Landmark REIT (D5IU) H1 2025 earnings summary

Executive summary

• Gross revenue rose 4.5% year-over-year to S$50.3 million in 2Q 2025 and 2.9% to S$100.2 million for 1H 2025, driven by higher occupancy and carpark income despite currency headwinds.

• Net property income declined 1.0% year-over-year to S$29.1 million in 2Q 2025 and 1.7% to S$58.2 million for 1H 2025 due to higher operating expenses and FX impact.

• Portfolio occupancy increased to 84.1% in 2Q 2025, above the industry average of 77.1%.

• Visitor traffic grew 5.1% year-over-year, with notable increases in Jakarta and Sumatra.

• Net income for 1H 2025 was S$23.0 million, reversing a loss of S$19.8 million in 1H 2024, but total comprehensive loss widened to S$45.3 million due to FX translation losses.

Financial highlights

• Rental revenue was S$27.1 million in 2Q 2025 and S$54.5 million for 1H 2025; carpark revenue nearly doubled year-over-year.

• Gross revenue in IDR terms rose 11.3% year-over-year in 2Q 2025; net property income in IDR up 5.5%.

• Property operating expenses increased 13.2% year-over-year to S$21.2 million in 2Q 2025 and 10.1% to S$42.0 million for 1H 2025.

• Finance costs fell 31% to S$29.4 million in 1H 2025 due to lower borrowings and interest rates.

• Cash and cash equivalents stood at S$28.3 million as of 30 June 2025, with S$15.5 million unrestricted.

Outlook and guidance

• Management expects the operating environment to remain challenging due to cautious retailers, currency volatility, and subdued consumer sentiment.

• Focus remains on maintaining healthy occupancy, optimizing tenant mix, and prudent capital management.

• No distributions will be made until financial and cashflow position improves.

• Indonesia's GDP is projected to grow by 5% in 2025, slightly below the 5.2% target.