Lippo Malls Indonesia Retail Trust (LMIRT) posted a distribution per unit of 0.87 cents for its fourth quarter 2016, an increase of 7.4 per cent from a year ago.
Its net property income went up 10.9 per cent to S$44.6 million. For the full year ended 2016, LMIRT’s net property income rose 8.4 per cent to S$171.9 million.
For Q4 2016, total gross revenue went up 9.1 per cent to S$48.7 million year on year, mainly due to positive rental reversion within the existing malls.
The trust recently completed the acquisition of Lippo Mall Kuta, expanding its portfolio to 27 properties and asset size to S$1.9 billion.
Viven Sitiabudi, executive director of the Reit manager, said: “With our shopping malls registering a consistently high occupancy rate of 94.3 per cent, we expect a stable stream of rental income going forward.”