LMIRT may not meet minimum interest coverage ratio for FY2024

No financial impact is expected from the potential breach.

LMIRT Management Ltd., manager of Lippo Malls Indonesia Retail Trust, has announced that the trust may not meet the minimum interest coverage ratio (ICR) of 1.5 times for the financial year ending 31 December 2024, as required under the Monetary Authority of Singapore’s Property Funds Appendix.

The shortfall is attributed to non-operational accounting adjustments to EBITDA and interest expenses in the second and third quarter of 2024. Final ICR figures will depend on the Trust’s audited financial results, which are yet to be finalised.

The manager assured that LMIR Trust’s aggregate leverage ratio remains below 50%, and current debt obligations are not tied to the ICR or leverage ratio requirements. As such, no financial impact is expected from the potential breach.

Unitholders are advised to exercise caution when trading LMIR Trust units.

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