Landmark REIT (D5IU) Q3 2025 earnings summary

Executive summary

• Net property income rose 8.5% year-over-year to S$31.1 million in 3Q 2025, reversing from a loss to earnings of S$21.9 million.

• Achieved topline growth in 3Q 2025, driven by higher occupancy, increased carpark income, and a significant rise in other rental income.

• Portfolio comprises 29 Indonesian retail properties with a focus on long-term income and asset growth; occupancy improved to 84.4% as of 30 Sep 2025.

• Asset enhancement initiatives and tenant mix optimization drove improved performance and shopper engagement.

• No distributions to unitholders or perpetual securities holders due to cash conservation and financial prudence.

Financial highlights

• Gross revenue for 3Q 2025 was S$51.5 million (+7.5% YoY); net property income was S$31.1 million (+8.5% YoY).

• For the nine-month period, gross revenue was S$151.7 million (+4.4% YoY); net property income was S$89.3 million (+1.6% YoY).

• Rental revenue increased 3.4% YoY to S$27.7 million in 3Q 2025; in IDR terms, rental revenue grew 9.9% and gross revenue 14.2% YoY.

• Total return for 3Q 2025 was S$21.9 million (vs. -S$37.2 million in 3Q 2024); earnings per unit for 9M 2025 was 0.58 cents (vs. -0.74 cents in 9M 2024).

• Net asset value per unit declined to 5.17 cents from 5.76 cents at year-end 2024, mainly due to IDR depreciation.

Outlook and guidance

• Indonesia's GDP is projected to grow 4.9% in 2025 and 2026, supported by government stimulus and stable interest rates.

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

• Rights issue to strengthen balance sheet and fund asset enhancements.