LMIR Trust's Q2 distribution per unit rises 17.7%

Lippo Malls Indonesia Retail Trust, or LMIR for short, said its second quarter distributable income rose by 19.5 per cent to $20.5 million.

Distribution per unit for the three months ended June 30 was up 17.7 per cent at 0.93 cent.

On an annualised basis, the payout works out to a yield of 7.6 per cent based on the closing price of 49 cents per unit on June 28.

Payment is expected to be on Aug 29.

Net property income rose by 23.2 per cent to $37.9 million, mainly due to the contributions from the six new malls acquired in the fourth quarter of last year and the higher rent renewals of 15.5 per cent within the existing malls.

LMIR's sponsor, Lippo Karawaci, is one of the largest listed property developers and mall operators in Indonesia.

With its strategic intention to grow LMIR Trust as the cornerstone of its third pillar of growth, the sponsor has provided the trust with a right of first refusal over its portfolio of 15 malls to be built across Indonesia in the next three years.