU) of 4.70 cents. This was lower than the 4.85 cents reported in the previous year. While Lendlease REIT’s gross revenue and net property income rose compared to the previous year, distributions declined in FY2023. Following the results, we examine if Lendlease REIT is a good buy for investors looking to build their dividend portfolios....