It was also able to achieve a positive rental reversion of 15.3%, as well as a healthy retail tenant retention rate of 86.2%.
Tenant sales continued to grow 2.6% y-o-y in 3Q FY2024, and visitation also increased 6.1% y-o-y in the same quarter.
“We are pleased to deliver another quarter of healthy operational performance," says Kelvin Chow, CEO of the REIT's manager.
"The leasing progress at Building 3 of Sky Complex is an encouraging step towards our strategic repositioning to secure multi-tenancy at market rents.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
"Moving forward, we will continue to remain focused on prudent capital management to manage cost and gearing," he adds.
LREIT continued to maintain a long portfolio weighted average lease expiry of 7.8 years by net leasable area and 4.8 years by gross rental income.
According to LREIT, it was able to secure power at lower rates which will help reduce utilities expenses by approximately 30% per year for the next two years and help to cushion against the increase in other expenses.
See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil
As at March 31, LREIT's gross borrowings were $1.57 billion with a gearing ratio of 41.0%, with an interest coverage ratio of 3.4 times.
LREIT shares closed at 55 cents on May 6, up 2.8% for the day but down 14.06% year to date.
