Recently, Lendlease REIT has been sold down by investors. The share price of Lendlease Global Commercial REIT (SGX:JYEU) has fallen as much as 16.42% in the past 6 months. What has happened? As you can see from the chart above, Lendlease REIT’s share price has dipped significantly since the mid of August 2023. This happen to be after Lendlease REIT released its FY2023 financial results. Thus, let us take a detail look at its FY2023 financial results to find out what has happened. Lendlease REIT FY2023 Financial Results Lendlease REIT’s Gross Revenue and Net Property Income (“NPI”) was up two times over the year to approximately S$205 million and S$154 million, respectively. This was mainly attributed to the full year financial contribution from Jem and positive rental growth. Despite the increase, Distribution Per Unit (“DPU”) was lower due to higher borrowing costs on the back of rising interest rates. DPU declined 3.2% from 4.85 cents in FY2022 to 4.70 cents in FY2023....