LMIRT's gross rental income soared 30.2% to $40.1m
Thanks to its 6 new malls.
According to OCBC Investment Research, Lippo Malls Indonesia Retail Trust (LMIRT) posted 2Q13 gross rental income of S$40.1m, up 30.2% YoY. The increase was mainly due to the acquisition of the six new malls in 4Q12, and positive rental reversions of 15.5% for the existing malls. Distributable income increased by 19.5% YoY to S$20.5m and DPU climbed 17.7% YoY to 0.93 S cents.
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Results for the quarter were in line with our and consensus expectations. 1H13 DPU of 1.82 S cent forms 50.6% of our FY13 estimate