Additionally, with 5.0% YoY depreciation in Singapore dollar (“SGD”) against the Indonersian rupiah, the REIT's rental and gross revenue in the reporting currency fell by 4.7% and 3.6% to $26.7 million and $48.0 million respectively.
As at Sept 30, portfolio occupancy stood at 80.1%, while weighted average lease expiry stood at 2.4 years.
A rental reversion stood at 7.9% as at Sept 30, up from 1.9% as at Dec 31, 2023.
For the same period, gearing was at 44.97%.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
Following various tender offer exercises, LMIRT has since fully repaid its 2024 notes, while its 2026 Notes were reduced to US$22.6 million ($30 million) as at Sept 30.
Moving forward, the manager says it remains strategic with capital management and continues to explore options available to maintain a “prudent and sustainable capital structure” taking into consideration the monthly principal loan repayment obligations of several of its loan facilities.
Units in LMIRT closed flat at 2.3 cents on Oct 29.
