Landmark REIT (D5IU) H1 2026 earnings summary

Executive summary

• Gross revenue for 1H 2026 rose 2.8% year-over-year to S$103.0 million, driven by higher rental and car park income, with net property income up 4.9% to S$61.1 million.

• Portfolio occupancy remained strong at 86.5% as of 30 June 2026, with positive rental reversion of 2.4% and 79.3% of expiring leases renewed.

• Asset enhancement initiatives and tenant optimisation supported resilience and improved footfall, with several malls exceeding pre-pandemic traffic.

• Net income increased 48.1% to S$34.82 million, while total return for the period was S$40.93 million, up 77.8% from 1H 2025.

• No distributions were declared for the period, as the Trust continues to conserve cash and comply with dividend stopper provisions on perpetual securities.

Financial highlights

• Rental revenue grew 3.5% to S$56.5 million; car park revenue rose 9.3% to S$6.23 million.

• Net property income margin improved, with property operating expenses stable at S$41.87 million.

• Finance costs fell 28.9% to S$20.87 million due to lower debt and interest rates.

• Earnings per unit was 0.26 cents, down from 0.30 cents in 1H 2025, reflecting a higher unit base after the rights issue.

• Net asset value per unit dropped to 2.50 cents from 4.91 cents at end-2025, reflecting IDR depreciation.

Outlook and guidance

• Manager intends to resume distributions to Unitholders in FY2027, subject to continued financial improvement and cash flow generation.

• Ongoing economic uncertainties, FX volatility, and inflationary pressures may impact capital structure and compliance with covenants.

• Focus remains on stable operational performance, targeted AEIs, and sustaining high occupancy and shopper traffic.