Landmark REIT’s NPI rises 4.9% in H1 despite rupiah depreciation

The trust reduced debt to $574.6m as FY2027 distributions remain subject to conditions.

Landmark REIT’s net property income (NPI) rose 4.9% year on year (YoY) to $61.1m in the first half (H1) of 2026, whilst reducing its gearing ratio to 39.63%.

Gross revenue increased 2.8% YoY to $103.0m, whilst rental revenue rose 3.5% to $56.5m during the period.

The Singapore-dollar results were affected by a 7.8% depreciation of the rupiah against the Singapore dollar.

Landmark REIT maintained its portfolio occupancy at 86.5% and recorded positive rental reversion of 2.4%, whilst securing new leases and renewed 79.3% of expiring leases during the period.

Total debt fell 11.5% to $574.6m as at 30 June 2026, lowering the gearing ratio from 43.45% as at 31 December 2025.

The Trust also redeemed its remaining $29.2m (US$22.6m) notes due in February 2026 after completing its rights issue exercise in January 2026.

James Liew, CEO of Landmark REIT Management, said the Trust’s performance reflected efforts to strengthen its portfolio.

“Through a series of major refurbishments and targeted asset enhancement initiatives, we have enhanced the competitiveness of our malls and refreshed our retail offerings to better meet evolving consumer preferences.”

Asset enhancement works at Lippo Icon Cibubur are progressing, following its repositioning as a lifestyle destination.

Refurbishment works at Lippo Mall Nusantara, including a new mezzanine extension at the mall entrance, are expected to be completed by end-2026.

The manager intends to resume distributions to unitholders in the financial year 2027, subject to continued improvements in the Trust’s financial position and cash flow generation, as well as the resumption of distributions to holders of its $140m and $120m perpetual securities.

The timing, frequency and amount of future distributions will be assessed based on the Trust’s operating performance, cash flow generation, IDR exchange rate movements and volatility, capital expenditure requirements, debt servicing obligations and prevailing market conditions.

(US$1 = SG$1.29)

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