Landmark Reit Q1 net property income rises 5.7% to S$30.8 million

[SINGAPORE] Landmark Reit, formerly Lippo Malls Indonesia Retail Trust, on Wednesday (Apr 29) posted a 5.7 per cent increase in net property income to S$30.8 million for the first quarter ended Mar 31, 2026. This was up from S$29.2 million a year prior.

This came amid an 8.5 per cent depreciation of the rupiah against the Singapore dollar, said the trust’s manager. In rupiah terms, net property income jumped 15.6 per cent to 406.9 billion rupiah (S$30 million).

Despite the rupiah’s depreciation, rental revenue grew 4 per cent to S$28.5 million in Q1.

Gross revenue rose 4.6 per cent to S$52.2 million in Q1, up from S$49.9 million in the previous corresponding period. This was supported by car park income increasing 29.1 per cent to S$3.1 million, following the full conversion of the trust’s car park management arrangement by the fourth quarter of 2025, which allows income to be recognised on a gross basis.

No distribution was declared for the quarter.

The trust had previously announced that it would cease distributions to the holders of its S$140 million and S$120 million perpetual securities in a bid to conserve cash.

On Wednesday, the manager noted that following the completion of a rights issue in January 2026, the remaining US$22.6 million 2026 notes were fully redeemed in February 2026.

The trust’s non-restricted cash and cash equivalents increased to S$47.8 million as at Mar 31, from S$16.3 million at the end of December 2025.

The manager added that global and domestic economic uncertainties remain elevated, with the 2026 economic outlook softening slightly. The inflationary effects of recent tariff measures and geopolitical tensions could also impact the retail environment.

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Pending further improvement in the trust’s financial and cashflow positions, the manager said distributions to both unitholders and holders of its perpetual securities will continue to be withheld.

The trust’s average portfolio occupancy improved to 87.5 per cent as at end March from 86.5 per cent as at December 2025. 

Weighted average lease expiry by net lettable area stood at 2.8 years as at Mar 31, with an average rental reversion of negative 0.8 per cent and a renewal rate of 68.7 per cent.

Shopper traffic continued to recover in the quarter, up 5.1 per cent to 34.4 million shoppers from 32.8 million in the previous year.

“Our targeted asset enhancement initiatives and active tenant optimisation continue to yield tangible results,” said the manager’s CEO James Liew. He noted that nearly 70 per cent of the Reit’s properties achieved occupancy levels above 85 per cent.

At the same time, the group’s aggregate leverage improved to 40.22 per cent as at Mar 31, reinforcing the trust’s balance sheet and enhancing financial flexibility.

Units of Landmark Reit ended Wednesday flat at S$0.007.