LMIRT reports net property income of $29.2 mil for 1QFY2025, down 2.4% y-o-y in Singapore dollar terms

The trusts' NPI for the reporting period in Indonesian rupiah came in 1% y-o-y higher at IDR352 million.

This is due to a net reversal for impairment loss on trade receivables following successful collection from a certain credit impaired tenant. This was partially offset by higher property operating and maintenance expenses and other property operating expenses, in line with increased operational activities.

In Indonesian rupiah terms, the trust reported a rental revenue of IDR331.6 million, up 3.3% y-o-y, and a gross revenue of IDR602.6 million, up 4.9% y-o-y.

In Singapore dollar terms, rental revenue came in at $27.5 million, down 0.2% y-o-y, while gross revenue increased 1.4% y-o-y to $49.9 million.

The trust says that this gross revenue increase was supported by a 67.4% jump in carpark income following the entry into a new carpark management arrangement, which yielded higher gross carpark income compared to the net income structure under the previous agreement.

See also: CapitaLand Ascendas REIT reports dip in portfolio occupancy to 91.5% for 1QFY2025

The REIT's portfolio occupancy stood at 82.2% as at March 31, up from the 81.2% in the previous quarter.

Weighted average lease expiry (WALE) by net lettable area came in at 2.9 years as at March 31, and average rental reversion was 3.9%.

As at March 31, the trust had a total debt of IDR704.8 million. Its gearing ratio stood at 44.2%, and net asset value per unit in cents came in at IDR 5.51 cents.

See also: CapitaLand Ascott Trust's gross profit rises 4% y-o-y in 1QFY2025

LMIRT's interest coverage ratio stood at 1.29 times. It notes that the Monetary Authority of Singapore (MAS) subjects all REITs to a minimum ICR threshold of 1.5 times, and will exercise prudence in capital management and does not intend to incur additional borrowings until the breach is rectified.

Units in LMIRT closed flat at 1.3 cents on Apr 28.