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LMIR Trust Achieves 18% Jump in DPU

lippo malls trust Lippo Malls Indonesia Retail Trust (SGX: D5IU), or LMIR Trust, released its second quarter 2013 (2Q 2013) results after the close of market yesterday.

The trust achieved a gross revenue of $40.1 million in 2Q 2013, an improvement of 30.2% over the previous year. The net property income came up to $37.9 million, up 23.2% year-on-year. The improvement was primarily due to the contributions from the six new malls acquired in 4Q 2012 and the positive rental reversions of 15.5% within the existing malls.

The distributable income for 2Q 2013 increased to $20.5 million, an increase of 19.5% as compared to 2Q 2013. The distribution per unit (DPU) for 2Q 2013 was 0.93 cents versus $0.79 in 2Q 2013, a jump of 17.7%.

As of 30 June 2013, LMIR Trust carries a gearing of 24.2%. The weighted average maturity of debt facilities at the end of 2Q 2013 was around 2.3 years. The weighted average lease expiry is at 5.1 years. The net asset value is at $0.57.

Mr Alvin Cheng, Chief Executive Officer of the manager of LMIR Trust, said “We are delighted to report another set of solid quarterly result. Based on the results for Q2 2013, LMIR Trust has achieved 27.4% DPU growth over the last 4 quarters. Our continual efforts to pursue both organic growth and external acquisitions have together led to the robust performance of our portfolio.”

LMIR Trust has a goal of building a $4 billion portfolio over the next three to five years by taking advantage of the sponsor’s pipeline of quality assets in Indonesia as well as continuing to explore opportunistic third-party acquisitions.

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