Lendlease Reit JYEU
Financials
Lendlease Global Commercial REIT Annual Report FY2026
Explore the statements
45 tablesStatements of Financial Position
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|---|---|
| Intangible assetsS$’000 | 5 | 14 | 5 | 14 | PDF p. 116 |
| Investment propertiesS$’000 | 4,209,457 | 3,756,476 | 2,905,000 | 3,341,000 | PDF p. 116 |
| Investment property under developmentS$’000 | 6,157 | 6,860 | 6,157 | 6,860 | PDF p. 116 |
| Investment in associatesS$’000 | – | 4,130 | – | – | PDF p. 116 |
| Investment in subsidiariesS$’000 | – | – | 841,892 | 490,347 | PDF p. 116 |
| Loan to subsidiaryS$’000 | – | – | 442,228 | – | PDF p. 116 |
| Equity instrument at fair valueS$’000 | 85,120 | 86,090 | 85,120 | 86,090 | PDF p. 116 |
| Other non-current assetsS$’000 | 6,386 | 3,405 | 3,208 | 3,087 | PDF p. 116 |
| Derivative financial instrumentsS$’000 | 993 | – | 993 | – | PDF p. 116 |
| Non-current assets | |||||
| SubtotalS$’000 | 4,308,118 | 3,856,975 | 4,284,603 | 3,927,398 | PDF p. 116 |
| Cash and cash equivalentsS$’000 | 68,644 | 41,592 | 51,759 | 30,257 | PDF p. 116 |
| Trade and other receivablesS$’000 | 3,064 | 2,615 | 1,784 | 1,422 | PDF p. 116 |
| Other current assetsS$’000 | 7,346 | 5,027 | 4,765 | 4,599 | PDF p. 116 |
| Derivative financial instrumentsS$’000 | 41 | – | 41 | – | PDF p. 116 |
| Current assets | |||||
| SubtotalS$’000 | 79,095 | 49,234 | 58,349 | 36,278 | PDF p. 116 |
| Total assetsS$’000 | 4,387,213 | 3,906,209 | 4,342,952 | 3,963,676 | PDF p. 116 |
| Trade and other payablesS$’000 | 82,939 | 65,030 | 66,190 | 56,565 | PDF p. 116 |
| Loans and borrowingsS$’000 | 217,976 | 314,220 | 217,976 | 314,220 | PDF p. 116 |
| Lease liabilityS$’000 | 211 | 203 | 211 | 203 | PDF p. 116 |
| Derivative financial instrumentsS$’000 | 2,487 | 253 | 2,487 | 253 | PDF p. 116 |
| Current liabilities | |||||
| SubtotalS$’000 | 303,613 | 379,706 | 286,864 | 371,241 | PDF p. 116 |
| Trade and other payablesS$’000 | 33,772 | 22,554 | 24,018 | 22,554 | PDF p. 116 |
| Loans and borrowingsS$’000 | 1,463,019 | 1,326,308 | 1,463,019 | 1,326,308 | PDF p. 116 |
| Lease liabilityS$’000 | 1,546 | 1,757 | 1,546 | 1,757 | PDF p. 116 |
| Derivative financial instrumentsS$’000 | 7,082 | 27,900 | 7,082 | 27,900 | PDF p. 116 |
| Non-current liabilities | |||||
| SubtotalS$’000 | 1,505,419 | 1,378,519 | 1,495,665 | 1,378,519 | PDF p. 116 |
| Total liabilitiesS$’000 | 1,809,032 | 1,758,225 | 1,782,529 | 1,749,760 | PDF p. 116 |
| Net assetsS$’000 | 2,578,181 | 2,147,984 | 2,560,423 | 2,213,916 | PDF p. 116 |
| Unitholders’ fundsS$’000 | 2,337,574 | 1,827,360 | 2,319,816 | 1,894,379 | PDF p. 116 |
| Non-controlling interestsS$’000 | – | 1,087 | – | – | PDF p. 116 |
| Perpetual securities holdersS$’000 | 240,607 | 319,537 | 240,607 | 319,537 | PDF p. 116 |
| Represented by total equity | |||||
| SubtotalS$’000 | 2,578,181 | 2,147,984 | 2,560,423 | 2,213,916 | PDF p. 116 |
| Units issued at end of financial year (’000)Units (’000) | 3,327,029 | 2,446,669 | 3,327,029 | 2,446,669 | PDF p. 116 |
| Net asset value per unit attributable to Unitholders (S$)S$ per unit | 0.70 | 0.75 | 0.70 | 0.77 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Gross revenueS$’000 | 211,898 | 206,542 | PDF p. 117 |
| Property operating expensesS$’000 | (59,190) | (57,786) | PDF p. 117 |
| Net property incomeS$’000 | 152,708 | 148,756 | PDF p. 117 |
| Manager’s base feeS$’000 | (11,199) | (10,426) | PDF p. 117 |
| Manager’s performance feeS$’000 | (8,126) | (7,538) | PDF p. 117 |
| Other management feeS$’000 | (776) | (764) | PDF p. 117 |
| Trustee’s feeS$’000 | (455) | (430) | PDF p. 117 |
| Other trust expensesS$’000 | (2,410) | (2,105) | PDF p. 117 |
| Net foreign exchange gain/(loss)S$’000 | 4,333 | (12,662) | PDF p. 117 |
| Dividend incomeS$’000 | 3,375 | 3,046 | PDF p. 117 |
| Net finance costsS$’000 | (51,890) | (65,268) | PDF p. 117 |
| Profit before tax, change in fair value, impairment and share of profitS$’000 | 85,560 | 52,609 | PDF p. 117 |
| Net change in fair value of investment properties and investment property under developmentS$’000 | 11,267 | 46,831 | PDF p. 117 |
| Net change in fair value of equity instrumentS$’000 | (970) | 141 | PDF p. 117 |
| Impairment of investment in associatesS$’000 | – | (93) | PDF p. 117 |
| Loss on divestment of investment propertyS$’000 | (4,769) | – | PDF p. 117 |
| Gain on liquidation of associatesS$’000 | 3,001 | – | PDF p. 117 |
| Share of profit/(loss) of associatesS$’000 | 3,560 | (296) | PDF p. 117 |
| Share of profit of joint venturesS$’000 | 12,570 | – | PDF p. 117 |
| Net change in fair value of derivative financial instrumentsS$’000 | 11,966 | (28,442) | PDF p. 117 |
| Profit before taxS$’000 | 122,185 | 70,750 | PDF p. 117 |
| Tax expenseS$’000 | – | – | PDF p. 117 |
| Profit after taxS$’000 | 122,185 | 70,750 | PDF p. 117 |
| Attributable to profit after tax | |||
| UnitholdersS$’000 | 106,963 | 52,412 | PDF p. 117 |
| Non-controlling interestsS$’000 | 757 | (137) | PDF p. 117 |
| Perpetual securities holdersS$’000 | 14,465 | 18,475 | PDF p. 117 |
| SubtotalS$’000 | 122,185 | 70,750 | PDF p. 117 |
| Translation differences relating to financial statements of a foreign subsidiaryS$’000 | (5,842) | 12,578 | PDF p. 117 |
| Total comprehensive income for the yearS$’000 | 116,343 | 83,328 | PDF p. 117 |
| Attributable to total comprehensive income | |||
| UnitholdersS$’000 | 101,121 | 64,990 | PDF p. 117 |
| Non-controlling interestsS$’000 | 757 | (137) | PDF p. 117 |
| Perpetual securities holdersS$’000 | 14,465 | 18,475 | PDF p. 117 |
| SubtotalS$’000 | 116,343 | 83,328 | PDF p. 117 |
| Earnings per unit (cents) | |||
| Basic and dilutedcents per unit | 3.73 | 2.17 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Distribution Statement
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Amount available for distribution to Unitholders at beginning of the yearS$’000 | 44,084 | 42,075 | PDF p. 118 |
| Profit after taxS$’000 | 106,963 | 52,412 | PDF p. 118 |
| Net tax and other adjustmentsS$’000 | 3,330 | 35,153 | PDF p. 118 |
| Amount available for distribution to UnitholdersS$’000 | 154,377 | 129,640 | PDF p. 118 |
| 1.770 Singapore cents per unit for the period from 1 January 2024 – 30 June 2024S$’000 | – | (42,066) | PDF p. 118 |
| 1.795 Singapore cents per unit for the period from 1 July 2024 – 31 December 2024S$’000 | – | (43,490) | PDF p. 118 |
| 1.801 Singapore cents per unit for the period from 1 January 2025 – 30 June 2025S$’000 | (44,072) | – | PDF p. 118 |
| 1.331 Singapore cents per unit for the period from 1 July 2025 – 13 November 2025S$’000 | (33,208) | – | PDF p. 118 |
| 0.520 Singapore cents per unit for the period from 14 November 2025 – 31 December 2025S$’000 | (15,382) | – | PDF p. 118 |
| Distribution to Unitholders during the year | |||
| SubtotalS$’000 | (92,662) | (85,556) | PDF p. 118 |
| Amount available for distribution to Unitholders at end of the yearS$’000 | 61,715 | 44,084 | PDF p. 118 |
| Manager's base fees in unitsS$’000 | 11,199 | 10,426 | PDF p. 118 |
| Manager's performance fees in unitsS$’000 | 8,126 | 7,538 | PDF p. 118 |
| Property manager's fees in unitsS$’000 | 5,726 | 6,110 | PDF p. 118 |
| Amortisation of debt-related transaction costsS$’000 | 13,451 | 11,559 | PDF p. 118 |
| Net foreign exchange (gain)/lossS$’000 | (4,335) | 12,579 | PDF p. 118 |
| Net change in fair value of investment properties and investment property under developmentS$’000 | (11,267) | (46,831) | PDF p. 118 |
| Net change in fair value of equity instrumentS$’000 | 970 | (141) | PDF p. 118 |
| Impairment of investment in associatesS$’000 | – | 93 | PDF p. 118 |
| Loss on divestment of investment propertyS$’000 | 4,769 | – | PDF p. 118 |
| Gain on liquidation of associatesS$’000 | (3,001) | – | PDF p. 118 |
| Share of (profit)/loss of associatesS$’000 | (3,560) | 296 | PDF p. 118 |
| Share of profit of joint venturesS$’000 | (12,570) | – | PDF p. 118 |
| Net change in fair value of derivative financial instrumentsS$’000 | (11,966) | 28,442 | PDF p. 118 |
| Milan Properties supplementary rentS$’000 | 2,125 | 7,249 | PDF p. 118 |
| Capital distributionS$’000 | 2,266 | – | PDF p. 118 |
| Temporary differences and other adjustmentsS$’000 | 1,397 | (2,167) | PDF p. 118 |
| Note A — Net tax and other adjustments, original unlabeled total | |||
| SubtotalS$’000 | 3,330 | 35,153 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
Distribution policy (note 3.12, physical p144): LREIT makes distributions to Unitholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the six-month period ending on each of the said dates. Under the Trust Deed, the Manager shall pay distributions no later than 90 days after the end of each distribution period.
Consolidated Statement of Cash Flows
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Profit after taxS$’000 | 122,185 | 70,750 | PDF p. 126 |
| Manager’s fees paid/payable in unitsS$’000 | 19,325 | 17,964 | PDF p. 126 |
| Property manager’s fees paid/payable in unitsS$’000 | 6,643 | 6,110 | PDF p. 126 |
| Dividend income from equity instrument at fair valueS$’000 | (3,375) | (3,046) | PDF p. 126 |
| Finance incomeS$’000 | (2,950) | (885) | PDF p. 126 |
| Interest expenseS$’000 | 40,763 | 54,255 | PDF p. 126 |
| Amortisation of debt-related transaction costsS$’000 | 13,451 | 11,559 | PDF p. 126 |
| Amortisation of intangible assetsS$’000 | 33 | 47 | PDF p. 126 |
| Amortisation of investment properties - tenant incentiveS$’000 | 2,418 | 2,141 | PDF p. 126 |
| Net foreign exchange (gain)/lossS$’000 | (4,167) | 12,579 | PDF p. 126 |
| Share of profit of joint venturesS$’000 | (12,570) | – | PDF p. 126 |
| Impairment of investment in associatesS$’000 | – | 93 | PDF p. 126 |
| Share of (profit)/loss of associatesS$’000 | (3,560) | 296 | PDF p. 126 |
| Gain on liquidation of associatesS$’000 | (3,001) | – | PDF p. 126 |
| Loss on divestment of investment propertyS$’000 | 4,769 | – | PDF p. 126 |
| Net change in the fair value of investment properties and investment property under developmentS$’000 | (11,267) | (46,831) | PDF p. 126 |
| Net change in fair value of equity instrumentS$’000 | 970 | (141) | PDF p. 126 |
| Net change in fair value of derivatives financial instrumentsS$’000 | (11,966) | 28,442 | PDF p. 126 |
| Adjustments for | |||
| SubtotalS$’000 | 157,701 | 153,333 | PDF p. 126 |
| Trade and other receivablesS$’000 | 1,840 | 5,465 | PDF p. 126 |
| Trade and other payablesS$’000 | (12,488) | 5,309 | PDF p. 126 |
| Other current assetsS$’000 | (1,218) | 2,388 | PDF p. 126 |
| Other non-current assetsS$’000 | (1,597) | (854) | PDF p. 126 |
| Investment properties - tenant incentiveS$’000 | (453) | (2,996) | PDF p. 126 |
| Net cash from operating activitiesS$’000 | 143,785 | 162,645 | PDF p. 126 |
| Dividends received from associates (including net capital returns)S$’000 | 11,328 | – | PDF p. 126 |
| Dividends received from equity instrument at fair valueS$’000 | 3,375 | 3,046 | PDF p. 126 |
| Adjustment of purchase price of equity instrumentS$’000 | – | 149 | PDF p. 126 |
| Interest receivedS$’000 | 2,950 | 885 | PDF p. 126 |
| Capital expenditure on investment propertiesS$’000 | (10,466) | (15,162) | PDF p. 126 |
| Capital expenditure on investment property under developmentS$’000 | (1) | (82) | PDF p. 126 |
| Acquisition of joint venturesS$’000 | (235,141) | – | PDF p. 126 |
| Acquisition of subsidiary, net of cash and cash equivalents acquiredS$’000 | (59,403) | – | PDF p. 126 |
| Purchase of intangible assetsS$’000 | (24) | – | PDF p. 126 |
| Net proceeds from divestment of investment propertyS$’000 | 460,701 | – | PDF p. 126 |
| Net cash from/(used in) investing activitiesS$’000 | 173,319 | (11,164) | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Proceeds from issuance of new unitsS$’000 | 476,617 | – | PDF p. 127 |
| Payment of issue costs for new unitsS$’000 | (7,695) | (162) | PDF p. 127 |
| Proceeds from issuance of perpetual securitiesS$’000 | 120,000 | 120,000 | PDF p. 127 |
| Redemption of perpetual securitiesS$’000 | (200,000) | (200,000) | PDF p. 127 |
| Payment of issuance costs for perpetual securitiesS$’000 | (995) | (1,289) | PDF p. 127 |
| Payment of financing transaction costsS$’000 | (10,710) | (5,600) | PDF p. 127 |
| Payment for termination of derivativesS$’000 | (7,739) | – | PDF p. 127 |
| Proceeds from loans and borrowingsS$’000 | 1,416,900 | 586,000 | PDF p. 127 |
| Repayment of loans and borrowingsS$’000 | (1,935,307) | (500,300) | PDF p. 127 |
| Distribution to UnitholdersS$’000 | (82,277) | (72,103) | PDF p. 127 |
| Distribution to perpetual securities holdersS$’000 | (14,100) | (18,900) | PDF p. 127 |
| Distribution to non-controlling interestsS$’000 | (2,501) | – | PDF p. 127 |
| Interest paidS$’000 | (40,124) | (52,391) | PDF p. 127 |
| Payment of lease liabilityS$’000 | (270) | (270) | PDF p. 127 |
| Net cash used in financing activitiesS$’000 | (288,201) | (145,015) | PDF p. 127 |
| Net increase in cash and cash equivalentsS$’000 | 28,903 | 6,466 | PDF p. 127 |
| Cash and cash equivalents at beginning of the yearS$’000 | 41,592 | 34,124 | PDF p. 127 |
| Effect of exchange rate changes on balances held in foreign currencyS$’000 | (1,851) | 1,002 | PDF p. 127 |
| Cash and cash equivalents at end of the yearS$’000 | 68,644 | 41,592 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
The accompanying notes form an integral part of these financial statements.
SIGNIFICANT NON-CASH TRANSACTIONS (physical p127): During the financial year ended 30 June 2026, there were the following significant non-cash transactions:
(i) LREIT issued units amounting to S$18.1 million (2025: S$18.7 million) as payment for the base fee and performance fee elements of the Manager’s management fees;
(ii) LREIT issued units amounting to S$10.4 million (2025: S$13.5 million) as part payment for distributions for the period from 1 January 2025 to 30 June 2025 (2025: 1 January 2024 to 31 December 2024), pursuant to distribution reinvestment plan; and
(iii) LREIT issued units amounting to S$6.1 million (2025: S$6.1 million) as payment for the property manager’s management fee. Refer to note 18 of the financial statements.
Statements of Movements in Unitholders’ Funds — Group FY2026
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupUnits in issue | 2026GroupRetained earnings | 2026GroupForeign currency translation reserve | 2026GroupTotal attributable to Unitholders | 2026GroupPerpetual securities | 2026GroupNon-controlling interests | 2026GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|
| At 1 July 2025S$’000 | 1,901,485 | (66,762) | (7,363) | 1,827,360 | 319,537 | 1,087 | 2,147,984 | PDF p. 119 |
| Profit after taxS$’000 | – | 106,963 | – | 106,963 | 14,465 | 757 | 122,185 | PDF p. 119 |
| Items that is or may be reclassified subsequently to profit or loss Translation differences relating to financial statements of a foreign subsidiaryS$’000 | – | – | (5,842) | (5,842) | – | – | (5,842) | PDF p. 119 |
| Total comprehensive income for the yearS$’000 | – | 106,963 | (5,842) | 101,121 | 14,465 | 757 | 116,343 | PDF p. 119 |
| Issuance costsS$’000 | (7,695) | – | – | (7,695) | (995) | – | (8,690) | PDF p. 119 |
| Manager’s base fee paid in unitsS$’000 | 10,521 | – | – | 10,521 | – | – | 10,521 | PDF p. 119 |
| Manager’s performance fee paid in unitsS$’000 | 7,538 | – | – | 7,538 | – | – | 7,538 | PDF p. 119 |
| Property manager’s fee paid in unitsS$’000 | 6,089 | – | – | 6,089 | – | – | 6,089 | PDF p. 119 |
| Issuance of units through private placementS$’000 | 280,000 | – | – | 280,000 | – | – | 280,000 | PDF p. 119 |
| Issuance of units through preferential offeringS$’000 | 196,617 | – | – | 196,617 | – | – | 196,617 | PDF p. 119 |
| Issuance of perpetual securitiesS$’000 | – | – | – | – | 120,000 | – | 120,000 | PDF p. 119 |
| Redemption of perpetual securitiesS$’000 | – | – | – | – | (200,000) | – | (200,000) | PDF p. 119 |
| Distribution reinvestment planS$’000 | 10,385 | – | – | 10,385 | – | – | 10,385 | PDF p. 119 |
| Distributions to UnitholdersS$’000 | – | (92,662) | – | (92,662) | – | – | (92,662) | PDF p. 119 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | (14,100) | – | (14,100) | PDF p. 119 |
| Reclassification of issue costs on redemption of perpetual securitiesS$’000 | – | (1,700) | – | (1,700) | 1,700 | – | – | PDF p. 119 |
| Distributions to NCIS$’000 | – | – | – | – | – | (2,501) | (2,501) | PDF p. 119 |
| Write-off of NCIS$’000 | – | – | – | – | – | 657 | 657 | PDF p. 119 |
| Total transactions with equity holdersS$’000 | 503,455 | (94,362) | – | 409,093 | (93,395) | (1,844) | 313,854 | PDF p. 119 |
| At 30 June 2026S$’000 | 2,404,940 | (54,161) | (13,205) | 2,337,574 | 240,607 | – | 2,578,181 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
All printed columns use S$’000, including Units in issue (capital).
Statements of Movements in Unitholders’ Funds — Group FY2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupUnits in issue | 2025GroupRetained earnings | 2025GroupForeign currency translation reserve | 2025GroupTotal attributable to Unitholders | 2025GroupPerpetual securities | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|
| At 1 July 2024S$’000 | 1,863,387 | (31,799) | (19,941) | 1,811,647 | 399,432 | 1,224 | 2,212,303 | PDF p. 120 |
| Profit after taxS$’000 | – | 52,412 | – | 52,412 | 18,475 | (137) | 70,750 | PDF p. 120 |
| Items that is or may be reclassified subsequently to profit or loss Translation differences relating to financial statements of a foreign subsidiaryS$’000 | – | – | 12,578 | 12,578 | – | – | 12,578 | PDF p. 120 |
| Total comprehensive income for the yearS$’000 | – | 52,412 | 12,578 | 64,990 | 18,475 | (137) | 83,328 | PDF p. 120 |
| Issuance costsS$’000 | (162) | – | – | (162) | (1,289) | – | (1,451) | PDF p. 120 |
| Manager’s base fee paid in unitsS$’000 | 10,329 | – | – | 10,329 | – | – | 10,329 | PDF p. 120 |
| Manager’s performance fee paid in unitsS$’000 | 8,396 | – | – | 8,396 | – | – | 8,396 | PDF p. 120 |
| Property manager’s fee paid in unitsS$’000 | 6,082 | – | – | 6,082 | – | – | 6,082 | PDF p. 120 |
| Issuance of perpetual securitiesS$’000 | – | – | – | – | 120,000 | – | 120,000 | PDF p. 120 |
| Redemption of perpetual securitiesS$’000 | – | – | – | – | (200,000) | – | (200,000) | PDF p. 120 |
| Distribution reinvestment planS$’000 | 13,453 | – | – | 13,453 | – | – | 13,453 | PDF p. 120 |
| Distributions to UnitholdersS$’000 | – | (85,556) | – | (85,556) | – | – | (85,556) | PDF p. 120 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | (18,900) | – | (18,900) | PDF p. 120 |
| Reclassification of issue costs on redemption of perpetual securitiesS$’000 | – | (1,819) | – | (1,819) | 1,819 | – | – | PDF p. 120 |
| Total transactions with equity holdersS$’000 | 38,098 | (87,375) | – | (49,277) | (98,370) | – | (147,647) | PDF p. 120 |
| At 30 June 2025S$’000 | 1,901,485 | (66,762) | (7,363) | 1,827,360 | 319,537 | 1,087 | 2,147,984 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
All printed columns use S$’000, including Units in issue (capital).
Statements of Movements in Unitholders’ Funds — LREIT FY2026
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026LREITUnits in issue | 2026LREITRetained earnings | 2026LREITTotal attributable to Unitholders | 2026LREITPerpetual securities | 2026LREITTotal equity | Source |
|---|---|---|---|---|---|---|
| At 1 July 2025S$’000 | 1,901,485 | (7,106) | 1,894,379 | 319,537 | 2,213,916 | PDF p. 121 |
| Profit after taxS$’000 | – | 16,344 | 16,344 | 14,465 | 30,809 | PDF p. 121 |
| Total comprehensive income for the yearS$’000 | – | 16,344 | 16,344 | 14,465 | 30,809 | PDF p. 121 |
| Issuance costsS$’000 | (7,695) | – | (7,695) | (995) | (8,690) | PDF p. 121 |
| Manager’s base fee paid in unitsS$’000 | 10,521 | – | 10,521 | – | 10,521 | PDF p. 121 |
| Manager’s performance fee paid in unitsS$’000 | 7,538 | – | 7,538 | – | 7,538 | PDF p. 121 |
| Property manager’s fee paid in unitsS$’000 | 6,089 | – | 6,089 | – | 6,089 | PDF p. 121 |
| Issuance of units through private placementS$’000 | 280,000 | – | 280,000 | – | 280,000 | PDF p. 121 |
| Issuance of units through preferential offeringS$’000 | 196,617 | – | 196,617 | – | 196,617 | PDF p. 121 |
| Issuance of perpetual securitiesS$’000 | – | – | – | 120,000 | 120,000 | PDF p. 121 |
| Redemption of perpetual securitiesS$’000 | – | – | – | (200,000) | (200,000) | PDF p. 121 |
| Distribution reinvestment planS$’000 | 10,385 | – | 10,385 | – | 10,385 | PDF p. 121 |
| Distribution to UnitholdersS$’000 | – | (92,662) | (92,662) | – | (92,662) | PDF p. 121 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | (14,100) | (14,100) | PDF p. 121 |
| Reclassification of issue costs on redemption of perpetual securitiesS$’000 | – | (1,700) | (1,700) | 1,700 | – | PDF p. 121 |
| Total transactions with equity holdersS$’000 | 503,455 | (94,362) | 409,093 | (93,395) | 315,698 | PDF p. 121 |
| At 30 June 2026S$’000 | 2,404,940 | (85,124) | 2,319,816 | 240,607 | 2,560,423 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
All printed columns use S$’000, including Units in issue (capital). Comparative reporting period is split into a separate table.
Statements of Movements in Unitholders’ Funds — LREIT FY2025
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025LREITUnits in issue | 2025LREITRetained earnings | 2025LREITTotal attributable to Unitholders | 2025LREITPerpetual securities | 2025LREITTotal equity | Source |
|---|---|---|---|---|---|---|
| At 1 July 2024S$’000 | 1,863,387 | 29,554 | 1,892,941 | 399,432 | 2,292,373 | PDF p. 121 |
| Profit after taxS$’000 | – | 50,715 | 50,715 | 18,475 | 69,190 | PDF p. 121 |
| Total comprehensive income for the yearS$’000 | – | 50,715 | 50,715 | 18,475 | 69,190 | PDF p. 121 |
| Issuance costsS$’000 | (162) | – | (162) | (1,289) | (1,451) | PDF p. 121 |
| Manager’s base fee paid in unitsS$’000 | 10,329 | – | 10,329 | – | 10,329 | PDF p. 121 |
| Manager’s performance fee paid in unitsS$’000 | 8,396 | – | 8,396 | – | 8,396 | PDF p. 121 |
| Property manager’s fee paid in unitsS$’000 | 6,082 | – | 6,082 | – | 6,082 | PDF p. 121 |
| Issuance of perpetual securitiesS$’000 | – | – | – | 120,000 | 120,000 | PDF p. 121 |
| Redemption of perpetual securitiesS$’000 | – | – | – | (200,000) | (200,000) | PDF p. 121 |
| Distribution reinvestment planS$’000 | 13,453 | – | 13,453 | – | 13,453 | PDF p. 121 |
| Distributions to UnitholdersS$’000 | – | (85,556) | (85,556) | – | (85,556) | PDF p. 121 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | (18,900) | (18,900) | PDF p. 121 |
| Reclassification of issue costs on redemption of perpetual securitiesS$’000 | – | (1,819) | (1,819) | 1,819 | – | PDF p. 121 |
| Total transactions with equity holdersS$’000 | 38,098 | (87,375) | (49,277) | (98,370) | (147,647) | PDF p. 121 |
| At 30 June 2025S$’000 | 1,901,485 | (7,106) | 1,894,379 | 319,537 | 2,213,916 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
All printed columns use S$’000, including Units in issue (capital). Comparative reporting period is split into a separate table.
Performance Highlights
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | 2025FY2025 | Source |
|---|---|---|---|
| Performance highlights | |||
| Gross RevenueS$m | 211.9 | 206.5 | PDF p. 6 |
| Net Property IncomeS$m | 152.7 | 148.8 | PDF p. 6 |
| Distributable IncomeS$m | 110.3 | 87.6 | PDF p. 6 |
| Distribution Per UnitSingapore cents per unit | 3.70 | 3.60 | PDF p. 6 |
| Total AssetsS$m | 4,387.2 | 3,906.2 | PDF p. 6 |
| Net Asset Value Per UnitS$ per unit | 0.70 | 0.75 | PDF p. 6 |
| Appraised Portfolio ValueS$m | 4,215.6 | 3,763.3 | PDF p. 6 |
| Committed Portfolio Occupancy% | 94.6 | 92.1 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Chart labels, units and all values transcribed from the Performance Highlights page. Notes 1–6 and their definitions are printed on physical page 6.
Full source footnotes: (1) Excludes non-controlling interests and perpetual securities holders’ funds. (2) Comprises investment properties and investment property under development (including the recognition of right-of-use asset). (3) Full-year FY2026 comparison of weighted average rent for outgoing and incoming leases. (4) Refers to commercial Building 1 and 2 in Milan, effective from April 2026. Annual rental review pegged to the consumer price index published by the ISTAT. (5) Excludes amortisation of debt-related transaction costs. (6) Calculation is in accordance with the Property Funds Appendix of the CIS Code. The ICR in accordance with loan agreements exceeds 4.0 times, in excess of debt covenant at 2.0 times; calculation is based on a trailing 12 months period ending on the date of the latest reported financial results.
Earnings Per Unit
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Earnings per unit calculation | |||
| Profit after tax attributable to UnitholdersS$’000 | 106,963 | 52,412 | PDF p. 167 |
| Weighted average number of units during the financial year’000 units | 2,869,031 | 2,414,538 | PDF p. 167 |
| Basic earnings per unit (cents)cents per unit | 3.73 | 2.17 | PDF p. 167 |
Definitions & sources
Original report: PDF p. 167 ↗
Basic earnings per unit is calculated by dividing total profit for the financial year after tax by the weighted average number of units during the financial year. Diluted earnings per unit is the same as basic earnings per unit as there are no potential dilutive units during the financial year.
Source Note26 explicitly states diluted earnings per unit equals basic earnings per unit because no potential dilutive units existed during the financial year.
Distribution Per Unit by Distribution Period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20262025-07-01 to 2025-11-13 | 20262025-11-14 to 2025-12-31 | 20262026-01-01 to 2026-06-30 | Source |
|---|---|---|---|---|
| FY2026 | ||||
| Distribution Per Unitcents per unit | 1.33 | 0.52 | 1.85 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
The FY2026 distribution row uses the three period headings printed above it. The narrative states that 2H FY2026 DPU increased 3.0% YoY to 1.85 cents and full-year DPU rose 3.0% from 3.60 cents to 3.70 cents.
FY2026 periods occur in July2025–June2026; FY2025 periods in July2024–June2025. Distribution rate in Singapore cents; not a cash total.
Distribution Per Unit by Distribution Period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20252024-07-01 to 2024-12-31 | 20252025-01-01 to 2025-06-30 | Source |
|---|---|---|---|
| FY2025 | |||
| Distribution Per Unitcents per unit | 1.80 | 1.80 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
The FY2025 distribution row uses the two period headings printed above it. No calendar years were added to the period headings beyond the report’s FY2025 label.
FY2026 periods occur in July2025–June2026; FY2025 periods in July2024–June2025. Distribution rate in Singapore cents; not a cash total.
FY2026 Financial and REIT Highlights
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | Source |
|---|---|---|
| Rental Reversion | ||
| Rental Reversion: Retail% | 11.7 | PDF p. 6 |
| Rental Reversion: Office% | 1.5 | PDF p. 6 |
| Weighted Average Lease Expiry | ||
| Weighted Average Lease Expiry (by NLA)years | 4.7 | PDF p. 6 |
| Gearing Ratio | ||
| Gearing Ratio% | 38.9 | PDF p. 6 |
| Weighted Average Cost of Debt | ||
| Weighted Average Cost of Debt% per annum | 2.75 | PDF p. 6 |
| Interest Coverage Ratio | ||
| Interest Coverage Ratiotimes | 2.1 | PDF p. 6 |
| Weighted Average Debt Maturity | ||
| Weighted Average Debt Maturityyears | 2.8 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Rental reversion footnote 3: Full-year FY2026 comparison of weighted average rent for outgoing and incoming leases. Footnote 4: Refers to commercial Building 1 and 2 in Milan, effective from April 2026. Annual rental review pegged to the consumer price index published by ISTAT. Footnote 5: Excludes amortisation of debt-related transaction costs. Footnote 6: Calculation is in accordance with the Property Funds Appendix of the CIS Code. ICR under loan agreements exceeds 4.0 times, above the 2.0 times covenant; calculation uses trailing 12 months through the latest results.
Financial Ratios
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Expenses to weighted average net assets | |||
| Expense ratio including performance-related fee% | 0.94 | 0.96 | PDF p. 186 |
| Expense ratio excluding performance-related fee% | 0.61 | 0.62 | PDF p. 186 |
| Financial ratios | |||
| Portfolio turnover rate% | 18.92 | – | PDF p. 186 |
Definitions & sources
Original report: PDF p. 186 ↗
The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property related expenses, borrowing costs, changes in fair value of financial derivatives, investment properties and investment property under development and foreign exchange gains/(losses).
The annualised portfolio turnover ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of weighted average net asset value.
Subsequent Distribution
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20261 January 2026 to 30 June 2026 | Source |
|---|---|---|
| Subsequent event | ||
| Distribution per unitSingapore cents per unit | 1.8546 | PDF p. 186 |
Definitions & sources
Original report: PDF p. 186 ↗
The report explicitly identifies this as a subsequent event announced on 3 August 2026.
Tenant Sales FY2024
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024FY2024 | Source |
|---|---|---|
| Tenant Sales | ||
| Tenant SalesS$ million | 826.3 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Tenant Sales FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | Source |
|---|---|---|
| Tenant Sales | ||
| Tenant SalesS$ million | 784.2 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Tenant Sales FY2026
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | Source |
|---|---|---|
| Tenant Sales | ||
| Tenant SalesS$ million | 972.6 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Visitation FY2024
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024FY2024 | Source |
|---|---|---|
| Visitation | ||
| Visitationmillion visits | 66.4 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Visitation FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | Source |
|---|---|---|
| Visitation | ||
| Visitationmillion visits | 67.2 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Visitation FY2026
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | Source |
|---|---|---|
| Visitation | ||
| Visitationmillion visits | 78.3 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Three-year value is read from the FY label in the chart.
Committed Debt Maturity Profile and Liquidity FY2027
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2027Committed debt scheduled maturity FY2027; balances at30June2026 | Source |
|---|---|---|
| Drawn Committed Debt Facilities | ||
| S$ Term LoansS$ million | 200.0 | PDF p. 40 |
| S$ Revolving LoansS$ million | 20.0 | PDF p. 40 |
| Undrawn Committed Debt Facilities | ||
| Available Loan FacilitiesS$ million | 80.0 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Amounts are mapped from the stacked source chart and rendered original physical page 40. Available Loan Facilities denotes the undrawn facility segment.
Future years label scheduled debt maturity, not historical performance or projected annual cash flows. Chart distinguishes drawn euro/SGD term/revolving loans and undrawn available facilities; all plotted amounts are S$million.
Committed Debt Maturity Profile and Liquidity FY2028
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2028Committed debt scheduled maturity FY2028; balances at30June2026 | Source |
|---|---|---|
| Drawn Committed Debt Facilities | ||
| S$ Term LoansS$ million | 100.0 | PDF p. 40 |
| € Term LoansS$ million | 329.6 | PDF p. 40 |
| S$ Revolving LoansS$ million | 95.7 | PDF p. 40 |
| Undrawn Committed Debt Facilities | ||
| Available Loan FacilitiesS$ million | 18.1 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Amounts are mapped from the stacked source chart and rendered original physical page 40. Available Loan Facilities denotes the undrawn facility segment.
Future years label scheduled debt maturity, not historical performance or projected annual cash flows. Chart distinguishes drawn euro/SGD term/revolving loans and undrawn available facilities; all plotted amounts are S$million.
Committed Debt Maturity Profile and Liquidity FY2029
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2029Committed debt scheduled maturity FY2029; balances at30June2026 | Source |
|---|---|---|
| Drawn Committed Debt Facilities | ||
| S$ Term LoansS$ million | 160.0 | PDF p. 40 |
| S$ Revolving LoansS$ million | 177.5 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Amounts are mapped from the stacked source chart and rendered original physical page 40. Available Loan Facilities denotes the undrawn facility segment.
Future years label scheduled debt maturity, not historical performance or projected annual cash flows. Chart distinguishes drawn euro/SGD term/revolving loans and undrawn available facilities; all plotted amounts are S$million.
Committed Debt Maturity Profile and Liquidity FY2030
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2030Committed debt scheduled maturity FY2030; balances at30June2026 | Source |
|---|---|---|
| Drawn Committed Debt Facilities | ||
| S$ Term LoansS$ million | 90.0 | PDF p. 40 |
| S$ Revolving LoansS$ million | 32.5 | PDF p. 40 |
| Undrawn Committed Debt Facilities | ||
| Available Loan FacilitiesS$ million | 17.5 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Amounts are mapped from the stacked source chart and rendered original physical page 40. Available Loan Facilities denotes the undrawn facility segment.
Future years label scheduled debt maturity, not historical performance or projected annual cash flows. Chart distinguishes drawn euro/SGD term/revolving loans and undrawn available facilities; all plotted amounts are S$million.
Committed Debt Maturity Profile and Liquidity FY2031
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2031Committed debt scheduled maturity FY2031; balances at30June2026 | Source |
|---|---|---|
| Drawn Committed Debt Facilities | ||
| S$ Term LoansS$ million | 300.0 | PDF p. 40 |
| S$ Revolving LoansS$ million | 200.0 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Amounts are mapped from the stacked source chart and rendered original physical page 40. Available Loan Facilities denotes the undrawn facility segment.
Future years label scheduled debt maturity, not historical performance or projected annual cash flows. Chart distinguishes drawn euro/SGD term/revolving loans and undrawn available facilities; all plotted amounts are S$million.
Property Portfolio Valuations
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | 2025FY2025 | Source |
|---|---|---|---|
| Property portfolio valuations | |||
| JemS$ million | 1,855.0 | 2,299.0 | PDF p. 27 |
| 313@somersetS$ million | 1,056.2 | 1,048.9 | PDF p. 27 |
| PLQ MallS$ million | 907.0 | N.A. | PDF p. 27 |
| Milan PropertiesS$ million | 397.5 | 415.5 | PDF p. 27 |
| TotalS$ million | 4,215.6 | 3,763.3 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Footnote 4: Refers to the capitalisation rate used in accordance with the income capitalisation valuation method.
Footnote 5: Refers to the discount rate used in accordance with the discounted cash flow valuation method.
Footnote 6: Includes the development of Grange House (including the recognition of right-of-use asset) adjacent to 313@somerset, which will be connected seamlessly to 313@somerset via Discovery Walk.
Footnote 7: Refers to operating asset only.
Footnote 8: Inclusive of plaza kiosks and level 1 retail shops at 2 Paya Lebar Road under Park Place Residences at Paya Lebar Quarter (total three retail strata lots).
Footnote 9: Conversion of € to S$ based on the FX rate of 1.478 as at 30 June 2026.
Footnote 10: Conversion of € to S$ based on the FX rate of 1.498 as at 30 June 2025.
Milan Properties Valuation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | 2025FY2025 | Source |
|---|---|---|---|
| Property portfolio valuations | |||
| Milan Properties€ million | 268.95 | 277.40 | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
The corresponding S$ converted values are reported in the Property Portfolio Valuations table.
Significant non-cash transactions — issued units
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|
| Significant non-cash transactions | |||
| Units issued as payment for the base fee and performance fee elements of the Manager’s management feesS$ million | 18.1 | 18.7 | PDF p. 127 |
| Units issued as part payment for distributions pursuant to the distribution reinvestment planS$ million | 10.4 | 13.5 | PDF p. 127 |
| Units issued as payment for the property manager’s management feeS$ million | 6.1 | 6.1 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Original physical p127 figures are rounded S$ million; cash-flow statement amounts remain S$000. These values overlap the detailed unit issuance movements and are not additional cash transactions.
Financial review — balance sheet summary
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026REIT financial review | 2025REIT financial review | Source |
|---|---|---|---|
| Financial review — balance sheet summary | |||
| Total AssetsS$’000 | 4,387,213 | 3,906,209 | PDF p. 40 |
| Total LiabilitiesS$’000 | (1,809,032) | (1,758,225) | PDF p. 40 |
| Net AssetsS$’000 | 2,578,181 | 2,147,984 | PDF p. 40 |
| Unitholders’ FundsS$’000 | 2,337,574 | 1,827,360 | PDF p. 40 |
| Non-controlling InterestsS$’000 | - | 1,087 | PDF p. 40 |
| Perpetual Securities HoldersS$’000 | 240,607 | 319,537 | PDF p. 40 |
| SubtotalS$’000 | 2,578,181 | 2,147,984 | PDF p. 40 |
| Number of Units in Issue (number)units | 3,327,029,297 | 2,446,669,290 | PDF p. 40 |
| NAV per Unit (S$)S$ per unit | 0.70 | 0.75 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Original p40 summary retained. Monetary values S$000; exact units issued are counts, NAV Singapore dollars per unit. Balances correspond to audited Group statement; printed liability amounts retain negative presentation.
Property valuation — capitalisation rates
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Portfolio valuation at30June2026 | Source |
|---|---|---|
| Property valuation — capitalisation rates | ||
| Jem% | 4.50% | PDF p. 27 |
| 313@somerset% | 4.25% | PDF p. 27 |
| PLQ Mall% | 4.25% | PDF p. 27 |
| Milan Properties% | N.A. | PDF p. 27 |
| Total% | N.A. | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Original p27 valuation assumptions. Variance compares FY2026 to FY2025; Jem FY2026 retail versus FY2025 retail and office. Capitalisation/discount rates are inputs to valuation, not shareholder yield.
Property valuation — discount rates
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Portfolio valuation at30June2026 | Source |
|---|---|---|
| Property valuation — discount rates | ||
| Jem% | 6.75% | PDF p. 27 |
| 313@somerset% | 7.00% | PDF p. 27 |
| PLQ Mall% | 7.00% | PDF p. 27 |
| Milan Properties — Buildings 1 and 2% | 7.43% | PDF p. 27 |
| Milan Properties — Building 3% | 8.22% | PDF p. 27 |
| Total% | N.A. | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Original p27 valuation assumptions. Variance compares FY2026 to FY2025; Jem FY2026 retail versus FY2025 retail and office. Capitalisation/discount rates are inputs to valuation, not shareholder yield.
Property valuation — reported variance
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Portfolio valuation at30June2026 | Source |
|---|---|---|
| Property valuation — reported variance | ||
| Jem% | N.M. | PDF p. 27 |
| 313@somerset% | +0.7% | PDF p. 27 |
| PLQ Mall% | N.A. | PDF p. 27 |
| Milan Properties — euro value% | -3.0% | PDF p. 27 |
| Milan Properties — Singapore-dollar equivalent% | (-4.3%) | PDF p. 27 |
| Total% | N.M. | PDF p. 27 |
Definitions & sources
Original report: PDF p. 27 ↗
Original p27 valuation assumptions. Variance compares FY2026 to FY2025; Jem FY2026 retail versus FY2025 retail and office. Capitalisation/discount rates are inputs to valuation, not shareholder yield.
Subsequent distribution — approximate cash amount
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Entitlement1January2026–30June2026; announced3August2026 | Source |
|---|---|---|
| Subsequent distribution — approximate cash amount | ||
| Subsequent distribution — approximate total amountS$ million | 61.7 | PDF p. 186 |
Definitions & sources
Original report: PDF p. 186 ↗
Audited portfolio — carrying values
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|---|---|
| Audited portfolio — carrying values | |||||
| 313@somersetS$’000 | 1,050,000 | 1,042,000 | 1,050,000 | 1,042,000 | PDF p. 123 |
| Jem Retail (2025: Jem Retail and Office)S$’000 | 1,855,000 | 2,299,000 | 1,855,000 | 2,299,000 | PDF p. 123 |
| PLQ MallS$’000 | 907,000 | – | – | – | PDF p. 123 |
| Milan PropertiesS$’000 | 397,457 | 415,476 | – | – | PDF p. 123 |
| Investment properties, at valuationS$’000 | 4,209,457 | 3,756,476 | 2,905,000 | 3,341,000 | PDF p. 123 |
| Grange HouseS$’000 | 4,400 | 4,900 | 4,400 | 4,900 | PDF p. 123 |
| Investment property under development, at valuationS$’000 | 4,400 | 4,900 | 4,400 | 4,900 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Money and percentages displayed separately; exact original8-column positions retained in source audit. p122/123 comprise facing-page original schedule.
Audited portfolio — percentage of total unitholders’ funds
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|---|---|
| Audited portfolio — percentage of total unitholders’ funds | |||||
| 313@somerset% | 44.9 | 57.0 | 45.3 | 55.0 | PDF p. 123 |
| Jem Retail (2025: Jem Retail and Office)% | 79.4 | 125.8 | 80.0 | 121.4 | PDF p. 123 |
| PLQ Mall% | 38.8 | – | – | – | PDF p. 123 |
| Milan Properties% | 17.0 | 22.7 | – | – | PDF p. 123 |
| Investment properties, at valuation% | 180.1 | 205.5 | 125.3 | 176.4 | PDF p. 123 |
| Grange House% | 0.2 | 0.3 | 0.2 | 0.3 | PDF p. 123 |
| Investment property under development, at valuation% | 0.2 | 0.3 | 0.2 | 0.3 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Money and percentages displayed separately; exact original8-column positions retained in source audit. p122/123 comprise facing-page original schedule.
Audited portfolio reconciliation — Group carrying values
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Audited portfolio reconciliation — Group carrying values | |||
| Investment properties and investment property under development, at valuationS$’000 | 4,213,857 | 3,761,376 | PDF p. 125 |
| Investment property under development – right-of-use assets (note 6)S$’000 | 1,757 | 1,960 | PDF p. 125 |
| Investment properties and investment property under developmentS$’000 | 4,215,614 | 3,763,336 | PDF p. 125 |
| Other assets and liabilities of the Group (net)S$’000 | (1,637,433) | (1,615,352) | PDF p. 125 |
| Net assets of the GroupS$’000 | 2,578,181 | 2,147,984 | PDF p. 125 |
| Non-controlling interestsS$’000 | – | (1,087) | PDF p. 125 |
| Perpetual securities holdersS$’000 | (240,607) | (319,537) | PDF p. 125 |
| Net assets attributable to UnitholdersS$’000 | 2,337,574 | 1,827,360 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Source3 common valuation rows plus scope-specific net-asset bridge. Original36structural blanks retained separately; source unit applies to entire row.
Audited portfolio reconciliation — Group percentage of total unitholders’ funds
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Audited portfolio reconciliation — Group percentage of total unitholders’ funds | |||
| Investment properties and investment property under development, at valuation% | 180.3 | 205.8 | PDF p. 125 |
| Investment property under development – right-of-use assets (note 6)% | 0.1 | 0.1 | PDF p. 125 |
| Investment properties and investment property under development% | 180.4 | 205.9 | PDF p. 125 |
| Other assets and liabilities of the Group (net)% | (70.1) | (88.3) | PDF p. 125 |
| Net assets of the Group% | 110.3 | 117.6 | PDF p. 125 |
| Non-controlling interests% | – | (0.1) | PDF p. 125 |
| Perpetual securities holders% | (10.3) | (17.5) | PDF p. 125 |
| Net assets attributable to Unitholders% | 100.0 | 100.0 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Source3 common valuation rows plus scope-specific net-asset bridge. Original36structural blanks retained separately; source unit applies to entire row.
Audited portfolio reconciliation — LREIT carrying values
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|
| Audited portfolio reconciliation — LREIT carrying values | |||
| Investment properties and investment property under development, at valuationS$’000 | 2,909,400 | 3,345,900 | PDF p. 125 |
| Investment property under development – right-of-use assets (note 6)S$’000 | 1,757 | 1,960 | PDF p. 125 |
| Investment properties and investment property under developmentS$’000 | 2,911,157 | 3,347,860 | PDF p. 125 |
| Other assets and liabilities of LREIT (net)S$’000 | (350,734) | (1,133,944) | PDF p. 125 |
| Net assets of LREITS$’000 | 2,560,423 | 2,213,916 | PDF p. 125 |
| Perpetual securities holdersS$’000 | (240,607) | (319,537) | PDF p. 125 |
| Net assets attributable to UnitholdersS$’000 | 2,319,816 | 1,894,379 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Source3 common valuation rows plus scope-specific net-asset bridge. Original36structural blanks retained separately; source unit applies to entire row.
Audited portfolio reconciliation — LREIT percentage of total unitholders’ funds
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026LREIT | 2025LREIT | Source |
|---|---|---|---|
| Audited portfolio reconciliation — LREIT percentage of total unitholders’ funds | |||
| Investment properties and investment property under development, at valuation% | 125.5 | 176.7 | PDF p. 125 |
| Investment property under development – right-of-use assets (note 6)% | 0.1 | 0.1 | PDF p. 125 |
| Investment properties and investment property under development% | 125.6 | 176.8 | PDF p. 125 |
| Other assets and liabilities of LREIT (net)% | (15.2) | (59.9) | PDF p. 125 |
| Net assets of LREIT% | 110.4 | 116.9 | PDF p. 125 |
| Perpetual securities holders% | (10.4) | (16.9) | PDF p. 125 |
| Net assets attributable to Unitholders% | 100.0 | 100.0 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Source3 common valuation rows plus scope-specific net-asset bridge. Original36structural blanks retained separately; source unit applies to entire row.
Audited property portfolio — committed occupancy
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Property portfolio | 2025Property portfolio | Source |
|---|---|---|---|
| Audited property portfolio — committed occupancy | |||
| 313@somerset% | 98.0 | 98.8 | PDF p. 122 |
| Jem Retail (2025: Jem Retail and Office)% | 100.0 | 99.9 | PDF p. 122 |
| PLQ Mall% | 96.3 | – | PDF p. 122 |
| Milan Properties% | 89.1 | 81.6 | PDF p. 122 |
| Grange House% | N.A. | N.A. | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Sourcep122 characteristics; scope for313/Jem/Grange GroupandLREIT, PLQ/MilanGroup. Source N.A. and dashes retain meaning.
Audited property portfolio — remaining land lease
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Property characteristics at30June2026 | Source |
|---|---|---|
| Audited property portfolio — remaining land lease | ||
| 313@somersetyears | 79.4 | PDF p. 122 |
| Jem Retail (2025: Jem Retail and Office)years | 83.2 | PDF p. 122 |
| PLQ Mallyears | 88.0 | PDF p. 122 |
| Milan Propertiesyears | N.A. | PDF p. 122 |
| Grange Houseyears | 7.4 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Source remaining-term column. Milan landlease Freehold; occupied/commercial uses and property addresses remain original evidence.
Audited property portfolio — nominal land lease years
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Property characteristics at30June2026 | Source |
|---|---|---|
| Audited property portfolio — nominal land lease years | ||
| 313@somersetyears | 99 | PDF p. 122 |
| Jem Retail (2025: Jem Retail and Office)years | 99 | PDF p. 122 |
| PLQ Mallyears | 99 | PDF p. 122 |
| Grange Houseyears | 12 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Source years component; Grange12years364days split into years and days without conversion. Milan freehold is not a numeric duration.
Audited property portfolio — nominal land lease days
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GrangeHouse landlease duration | Source |
|---|---|---|
| Audited property portfolio — nominal land lease days | ||
| Grange Housedays | 364 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Original duration retained in two unit tables; never convert into a fictitious full-year figure.
Where the money comes from
Segment information
By geography
Operating segment (geographic) – year ended 30 June 18 lines
| Item / unit | 2026Singapore, Group, year ended 30 June 2026 | 2026Italy, Group, year ended 30 June 2026 | 2026Total, Group, year ended 30 June 2026 | 2025Singapore, Group, year ended 30 June 2025 | 2025Italy, Group, year ended 30 June 2025 | 2025Total, Group, year ended 30 June 2025 | Source |
|---|---|---|---|---|---|---|---|
| Segment results | |||||||
| Gross revenueS$’000 | 190,877 | 21,021 | 211,898 | 188,571 | 17,971 | 206,542 | PDF p. 184PDF p. 185 |
| Property operating expensesS$’000 | (54,064) | (5,126) | (59,190) | (53,740) | (4,046) | (57,786) | PDF p. 184PDF p. 185 |
| Total segment net property incomeS$’000 | 136,813 | 15,895 | 152,708 | 134,831 | 13,925 | 148,756 | PDF p. 184PDF p. 185 |
| Dividend incomeS$’000 | 3,375 | – | 3,375 | 3,046 | – | 3,046 | PDF p. 184PDF p. 185 |
| Fair value gains/(loss) of investment properties & investment property under developmentS$’000 | 25,343 | (14,076) | 11,267 | PDF p. 184 | |||
| Fair value loss on equity instrumentS$’000 | (970) | – | (970) | PDF p. 184 | |||
| Loss on divestment of investment propertyS$’000 | (4,769) | – | (4,769) | PDF p. 184 | |||
| Gain on liquidation of associatesS$’000 | 3,001 | – | 3,001 | PDF p. 184 | |||
| Share of profit of associatesS$’000 | 3,560 | – | 3,560 | PDF p. 184 | |||
| Share of profit of joint venturesS$’000 | 12,570 | – | 12,570 | PDF p. 184 | |||
| Assets | |||||||
| Segment assetsS$’000 | 3,979,377 | 407,836 | 4,387,213 | 3,477,932 | 428,277 | 3,906,209 | PDF p. 184PDF p. 185 |
| Other segment items | |||||||
| Capital and development expenditureS$’000 | 7,083 | 3,571 | 10,654 | 5,456 | 16,076 | 21,532 | PDF p. 184PDF p. 185 |
| Acquisition of investment propertyS$’000 | 900,074 | – | 900,074 | PDF p. 184 | |||
| Liabilities | |||||||
| Segment liabilitiesS$’000 | 1,803,751 | 5,281 | 1,809,032 | 1,749,819 | 8,406 | 1,758,225 | PDF p. 184PDF p. 185 |
| Segment results | |||||||
| Fair value gains of investment properties & investment property underS$’000 | 42,344 | 4,487 | 46,831 | PDF p. 185 | |||
| Fair value gains of equity instrumentS$’000 | 141 | – | 141 | PDF p. 185 | |||
| Impairment of investment in associatesS$’000 | (93) | – | (93) | PDF p. 185 | |||
| Share of loss of associatesS$’000 | (296) | – | (296) | PDF p. 185 | |||
Notes
Primary segment is by geography: Singapore and Italy. The office component of Jem was divested during the year ended 30 June 2026.
Unallocated items are shown only in the Total column.
One major tenant contributed approximately S$23.3 million of the Group’s gross revenue from Singapore in the year ended 30 June 2025; no major tenants above 10% in FY2026.
Debt
Borrowings
Borrowing notes 3 tables
Loans and borrowings - Group and LREIT
| Item / unit | 2026S$'000, 30 June 2026 | 2025S$'000, 30 June 2025 | Source |
|---|---|---|---|
| Current | |||
| Unsecured interest-bearing bank borrowingsS$'000 | 220,000 | 315,500 | PDF p. 156 |
| Less: Unamortised transaction costsS$'000 | (2,024) | (1,280) | PDF p. 156 |
| Non-current | |||
| Unsecured interest-bearing bank borrowingsS$'000 | 1,485,252 | 1,348,842 | PDF p. 156 |
| Less: Unamortised transaction costsS$'000 | (22,233) | (22,534) | PDF p. 156 |
Notes
Current subtotal (net) 217,976 / 314,220 and non-current subtotal (net) 1,463,019 / 1,326,308 per statement of financial position (page 116). All borrowings unsecured. Undrawn credit facilities approx. S$365.6 million at 30 June 2026; S$1.0 billion Multicurrency Debt Issuance Programme (S$240.0 million perpetual securities issued); S$500.0 million Euro-Commercial Paper Programme. Aggregate leverage 38.9% (2025: 42.6%).
Liquidity risk - contractual cash flows, Group, 30 June
| Item / unit | 2026Group Carrying amount S$'000 | 2026Group Contractual cash flows S$'000 | 2026Group Within 1 year S$'000 | 2026Group Between 1 to 5 years S$'000 | 2026Group After 5 years S$'000 | 2025Group Carrying amount S$'000 | 2025Group Contractual cash flows S$'000 | 2025Group Within 1 year S$'000 | 2025Group Between 1 to 5 years S$'000 | 2025Group After 5 years S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 June Non-derivative financial liabilities | |||||||||||
| Unsecured interest-bearing bank borrowings1S$'000 | 1,680,995 | (1,824,747) | (252,325) | (1,572,422) | – | 1,640,528 | (1,769,370) | (351,791) | (1,417,579) | – | PDF p. 171 |
| Lease liabilityS$'000 | 1,757 | (2,002) | (270) | (1,080) | (652) | 1,960 | (2,272) | (270) | (1,080) | (922) | PDF p. 171 |
Notes
1 The contractual cash flows assume no interest savings from sustainability-linked bank borrowings of S$1,705.3 million (2025: S$1,467.3 million). Expected contractual undiscounted cash inflows/(outflows) including contractual interest payments.
Same footnote 1 as 2026 table.
Liquidity risk - contractual cash flows, LREIT, 30 June
| Item / unit | 2026LREIT Carrying amount S$'000 | 2026LREIT Contractual cash flows S$'000 | 2026LREIT Within 1 year S$'000 | 2026LREIT Between 1 to 5 years S$'000 | 2026LREIT After 5 years S$'000 | 2025LREIT Carrying amount S$'000 | 2025LREIT Contractual cash flows S$'000 | 2025LREIT Within 1 year S$'000 | 2025LREIT Between 1 to 5 years S$'000 | 2025LREIT After 5 years S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 June Non-derivative financial liabilities | |||||||||||
| Unsecured interest-bearing bank borrowings1S$'000 | 1,680,995 | (1,824,747) | (252,325) | (1,572,422) | – | 1,640,528 | (1,769,370) | (351,791) | (1,417,579) | – | PDF p. 172 |
| Lease liabilityS$'000 | 1,757 | (2,002) | (270) | (1,080) | (652) | 1,960 | (2,272) | (270) | (1,080) | (922) | PDF p. 172 |
Notes
Footnote 1 as on page 171.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy | Lendlease REIT intends to distribute at least 90.0% of its adjusted net cashflow from operations for each financial year. The actual level of distribution will be determined at the Manager’s discretion. | Lendlease REIT | PDF p. 88 |
| 3.12 Distribution policy | LREIT makes distributions to Unitholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the six-month period ending on each of the said dates. Under the Trust Deed, the Manager shall pay distributions no later than 90 days after the end of each distribution period. | LREIT | PDF p. 144 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Per Unit (S¢) | 3.70 cents per unit | Group, FY2026 total DPU | PDF p. 6 |
| Distribution Per Unit (S¢) | 3.60 cents per unit | Group, FY2025 total DPU (comparative) | PDF p. 6 |
| 1.770 Singapore cents per unit for the period from 1 January 2024 – 30 June 2024 | 1.770 Singapore cents per unit | Group, distribution paid in FY2025 (comparative year) | PDF p. 118 |
| 1.795 Singapore cents per unit for the period from 1 July 2024 – 31 December 2024 | 1.795 Singapore cents per unit | Group, distribution paid in FY2025 (comparative year) | PDF p. 118 |
| 1.801 Singapore cents per unit for the period from 1 January 2025 – 30 June 2025 | 1.801 Singapore cents per unit | Group, distribution paid in FY2026 | PDF p. 118 |
| 1.331 Singapore cents per unit for the period from 1 July 2025 – 13 November 2025 | 1.331 Singapore cents per unit | Group, distribution paid in FY2026 | PDF p. 118 |
| 0.520 Singapore cents per unit for the period from 14 November 2025 – 31 December 2025 | 0.520 Singapore cents per unit | Group, distribution paid in FY2026 | PDF p. 118 |
| 33 SUBSEQUENT EVENT | 1.8546 Singapore cents per unit | Group, announced 3 August 2026 for period 1 January 2026 to 30 June 2026 · As at 2026-08-03 | PDF p. 186 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Cash flow significant non-cash transactions (ii) | LREIT issued units amounting to S$10.4 million (2025: S$13.5 million) as part payment for distributions for the period from 1 January 2025 to 30 June 2025 (2025: 1 January 2024 to 31 December 2024), pursuant to distribution reinvestment plan | Group, FY2026 vs FY2025 | PDF p. 127 |
Extracted from Lendlease Global Commercial REIT Annual Report FY2026 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Gearing ratio | 38.9% | Group, as at 30 June 2026; comparative 30 June 2025: 42.6% · As at 2026-06-30 | PDF p. 39 |
| ICR5 | 2.1 times6 | Group, as at 30 June 2026; comparative 30 June 2025: 1.6 times · As at 2026-06-30 | PDF p. 39 |
| Weighted average running cost of debt4 | 2.75% p.a. | Group, as at 30 June 2026; comparative 30 June 2025: 3.46% p.a. · As at 2026-06-30 | PDF p. 39 |
| Borrowings hedged to fixed interest rates | 68% | Group, as at 30 June 2026; no comparative printed · As at 2026-06-30 | PDF p. 39 |
| Weighted average debt maturity | 2.8 years | Group, as at 30 June 2026; comparative 30 June 2025: 2.6 years · As at 2026-06-30 | PDF p. 39 |
| committed portfolio occupancy rate | 94.6% | Portfolio, as at 30 June 2026; comparative 30 June 2025: 92.1% · As at 2026-06-30 | PDF p. 25 |
| portfolio WALE | 4.7 years | Portfolio, as at 30 June 2026; no comparative printed · As at 2026-06-30 | PDF p. 26 |
| portfolio WALE | 3.6 years | Portfolio, as at 30 June 2026; no comparative printed · As at 2026-06-30 | PDF p. 26 |
| Appraised Portfolio Value (S$m)2 | 4,215.6 S$ million | FY2026 (30 June 2026); comparative FY2025: 3,763.3 · As at 2026-06-30 | PDF p. 6 |
| NAV per Unit (S$)7 | 0.70 S$ | As at 30 June 2026; comparative 30 June 2025: 0.75 · As at 2026-06-30 | PDF p. 40 |
| DPU | 3.70 cents | FY2026 full year; comparative FY2025: 3.60 cents | PDF p. 40 |
Extracted from Lendlease Global Commercial REIT Annual Report FY2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group | PDF p. 115 |
| Engagement partner | Karen Lee Shu Pei | Group | PDF p. 115 |
| OPINION | present fairly, in all material respects | Group and LREIT | PDF p. 112 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | These investment properties are stated at their fair values based on valuations performed by independent external valuers engaged by the Group. | Group · As at 2026-06-30 | PDF p. 112 |
Extracted from Lendlease Global Commercial REIT Annual Report FY2026 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Lendlease Global Commercial REIT Annual Report FY2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts are Singapore dollars in thousands unless a row states SGD million, euro million, Singapore cents per unit, units in thousands, percent, years or days.
Audited Group income/comprehensive income, distribution and cash flow, Group/LREIT financial position, movements in unitholders’ funds and portfolio are included. No separate LREIT income or cash flow statement is provided.
FY2026/FY2025 primary financial comparatives and FY2024–FY2026 tenant sales/visitation are reproduced from this report. No five-year historical financial summary is disclosed; earlier original-report backfill remains incomplete.
FY2027–FY2031 debt maturity amounts are future scheduled maturities as at30June2026; undrawn facilities remain separately labelled.
Distribution amounts retain their exact entitlement periods. The subsequent61.7million cash distribution and1.8546Singaporecents refer to the same January–June2026 entitlement, not an extra distribution. Non-cash issued units are distinct from cash flows.
Original printed dashes/N.A./N.M. remain literal. Unlabelled source subtotals are retained. Audited portfolio percentages use printed rounded figures; scope-inapplicable structural blanks are not replaced by zeros.
Earlier original-report historical backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.