LMIRT’s FY15 distributable income surges 25.8% to $85.56

Thanks to positive rental reversions.

Boosted by a steep hike in net property income, Lippo Malls Indonesia Retail Trust (LMIRT)’s distributable income in Q4 climbed 29% YoY to $22.7m. This culminated in distributable income of approximately $85.56m in FY15, reflecting a 25.8% YoY surge.

According to a report by OCBC, gross revenue jumped 23.9% YoY to $44.6m, driven largely by positive rental reversions at existing malls, as well as contribution from new acquisitions but partially offset by the depreciation of the IDR against the SGD.

“During the quarter, LMIRT achieved an average positive rental reversion of 13.2%, while portfolio occupancy was flat on a QoQ basis at 94.0%, as at 31 Dec 2015,” said the report.

Net property income also jumped to $40.2m in Q4, reflecting a 22.3% increase. For FY15, NPI was up by 25.8% to about $158.56m.

Meanwhile, DPU spiked 14.1% to 0.81 cents in Q4, and climbed 12.3% tp 3.10 cents in FY15.

Further, LMIRT’s properties were independently valued at IDR17.8t as at 31 December 2015, which reflects a 3% increase. This was driven, though, by two new properties. Excluding this, the valuation of the group’s properties would have instead been 3.1% lower.