Landmark REIT (D5IU) Q1 2025 earnings summary

Executive summary

• Gross revenue for 1Q 2025 rose 1.4% year-over-year in SGD terms to S$49.9 million and 4.9% in IDR terms, driven by a 67.4% increase in carpark income following a new management arrangement.

• Net property income declined 2.4% year-over-year in SGD terms to S$29.2 million but increased 1.0% in IDR terms.

• Net income fell 32% to S$11.5 million, and total return dropped 32.4% to S$19.4 million.

• Portfolio occupancy improved to 82.2% as of 31 March 2025, above the industry average, with a 7.4% increase in shopper traffic and strong leasing activity.

• No distributions were declared for unitholders or perpetual securities holders, continuing the suspension since March 2023.

Financial highlights

• Rental revenue was stable at S$27.5 million, while carpark revenue surged 67.4% year-over-year.

• Net property income declined due to higher property operating expenses and was partially offset by a net reversal for impairment loss on trade receivables.

• Earnings per unit was 0.25 cents, down from 0.37 cents in Q1 2024.

• Net asset value per unit decreased to 5.51 cents from 5.76 cents at year-end 2024.

• Cash and cash equivalents (unrestricted) declined to S$17.2 million from S$20.0 million at year-end.

Outlook and guidance

• Indonesia's government initiatives may boost long-term retail demand, but short-term risks from fiscal tightening, IDR depreciation, and global trade tensions persist.

• The manager will continue to withhold distributions and focus on prudent capital management until financial metrics improve.

• Ongoing asset enhancement initiatives aim to elevate shopper experience and optimize space utilization.