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LMIRT announces 0.35 cent DPU in FY2021

Goola Warden
Goola Warden2/22/2022 10:41 PM GMT+08  • 2 min read
LMIRT announces 0.35 cent DPU in FY2021
LMIRT announces 0.35 cent DPU in FY2021 and sharply lower NAV of 9.49 cents as Indonesia continues to grapple with Covid
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Following the completion of the dilutive acquisition of Puri Mall in 2021, Lippo Mall Indonesia Retail Trust’s (LMIRT) DPU stabilised to 0.35 cent in FY2021 compared to 0.34 cent in FY2020, but net asset value fell to 9.49 cents, sharply lower than the 17.4 cents recorded in FY2020.

Indonesia is still grappling with Omicron which caused a tightening of social restrictions in in Greater Jakarta, Bandung, Bali and Yogyakarta by the Indonesia government in early February. Restaurants, cafes, shopping malls must again limit visitors and operate at 60% capacity, and entertainment centres at 35% capacity in these four cities.

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.

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