SINGAPORE (Aug 3): Lippo Malls Indonesia Retail Trust (LMIRT) has posted a 6.5% increase in 1H17 distribution per unit (DPU) of 1.79 cents compared to 1.68 cents in 1H16.
Gross revenue and net property income for the half year rose 6.7% and 10.7% to $98.5 million and $92.9 million from a year ago respectively.
Meanwhile, distributable income to unitholders gained 7.5% to $50.5 million compared to $47 million last year.
Gross rental income came in 10.4% higher in 1H17 at $82.9 million compared to $75.1 million in 1H16, mainly due to the acquisition of Kuta and positive rental reversions.
Property operating expenses decreased 33.5% to $5.57 million from $8.37 million.
In June, the trust expanded its portfolio with the addition of Lippo Plaza Kendari, which increased its asset size by about 1.7%.
See: Lippo Malls Indonesia Retail Trust to acquire Indonesian mall for $32.2 mil
The group also issued $120 million subordinated perpetual securities at 6.6% per annum, with first reset date on December, 19 2022 and subsequent resets occurring every five years thereafter.
Chan Lie Leng, CEO of LMIRT Management, says, “Working closely with our mall operator, one of our strategic focus is to consistently improve tenant mix and retain quality tenants.”
Units in LMIRT closed at 46 cents on Thursday.
