Positive rental reversions
Lendlease REIT (LREIT) reported positive rental revisions for the nine months ending 3Q FY25, with retail rentals rising by 10.4% and office leases seeing a 13% uplift. Tenant retention improved to 87.9%, up from 86.1% in 1H FY25.
| Lendlease REIT 3Q FY25 results summary |
| |
9M FY25 |
6M FY25 |
| Portfolio Committed Occupancy |
92.1% |
92.3% |
| - Retail |
99.5% |
99.9% |
| - Office |
86.6% |
86.6% |
| Retail Rental Revision |
10.4% |
10.7% |
| Office Rental Uplift |
13.0% |
1.2% |
| Tenant Retention Rate |
87.9% |
86.1% |
| Weight Average Lease Expiry, by NLA (years) |
7.3 |
7.2 |
| Tenant Sales |
-5.1% |
-5.2% |
| Source: Company data |
Portfolio occupancy fell slightly
As of 31 March 2025, LREIT's overall portfolio occupancy stood at 92.1%, down slightly from 92.3% in December 2024, primarily due to minor slippage in the Retail segment (99.5% from 99.9%). Tenant sales fell by 5.1%, consistent with the 5.2% decline in 1H FY25. Office occupancy remained stable at 86.6%. LREIT has a well-managed lease expiry profile, with only 1.2% of net lettable area (NLA) due for renewal in FY25 and 12% in FY26. Early...
