Lendlease Global Commercial Reit · SGX:JYEU
Lendlease Global Commercial Reit — H1 2023 Earnings Presentation
31 slides from Lendlease Global Commercial Reit's earnings presentation, Feb 7, 2023
Slide 1: 1H FY2023 Financial Results
1H FY2023 Financial Results 7 February 2023 Jem, office and retail property in Singapore
Slide 2: Important Notice
Important Notice Lendlease Global Commercial REIT 2 This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Repr
Slide 3: Key Highlights
Key Highlights Key highlights 313@somerset, a prime retail mall along Orchard Road in Singapore
Slide 4: Key Highlights: Financial Performance and Capital Management
1H FY2023 Financial Results Lendlease Global Commercial REIT 4 Key Highlights Financial Performance Distributable Distribution Gross Net Property Income Per Unit Revenue Income S$56.0 million 2.45 cents S$101.7 million S$76.4 million +95.9% YoY(1) +2.1% YoY (1) +159.6% YoY (1) +157.8% YoY (1) Capita
Slide 5: Key Highlights: Portfolio Metrics and Awards
1H FY2023 Financial Results Lendlease Global Commercial REIT 5 Key Highlights Key Portfolio Metrics Portfolio Committed Weighted Average Retail Rental Occupancy Lease Expiry Reversion 99.8% 8.3 years(1) c.2%(2) (by NLA) Tenant Sales Tenant Retention Office Rental Up 5 times(3) 72.4%(4) Escalation c.
Slide 6: Financial Performance
Financial Performance Capital management Jem, a resilient suburban mall in the West of Singapore
Slide 7: Financial Performance: Steady DPU performance
1H FY2023 Financial Results Lendlease Global Commercial REIT 7 Financial Performance Steady DPU performance S$(’000) unless otherwise stated 1H FY2023 1H FY2022 Variance (%) Gross revenue 101,733 39,190 159.6 Net property income 76,424 29,643 157.8 Distributable income 56,030 28,602 95.9 DPU (cents)
Slide 8: Stable Income Stream
1H FY2023 Financial Results Lendlease Global Commercial REIT 8 Stable Income Stream • Suburban retail contributes approximately 61% of the gross revenue • High concentration in essential services trades at approximately 58% by GRI Gross Revenue Gross Revenue (By Geography and Sector) S$ million Mila
Slide 9: Key Financial Indicators
1H FY2023 Financial Results Lendlease Global Commercial REIT 9 Key Financial Indicators As at 31 December 2022 As at 30 June 2022 Total assets S$3.7 billion S$3.7 billion Total liabilities S$1.5 billion S$1.5 billion Net assets S$2.2 billion S$2.2 billion Unitholders’ funds S$1.8 billion S$1.8 billi
Slide 10: Debt Facilities and Maturity Profile
1H FY2023 Financial Results Lendlease Global Commercial REIT 10 Debt Facilities and Maturity Profile • Income from Sky Complex are hedged with rolling foreign exchange forwards • Approximately 61% of the borrowings are hedged to fixed rates • Sustainable financing accounts for 62% of total borrowing
Slide 11: Distribution Schedule
1H FY2023 Financial Results Lendlease Global Commercial REIT 11 Distribution Schedule Establishment of Distribution Reinvestment Plan (DRP) to provide Unitholders the option to receive their distributions in the form of fully-paid new Units or a combination of fully-paid new Units and cash. Details
Slide 12: Portfolio Performance
Portfolio Performance Capital management Jem is connected directly to Jurong East MRT Station and in close proximity to the Jurong East Bus Interchange.
Slide 13: High Committed Occupancy with Minimal Leases Expiring
1H FY2023 Financial Results Lendlease Global Commercial REIT 13 High Committed Occupancy with Minimal Leases Expiring • Leases expiring in FY2023 further de-risked to 5.8% (from 8.0%) by NLA and 9.6% (from 14.5%) by GRI Portfolio Lease Expiry Profile Portfolio Committed Occupancy (as at 31 December
Slide 14: Retail and Office Portfolio Occupancy
1H FY2023 Financial Results Lendlease Global Commercial REIT 14 Retail and Office Portfolio Occupancy Retail Portfolio Office Portfolio (as at 31 December 2022) (as at 31 December 2022) • Healthy occupancy • Long WALE of 12.4 years(1) by NLA and 15.3 years(1) by GRI to ensure stable income stream •
Slide 15: Retail Portfolio: Tenant sales and visitation surpassed pre-COVID-19 levels
1H FY2023 Financial Results Lendlease Global Commercial REIT 15 Retail Portfolio: Tenant sales and visitation surpassed pre-COVID-19 average levels • Post the acquisition of Jem, tenant sales and visitation up 5 times and 2.8 times YoY, respectively, in 1H FY2023 Tenant Sales 160% Tenant Sales Index
Slide 16: Retail: Well-curated brands to elevate retail experience
1H FY2023 Financial Results Lendlease Global Commercial REIT 16 Retail: Well-curated brands to elevate retail experience Bathing Aape, well-loved Japanese fashion brand Rabeanco, fashion accessories retailer specialised in leather Black by Blue Brave, homegrown fashion brand products specialising in
Slide 17: Sustainability
Sustainability Moving Forward Sky Garden at Jem, providing green respite to office tenants and shoppers.
Slide 18: LEED Gold Certification
1H FY2023 Financial Results Lendlease Global Commercial REIT 18 LEED Gold Certification ✓ All three(1) buildings of Sky Complex have been awarded with the prestigious LEED Gold Certification ✓ The business district of Milano Santa Giulia is LEED Neighbourhood Development Gold certified, a benchmark
Slide 19: Engaging the Community
1H FY2023 Financial Results Lendlease Global Commercial REIT 19 Engaging the Community ✓ Share the same target with Lendlease Group to create A$250 million social value by 2025 • Approximately 43%(1) of target met ✓ Diversity and Inclusion In conjunction with the International Day of Person with Dis
Slide 20: Looking Ahead
Looking Ahead Appendix Sky Complex, three Grade A office buildings in Milan, Italy
Slide 21: Looking Ahead
1H FY2023 Financial Results Lendlease Global Commercial REIT 21 Looking Ahead Key Focus in the Near-term ✓ Drive resilient and sustainable returns ✓ Active capital management to manage cost and gearing ✓ Proactive asset management to enhance resilience of the assets ✓ Explore AEI opportunities Strat
Slide 22: Market Review
Market Review Moving Forward Discovery Walk at 313@somerset, Singapore
Slide 23: Market Review
1H FY2023 Financial Results Lendlease Global Commercial REIT 23 Market Review • Retail sales (excluding motor vehicles) continued to improve in the second half of 2022. In November 2022, retail sales increased 8.7% YoY with an estimated total retail sales value of S$3.6 billion, of which online sale
Slide 24: Additional Information
Additional Information Moving Forward Multifunctional event space adjacent to 313@somerset
Slide 25: Singapore-centric Portfolio
1H FY2023 Financial Results Lendlease Global Commercial REIT 25 Singapore-centric Portfolio • Singapore–centric asset base of approximately 87% of the portfolio (by valuation) • Grade A office and suburban office and retail account for more than 70% of the portfolio Value by Geographic Value by Asse
Slide 26: Jem, an office and retail property in Singapore
1H FY2023 Financial Results Lendlease Global Commercial REIT 26 Jem, an office and retail property in Singapore One of the largest suburban malls in the West of Singapore, infusing the region with lively shopping and dining experiences. Key Statistics (as at 31 December 2022) Occupancy 100% 9.2 year
Slide 27: 313@somerset, a prime retail mall in Singapore
1H FY2023 Financial Results Lendlease Global Commercial REIT 27 313@somerset, a prime retail mall in Singapore A youth-oriented retail mall centrally located on Singapore’s Orchard Road shopping belt, directly connected to the Somerset MRT Station. Key Statistics (as at 31 December 2022) Occupancy 9
Slide 28: Sky Complex, three Grade A office buildings in Milan
1H FY2023 Financial Results Lendlease Global Commercial REIT 28 Sky Complex, three Grade A office buildings in Milan Office buildings with excellent accessibility via the public transport system. The buildings are fully leased to Sky Italia, owned by Comcast Corporation(1). Key Statistics (as at 31
Slide 29: Sky Complex, Grade-A Office in Milan
1H FY2023 Financial Results Lendlease Global Commercial REIT 29 Sky Complex, Grade-A Office in Milan All three office buildings are LEED Gold Certified, have Grade A office building specifications and are designed in accordance with energy saving criteria and high use flexibility. The new Linate met
Slide 30: Commitment towards environmental goals
1H FY2023 Financial Results Lendlease Global Commercial REIT 30 Commitment towards environmental goals As a 1.5°C aligned company, LREIT’s sponsor has set ambitious science- based emissions reductions targets. Reduction of greenhouse gas Mitigation of all greenhouse gas emissions from business activ
Slide 31: Thank You
JEM, SINGAPORE 313@SOMERSET, SINGAPORE SKY COMPLEX, MILAN MULTIFUNCTIONAL EVENT SPACE ADJACENT TO 313@SOMERSET Thank You For enquiries, please contact Ling Bee Lin, Senior Manager Investor Relations and ESG Tel: (65) 6671 7374 / Email: enquiry@lendleaseglobalcommercialreit.com
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