Lippo Malls Indonesia Retail Trust (LMIR Trust) reported operational recovery for the fourth quarter of 2024, with gross revenue increasing 2.9% year-on-year to SGD49.3 million.
The improvement was driven by active asset enhancement initiatives and proactive tenant management, which lifted the REIT’s portfolio occupancy to 81.2% and secured a positive rental reversion of 5.3% for the year.
While rental revenue in its reporting currency for FY2024 declined 2.2% year-on-year to SGD108.2 million due to a 4.4% depreciation of the Indonesian Rupiah against the Singapore Dollar, the REIT saw gains in local currency terms.
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