Landmark REIT (D5IU) H2 2025 earnings summary

Executive summary

• Achieved strong topline growth in 4Q25 and FY2025, with gross revenue for FY2025 rising 5.4% year-over-year to S$205.0 million, driven by higher rental revenue, increased carpark income, and active asset rejuvenation initiatives.

• Portfolio occupancy improved to 86.5% as of 31 Dec 2025, up from 81.2% in the prior year, supported by robust lease renewals and new tenant additions.

• Shopper traffic continued to recover, with total visitor traffic up 2.4% year-over-year in 4Q25.

• The investment mandate will broaden to include diversified real estate assets across Indonesia and Asia, with a rebranding to "Landmark REIT" effective 27 March 2026.

Financial highlights

• Rental revenue for FY2025 was S$110.9 million, up 2.5% year-over-year; 4Q25 rental revenue increased 6.5% to S$28.6 million.

• Gross revenue for FY2025 reached S$205.0 million, up 5.4%; 4Q25 gross revenue rose 8.1% to S$53.3 million.

• Net property income for FY2025 was S$120.9 million, up 4.5% year-over-year; 4Q25 NPI grew 13.8% to S$31.6 million.

• Carpark revenue surged 65.3% year-over-year to S$3.6 million in 4Q25.

• Investment properties valued at S$1,421.6 million as of 31 Dec 2025, down 9.0% from prior year due to IDR depreciation and shorter land tenure.

Outlook and guidance

• The broadened investment mandate enables diversification across asset classes and geographies in Asia, aiming for improved resilience and sustainable returns.

• Indonesia's economy grew 5.1% in 2025 and 5.4% in 4Q25, with 2026 GDP growth projected between 4.9% and 5.7%.

• The Trust will focus on operational resilience, healthy occupancy, tenant mix optimization, and prudent capital management.

• Asset enhancement initiatives are expected to continue yielding positive outcomes.