Lendlease Global REIT boosts NPI by 7.4% with strong mall performance

The REIT also credited NPI growth to supplementary rent from Sky Complex.

Lendlease Global REIT’s net property income (NPI) rose 7.4% YoY to $165.3m in FY 2024, fueled by the good operational performance of its retail malls.

The REIT also attributed its NPI growth to the recognition of supplementary rent received from the lease restructuring of Sky Complex in December 2023.

Excluding the supplementary rent recognised in advance, NPI would only increase by 1.3% YoY on a proforma basis.

The full-year net property income (NPI) increased despite a 7.2% YoY decline in H2 2024, impacted by the absence of rental income from Building 3 after a lease restructure.

In H2 2024, the REIT's distributable income was $42.1m, translating to a distribution per unit (DPU) of $0.0177, lower than the $0.0225 reported in H2 2023. The reduction in DPU was due to higher borrowing costs and an expanded unit base.

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