LMIRT's DPU stabilisies in 2Q but NAV declines as gearing inches higher

LMIRT's DPU stabilises but NAV continues decline while gearing inches higher

The long-suffering unitholders of Lippo Mall Indonesia Retail Trust will be able to receive distributions per unit (DPU) in 2QFY2022 of 0.09 cents, unchanged y-o-y, while 1HFY2022 DPU gained 5.9% y-o-y to 0.18I cents. However, net asset value (NAV) fell to 8.76 cents as at end-June, down from 9.49 cents as at Dec 31, 2021.

Net property income gained 8.8% y-o-y in 2Q2022 to $34.6 million, and distributable income in the same period was marginally higher at $6.93 million.

Since interest coverage ratio stood at 2.1x at the end of 2Q2022 excluding perpetual securities, aggregate leverage which was at 43.9% is likely to be capped at 45%

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