LMIRT Q4 DPU up 125% to 0.09 Singapore cent

LIPPO Malls Indonesia Retail Trust (LMIRT)'s D5IU distribution per unit (DPU) for the fourth quarter ended Dec 31, 2021 rose 125 per cent to 0.09 Singapore cent from 0.04 cent the previous year.

Gross revenue grew 86.2 per cent to S$50.9 million in Q4 from S$27.4 million over the same period the previous year. This was attributed to the gradual easing of restrictions due to the improving Covid-19 situation in Indonesia towards the end of the year.

Net property income (NPI) rose to S$29.4 million from S$10.6 million while the distribution to unitholders worked out to S$6.9 million for the quarter.

Rental revenue for Q4 increased to S$27.9 million from S$13.8 million the year before, largely due to contributions from the newly acquired Lippo Mall Puri, which came in at S$5.8 million.

"The addition of the flagship Puri Mall has helped anchor the performance of the trust more steadily during the year, as seen in its revenue and income contributions," said James Liew, chief executive of LMIRT's manager in a statement.

The improving conditions and favourable consumer behaviour have enabled LMIRT to reduce their rental discount to tenants to an average of 13 per cent in the fourth quarter, versus the average of 33 per cent the previous year, said Liew.

For the full year ended Dec 31, 2021, the DPU came to 0.35 cents, 2.9 per cent higher than the year before. Gross revenue was up 17.9 per cent to S$175.1 million, while NPI advanced 36.5 per cent to S$104.2 million.

Average portfolio occupancy stood at 80.9 per cent as at Dec 31, 2021, down from 84.5 per cent as at end-2020. But this is still higher than the industry average of 76.5 per cent for 2021, said LMIRT.

Units in LMIRT closed at S$0.052 on Tuesday, down S$0.001 or 1.9 per cent.