On a 9MFY2025 basis, rental revenue and gross revenue rose 1.1% and 4.4% y-o-y to $82.2 million and $151.7 million respectively, while NPI grew 1.6% y-o-y to $89.3 million.
The trust says that topline growth was due to steady rental revenue from higher occupancy during the period; increase in carpark income after a change in management in 2HFY2024; and an increase in other rental income.
LMIRT’s occupancy as at Sept 30 stood at 84.4%, with lease renewals of 75% and a rental reversion rate of 4.6%.
Gearing ratio remained at 43.31% with interest coverage ratio at 1.81 times.
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The trust launched a rights issue in Sept to raise $63 million through the issuance of 9,005,267,676 new units for the repayment of loans and fund ongoing asset enhancement initiatives (AEIs).
Units in LMIRT closed flat at 1.4 cents on Oct 29.
