Lippo Malls Report Strong Q4, but Full Year Distributable Income Slips

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Thursday, 16 February 2012 21:11

Written by Patrick Chang

Lippo Malls, Report Strong Q4, but Full Year Distributable Income Slips

SINGAPORE, Indonesia Today - LMIRT Management Ltd., as manager of Lippo Malls Indonesia Retail Trust (LMIR Trust), reported strong results in Q4/2011, but its distributable income for full year 2011 down slightly by 0.9%.

LMIRT Management reported S$24.6 million of net property income for the three months ended December 31, 2011, a 16.8% jump over the corresponding quarter in 2010.

Gross revenue in 4Q2011 was S$36.9 million, an increase of 14.8% compared to 4Q2010, which is mainly attributable to the income contribution from LMIR Trust’s latest asset acquisitions (Pluit Village and Plaza Medan Fair). As the two new assets came into the Trust from 6 December 2011, the full financial impact of these new assets will only flow through from 1Q2012 onwards.

On the back of a strong 4Q2011 performance, LMIR Trust recorded S$136.1 million and S$92.0 million in gross revenue and net property income for the full year ended December 31, 2011, respectively.

Gross revenue and property income increased 5.2% and 7.9% last year, while distributable income down 0.9% to S$47.4 million.

LMIR Trust’s portfolio was valued at S$1.55 billion as at December 31, 2011, an increase of 42.8% compared to S$1.08 billion as at December 31, 2010, mainly due to the acquisitions of Pluit Village and Plaza Medan Fair in December 2011. (Indonesia Today)

Lippo Malls Indonesia Retail Trust

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