Landmark REIT (D5IU) Q1 2026 earnings summary

Executive summary

• Achieved strong 1Q 2026 results with topline growth driven by higher rental and carpark income, portfolio occupancy improving to 87.5%, and strategic asset enhancements completed and ongoing.

• Rebranded to Landmark REIT in March 2026, signaling a shift to a diversified, income-generating real estate strategy across Indonesia and Asia.

• Rights Issue completed in January 2026, raising S$63.0 million to repay debt and support working capital, with full redemption of US$22.6 million 2026 Notes in February, strengthening the balance sheet.

• No distributions declared for the quarter as cash conservation and prudent capital management remain priorities.

Financial highlights

• Rental revenue rose 4.0% year-over-year to S$28.5 million; gross revenue up 4.6% to S$52.2 million; net property income increased 5.7% to S$30.8 million.

• In IDR terms, gross revenue and net property income grew 14.3% and 15.6% year-over-year, respectively.

• Carpark revenue surged 29.1% year-over-year to S$3.1 million due to a change in management arrangement.

• Net asset value per unit declined to 2.65 cents due to increased units in issue and currency translation.

• Net income increased 50.5% to S$17.4 million, but total return fell 28.4% to S$13.9 million due to higher FX losses and tax.

Outlook and guidance

• Cautious outlook due to macroeconomic uncertainties, persistent retail sector challenges, and a higher-for-longer interest rate environment.

• Focus remains on portfolio optimization, disciplined capital management, and thoughtful growth, with prudent approach to distributions until financial and cashflow positions improve.

• Future acquisitions may include retail malls and complementary assets in strategic locations.