Lendlease Global Commercial REIT

Last updated date: 2020-10-04 (Sunday)

Stock Code: JYEU

Exchange: Singapore Exchange (SGX)

Denomination: SGD

Listing Date / Price: 2019-10-02 / S$0.880

Normal Distribution Period: Semi-Annual to be paid out around end-March and end-September

Financial Year End: June

Quarterly or Semi-Annual Financial Reporting: Semi-Annual

Website: https://www.lendleaseglobalcommercialreit.com/

2020-10-02 (Friday)

Stock Price before market opens: S$0.670
Stock Price at market opens: S$0.670 (+0)
Stock Price after market closes: S$0.690 (+S$0.020)

(1) Acquires stake in JEM via 5% interest in Lendlease Asian Retail Investment Fund 3

(Link to announcement)

• Announcement after market closure on 01 October 2020 (Thursday) 
• Acquires 5% equity stake in Lendlease Asian Retail Investment Fund 3
• Lendlease Asian Retail Investment Fund 3 indirectly holds 75% interest in JEM from Lendlease International Pty Ltd
• Total cost of acquisition is approximately S$46.3m
• ~S$45m for purchase
• ~S$0.4m for acquisition fee payable in LREIT units to LREIT's Manager
  
• ~S$0.9m professional fee, and other fees and expenses incurred or to be incurred by LREIT related to acquisition 
• Pro-forma Financial Effects Post-acquisition
• Based on as if acqusiition was done on 2 October 2019 and LREIT holds and operates property through June 2020.
  
• Gearing of 36.9% (pre-acquisition 35.1%)
• NPI of S$40.3m (unchanged pre-acqusition)
• Dividend income of S$0.9m (S$0 pre-acquisition)
• Distributable income of S$36.0m (S$35.7m pre-acquisition)
• Units in issue of 1,172.5m (pre-acquisition of 1,171.8m units)
  
• DPU of 3.07 Singapore cents (pre-acquisition 3.05 Singapore cents)
  

 

 

2020-08-19 (Wednesday)

Stock trades XD 

Stock Price before market opens: S$0.610

Stock Price at market opens: S$0.615 (+S$0.005) 

Stock Price after market closes: S$0.615 (+S$0.005)

 

 

2020-08-11 (Tuesday)

Stock trades CD

Stock Price before market opens: S$0.650
Stock Price at market opens: S$0.640 (-S$0.010)
Stock Price after market closes: S$0.640 (-S$0.010)

(1) Announced 4Q2020 and Full Year Result before market open

(Link to announcement)

• Announcement made before market opens
• 4Q2020 Results
• DPU of 0.48 Singapore cents (62.7% below forecast of 1.28 Singapore cents)
• Income available for distribution at S$5.693m (62.2% below forecast of S$15.078m)
• Gross Revenue of S$12.466m (42.1% below forecast of S$21.514m)
• NPI of S$7.514m (53.3% below forecast of S$16.092m)
• FY2020 Results
• DPU of 3.05 Singapore cents (19.17% below forecast of 1.25 Singapore cents)
• Income available for distribution at S$35.672m (20.1% below forecast of S$44.671m)
• Gross Revenue of S$55.536m (13.1% below forecast of S$63.91m)
• NPI of S$40.289m (15.6% below forecast of S$47.722m)
• 2H2020 Distribution of 1.758 Singapore cents (Link to distribution announcement)
• Taxable income component of 0.938 Singapore cent
• Tax-exempt income component of 0.286 Singapore cent
  
• Capital component of 0.534 Singapore cents
• XD on 2020-08-19 (Wednesday)
• Payment of distribution on 2020-09-15 (Tuesday)

(2) Valuation of Properties as at 30 June 2020

(Link to Notice of Valuation) 

 

Aggregate Valuation: S$1,442.6 million

• 313@somerset: S$1,008.0 million 
• (Valuer: CBRE Pte. Ltd)
  
• Sky Complex: €277.7 million (S$434.6 million)
• Conversion to SGD based on exchange rate of 1.565.
  
• (Valuer: Savills Advisory Services Limited)

 

 

2020-05-11 (Tuesday)

Stock Price before market opens: S$0.580
Stock Price at market opens: S$0.585 (+S$0.005)
Stock Price after market closes: S$0.580 (No change)

(1) Announced 3Q2020 before market open

(Link to announcement)

• Announcement made before market opens
• DPU of 1.28 Singapore cents (0.7% above forecast of 1.27 Singapore cents)
• Income available for distribution at S$14.967m (0.2% above forecast of S$14.932m)
• Gross Revenue of S$21.663m (2.2% above forecast of S$21.197m)
• NPI of S$16.595m (4% above forecast of S$15.952m)

 

 

 

2020-04-09 (Thursday)
Stock Price before market opens: S$0.500
Stock Price at market opens: S$0.510 (+S$0.010)
Stock Price after market closes: S$0.535 (+S$0.035)

(1) Covid-19 outbreak update
(Link to announcement)

• Impact to 313@somerset distributable income from April 2020 onwards
• Management withdrawing IPO profit and distribution forecast for financial year ending 30 June 2020, and profit and distribution projection for financial year ending 30 June 2021
• Gearing of 34.9% as at 31 December 2019
• Cash balance of S$88.5 as at 31 December 2019
• Weighted average running cost of debt at 0.86% p.a. with interest coverage ratio of 10.8x. 
• Borrowings are 100% hedgedwith no debt maturities until financial year ending June 2023.
• Weighted average debt maturity of 3.6 years. 

 

2020-02-17 (Monday)
Stock Price before market opens: S$0.910
Stock Price at market opens: S$0.900 (-S$0.010)
Stock Price after market closes: S$0.900 (-S$0.010)

(1) Stock trades XD

2020-02-10 (Monday)
Stock Price before market opens: S$0.900
Stock Price at market opens: S$0.895 (-S$0.005)
Stock Price after market closes: S$0.905 (+S$0.005)

(1) Announced 2Q FY2020 results
(Link to announcement of results)

• Announcement made before market opens
• 2Q FY2020 Results
• DPU of 3.15 Singapore cents (3.1% above forecast of 1.25 Singapore cents)
• Income available for distribution at S$15.0m (2.4% above forecast of S$14.66m)
• Gross Revenue of S$21.41m (0.98% above forecast of S$21.20m)
• NPI of S$16.18m (3.2% above forecast of S$15.68)
• Maiden Distribution of 1.29 Singapore cents (Link to distribution announcement)
• Taxable income component of 0.89 Singapore cents
• Capital component of 0.40 Singapore cents
• XD on 2020-02-17 (Monday)
• Payment of distribution on 2020-03-16 (Monday)