LMIR Trust FY2025 gross revenue up 5.4% to S$205m on occupancy recovery to 86.5%, completes oversubscribed S$63m rights issue ahead of Landmark REIT rebrand
Summary:
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FY2025 gross revenue rose 5.4% to S$205.0 million and NPI grew 4.5% to S$120.9 million in SGD terms, despite a 5.9% depreciation of IDR against SGD; in IDR, gross revenue and NPI were up 12.0% and 11.1% respectively.
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Portfolio occupancy improved to 86.5% from 81.2%, supported by asset rejuvenation and tenant optimisation, with 82.1% lease renewals on 142,681 sqm and 118,069.5 sqm of new or replacement leases signed.
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The trust completed an oversubscribed rights issue raising S$63.0 million via 9.0 billion new units at S$0.007 each, with about S$34.2 million already used to repay loans; gearing stood at 43.54% and interest cover improved to 2.01x as at 31 December 2025.
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LMIR Trust will adopt a new identity as “Landmark REIT” and broaden its mandate from Indonesian retail malls to a diversified, multi‑asset, multi‑geography Asia‑focused strategy, effective 27 March 2026.
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Management highlights Indonesia’s 5.1% 2025 GDP growth and government stimulus as tailwinds, while BI keeps its policy rate at 4.75% to support growth and stabilise the rupiah amid global volatility.