In Lendlease's 60th year of operation the group delivered a net profit of $792.8 million, up from its $758.6 million takings in the previous financial year.
The ASX-listed developer's annual net profit increased by 4.5 per cent for the fiscal year delivering a resilient result to security holders.
Full year distributions of 69 cents per stapled security, was up five per cent for the financial year to June.
The property company is expanding its operations announcing its plans for a build-to-rent sector in the US market with Australian superannuation fund First State Super.
The US residential for rent investment partnership involves a US$1 billion ($1.36 b) equity commitment, with each committing $US500 million ($679 m) to the venture.
“The strength of the sector has been underpinned by a major shift to renting, which has seen more than six million renter households created in the US over the past 10 years,” the companies said.
Group chief executive Steve McCann said the financial year result was driven by Lendlease’s strong performance across both its development and investment segments.
“Our ability to secure development pipeline, combined with the support of our capital partners, has allowed us to progress strategic opportunities across the residential for rent, office, retirement and telecommunications infrastructure sectors,” McCann said.
Lendlease has a record development pipeline of $71.1 billion, with a construction backlog revenue of $21.1 billion.
Strategic initiatives include four major urbanisation projects in Europe, including Euston Station, Silvertown Quays and High Road West in London, and Milano Santa Giulia in Milan.
These projects have a combined estimated end development value of $21.9 billion.
Lendlease's capital partnerships include the US residential for rent investment partnership, as well as its UK residential for rent investment partnership has an initial target of £1.5 billion ($2.6 b).
Lendlease’s global apartment settlements within its residential division totalled 1314 in the 2018 fiscal year.
Directors declared a final dividend of 35 cents a share, bringing the full-year payout to 69 cents.