Lippo Malls Indonesia Retail Trust (D5IU) Q1 2025 earnings summary

Executive summary

• Gross revenue for 1Q 2025 rose 1.4% year-over-year in SGD and 4.9% in IDR, driven by a 67.4% increase in carpark income from a new management arrangement.

• Portfolio occupancy improved to 82.2% as of 31 March 2025, up from 81.2% at end-2024, supported by 41,971 sqm of new lease commitments and a 3.9% positive rental reversion.

• Shopper traffic/footfall increased 7.4% year-over-year, with all regions and a diversified tenant mix contributing.

• Asset enhancement and proactive tenant management strategies contributed to steady operational improvements despite economic headwinds.

Financial highlights

• Rental revenue was stable at S$27.5 million, while carpark revenue surged to S$2.4 million, up 67.4% year-over-year.

• Gross revenue reached S$49.9 million, up 1.4% from 1Q 2024; net property income was S$29.2 million, down 2.4% year-over-year in SGD but up 1.0% in IDR.

• Net reversal for impairment loss on trade receivables contributed positively to NPI, partially offset by higher property operating and maintenance expenses.

• Gearing ratio stood at 44.2% as of 31 March 2025, with total debt of S$704.8 million.

• NAV per unit decreased to 5.51 cents from 5.76 cents at year-end 2024.

Outlook and guidance

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

• The Trust will focus on operational performance, disciplined capital management, and resilience amid global trade tensions.

• Indonesian government’s populist measures may boost consumer spending but raise fiscal and currency risks; IDR nearing historical lows amid budget cuts and global trade tensions.