LMIRT Q4 net property income rises 13.8% to S$31.6 million

[SINGAPORE] Lippo Malls Indonesia Retail Trust (LMIRT) on Wednesday (Feb 25) posted a net property income of S$31.6 million for its fourth quarter ended Dec 31, 2025, up 13.8 per cent from S$27.8 million the year before.

Revenue rose 8.1 per cent to S$53.3 million for the period, from S$49.3 million previously. This was despite the Indonesian rupiah depreciating 5.9 per cent year on year against the Singapore dollar.

Rental revenue was up 6.5 per cent on the year at S$28.6 million in Q4 FY2025, from S$26.9 million.

Other rental income, however, stood at S$290,000, a 14.5 per cent decline from S$339,00 in the year-ago period.

Portfolio occupancy as at end-December 2025 was at 86.5 per cent, up from 81.2 per cent a year prior.

LMRIT recorded an average rental reversion of 4.7 per cent as at Dec 31, 2025, and a weighted average lease expiry by net lettable area of 2.9 years.

As at Dec 31, 2025, gearing stood at 43.5 per cent. Interest coverage ratio improved to 2.01 times, compared with 1.81 times as at Sep 30, 2025.

LMIRT also said on Wednesday that it will be renamed as Landmark Reit from Mar 27. The trust will also expand its investment mandate from its existing pure-play Indonesian retail mall strategy to a diversified, multi-asset and multi-geography approach with a focus on real estate opportunities in Asia.

The trust had previously launched a non-underwritten rights issue on Dec 9 at S$0.007 per rights unit, to raise S$63 million to pay off its existing loans and other related financial obligations.

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LMIRT’s manager on Wednesday said that the completed rights issue was oversubscribed, with acceptances and excess applications totalling about 121.3 per cent of the units available.

“Of the gross proceeds, around S$34.2 million has been used to repay existing loans and related financial obligations and approximately S$910,000 has been used for general corporate and working capital requirements,” indicated the bourse filing.

Units of LMIRT ended Wednesday flat at S$0.007, before the results were released.