Lippo Malls Indonesia Retail Trust announced on 4 August that it has achieved a distribution per unit (DPU) of 0.85 Singapore cents for its 2Q 2016, an increase of 16.4% compared to the 0.73 cents paid in 2Q 2015.

Correspondingly gross revenue and net property income for the period increased by 10.1% and 10.4% year-on-year to SGD37.9 million and SGD43.1 million respectively.

Distributable income for the period saw an increase of 19.8% to SGD23.8 million.

As at 30 June 2016, Lippo Malls Indonesia Retail Trust’s aggregate portfolio occupancy was 94.8% with a weighted average lease expiry (WALE) of 4.67 years by net lettable area.

The Singapore-listed retail REIT’s outstanding debt as at 30 June 2016 was SGD695 million, with a gearing ratio of 35.7%, and average cost of debt of 5.11%.

“With the country’s large population base, rapidly expanding consumer class, and with increasing levels of disposable income, we look forward to growing our revenues and distributions to unitholders in the coming quarters”, said the REIT on its outlook for the years ahead.

Units of Lippo Malls Indonesia Retail Trust finished the trading day about 1.3% higher from its previous close on the Singapore Exchange to end at SGD0.375.