Nov 9, 2023 – Lippo Malls Indonesia Retail Trust reported a net property income of S$30.6 million for the third quarter ended September 30, 2023, compared to S$32.8 million in the same period a year ago. Rental revenue dipped 6.2% to S$28.1 million whilst gross revenue slipped 3.8% to S$49.8 million, largely due to the 5.8% year-on-year depreciation of IDR against SGD1 and lower rental contribution of S$0.7 million in aggregate from Lippo Plaza Jogja due to the expiry of master leases in December 2022, its manager said in a statementMI.
The trust’s portfolio occupancy declined to 76.8% as of September 2023 compared to 81.4% as of June 30, 2023, mainly due to the previously disclosed early termination and downsizing of Carrefour anchor leases in Palembang Square, Tamini Square and Lippo Plaza Kramat Jati, where initiatives have been taken to convert these vacated spaces to cater for mini-anchor or speciality tenants. The trust secured a total of 85,456 square metres of new leases and renewed 66.8% of expiring leases at a positive rental reversion of 1.4%, according to the statement. The manager expects occupancy to gradually rise back above 80% over the next six months.