In 4Q 2021, with easing of restrictions in some cities, LMIRT was able to reduce its rental discount to tenants to an average of 13% vs 33% in 2020.
However, as at Dec 31, 2021, trade receivables (before taking into account of allowance for impairment) stood at $50.8 million, up 43% y-o-y, with $39.4 million from non-related tenants, and the rest from related party tenants. The higher amount of receivables is mainly due to the higher dollar value of invoices issued to tenants in FY 2021 compared to FY 2020 and the larger number of tenants following the acquisition of Puri in 2021. Since the end of 4Q2021, $10.5 million of trade receivables were collected, of which $5.6 million was from related party tenants and $4.9 million was from non-related party tenants. Around 28% of LMIRT’s gross rental income is from related party tenants including Matahari.
