Lendlease REIT Retiree Gearing Risk Alert | SGX Daily Pulse 15 Apr | 🦖EP1548

Mistaking high occupancy for safety is a common heartland error when the ICR sits at a fragile 1.8x level.

Lendlease REIT tests the debt wall with sub-hurdle perps as consumer beverage giants pivot toward resilient honey niche.

Lendlease Global Commercial REIT has priced $120 million in perpetual securities at 4.28%, a figure that sits 42 basis points below my minimum yield hurdle while tethered to a fragile 1.8x interest coverage ratio. With the risk-free T-Bill now verified at 1.47%, the margin for error for high-gearing retail landlords has effectively vanished. Here is the forensic data on why these numbers represent a watchlist trigger rather than a sanctuary.