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Issuer & Securities Issuer/ Manager LENDLEASE GLOBAL COMMERCIAL TRUST MANAGEMENT PTE. LTD. Securities FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS LENDLEASE GLOBAL COMMERCIAL REIT - SGXC61949712 - JYEU Stapled


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Issuer & Securities

Issuer/ Manager

LENDLEASE GLOBAL COMMERCIAL TRUST MANAGEMENT PTE. LTD.

Securities

LENDLEASE GLOBAL COMMERCIAL REIT - SGXC61949712 - JYEU

Stapled Security

No Announcement Details

Announcement Title

Financial Statements and Related Announcement

Date &Time of Broadcast

11-Aug-2020 07:46:07

Status

New

Announcement Sub Title

Full Yearly Results

Announcement Reference

SG200811OTHRLZXT

Submitted By (Co./ Ind. Name)

Tan Wee Sin

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please see attached the following:

  • 1. Unaudited Financial Statements and Distribution Announcement for the Period from 2 October 2019

(Listing Date) to 30 June 2020.

  • 2. Press Release.
  • 3. 4Q FY2020 Financial Results Presentation.

Additional Details

For Financial Period Ended

30/06/2020 Attachments

Total size =4980K MB

FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS 4QFY2020%20Financial%20Statements_Final..pdf 4QFY2020%20Results%20Press%20Release_Final..pdf 4QFY2020%20Results%20Presentation_Final.pdf

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(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 28 January 2019 (as amended))

UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020 TABLE OF CONTENTS Item No. Description Page No.

  • Introduction

2-3

  • Summary of Lendlease Global Commercial REIT Group Results

3 1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement 4-7 1(a)(ii) Consolidated Statement of Comprehensive Income 5&7 1(b)(i) Statement of Financial Position 8-9 1(b)(ii) Aggregate Amount of Loans and Borrowings 9 1(c) Consolidated Statement of Cash Flow 10 1(d)(i) Statements of Movements in Unitholders’ Funds 11-12 1(d)(ii) Details of Any Change in the Units 13 2-3 & 4-5 Audit Statement & Changes in Accounting Policies 13 6 Earnings Per Unit (“EPU”) and Distribution Per Unit (“DPU”) 14 7 Net Asset Value (“NAV”) and Net Tangible Asset (“NTA”) Per Unit 14 8 Review of Performance 15 9 Variance between Actual and Forecast Results 15-16 10 Outlook & Prospects 17-18 11 & 12 Distributions 19-20 13 General Mandate for Interested Person Transactions 20 14 & 15 Segmented revenue and results 20-21 16 & 17 Breakdown of Revenue and Breakdown of Total Distributions 21 18 Confirmation pursuant to Rule 720(1) of the Listing Manual 21 19 Use of Proceeds from Initial Public Offering 22 20 Confirmation Pursuant to Rule 704 (13) of The Listing Manual 23 The sole financial advisor and sole issue manager for the Offering is DBS Bank Ltd. DBS Bank

  • Ltd. and Citigroup Global Markets Singapore Pte. Ltd. are the joint global coordinators,

bookrunners and underwriters for the Offering.

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LENDLEASE GLOBAL COMMERCIAL REIT

UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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Introduction Lendlease Global Commercial REIT (“LREIT”) is a Singapore real estate investment trust constituted by the Trust Deed dated 28 January 2019 (as amended). It is principally regulated by the Securities and Futures Act, Chapter 289 of Singapore, the Code on Collective Investment Schemes issued by the MAS (“CIS Code”), including Appendix 6 of the CIS Code (the “Property Funds Appendix”), other relevant regulations and the Trust Deed. LREIT was listed on the Mainboard of Singapore Exchange Securities Trading Limited (“SGX-ST”) on 2 October 2019 (“Listing Date”). The Sponsor, Lendlease Corporation Limited (“Sponsor” or “Lendlease Corporation”), is part of the Lendlease Group, comprising Lendlease Corporation, Lendlease Trust and their subsidiaries (the “Lendlease Group”, and the Sponsor and its subsidiaries, the “Sponsor Group”). Lendlease Group is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas and is listed on the Australian Securities Exchange. Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”) is an indirect wholly-

  • wned subsidiary of the Sponsor.

The Trustee of LREIT is RBC Investor Services Trust Singapore Limited (the “Trustee”). LREIT is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, which are used primarily for retail and/or office purposes, as well as real estate-related assets in connection with the foregoing. LREIT completed the acquisition of its initial portfolio on the Listing Date. The initial portfolio comprises a leasehold interest in one retail mall located in Singapore and a freehold interest in three office buildings located in Milan, Italy (the “Properties”). The details of each of these properties are as follows: (i) a 99-year leasehold1 interest in 313@somerset, which is a retail mall located in Singapore (the “Singapore Property”); and (ii) a freehold interest in Sky Complex, which comprises three office buildings located in Milan, Italy (the “Milan Property”). The Manager had made announcements on 9 April 2020 and 20 April 2020 respectively, with regard to the IPO profit and distribution forecast for the financial year ending 30 June 2020 (“FY2020”) and the profit and distribution projection for the financial year ending 30 June 2021 (“FY2021”), as it may no longer be a fair basis against which the actual performance of LREIT could be compared given current circumstances.

Footnotes:

  • 1. Commencing on 21 November 2006 and ending on 20 November 2105.
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LENDLEASE GLOBAL COMMERCIAL REIT

UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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Financial Statements Presentation As disclosed in the Prospectus, SGX-ST granted LREIT a waiver from compliance with Rule 705(2)(b) of the SGX-ST Listing Manual in relation to the announcement of results for the financial quarter ended 30 September 2019 on the basis that LREIT did not have any meaningful financial results for the quarter as it was a private trust and the Properties had not been acquired. Accordingly, LREIT announced its first financial results on 10 February 2020 for the period from the Listing Date to 31 December 2019. No comparative figures have been presented as LREIT was dormant from its date of constitution, 28 January 2019 to the Listing Date. Any discrepancies in the tables included in this announcement between the listed amounts and the totals thereof are due to rounding. Distribution Policy LREIT intends to make distributions to Unitholders semi-annually and will 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. The second distribution will be for the period from 1 January 2020 to 30 June 2020 and will be paid on or before 30 September 2020. LREIT intend to distribute 100.0% of LREIT’s adjusted net cashflow from operations for the period from the Listing Date to the end of 30 June 2021. Summary of Lendlease Global Commercial REIT Group Results

Footnotes:

  • A. The Forecast is derived from the forecast year 1 October 2019 to 30 June 2020 as disclosed in the Prospectus. This footnote is

applicable from page 3 to page 23.

  • B. The annualised distribution yield from Listing Date to 30 June 2020 is on a pro-rata basis of 273 days.
  • C. The Forecast yield from Listing Date to 30 June 2020 is 5.80% as per the Prospectus.
  • D. As at 30 June 2020.

Actual Actual Gross Revenue (S$'000) 12,466 21,514 55,536 63,910 Net Property Income (S$'000) 7,514 16,092 40,289 47,722 Amount Distributable (S$'000)

  • to Unitholders

5,693 15,078 35,672 44,671 Available Distribution per Unit ("DPU") (cents) 0.48 1.28 3.05 3.80 Annualised Distribution yield (%) B Based on IPO listing price of S$0.88 2.19% 5.86% C 4.64% 5.79% C Based on closing price of S$0.68 D 2.83% 7.59% 6.00% 7.49% Forecast A Forecast A GROUP 3 months ended 30 Jun 2020 2 Oct 2019 (Listing Date) to 30 Jun 2020

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LENDLEASE GLOBAL COMMERCIAL REIT

UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement

NM: Not meaningful Footnotes:

  • 1. Other trust expenses include recurring operating expenses such as annual listing fees, auditing and tax advisory fees,

valuation costs, investor communication costs and other miscellaneous expenses.

  • 2. Net foreign exchange loss relates mainly to the translation difference of Euro term loan to Singapore Dollars during the
  • period. Due to the effect of natural hedging, there is a corresponding gain recognised in the comprehensive income on

page 5, resulting from the stronger €/S$ exchange rate on the Euro investment.

  • 3. Finance costs comprise interest expense and amortisation of debt-related transaction costs.

4. The recorded fair value change in the profit or loss statement is from year end revaluation of investment properties. This is a non-tax chargeable/ deductible item and therefore does not affect income available for distribution to Unitholders. 5. Comprises mainly net change in fair value of interest rate swaps, options and currency forwards which were entered to hedge interest rate and foreign currency risks. This is a non-tax chargeable/ deductible item and therefore does not affect income available for distribution to Unitholders.

  • 6. Comprise 100.0% of the Manager’s Base Fee and Performance Fee paid/ payable in Units, property management fee

paid/ payable in Units, net change in fair value of investment properties and derivative financial instruments, amortisation

  • f debt-related transaction costs, incentive amounts and other adjustments related to non-cash or timing differences in

income and expenses.

Actual (S$’000) Forecast A (S$’000) Variance % Gross revenue 12,466 21,514 (42.1) Property operating expenses (4,952) (5,422) 8.7 Net property income 7,514 16,092 (53.3) Manager’s Base Fee (967) (925) (4.5) Manager’s Performance Fee (376) (805) 53.3 Other management fees (198) (175) (13.1) Trustee's fee (50) (55) 9.1 Other trust expenses

1

(478) (375) (27.5) Net foreign exchange loss

2

(83)

  • NM

Finance income 195

  • NM

Finance costs 3 (2,349) (2,707) 13.2 Profit before tax and change in fair value 3,208 11,050 (71.0) Net change in fair value of investment properties 4 28,895

  • NM

Net change in fair value of derivative financial instruments 5 (1,707)

  • NM

Profit before tax 30,396 11,050 >100 Tax expense

  • (45)

NM Profit after tax attributable to Unitholders before distribution adjustments 30,396 11,005 >100 Add: Distribution adjustments

6

(24,703) 4,073 NM Amount available for distribution to Unitholders (Note A) 5,693 15,078 (62.2) GROUP 3 months ended 30 Jun 2020

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement

Footnotes:

  • 1. Foreign source distribution mainly pertains to income from the Milan Property. Any income from this property that has

not been distributed to LREIT by the date LREIT makes distribution to its Unitholders will constitute a capital distribution.

1(a)(ii) Consolidated Statement of Comprehensive Income

NM: Not meaningful

Actual (S$’000) Forecast A (S$’000) Variance % Note A Distribution from:

  • Singapore

996 10,269 (90.3)

  • Foreign source 1

4,697 4,809 (2.3) Total 5,693 15,078 (62.2) GROUP 3 months ended 30 Jun 2020 Actual (S$’000) Forecast A (S$’000) Variance % Profit after tax 30,396 11,005 >100 Item that may be reclassified subsequently to profit or loss: Other comprehensive income: Net currency translation differences relating to financial statement of foreign subsidiary 537

  • NM

Total comprehensive income 30,933 11,005 >100 3 months ended 30 Jun 2020 GROUP

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement

NM: Not meaningful Footnotes:

  • 1. Other trust expenses include recurring operating expenses such as annual listing fees, auditing and tax advisory fees,

valuation costs, investor communication costs and other miscellaneous expenses.

  • 2. Net foreign exchange loss relates mainly to the translation difference of Euro term loan to Singapore Dollars during the
  • period. Due to the effect of natural hedging, there is a corresponding gain recognised in the comprehensive income on

page 7, resulting from the stronger €/S$ exchange rate on the Euro investment.

  • 3. Finance costs comprise interest expense and amortisation of debt-related transaction costs.

4. All transaction costs directly attributable to the acquisition of the Properties have been capitalised in accordance with IAS 40. This is then recorded as a fair value change in the profit or loss statement from revaluation of investment properties. This is a non-tax chargeable/ deductible item and therefore does not affect income available for distribution to Unitholders. 5. Comprises mainly net change in fair value of interest rate swaps, options and currency forwards which were entered to hedge interest rate and foreign currency risks. This is a non-tax chargeable/ deductible item and therefore does not affect income available for distribution to Unitholders.

  • 6. Comprise 100.0% of the Manager’s Base Fee and Performance Fee paid/ payable in Units, property management fee

paid/ payable in Units, net change in fair value of investment properties and derivative financial instruments, amortisation

  • f debt-related transaction costs, incentive amounts and other adjustments related to non-cash or timing differences in

income and expenses.

Actual (S$’000) Forecast

A

(S$’000) Variance % Gross revenue 55,536 63,910 (13.1) Property operating expenses (15,247) (16,188) 5.8 Net property income 40,289 47,722 (15.6) Manager’s Base Fee (2,850) (2,774) (2.7) Manager’s Performance Fee (2,015) (2,387) 15.6 Other management fees (580) (523) (10.9) Trustee's fee (148) (165) 10.3 Other trust expenses 1 (1,228) (1,125) (9.2) Net foreign exchange loss 2 (10,999)

  • NM

Finance income 531

  • NM

Finance costs 3 (7,240) (8,115) 10.8 Profit before tax and change in fair value 15,760 32,633 (51.7) Net change in fair value of investment properties 4 (20,102) (48,230) 58.3 Net change in fair value of derivative financial instruments 5 (4,274)

  • NM

Loss before tax (8,616) (15,597) 44.8 Tax expense

  • (135)

NM Loss after tax attributable to Unitholders before distribution adjustments (8,616) (15,732) 45.2 Add: Distribution adjustments 6 44,288 60,403 (26.7) Amount available for distribution to Unitholders (Note A) 35,672 44,671 (20.1) GROUP 2 Oct 2019 to 30 Jun 2020

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement

Footnotes:

  • 1. Foreign source distribution mainly pertains to income from the Milan Property. Any income from this property that has

not been distributed to LREIT by the date LREIT makes distribution to its Unitholders will constitute a capital distribution.

1(a)(ii) Consolidated Statement of Comprehensive Income

NM: Not meaningful

Actual (S$’000) Forecast A (S$’000) Variance % Note A Distribution from:

  • Singapore

21,396 30,355 (29.5)

  • Foreign source 1

14,276 14,316 (0.3) Total 35,672 44,671 (20.1) GROUP 2 Oct 2019 to 30 Jun 2020 Actual (S$’000) Forecast A (S$’000) Variance % Loss after tax (8,616) (15,732) 45.2 Item that may be reclassified subsequently to profit or loss: Other comprehensive income: Net currency translation differences relating to financial statement of foreign subsidiary 11,218

  • NM

Total comprehensive income 2,602 (15,732) NM 2 Oct 2019 to 30 Jun 2020 GROUP

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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Footnotes:

  • 1. Derivative financial instruments reflect the fair value of interest rate swaps, options and currency forwards which were

entered to hedge interest rate and foreign currency risks.

  • 2. Please refer to Paragraph 7 on net asset value (“NAV”) and net tangible asset (“NTA”) backing per unit based on issued

units at the end of the period.

GROUP LREIT Note 30 Jun 2020 (S$’000) 30 Jun 2020 (S$’000) Current assets Cash and cash equivalents 83,678 60,664 Trade and other receivables 10,553 4,942 Other current assets 4,663 4,359 98,894 69,965 Non-current assets Investment properties i 1,442,598 1,008,000 Investment in subsidiary

  • 435,245

Other receivables 12,845

  • Other non current assets

1,012 1,012 Derivative financial instruments 1 149 149 1,456,604 1,444,406 Total assets 1,555,498 1,514,371 Current liabilities Trade and other payables 21,827 17,555 Derivative financial instruments 1 320 320 22,147 17,875 Non-current liabilities Trade and other payables 7,999 7,999 Loans and borrowings 528,999 528,999 Derivative financial instruments 1 4,103 4,103 541,101 541,101 Total liabilities 563,248 558,976 Net assets 992,250 955,395 Represented by: Unitholders’ funds 992,250 955,395 NAV per Unit (S$) 2 0.85 0.82

1(b)(i) Statement of Financial Position

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(b)(i) Statement of Financial Position Notes to the Statements of Financial Position i Investment properties 1(b)(ii) Aggregate Amount of Loans and Borrowings Details of loans and borrowings On 2 October 2019, the Group put in place an unsecured 4-year Euro term loan facility

  • f €285.0 million (S$446.0 million) and an unsecured 3-year Singapore dollar term loan

facility of S$99.3 million (collectively, the “Facilities”), translating to a gearing ratio of 35.1%. The interest payables on the Facilities are on a floating basis. The Group has entered into interest rate swap and options to hedge the interest rate risk. The Group has an interest coverage ratio of 9.0 times in accordance with the requirements in the Facilities. The interest coverage ratio is 4.6 times in accordance with Property Funds Appendix. As at 30 June 2020, the Group and LREIT have an uncommitted undrawn debt facility of up to S$20 million to fund its working capital. As at the date of this announcement, LREIT has received further offers of bank debt facilities which increased its aggregate uncommitted undrawn debt facilities to approximately S$97 million1.

Footnote:

  • 1. Aggregate uncommitted undrawn debt facilities comprise S$50 million and €30 million.

GROUP 30 Jun 2020 (S$’000) Property 313@somerset 1,008,000 Sky Complex 434,598 Investment Properties 1,442,598 GROUP 2 Oct 2019 to 30 Jun 2020 (S$'000) As at 2 October 2019 (Listing Date)

  • Acquisitions (including acquisition costs)

1,451,542 Capital expenditure 624 Currency translation difference 10,534 Change in fair value of investment properties at Listing Date (48,997) Change in fair value of investment properties at 30 June 2020 28,895 As at 30 Jun 2020 1,442,598

GROUP LREIT 30 Jun 2020 (S$’000) 30 Jun 2020 (S$’000) Unsecured loans and borrowings Amount repayable after one year 545,319 545,319 Less: unamortised transaction costs (16,320) (16,320) 528,999 528,999

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(c) Consolidated Statement of Cash Flow

Footnotes:

  • 1. Net unrealised foreign exchange loss relates mainly to the currency difference of the Euro term loan in Singapore Dollar
  • terms. Due to the effect of natural hedging, there is a corresponding gain in the comprehensive income, which relates to

net currency translation difference as a result of the stronger €/S$ exchange rate.

  • 2. Cash flows used in acquisition of investment properties during the period 3 months ended 30 Jun 2020 comprise mainly

acquisition costs for Sky Complex.

  • 3. Issue costs comprise underwriting and selling commission, professional and other fees, and miscellaneous issue

expenses.

3 months ended 30 Jun 2020 (S$’000) 2 Oct 2019 to 30 Jun 2020 (S$’000) Operating activities Profit/ (Loss) after tax 30,396 (8,616) Adjustments for: Manager's fee paid/ payable in units 1,343 4,865 Property manager's fee paid/ payable in units 476 1,374 Finance income (195) (531) Interest expense 1,056 3,373 Amortisation of debt-related transactions costs 1,293 3,867 Net unrealised foreign exchange loss 1 80 11,078 Net change in the fair value of investment properties (28,895) 20,102 Net change in fair value of derivatives financial instruments 1,707 4,274 Operating income before working capital changes 7,261 39,786 Changes in working capital: Trade and other receivables 1,021 (22,942) Trade and other payables 2,407 25,197 Other current assets (2,702) (4,663) Other non current assets (1,012) (1,012) Cash generated from operating activities 6,975 36,366 Investing activities Interest received 195 531 Acquisition of investment properties 2 (563) (1,451,542) Capital expenditure on investment properties (188) (233) Cash flows used in investing activities (556) (1,451,244) Financing activities Proceeds from issuance of new units

  • 1,027,792

Refund/ (Payment) of issue costs 3 282 (25,858) Payment of financing expenses (4) (20,187) Proceeds from loans and borrowings

  • 534,237

Distribution to Unitholders (739) (15,067) Interest paid (729) (2,593) Cash flows (used in)/ generated from financing activities (1,190) 1,498,324 Net increase in cash and cash equivalents 5,229 83,446 Cash and cash equivalents at beginning of the period 78,245

  • Effect of exchange rate changes on balances held in foreign currency

204 232 Cash and cash equivalents at end of the period 83,678 83,678 GROUP

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(d)(i) Statements of Movements in Unitholders’ Funds

Footnotes:

  • 1. Issue costs comprise underwriting and selling commission, professional and other fees, and miscellaneous issue

expenses.

GROUP LREIT 3 months ended 30 Jun 2020 (S$’000) 3 months ended 30 Jun 2020 (S$’000) Operations Balance as at beginning of the period (39,012) (31,820) Profit/ (Loss) after tax attributable to Unitholders 30,396 (2,433) Balance as at end of the period (8,616) (34,253) Unitholders' transactions Balance as at beginning of the period 984,580 984,580 Refund of issue costs1 on the Listing Date 3,708 3,708 Manager’s Base Fee paid in Units 932 932 Property Manager's Fee paid in Units 428 428 Balance as at end of the period 989,648 989,648 Foreign currency translation reserve Balance as at beginning of the period 10,681

  • Translation differences relating to financial statements of

foreign subsidiary 537

  • Balance as at end of the period

11,218

  • Total Unitholders’ funds as at end of the period

992,250 955,395

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(d)(i) Statements of Movements in Unitholders’ Funds

* Less than S$1,000. Footnotes:

  • 1. Issue costs comprise underwriting and selling commission, professional and other fees, and miscellaneous issue

expenses.

GROUP LREIT 28 Jan 2019 to 30 Jun 2020 (S$’000) 28 Jan 2019 to 30 Jun 2020 (S$’000) Operations As at 28 January 2019 (Date of Constitution)

  • Loss after tax attributable to Unitholders

(8,616) (34,253) Balance as at end of the period (8,616) (34,253) Unitholders' transactions As at 28 January 2019 (Date of Constitution)

  • Issue of new units on the Listing Date

1,027,792 1,027,792 Issue costs1 on the Listing Date (25,858) (25,858) Manager’s Base Fee paid in Units 1,883 1,883 Property Manager's Fee paid in Units 898 898 Distributions (15,067) (15,067) Balance as at end of the period 989,648 989,648 Foreign currency translation reserve As at 28 January 2019 (Date of Constitution)

  • Translation differences relating to financial statements of

foreign subsidiary 11,218

  • Balance as at end of the period

11,218

  • Total Unitholders’ funds as at end of the period

992,250 955,395

* *

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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1(d)(ii) Details of Any Change in Units

Footnotes:

  • 1. There were no convertibles and treasury units held by LREIT and its subsidiaries as at 30 June 2020.

2

Whether the figures have been audited, or reviewed and in accordance with which standard (eg. the Singapore Standard on Auditing 910 (Engagement to Review Financial Statements), or an equivalent standard) The figures have not been audited nor reviewed by our auditors. 3 Where the figures have been audited or reviewed, the auditor’s report (including any qualifications or emphasis of matter) Not applicable. 4 Whether the same accounting policies and methods of computation as in the issuer’s most recent audited annual financial statements have been applied The Group has applied the same accounting policies and methods of computation as described in the Prospectus dated 25 September 2019 in the preparation of the consolidated financial statements for the current reporting period. 5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change Not applicable.

1 Apr 2020 to 30 Jun 2020 (Units) 28 Jan 2019 to 30 Jun 2020 (Units) As at 28 January 2019 (Date of Constitution)

  • 3

Balance as at beginning of the period 1,169,480,379

  • New units issued

Issue of new units on the Listing Date

  • 1,167,945,997

Manager's base fee paid in Units 1,715,929 2,742,736 Property Manager's fee paid in Units 598,916 1,106,488 Total issued units as at end of the period 1 1,171,795,224 1,171,795,224

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

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6 Earnings Per Unit (“EPU”) and Distribution Per Unit (“DPU”) for the financial period (Group) In computing the EPU, the weighted average number of units as at the end of each period is used for the computation. The diluted EPU is the same as the basic EPU as there are no dilutive instruments in issue during the period.

Footnotes:

  • 1. Includes unrealised foreign exchange, net change in fair value of derivatives, net change in fair value of investment

properties as at 30 June 2020 and transaction costs directly attributable to the acquisition of the Properties.

7 Net Asset Value (“NAV”) and Net Tangible Asset (“NTA”) Per Unit

Footnotes:

  • 1. NTA per unit was the same as NAV per unit as there was no intangible asset as at the statement of financial position

date.

3 months ended 30 Jun 2020 2 Oct 2019 to 30 Jun 2020 Weighted average number of units in issue 1,170,141,763 1,164,558,271 Earnings per unit ("EPU") (cents) 1 2.60 (0.74) 3 months ended 30 Jun 2020 2 Oct 2019 to 30 Jun 2020

  • No. of units in issue at end of the period

1,171,795,224 1,171,795,224 Distribution per unit ("DPU") 0.48 3.05

GROUP LREIT 30 Jun 2020 30 Jun 2020 NAV/ NTA per unit (S$)1 0.85 0.82 Adjusted NAV/ NTA per unit (excluding the amount distributable) (S$) 0.83 0.80

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8 Review of performance Please refer to “Variance Between Actual and Forecast Results” for a review of the actual results for the period from Listing Date to 30 June 2020 against the forecast as disclosed in the Prospectus. 9 Variance between Actual and Forecast Results 3 months ended 30 June 2020: Actual vs Forecast Gross revenue of S$12.5 million for the period was S$9.0 million or 42.1% lower than

  • forecast. The lower revenue was mainly attributed to the effect of the circuit-breaker and

rental waivers granted by landlord to the tenants at 313@somerset. This was partly offset by higher revenue from Sky Complex due to a stronger Euro against the Singapore Dollar. Property operating expenses were S$0.5 million or 8.7% lower than forecast. The lower expenses were mainly attributed to lower repair & maintenance expenses, salary & related expenses, property taxes, operating expenses and utilities expenses. As a result, net property income for the period was S$8.6 million or 53.3% lower than forecast. Finance costs were lower by S$0.4 million or 13.2% lower than forecast, mainly due to lower effective interest cost achieved through hedging. After accounting for management fees and other trust expenses, the amount distributable to Unitholders was S$5.7 million, translating to a DPU of 0.48 cents, which is 62.7% or 0.80 cents lower than forecast.

Consolidated Statement of Profit or Loss Actual (S$’000) Forecast

A

(S$’000) Variance % Gross revenue 12,466 21,514 (42.1) Property operating expenses (4,952) (5,422) 8.7 Net property income 7,514 16,092 (53.3) Manager’s Base Fee (967) (925) (4.5) Manager’s Performance Fee (376) (805) 53.3 Other management fees (198) (175) (13.1) Trustee's fee (50) (55) 9.1 Other trust expense (478) (375) (27.5) Net foreign exchange loss (83)

  • NM

Finance income 195

  • NM

Finance costs (2,349) (2,707) 13.2 Profit before tax and change in fair value 3,208 11,050 (71.0) Amount available for distribution to Unitholders 5,693 15,078 (62.2) Available distribution per unit (cents) 0.48 1.28 (62.7) GROUP 3 months ended 30 Jun 2020

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 16 of 23

9 Variance between Actual and Forecast Results Listing Date to 30 June 2020: Actual vs Forecast Gross revenue of S$55.5 million for the period was S$8.4 million or 13.1% lower than

  • forecast. The lower revenue was mainly attributed to the effect of the circuit-breaker and

rental waivers granted by landlord to the tenants at 313@somerset. This was partly offset by higher revenue from Sky Complex due to a stronger Euro against the Singapore Dollar. Property operating expenses were S$0.9 million or 5.8% lower than forecast. The lower expenses were mainly attributed to lower repair & maintenance expenses, salary & related expenses, property taxes, operating expenses and utilities expenses. As a result, net property income for the period was S$7.4 million or 15.6% lower than forecast. Finance costs were lower by S$0.9 million or 10.8% lower than forecast, mainly due to lower effective interest cost achieved through hedging. After accounting for management fees and other trust expenses, the amount distributable to Unitholders was S$35.7 million, translating to a DPU of 3.05 cents, which is 19.7% or 0.75 cents lower than forecast.

Consolidated Statement of Profit or Loss Actual (S$’000) Forecast

A

(S$’000) Variance % Gross revenue 55,536 63,910 (13.1) Property operating expenses (15,247) (16,188) 5.8 Net property income 40,289 47,722 (15.6) Manager’s Base Fee (2,850) (2,774) (2.7) Manager’s Performance Fee (2,015) (2,387) 15.6 Other management fees (580) (523) (10.9) Trustee's fee (148) (165) 10.3 Other trust expense (1,228) (1,125) (9.2) Net foreign exchange loss (10,999)

  • NM

Finance income 531

  • NM

Finance costs (7,240) (8,115) 10.8 Profit before tax and change in fair value 15,760 32,633 (51.7) Amount available for distribution to Unitholders 35,672 44,671 (20.1) Available distribution per unit (cents) 3.05 3.80 (19.7) GROUP 2 Oct 2019 to 30 Jun 2020

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Page 17 of 23

10 Commentary on the competitive conditions of the industry in which the group

  • perates and any known factors or events that may affect the group in the next

reporting period and the next 12 months The International Monetary Fund (“IMF”) has projected the global economy to contract 4.9%1 in 2020 against the backdrop of a challenging environment. In the first half of 2020, the COVID-19 pandemic had negative impacts rippled across businesses around the world and recovery is projected to be more gradual than IMF’s previous forecast. Most countries have decided it was necessary to gradually open up the economy to protect the livelihood of its people. While this provides an encouraging backdrop for post- pandemic recovery, the risk of secondary outbreaks remains. The success in containing the spread of COVID-19 will have implications on the recovery of global trade and economic growth. Economic recovery may take longer than expected and could be more gradual if strict border controls remain in place for longer periods. Similarly, persistent outbreaks may force authorities to reintroduce lockdowns and safe distancing measures. While temporal but necessary fiscal stimulus measures such as wage support schemes and job support initiatives have helped cushioned some of these short-term impacts, there are concerns on longer term ramifications once these stimulus measures and support packages cease. With continued uncertainties, the global economic outlook is expected to remain challenging for the rest of 2020. Singapore Based on advance estimates by the Ministry of Trade and Industry, the Singapore economy contracted by 12.6%2 year-on-year (“YoY”) in the second quarter of 2020 due to the Circuit Breaker measures that were implemented to reduce the spread of COVID- 19. Singapore entered phase two of its reopening plan in June as the authorities eased restriction measures. A gradual resumption in activity could be seen in the second half

  • f 2020 as most entertainment venues and retail outlets have reopened and dining-in at

restaurants are allowed. However, a seamless return to pre-COVID-19 store-operations norms cannot be expected as safe distancing management remain in place. The measures may continue to weigh on shopper traffic and tenant sales in the short term. In an attempt to provide further support to small and medium-sized enterprises (“SMEs”), the Singapore government has passed the COVID-19 (Temporary Measures) (Amendment) Bill in June. The amendments seek to provide a rental relief framework for SMEs and enhance the relief available for tenants who are unable to fulfil their contractual obligations due to COVID-19. Under the COVID-19 (Temporary Measures) Act 2020 introduced in April, tenants who cannot fulfil contractual obligations are able to seek temporary relief from paying rent and other obligations under their leases for a period of up to six months from April 2020 to October 2020. This period may be extended for up to a year depending on the COVID-19 situation. As a result, it remains uncertain at this point whether tenants will be able to fulfil their rental obligations after the temporary relief period.

1 International Monetary Fund, World Economic Outlook June 2020. 2 Ministry of Trade and Industry Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020, 14 July 2020.

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 18 of 23

10 Commentary on the competitive conditions of the industry in which the group

  • perates and any known factors or events that may affect the group in the next

reporting period and the next 12 months In the medium term, the retail space market fundamentals continue to look encouraging with little supply expected over the next two to three years3. This points to a tightening of vacancy environment, which will likely support modest leasing activities. Milan Italy, on the other hand, has seen gradual recovery from COVID-19. According to the latest report by the Italian National Institute of Statistics, Italy’s short-term key indicators have shown slight improvement in economic activity following the large declines in March and April. The consumer confidence index4 registered an increase of 6.3 points to 100.6

  • points. According to the preliminary estimates, the consumer price index3 for June was -

0.2% YoY and +0.1% month-on-month, respectively. While lockdown measures have eased significantly, the near-term outlook remains cautious as the risk of secondary

  • utbreaks still lingers.

In the office space, vacancy rates in Milan was 9.9%5 in Q1 2020, an improvement of 1.2 percentage points YoY. Total office investments in first quarter of 2020 amounted to approximately €343 million5, representing 70% of the total amount invested in Italy and 20% higher than the average investments in the first quarters for the past ten years. In terms of absorption by sub-markets, the Periphery sub-market, where Sky Complex is located, took the lead and accounted for 64%5 of total absorption. In the near term, the impact from COVID-19 is expected to weigh on the demand for

  • ffice space with vacancy rate expected to increase. The weak demand may drag on

rents with capital values and investment returns to come under pressure. The long-term tightening of supply and demand conditions, especially in Grade A office space, will likely place upward pressures on rents in both the central and peripheral areas

  • f Milan. The reduction of the available vacant supply across the city will be a challenge

for occupiers to secure large floor plates in high-quality Grade A buildings, particularly in coveted locations in established business districts and near metro and rail stations. Looking ahead The Manager will continue to monitor the development of the COVID-19 pandemic and has taken necessary precautionary measures at LREIT’s assets in accordance with guidelines from local health authorities. Against the backdrop of a changing retail landscape where retailers will need to recalibrate their cost structures and prepare their workforce for in-store activities, the Manager is also tapping on technology to open up new choices and experiences for shoppers, in delivering a pleasant omnichannel shopping experience. To enhance Unitholders’ value, the Manager will continue to improve the underlying performance of LREIT’s assets, engage with tenants in meeting their space requirements and adopt disciplined capital and asset management strategies to reduce costs and non- core expenditures.

3 JLL, Singapore Retail Forecast 3Q 2019. 4 Italian National Institute of Statistics, Monthly Report May-June 2020. 5 CBRE, Milan Office MarketView 1Q 2020.

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 19 of 23

11 Distributions (a) Current financial period Any distributions declared for the current financial period? Yes Name of distribution: 2nd distribution for the period from 1 January 2020 to 30 June 2020 Distribution type: Income / Capital Distribution rate: Taxable Income – 0.938 cents per unit Tax-Exempt Income – 0.286 cents per unit Capital – 0.534 cents per unit Par value of units: Not meaningful Tax rate: Taxable Income Distribution Qualifying investors and individuals (other than those who hold their units through a partnership) will generally receive pre-tax distributions. These distributions are exempt from tax in the hands of individuals unless such distributions are derived through a Singapore partnership or from the carrying on of a trade, business or profession in which case, such distributions are not exempt from tax and the individual must declare the gross distribution received as income in their Singapore tax returns. Qualifying foreign non-individual investors and qualifying non-resident funds will receive their distributions after deduction of tax at the rate of 10%. All other investors will receive their distributions after deduction of tax at the rate of 17%. Tax-Exempt Income Distribution Tax-Exempt Income Distribution is exempt from tax in the hands of all Unitholders. Capital Distribution Capital Distribution represents a return of capital to Unitholders for Singapore income tax purposes and is therefore not subject to income tax. For Unitholders who are liable to Singapore income tax on profits from sale of LREIT Units, the amount of Capital Distribution will be applied to reduce the cost base of their LREIT Units for Singapore income tax purposes. (b) Books closure date: 19 Aug 2020 (c) Date payable: 15 Sep 2020 (d) Corresponding period of the preceding financial period Any distribution declared for the corresponding period of the immediate preceding financial period? Not applicable.

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Page 20 of 23

12 If no distribution has been declared / recommended, a statement to that effect Not applicable. 13 General mandate from Unitholders for Interested Person Transactions No general mandate has been obtained from the Unitholders for Interested Person Transactions. 14 Segmented revenue and results for geographical segments

Total Gross Revenue S$’000 % S$’000 % Singapore 6,155 49.4 15,316 71.2 Milan 6,311 50.6 6,198 28.8 12,466 100.0 21,514 100.0 Net Property Income S$’000 % S$’000 % Singapore 1,824 24.3 10,500 65.2 Milan 5,690 75.7 5,592 34.8 7,514 100.0 16,092 100.0 Total Gross Revenue S$’000 % S$’000 % Singapore 36,844 66.3 45,445 71.1 Milan 18,692 33.7 18,465 28.9 55,536 100.0 63,910 100.0 Net Property Income S$’000 % S$’000 % Singapore 23,410 58.1 31,060 65.1 Milan 16,879 41.9 16,662 34.9 40,289 100.0 47,722 100.0 GROUP Actual Forecast A GROUP 2 Oct 2019 to 30 Jun 2020 2 Oct 2019 to 30 Jun 2020 Actual Forecast A GROUP Actual Forecast

A

3 months ended 30 Jun 2020 Actual Forecast

A

GROUP 3 months ended 30 Jun 2020

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 21 of 23

15 In the review of the performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments. Please refer to section 8 for review of actual performance. 16 Breakdown of Revenue 17 Breakdown of Total Distributions 18 Confirmation pursuant to Rule 720(1) of the Listing Manual We, on behalf of the board of directors of the Manager, confirm that the Manager has procured undertakings from all its directors and executive officers in the form as set out in Appendix 7.7 under Rule 720(1) of the Listing Manual.

Actual (S$’000) Forecast A (S$’000) Variance % Gross revenue reported for first half year 21,407 21,199 1.0 Loss after tax reported for first half year (32,653) (37,611) 13.2 Gross revenue reported for second half year 34,129 42,711 (20.1) Profit after tax reported for second half year 24,037 21,879 9.9 Group 2 Oct 2019 to 30 Jun 2020 Group In respect of the period: 2 Oct 2019 to 30 Jun 2020 (S$’000) 2 Oct 2019 - 31 Dec 2019 15,067

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 22 of 23

19 Use of Proceeds from Initial Public Offering The use of proceeds raised from the initial public offering and the issuance of the Lendlease SREIT Sub-Trust Units, the Cornerstone Units1 and the IPO Acquisition Fee Units, as well as proceeds from the Facilities, is in accordance with the stated uses and amounts allocated as disclosed in the prospectus, and is set out below:

Footnotes:

  • 1. The cornerstone investors being AEW, Asdew Acquisitions Pte Ltd, funds and accounts under management by

investment management subsidiaries of BlackRock, Inc., DBS Bank Ltd. (on behalf of certain wealth management clients), DBS Vickers (on behalf of certain corporate clients), Fullerton (acting as manager for and on behalf of certain funds and investment accounts under its management), Lion Global Investors, Moon Capital, Nikko Asset Management, Principal Singapore, Soon Lee Land Pte. Ltd., The Segantii Asia-Pacific Equity Multi-Strategy Fund and TMBAM.

  • 2. The variance is mainly due to a stronger Euro against the Singapore Dollar.
  • 3. The variance is mainly due to lower than expected Other acquisition costs & IPO related costs. These savings have

been reallocated for working capital purposes.

  • 4. Transaction costs and other fees include S$11.5m payment of IPO Acquisition Fee and S$1.2m prepayment of Italy

management fee.

Amount allocated Amount utilised Variance S$’000 S$’000 S$’000 Acquisition of initial Portfolio

2

1,397,229 1,397,531 (302) Stamp Duty & other acquisition costs 3 64,524 64,197 327 Transaction costs and other fees 3,4 66,137 60,161 5,976 Working capital 33,824 33,824

  • Total

1,561,714 1,555,713 6,001

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UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 2 OCTOBER 2019 (LISTING DATE) TO 30 JUNE 2020

Page 23 of 23

20 Confirmation Pursuant to Rule 704 (13) of The Listing Manual Pursuant to Rule 704 (13) of the Listing Manual of Singapore Exchange Securities Trading Limited, the Manager confirmed that there is no person occupying a managerial position in the Manager who is a relative of a director, chief executive officer, or substantial unitholder of the Manager or LREIT. Certain statements in this release constitute “forward-looking statements”. This release also contains forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward- looking statements and financial information are based on numerous assumptions regarding the Manager’s present and future business strategies and the environment in which the Group will operate in the future. Because these statements and financial information reflect the current views of the Manager concerning future events, these statements and financial information necessarily involve risks, uncertainties and

  • assumptions. Actual future performance could differ materially from these forward-

looking statements and financial information. You should not place any reliance on these forward-looking statements and financial information. By Order of the Board Tan Wee Sin Company Secretary Lendlease Global Commercial Trust Management Pte. Ltd. (Company Registration No. 201902535N) As Manager of Lendlease Global Commercial REIT 11 August 2020

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SLIDE 25

1

Lendlease Global Commercial REIT’s Diversified

Tenant Trade Sectors Protect its Portfolio Revenue

Stable revenue from Sky Complex helps to mitigate downside risks during COVID-19

  • Net property income was S$40.3 million for FY2020
  • Distributable income of S$35.7 million translates to a distribution of 3.05 cents for FY2020
  • Gearing ratio of 35.1% with average running cost of debt of 0.86% p.a. fixed for 3.1 years
  • Weighted interest coverage ratio of 9.0 times1
  • Portfolio occupancy stood at 99.5%
  • Weighted average lease expiry (“WALE”) of 9.7 years by net lettable area (“NLA”) and 4.9

years by gross rental income (“GRI”)

  • Approximately 77% of the leases (by NLA) will expire only beyond FY2025
  • Portfolio valuation2 gained approximately 2% to S$1,442.6 million

Singapore, 11 August 2020 - Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), today announced its unaudited financial results for the period 2 October 2019 to 30 June 2020. Financial performance LREIT’s distributable income for FY2020 stood at S$35.7 million. Distribution per unit (“DPU”) of 3.05 cents was 19.7% lower compared to the original IPO forecast (“Forecast”) mainly due to rent waivers given to LREIT’s retail tenants. For 4Q FY2020, LREIT’s distributable income was S$5.7 million. Gross revenue for FY2020 was at S$55.5 million, 13.1% lower than Forecast, on the back of a lower rental income from 313@somerset in the fourth quarter due to the implementation of relief measures under the COVID-19 (Temporary Measures) Act 2020 (“COVID-19 Act”) and the rent waivers provided to retail tenants. The impact was, nevertheless, cushioned by the stable revenue contributed by Sky Complex. Property expenses of S$15.2 million was 5.8% better compared to Forecast, mainly attributable to lower maintenance, operating and utility costs. As a result of a lower gross revenue contribution from 313@somerset, LREIT’s net property income for FY2020 was S$40.3 million, 15.6% lower than Forecast.

1 The interest coverage ratio of 9.0 times is in accordance with requirements in its debt agreements and 4.6 times in

accordance with the Property Funds Appendix of the Code on Collective Schemes.

2 Portfolio valuation was S$1,405.3 million as per IPO prospectus.

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SLIDE 26

2 Summary of Financial Results 3 months ended 30 June 2020 Full year for the period 2 October 2019 to 30 June 2020 Actual Forecast Variance (%) Actual Forecast Variance (%) Gross revenue (S$’000) 12,466 21,514 (42.1) 55,536 63,910 (13.1) Property operating expenses (S$’000) (4,952) (5,422) 8.7 (15,247) (16,188) 5.8 Net property income (S$’000) 7,514 16,092 (53.3) 40,289 47,722 (15.6) Distributable income to Unitholders (S$’000) 5,693 15,078 (62.2) 35,672 44,671 (20.1) DPU (cents) 0.48 1.28 (62.7) 3.053 3.80 (19.7) Annualised distribution yield4 (%) 2.19 5.865 (3.7pp) 4.64 5.795 (1.2pp) Capital Management Gross borrowings stood at S$545.3 million as at 30 June 2020, equating to a gearing ratio of 35.1%. The weighted average running cost of debt was 0.86% per annum. LREIT’s weighted average debt maturity was 3.1 years. LREIT hedged 100.0% of its floating rate debt to fixed rate through interest rate swaps and

  • ptions. To mitigate foreign currency risks, it has substantially hedged its projected Euro-

denominated income for FY2021. LREIT has achieved natural hedge against its Euro capital investment in Sky Complex via a Euro term loan. It has diverse sources of funding from a lending group of well-rated financial institutions. All of LREIT’s debt is unsecured debt, ensuring that it has balance sheet flexibility. As at 30 June 2020, LREIT has a strong liquidity position with S$83.7 million of cash and cash equivalents, and the Group and LREIT have an uncommitted undrawn debt facility of S$20 million to fund its working capital. As at the date of this announcement, LREIT has received further offers of uncommitted bank debt facilities, which increased its uncommitted undrawn debt facilities to approximately S$97 million6.

3 Distribution of 1.29 cents per unit was paid on 16 March 2020. 4 The annualised distribution yield from Listing Date to 30 June 2020 is on a pro-rata basis of 273 days. 5 The Forecast yield from Listing Date to 30 June 2020 is 5.80% as per the Prospectus and is based on IPO price of

S$0.88.

6 Uncommitted undrawn debt facilities comprise S$50 million and €30 million.

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SLIDE 27

3 LREIT’s interest coverage ratio was 9.0 times in accordance with requirements in its debt agreements, and 4.6 times in accordance with the Property Funds Appendix of the Code on Collective Schemes. The Manager will continue to be vigilant in maintaining a strong balance sheet and prudent cashflow management. Operations Update As at 30 June 2020, the portfolio occupancy stood at 99.5% with a long WALE of 9.7 years7 by NLA and 4.9 years7 by GRI. Approximately 77% of its leases by NLA will expire only beyond FY2025. More than 95% of 313@somerset has resumed operations since the announcement by the Singapore government on Phase 2 of safe transition in June. Footfall has recovered approximately 40%8 of pre-COVID-19 level and have seen encouraging increase in the daily average footfall since Phase 2 reopening. Tenant sales have also seen to move in tandem with the footfall. As at 30 June 2020, 313@somerset had a high tenant retention rate of approximately 87%. Sky Complex, LREIT’s office asset in Milan, is projected to provide stable income stream to the portfolio given the long lease term until 20327 to Sky Italia, an international high-quality tenant. The triple net structured lease is secured with an annual built-in rental escalation pegged to 75%

  • f ISTAT consumer price index variance. As at 30 April 2020, ISTAT consumer price index stood

at 102.79, zero variance compared to the same period a year ago. Rental contribution from Sky Complex, as a result, remains unchanged for FY2021. In addition, a full valuation of the assets was conducted for FY2020. Despite the headwinds brought about by COVID-19, LREIT’s portfolio saw a 2%2 gain in valuation to S$1,442.6 million. This was largely driven by Sky Complex due to the positive office investment interest in Milan as well as the increase in plot ratio for 313@somerset. Redevelopment of Grange Road car park The local authorities will cease the car park operations by the end of 2020 to facilitate the handover of the site to LREIT, with redevelopment works expected to commence shortly after. Expected to be operational in the first half of 2022, the multi-functional event space will offer a first-of-its-kind lifestyle experience along Orchard Road, with multiple dedicated event spaces, an independent cinema, hawker stalls serving local delights and a food and beverage attraction. With the inclusion of the Grange Road event space, LREIT’s retail and lifestyle presence in the Somerset area will expand to approximately 330,000 square feet, anchoring the area.

7 Assumes that Sky Italia does not exercise its break option in 2026. 8 Footfall comparison period (19-30 June 2020 vs 19-30 June 2019). 9 Source: ISTAT, The Italian National Institute of Statistics

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SLIDE 28

4 Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “The safety of our shoppers, tenants and employees remains a top priority at Lendlease. While we are delighted to welcome shoppers back to 313@somerset, we remain committed to enforce safe distancing measures at the mall to provide a safe place for everyone to eat, play and work. We recognise that the measures implemented may inevitably affect footfall and tenant sales at 313@somerset. To ensure long-term viability of the mall, we will continue to engage with tenants in meeting their space requirements and work in partnership with them to create ways to elevate experiences for

  • ur shoppers.”

Commenting on LREIT’s office buildings in Milan, Mr Chow added, “Sky Complex is expected to remain stable and continue to generate steady revenue to LREIT given its long lease term till

  • 20327. Alongside its triple net lease structure, Sky Complex helps to mitigate downside risks

during COVID-19.” COVID-19 Update While more than 75%10 of the Singapore economy has reopened, safe distancing management measures continue to remain in place. The measures are expected to affect footfall at shopping malls. To continue supporting affected businesses, the Singapore government has introduced an amendment bill to the COVID-19 Act in June to provide further rental relief for small and medium- sized enterprises (“SMEs”). Under the COVID-19 Act, tenants are able to seek temporary relief from paying rent and other obligations under their leases from April to October. This period may be extended for up to a year depending on the COVID-19 situation. Subject to the COVID-19 situation, it remains uncertain whether the tenants will be able to fulfil their rental obligations after the temporary relief period. In addition, the amendment bill introduced by the government to support SMEs may weigh down LREIT’s performance in the coming quarters. To-date, LREIT has provided up to two months of rent waivers to eligible retail tenants. In addition, LREIT has offered eligible tenants in 313@somerset to utilise part of their security deposit to

  • ffset rental payments and defer a certain amount of rent under the COVID-19 Act repayment
  • scheme. LREIT remains committed to supporting tenants in a targeted manner and will work

together with them to overcome this challenging period. Appropriate assistance will be provided to affected tenants to ensure business continuity.

10 SG Press Centre, Remarks by Minister Lawrence Wong at Press Conference on COVID-19 on 29 May

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SLIDE 29

5 Market Outlook Singapore Retail Industry Based on advance estimates by the Ministry of Trade and Industry, the Singapore economy contracted by 12.6%11 year-on-year (“YoY”) in the second quarter of 2020 due to the Circuit- breaker measures that were implemented to reduce the spread of COVID-19. Retail sales declined 27.8%12 in June 2020 YoY, an improvement from the 52.0% YoY decrease recorded in May 2020, as Singapore exited the Circuit-breaker. Singapore entered phase two of its reopening plan in June as the authorities eased restriction

  • measures. A gradual resumption in activity could be seen in the second half of 2020 as most

entertainment venues and retail outlets have reopened and dining-in at restaurants are allowed. However, a seamless return to pre-COVID-19 store-operations norms cannot be expected as safe distancing measures remain in place. The measures may continue to weigh on shopper traffic and tenant sales in the short term. The retail space market fundamentals continue to look encouraging with little supply expected

  • ver the next two to three years13. This points to a tightening of vacancy environment, which will

support modest leasing activities in the medium term. Milan Office Industry Office vacancy rates in Milan was 9.9%14 in Q1 2020, an improvement of 1.2 percentage points

  • YoY. Total office investments in first quarter of 2020 amounted to approximately €343 million14,

representing 70% of the total amount invested in Italy and 20% higher than the average investments in the first quarters for the past ten years. In terms of absorption by sub-markets, the Periphery sub-market, where Sky Complex is located, took the lead and accounted for 64%14 of the total absorption. In the near term, the impact from COVID-19 is expected to weigh on the demand for office space with vacancy rate expected to increase. The weak demand may drag on rents with capital values and investment returns to come under pressure. Notwithstanding that, the long-term tightening of supply and demand conditions, especially in Grade A office space, will likely place upward pressures on rents in both the central and peripheral areas of Milan. The reduction of the available vacant supply across the city will be a challenge for

  • ccupiers to secure large floor plates in high-quality Grade A buildings, particularly in coveted

locations in established business districts and near metro and rail stations.

11 Ministry of Trade and Industry Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020, 14

July 2020.

12 Statistics Singapore, Retail Sales Index and Food & Beverage Services Index – June 2020 13 JLL, Singapore Retail Forecast 3Q 2019. 14 CBRE, Milan Office MarketView 1Q 2020.

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SLIDE 30

6 Distribution Policy LREIT intends to make distributions to Unitholders semi-annually and will distribute at least 90.0%

  • f its adjusted net cashflow from operations for each financial year. The actual level of distribution

will be determined at the Manager’s discretion. The second distribution will be for the period from 1 January 2020 to 30 June 2020 and will be paid on or before 30 September 2020. LREIT intends to distribute 100.0% of LREIT’s adjusted net cashflow from operations for the period from the Listing Date to the end of 30 June 2021. ENDS

About Lendlease Global Commercial REIT Listed on 2 October 2019, Lendlease Global Commercial REIT (“LREIT”) is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, which are used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in, 313@somerset, a retail property located in Singapore and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion as at 30 June 2020. LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., an indirect wholly-owned subsidiary of Lendlease. Its key objectives are to provide Unitholders with regular and stable distributions, achieve long-term growth in distribution per unit and net asset value per unit, and maintain an appropriate capital structure. About the Sponsor - Lendlease Corporation Limited The Sponsor, Lendlease Corporation Limited, is part of the Lendlease Group15, an international property and infrastructure group with core expertise in shaping cities and creating strong and connected communities, with operations in Australia, Asia, Europe and the Americas. Headquartered in Sydney and established in 1958, the Lendlease Group’s vision is to create the best places by striving for world leading standards for safety, innovation and sustainability. The Lendlease Group’s approach is to maintain a portfolio of operations that deliver diversification of earnings by segment and region, providing a mitigant to property cycles. This approach means that through cycles the composition of earning from each segment or region may vary. The Lendlease Group has a development pipeline value of approximately A$112 billion16, core construction backlog of A$14 billion16 and funds under management of A$37 billion16. The Lendlease Group is a trusted investment manager to over 150 key capital partners in property and infrastructure investments.

15 Lendlease Group comprises the Sponsor, Lendlease Trust and their subsidiaries. 16 As at 31 December 2019.

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SLIDE 31

7

For more information, please contact Investor Relations: Lendlease Global Commercial Trust Management Pte. Ltd. Ling Bee Lin enquiry@lendleaseglobalcommercialreit.com Tel: +65 6671 7374 Important Notice This press release is for information purposes only and does not constitute or form part of an offer, invitation

  • r solicitation of any offer to purchase or subscribe for any securities of Lendlease Global Commercial REIT

(“LREIT”) in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The value of units in LREIT (the “Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by Lendlease Global Commercial Trust Management Pte.

  • Ltd. (the “Manager”), RBC Investor Services Trust Singapore Limited (as trustee of LREIT) or any of their

affiliates. This press release may contain forward-looking statements that involve risks and uncertainties. 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. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost

  • f capital and capital availability, competition from similar developments, shifts in expected levels of

property rental income, changes in operating expenses, (including employee wages, benefits and training costs), property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. An investment in Units is subject to investment risks, including the possible loss of the principal amount

  • invested. Holders of Units (“Unitholder”) have no right to request the Manager to redeem or purchase

their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units. This press release is not to be distributed or circulated outside of Singapore. Any failure to comply with this restriction may constitute a violation of United State securities laws or the laws of any other jurisdiction. The past performance of LREIT is not necessarily indicative of its future performance.

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SLIDE 32

Lendlease Global Commercial REIT

4Q FY2020 and Full-year Financial Results 11 August 2020

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SLIDE 33

Important Notice

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THE SECURITIES DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD IN OR INTO THE UNITED STATES UNLESS THEY ARE OFFERED PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL U.S. SECURITIES LAWS. THE SECURITIES ARE BEING SOLD ONLY OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S OF THE SECURITIES ACT. This document and any oral presentation accompanying it (together, the “presentation”) has been prepared for background purposes only and should not be used for any other purposes. In accessing this presentation, you agree to be bound by these terms and conditions. Any failure to comply with these restrictions may constitute a violation of the securities laws of the United States or other jurisdictions. The distribution of this presentation in

  • ther jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Information contained in this presentation is intended

solely for your personal reference and is strictly confidential. The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Lendlease Global Commercial REIT (the “REIT”). The presentation has not been independently verified and will not be updated. Neither Lendlease Global Commercial Trust Management Pte. Ltd. (the “REIT Manager”), the REIT nor any of their respective affiliates, advisors and representatives make any representation or warranty, express or implied, regarding, and assumes no responsibility or liability whatsoever (in negligence or otherwise) for, the accuracy or completeness of, or any errors or omissions in, any information contained herein nor for any loss howsoever arising from any use of these materials. By receiving these materials, you (a) represent and warrant that you are an institutional investor as defined under Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), a relevant person (as defined in Section 305(5) of the SFA) or persons to whom an offer referred to in Section 305(2) of the SFA is to be made, (b) represent and warrant that you are a “professional investor” as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any rules made under that Ordinance, (c) are agreeing to maintain absolute confidentiality regarding the information disclosed in this document, (d) are agreeing to be bound by the limitations and restrictions described herein, and (e) are agreeing to keep confidential the existence and scope of all conversations regarding this potential investment opportunity and to be bound by the foregoing and below restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation contains confidential information. The information contained in this presentation is being made available on a confidential basis, and subject to the following provisions, to a limited number of persons who may be interested in any potential transaction involving the sponsor of the REIT (the “Sponsor”) or the REIT. It is issued for the exclusive use of the persons to whom it is addressed to, with a view to assisting the recipient in deciding whether it wishes to proceed with a further investigation of the Sponsor and the REIT. None of the Sponsor, the REIT, the REIT Manager, RBC Investor Services Trust Singapore Limited (as trustee of the REIT, the “Trustee”), Citigroup Global Markets Singapore Pte. Ltd. (“Citi”) and DBS Bank Ltd. (“DBS”) (collectively, the “Joint Global Coordinators”) or any of their respective holding companies, subsidiaries, affiliates, associated undertakings or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document and presentation (including certain data that was obtained from various external data sources and which have not been verified with independent sources) or otherwise made available or as to the reasonableness of any assumption contained herein or therein, and any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise, warranty, guarantee or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Further, nothing in this document and presentation should be construed as constituting legal, business, tax or financial advice. None of the Sponsor, the REIT, the REIT Manager, the Trustee, the Joint Global Coordinators or their respective subsidiaries or affiliates have independently verified, approved or endorsed the material herein. None of the Sponsor, the REIT, the REIT Manager, the Trustee, the Joint Global Coordinators or their respective subsidiaries or affiliates makes or has made any warranty, representation or recommendation as to the merits of the securities, the subscription, purchase or offer thereof, or as to the condition, financial or otherwise, of the REIT or as to any other matter relating thereto or in connection therewith. By accepting this presentation, the recipient has agreed to promptly return this presentation in the event they decide not to proceed with a further investigation of the REIT and, upon request, to return promptly all material received from the Joint Global Coordinators (including this presentation) without retaining any copies. In furnishing this presentation, neither the Sponsor, the REIT, the REIT Manager, the Trustee, the Joint Global Coordinators nor their respective subsidiaries or affiliates undertake any obligation to proceed with the proposed offering of securities or to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies therein which may become apparent. This information in this presentation is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction. The information contained in this transaction includes historical information about and relevant to the assets of the REIT that should not be regarded as an indication of the future performance or results of such assets. This presentation contains forward-looking statements that may be identified by their use of words like “plans”, “expects”, “will”, “anticipated”, “believes”, “intends”, “depends”, “projection”, “estimates” or other words of similar meaning and that necessarily involve assumptions, risks and uncertainties. All statements that address expectations or projections about the future and all statements other than statements of historical facts included in this presentation, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the REIT Manager’s control and are based on certain assumptions and expectations of future events regarding the REIT's present and future business strategies and the environment in which the REIT will operate, and must be read together with those assumptions. The REIT Manager does not guarantee that these assumptions and expectations are accurate or will be realised. 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. Although the REIT Manager believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Representative examples of these risks, uncertainties and assumptions include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the REIT. Past performance is not necessarily indicative of future performance. The forecast financial performance of the REIT is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the REIT Manager’s current view of future events. No assurance can be given that the future events will occur or that projections will be achieved. The REIT Manager does not assume any responsibility to amend, modify or revise any information in this presentation including forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. You should conduct your own independent analysis of the Sponsor, the REIT Manager and the REIT, including consulting your

  • wn independent legal, business, tax and financial advisers and other advisers in order to make an independent determination of the suitability, merits and consequences of investment in the REIT.
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SLIDE 34

Important Notice

Market data used in the presentation not attributed to a specific source are estimates of the REIT Manager and have not been independently verified. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. The information in these materials is provided as at the date of this document (unless stated otherwise) and is subject to change without notice. Any potential transaction can only be made available to the recipient of this document in accordance with applicable laws and regulations, including the distribution of any required documents for such potential transaction and such documents will supersede all prior information provided to the recipient, herein or otherwise. Information contained in this presentation is a summary only, and is qualified in its entirety by reference to the final offering document for any potential transaction, if it proceeds. No person shall have any liability whatsoever (in negligence or otherwise) for, nor does any person accept responsibility for, any loss or damage howsoever arising from any information presented or contained in these materials. The information set out in this presentation is not intended to form the basis of any contract. Any prospective participant will be required to acknowledge that it has not relied on, or been induced to enter into such agreement by, any representation or warranty implied herein or the information contained herein. Any decision to invest in the securities of the REIT described herein should be made after reviewing the further information that will be provided in the Prospectus (as defined below), conducting such investigations as the investor deems necessary or appropriate and consulting the investor’s own independent legal, business, tax and financial advisers and

  • ther advisers in order to make an independent determination of the suitability, merits and consequences of investment in the REIT described herein.

This presentation is for information purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation for the sale or purchase of securities or of any of the assets, business or undertakings described herein. No part of it nor the fact of its presentation shall form the basis of or be relied upon in connection with any investment decision, contract or commitment whatsoever. Any decision to purchase securities should be made solely on the basis of the information contained in the offering memorandum relating to such securities to be published in due course in relation to the proposed offering or the final prospectus (the “Prospectus”) to be registered with the Monetary Authority of Singapore (the “MAS”). Anyone wishing to acquire securities in connection with the proposed offering will need to make an application in the manner set out in the final offering memorandum or the Prospectus. The REIT, the REIT Manager, the Sponsor and their respective affiliates and advisers reserve the right to negotiate with one or more prospective investors at any time and to enter into a definitive agreement in respect of any potential transaction without prior notice to other prospective investors. The REIT, the REIT Manager, the Sponsor and the Joint Global Coordinators and their respective affiliates and advisers each also reserves the right, without advance notice, to change the procedure or to terminate negotiations at any time prior to the entry into of any binding contract for any potential transaction. For the purposes of the European Directive on Alternative Fund Managers (Directive 2011/61/EU), the REIT will constitute a “non-EU AIF” whose “AIFM” is a non-EU AIFM. Marketing to any investor domiciled or with a registered office in the European Economic Area (“EEA”) will be restricted by such laws and no such marketing shall take place except as permitted by such laws. Interests in the REIT may only be offered and issued in accordance with applicable laws in relevant member states, and potential investors should ensure they are able to subscribe for an interest in the REIT in accordance with those laws. In the EEA, interests in the REIT are

  • nly being marketed to professional investors, being investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of Annex II to Directive 2004/39/EC

(MiFID), as implemented in the relevant member states. The Joint Global Coordinators, directly and/or through their respective affiliates, are acting for the Sponsor and the REIT and not the recipient of this presentation and the receipt of this presentation by any recipient is not to be taken as the giving of investment advice by the Joint Global Coordinators or their respective affiliates to that recipient, nor to constitute such person a customer or client of the Joint Global Coordinators or their respective

  • affiliates. Accordingly, the Joint Global Coordinators and their respective affiliates will not be responsible in any manner whatsoever to the recipient for, including but not limited to, providing protections afforded to its

customers or clients or advising the recipient in relation to any potential transaction. The Joint Global Coordinators, directly and/or through affiliates, may act as market maker or assume an underwriting commitment in the securities of any companies or trusts discussed in these materials, may sell them to or buy them from clients on a principal or discretionary basis and may also perform or seek to perform banking or underwriting services for

  • r relating to those companies or trusts, and may, from time to time, perform or solicit banking, financial or other services for or from any company mentioned herein, and these activities may give rise to a conflict of interest,

which the recipient hereby acknowledges. Neither this presentation nor any part thereof may be (a) used or relied upon by any other party or for any other purpose, (b) copied, photocopied, duplicated or otherwise reproduced in any form or by any means, or (c) redistributed, passed on or otherwise disseminated or quoted, directly or indirectly, to any other person either in your organisation or elsewhere, without the prior written consent of the Sponsor and the Joint Global Coordinators. This presentation may not be distributed, directly or indirectly, in or into the United States or any jurisdiction where such distribution is unlawful. This presentation is not an offer for sale of or a solicitation of an offer to purchase or subscribe for any securities in the United States. The securities may not be offered or sold in or into the United States unless they are offered pursuant to an exemption from, or in a transaction not subject to, the requirements of the Securities Act and any applicable state or local U.S. securities laws. The securities have not been, and will not be registered under the Securities Act or the securities laws of any applicable jurisdiction. There will be no offering of the securities in the United States. Specifically, this presentation does not constitute a “prospectus” within the meaning of the Securities Act. This presentation contains no information or material which may result in it being deemed (1) to be a prospectus within the meaning of section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), an advertisement or extract from or abridged version of a prospectus within the meaning of section 38B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, or an advertisement, invitation or document containing an invitation falling within the meaning of section 103 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); or (2) in Hong Kong to have effected an offer of the securities to the public without compliance with the laws of Hong Kong or being able to invoke any exemption available under the laws of Hong Kong. This presentation is for information purposes only and may

  • nly be distributed in Hong Kong to “professional investors” as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

Nothing in this presentation constitutes or forms a part of any offer to sell or solicitation of any offer to purchase or subscribe for securities for sale in Singapore, the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This presentation has not been and will not be registered as a prospectus with the MAS under the Securities and Futures Act, Chapter 289 of Singapore, and accordingly, this presentation may not be distributed, either directly or indirectly, to the public or any member of the public or any member of the public in Singapore. This presentation may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner. Failure to comply with this directive may violate applicable laws.

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SLIDE 35

Contents

Key Highlights Financial Performance Portfolio Performance Update on COVID-19 Market Review

5 7 14 25 29

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SLIDE 36

KEY HIGHLIGHTS

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SLIDE 37

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

6

Key Financial Metrics

(FY2020)

Key Highlights

  • Maintained a stable operating performance with a portfolio occupancy of 99.5%
  • Balance sheet remains sound with an interest coverage ratio of 9.0 times(1)

Distributable Income S$35.7 million 20.1% Gross Revenue S$55.5 million 13.1% Net Property Income S$40.3 million 15.6% Portfolio Occupancy 99.5% Weighted Average Lease Expiry 9.7 years Tenant Retention (by NLA) 86.6%(2)

Key Portfolio Metrics

Gearing Ratio 35.1% Weighted Average Running Cost of Debt 0.86% Interest Coverage Ratio 9.0 times(1)

Capital Management

(1) The interest coverage ratio of 9.0 times is in accordance with requirements in its debt agreements, and 4.6 times in accordance with the Property Funds Appendix of the Code on Collective Schemes. (2) Refers to 313@somerset. Sky Complex is 100% leased till 2032, assuming tenant does not exercise its break option in 2026.

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SLIDE 38

FINANCIAL PERFORMANCE

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SLIDE 39

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

4Q FY2020 FY2020 Actual (S$’000) Forecast(1) (S$’000) Variance Actual (S$’000) Forecast(1) (S$’000) Variance

Gross revenue 12,466 21,514 42.1% 55,536 63,910 13.1% Net property income 7,514 16,092 53.3% 40,289 47,722 15.6% Distributable income 5,693 15,078 62.2% 35,672 44,671 20.1% DPU (cents) 0.48 1.28 62.7% 3.05(2) 3.80 19.7%

Financial Performance

DPU of 1.76 cents declared for 2H FY2020

8

(1) The Manager had, in the interest of good corporate governance, made announcements on 9 April and 20 April 2020 respectively, with regard to the IPO profit and distribution forecast for the financial year ending 30 June 2020 (“FY2020”) and the profit and distribution projection for the financial year ending 30 June 2021 (“FY2021”), as it may no longer be a fair basis against which the actual performance of LREIT could be compared given current circumstances. For transparency, the Manager will still provide year-on-year comparisons of LREIT’s financial results for FY2020 against the profit forecast for FY2020 disclosed in LREIT’s prospectus and FY2021 against LREIT’s financial results for FY2020, in the announcements of LREIT’s full year financial results for FY2020 and FY2021 respectively. (2) Distribution of 1.29 cents per unit was paid on 16 March 2020.

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SLIDE 40

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

9

Gross Revenue Net Property Income

Gross Revenue and Net Property Income

  • Stable revenue from Sky Complex helps to protect income during COVID-19, which has affected the retail

sector in 4Q FY2020

  • Rent waivers of up to two months were provided to retail tenants in 4Q FY2020

15.3 15.4 6.2 6.1 6.3 6.3 5 10 15 20 25 2Q FY2020 3Q FY2020 4Q FY2020 S$ million 21.4 21.7 12.5 16.2 16.6 7.5 313@somerset Sky Complex 10.7 10.9 1.8 5.5 5.7 5.7 5 10 15 20 2Q FY2020 3Q FY2020 4Q FY2020 S$ million

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SLIDE 41

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

As at 30 June 2020 As at 31 March 2020

Total assets

S$(’000)

1,555,498 1,518,802 Gross borrowings

S$(’000)

545,319 545,227 Total liabilities

S$(’000)

563,248 562,553 Net assets attributable to unitholders

S$(’000)

992,250 956,249 Units in issue 1,171,795,224 1,169,480,379 NAV per unit

(S$)

0.85 0.82

Balance Sheet

NAV per unit increased to $0.85

10

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SLIDE 42

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

As at 30 June 2020 As at 31 March 2020

Gross borrowings S$545.3 million S$545.2 million Gearing ratio 35.1% 35.9% Weighted average debt maturity 3.1 years 3.3 years Weighted average running cost of debt(1) 0.86% p.a. 0.86% p.a. Interest coverage 9.0 times(2) 11.2 times

Key Financial Indicators

Stable liquidity position to meet financial obligations

(1) Excludes amortisation of debt-related transaction costs. (2) The interest coverage ratio of 9.0 times is in accordance with requirements in its debt agreements, and 4.6 times in accordance with the Property Funds Appendix of the Code on Collective Schemes.

11

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SLIDE 43

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Debt Facilities and Maturity Profile

No refinancing till FY2023

Debt Loan Amount (million) Loan Term Interest Rate(1) Singapore dollar term loan S$99.3 3 years 2.09% p.a. Euro term loan S$446.0 (€285.0) 4 years 0.58% p.a.

99.3 446.0 100 200 300 400 500 FY2021 FY2022 FY2023 FY2024 S$ million

Weighted average debt maturity 3.1 years

Debt maturity profile

  • Balance sheet flexibility with 100%
  • f unsecured debt
  • Interest rate risk 100% hedged to

fixed rate debt through interest rate swaps and options

  • Euro natural hedge for Sky

Complex via Euro term loan

  • Diversity of debt funding across a

syndicate of lenders

  • S$97m(2) of uncommitted and

undrawn debt facilities

Prudent capital structure

12

(1) Excludes amortisation of debt-related transaction costs. (2) Uncommitted undrawn debt facilities comprise of S$50 million and €30 million.

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SLIDE 44

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

13

Period: 1 January to 30 June 2020

Notice of books closure date 11 Aug 2020 Last day of trading on ‘cum’ basis 17 Aug 2020, 5.00pm Ex-date 18 Aug 2020, 9.00am Books closure date 19 Aug 2020 Payment date 15 Sep 2020

Distribution Details

Distribution per unit: 1.76 cents

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SLIDE 45

PORTFOLIO PERFORMANCE

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SLIDE 46

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

15

As at 30 June 2020 Occupancy 99.5% Total net lettable area (NLA) 1.3 million sq ft Appraised value S$1,442.6 million Weight average lease expiry (WALE) 9.7 years by NLA(1) 4.9 years by GRI(1)

Portfolio at a Glance

Portfolio overview

99.8 99.8 99.5 80 85 90 95 100 As at Dec 2019 As at Mar 2020 As at Jun 2020 Percent

Stable occupancy Diversified tenant base

Broadcasting, 30% Food & Beverage, 27% Fashion & Accessories, 21% Beauty & Health, 4% IT & communications, 4% Entertainment, 3% Others, 11%

Information as at 30 June 2020. (1) Assuming tenant does not exercise its break option in 2026.

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SLIDE 47

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Information as at 30 June 2020. (1) Assuming tenant does not exercise its break option in 2026.

Portfolio Lease Expiry Profile

Long WALE of 9.7 years by NLA(1) and 4.9 years by GRI(1)

313@somerset, Singapore

  • WALE 1.9 years

by NLA and 1.8 years by GRI Sky Complex, Milan

  • WALE 11.9(1)

years by NLA and GRI

16

5% 7% 6% 3% 1% 77% 17% 19% 23% 8% 3% 30% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Beyond FY 2025 By NLA By GRI

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SLIDE 48

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Valuation as at 30 June 2020 (million) Valuation as at 31 July 2019(1) (million) Variance (million) Cap rate as at 30 June 2020 (%) Cap rate as at 31 July 2019(1) (%) 313@somerset S$1,008(2) S$1,005 S$3.0 4.25(2) 4.25 / 4.50 Sky Complex €277.7(3) (S$434.6(4)) €262.5 (S$400.3(5)) €15.2 (S$34.3) 5.25(3) 5.50 / 5.75 Total S$1,442.6 S$1,405.3 S$37.3 N.A N.A

Valuation and Cap Rate

Portfolio valuation gained approximately 2% to S$1,442.6 million.

(1) CBRE/Colliers. Independent property summary valuation reports for the Singapore Property and Milan Property. (2) Valuer: CBRE Pte. Ltd. (3) Valuer: Savills Advisory Services Limited (4) Conversion of € to S$ is based on the FX rate of 1.565 as at 30 June 2020. (5) Conversion of € to S$ is based on the FX rate of 1.525 as at 2 October 2019.

17

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SLIDE 49

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Key Statistics (as at 30 June 2020)

Occupancy 97.8% Appraised value S$1,008 million Valuation cap rate 4.25% NLA 288,277 sq ft Ownership 100% (99-year leasehold)

313@somerset, Retail Mall in Singapore

Atop Somerset MRT Station and spans across eight retail levels, comprising three basement levels (B3 to B1) and five levels above ground (L1 to L5)

18

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SLIDE 50

Operating Performance

  • Approximately 70% of the mall was not in operation during Circuit-breaker between 7 April and 1 June.
  • For the month of June, tenant sales(1) increased 4.5 times and visitation(2) was 2 times higher, compared to
  • May. Positive momentum is expected to continue barring further restrictions from the authorities.

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

69.2 49.2 11.7 11.4 8.6 2.2 10 20 30 40 50 60 70 Oct-Dec 2019 Jan-Mar 2020 Apr-Jun 2020 Number in millions Tenant sales (S$) Visitation (number)

19

Tenant sales and visitation Occupancy rate

99.2% 99.2% 97.8% As at Dec 2019 As at Mar 2020 As at Jun 2020 Occupancy

(1) Tenant sales in Apr, May and Jun was S$3.5 million, S$1.5 million and S$6.7 million, respectively. (2) Visitation in Apr, May and Jun was 0.7 million, 0.5 million and 1 million, respectively.

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SLIDE 51

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Redevelopment of Grange Road Car Park

Project is expected to strengthen LREIT’s retail and lifestyle presence in the Somerset area

20

  • The Grange Road car park is expected to cease operations by the end of 2020 to facilitate the handover
  • f site to LREIT. Redevelopment works is expected to commence shortly after.
  • Expected to be operational in the first half of 2022, the multiple dedicated event spaces will include an

independent cinema, hawker stalls serving local delights and a food and beverage attraction.

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SLIDE 52

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Key Statistics (as at 30 June 2020)

Occupancy 100% Appraised value S$434.6 million(2) Valuation cap rate 5.25% NLA 985,967 sq ft Ownership 100% (freehold)

(1) Largest broadcasting and cable television company in the world by revenue based on Forbes website on 13 May 2020. (2) Conversion of € to S$ is based on the FX rate of 1.565 as at 30 June 2020.

Sky Complex, Grade-A Office in Milan

Comprises of three office buildings and has excellent accessibility via the public transport system. Fully leased to Sky Italia, owned by Comcast Corporation(1).

21

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SLIDE 53
  • More work activity is now taking place at the premises while safe distancing management continues
  • Long lease term till 2032(1) provides stable income to the portfolio
  • Triple-net lease structure minimises operational costs and risks for LREIT

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Sky Complex, Grade-A Office in Milan

M1 M4 M5 M3 M2

Orio al Serio Airport Malpensa Airport Linate Airport CityLife Centro Leoni Lorenteggio Forlanini Bicocca Maciachini Segrate

Santa Giulia

Sky Complex

9 Hinterland 5 Periphery 6 Milanofiori 3 San Donato Milanese 8 Sesto San Giovanni 7 Centre 1 CBD 4 Porta Nuova 2 Semi-Centre 1 CBD 2 Semi-Centre 3 San Donato Milanese 4 Porta Nuova 5 Periphery 6 Milanofiori 7 Centre 8 Sesto San Giovanni 9 Hinterland M1 Subway Lines Airport Sub-markets Source of location map: CBRE (1) Assuming tenant does not exercise its break option in 2026.

22

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SLIDE 54

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Outlook Amid Challenges Posed by COVID-19

23

313@somerset: Continue to navigate through current challenges

  • Revenue:

– Tenant support package: Up to two months of rental relief provided to eligible tenants. Full savings from property tax rebate to pass through to eligible tenants. LREIT remains committed to provide appropriate assistance to ensure business continuity. – Rent relief measures provided to tenants will potentially weigh down LREIT’s performance.

  • Operations:

– While occupancy of the mall remains stable at 97.8%, leasing activities is expected to remain challenging due to weak demand.

Sky Complex: Operational resilience

  • Revenue:

– Rental remains flat for FY2021 due to zero variance in ISTAT (1) consumer price index variation. – Timely rental payment received from Sky Italia contributes to a stable stream of income.

  • Operations:

– Broadcasting sector will continue to remain resilient. – Positive investment interest continues to be seen in the Milano Santa Giulia area, the district in Milan where Sky Complex is located, with a significant lease of more than 40,000 sqm(2) inked recently.

(1) ISTAT: The Italian National Institute of Statistics (2) CBRE, Milan Office MarketView 1Q 2020

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SLIDE 55

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

Key Focus

24

Prudent capital management

  • Maintain a strong

balance sheet through liquidity and capital management strategies

  • Adopt appropriate risk

management strategies to mitigate market uncertainties

Manage operating expenses

  • Adopt disciplined approach

to reduce costs

  • Defer non-essential capital

expenditure to conserve cash

Ensure long-term viability of the mall

  • Capitalise on the mall’s

strategic location to drive visitation back to the mall

  • Continue to engage and

communicate with stakeholders

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SLIDE 56

UPDATE ON COVID-19

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SLIDE 57

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

COVID-19: Timeline of Key Events

26

Singapore

  • April

– Circuit-breaker commenced with only businesses categorised as essential service being allowed to operate. – COVID-19 (Temporary Measures) Act 2020 implemented for tenants who seek temporary relief from paying rent for a period of up to six months from April to October, which may be extended for up to a year depending on the COVID-19 situation.

  • May

– Gradual resumption of selected activities and services.

  • June

– Phase 1 and 2 of safe transition. Retail establishments, bowling centres and arcades were able to operate and dining-in for F&B was permitted. Strict safe distancing management measures remain in place. – An amendment bill to COVID-19 (Temporary Measures) Act 2020 implemented to provide further rental relief for SMEs.

Milan

  • April

– Nationwide lockdown is extended further till 3 May with few exception of trades allowed to reopen.

  • May

– All retail activities resumed with strict safe distancing management measures in place.

  • June

– International flights resumed

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SLIDE 58

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

COVID-19: Phase 2 of Safe Transition

27

  • Abide to safe distancing management measures

– Working hand-in-hand with the authorities and tenants to strengthen the contact tracing regime – Temperature screening for shoppers, tenants and employees – Regular disinfecting of common areas which have high touch areas in the mall such as lobby and lifts – Deploy security crews to conduct regular round checks on crowd control and to ensure shoppers, tenants and employees put on their masks at all times

313@somerset, retail mall in Singapore

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SLIDE 59

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

COVID-19: Phase 2 of Safe Transition

28

  • Gradual resumption of activity

– More than 95% of the mall (by GRI) has reopened – Footfall recovered approximately 40%(1) of pre-COVID-19 level

  • Rolled out marketing initiatives to help tenants achieve more sales

313@somerset, retail mall in Singapore

(1) Footfall comparison period (19-30 June 2020 vs 19-30 June 2019)

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SLIDE 60

MARKET REVIEW

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SLIDE 61

Lendlease Global Commercial REIT 4Q FY2020 and Full-year Financial Results

30

Market Review

Singapore Prime Retail Market Milan Office Market

  • Based on advance estimates by the Ministry of Trade and Industry, the

Singapore economy contracted by 12.6% YoY in Q2 of calendar year 2020 due to the Circuit-breaker measures.

  • While a gradual resumption in activity could be seen in the second half of

2020, a return to pre-COVID-19 store-operations norms cannot be expected as safe distancing management measures remain in place.

  • Italy’s short-term key indicators have shown slight improvement in

economic activity following the large declines in March and April. However, the near-term outlook remains cautious as the risk of secondary outbreaks still lingers.

  • Vacancy rate has tightened further in Q1 of calendar year 2020 at 9.9%

(vs. 11.2% in Q1 2019). By sub-market absorption, the Periphery sub- market, where Sky Complex is located, took the lead and accounted for 64% of the total absorption.

  • The reduction of the supply will be a challenge for occupiers to secure

large floor plates in high-quality Grade A buildings, particularly in coveted locations in established business districts and near metro and rail stations.

While reopening of the economy provides an encouraging backdrop for post-pandemic recovery, the risk of secondary outbreaks remains.

Source: Ministry of Trade and Industry, CBRE Milan Office MarketView 1Q 2020

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SLIDE 62

Thank You

313@SOMERSET, SINGAPORE SKY COMPLEX, MILAN

For enquiries, please contact Ling Bee Lin, Manager Investor Relations Tel: (65) 6671 7374 / Email: enquiry@lendleaseglobalcommercialreit.com