LMIR Trust Posts 3Q DPU Of 0.09 Singapore Cents; Up 28.6% From A Year Ago

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 8 August 2007 (as amended))

FOR IMMEDIATE RELEASE

LMIR Trust posts 3Q DPU of 0.09 Singapore cents; up 28.6%

from a year ago

• Distribution of S$6.9 million to Unitholders for the quarter
• Rental revenue up 16.2% to S$17.7 million on contribution from newly acquired Lippo Mall Puri
• All retail malls and retail spaces have reopened following the temporary closures in July and August 2021

Summary of Financial Results for period ended 30 September 2021
	S$'000			3Q 2021			3Q 2020			%			9M 2021			9M 2020			%
							Variance							Variance
Rental Revenue		17,746		15,272		16.2			73,812		64,468		14.5
Gross Revenue		30,893		28,872		7.0			124,151		121,183		2.4
Net Property Income		17,292		13,146		31.5			74,880		65,730		13.9
Distribution to Unitholders		6,906		2,049			n.m.			19,951		8,698			n.m.
DPU (cents)		0.09		0.07		28.6			0.26		0.30		(13.3)
	Rp'million
Gross Revenue		328,062		310,053		5.8			1,327,206		1,274,159		4.2
Net Property Income		183,501		141,914		29.3			800,486		691,108		15.8

Singapore, 26 October 2021 - LMIRT Management Ltd (the "Manager"), the manager of Lippo Malls Indonesia Retail Trust ("LMIR Trust" or the "Trust"), today announced a 28.6% year-on-year ("YoY") increase in distribution per unit ("DPU") to 0.09 Singapore cents for the third quarter ended 30 September 2021 ("3Q 2021"), compared to 0.07 Singapore cents for the corresponding period a year ago ("3Q 2020").

Rental revenue and gross revenue for the period grew 16.2% and 7.0% YoY to S$17.7 million and S$30.9 million respectively. The increase was due to the income from the newly acquired Lippo Mall Puri, which contributed S$8.2 million to rental revenue and $10.3 million to gross revenue for the quarter. This was partially offset by the loss of income following the temporary closures of the Trust's assets during the emergency public activity restrictions ("PPKM") period in July and August, with affected tenants granted rental waivers while essential service tenants were granted rental discounts to account for the shortened mall operating hours and lower shopper traffic. Additionally, a 40% service charge discount was also extended to tenants during the temporary closure period.

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The increase in revenue and lower property operating expenses resulted in net property income ("NPI") increasing 31.5% to S$17.3 million in 3Q 2021 from S$13.1 million in 3Q 2020. Distribution to Unitholders was S$6.9 million in 3Q 2021 compared to S$2.0 million in 3Q 2020.

On a nine-month basis ("9M 2021"), rental revenue and gross revenue grew 14.5% and 2.4% to S$73.8 million and S$124.2 million respectively, while NPI increased 13.9% to S$74.9 million and distribution to Unitholders rose to S$20.0 million from S$8.7 million in 9M 2020.

General Business Updates

With the easing of restrictions following the improving pandemic situation, the Trust's retail malls and retail spaces have gradually reopened from mid-August, and are now operating under the more relaxed PPKM level 2 regulations of 50-75% mall capacity, proof of first dose vaccination, 50% dining-in capacity, 70% capacity in cinemas with F&B permitted, 25-75% capacity in gyms and reopening of kids entertainment outlets.

"Operationally, following the reopening of our malls and retail spaces after the temporary closure of approximately one and a half months, the Trust has seen favourable improvements in shopper behaviour as the malls are currently operating with less restrictions compared to the same period last year. However, the highly infectious Delta variant that caused a resurgence of the outbreak in Indonesia continues to impact the Trust's financial performance as we need to continue to provide rental support to our tenants over the next few months. We will also be working closely with our mall operator to actively bring in new and replacement tenants to boost the occupancy of some of the malls that were significantly impacted during this past one and half years of challenging operating conditions," said Mr James Liew, Chief Executive Officer of the Manager.

Given the ongoing pandemic and current volatile operating environment, LMIR Trust has remained prudent and exercised caution in executing its financial strategies. The resetting of the distribution rate for its S$140.0 million subordinated perpetual securities on 27 September 2021 provided the Trust a better strategic option to preserve cashflow and liquidity, and without assuming new debt to redeem the perpetual securities provides it with ample debt headroom for acquisition opportunities and asset enhancement initiatives during a market recovery.

As at 30 September 2021, LMIR Trust's gearing stood at a stable 42.3%, lower than the regulatory limit of 50.0%. The Trust has sufficient financial resources to meet its near-term financial obligations when they fall due with no refinancing needs until November 2022.

Market Outlook

Indonesia has seen improvements in its pandemic situation since the second wave of infections in June and July 2021. Its seven-day average as at 24 October 2021, recorded under a thousand cases, the lowest since July 2020. Despite the improvements, the government will continue to implement multi-

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tiered public activity restrictions. Any easing of restrictions will continue under four-tiered stages nationwide, depending on infections and level of inoculations in the different regions.1

INFORMATION

August Consulting

Tel: [phone] Fax: [phone]

Janice ONG: [e-mail]

Jeremy SING: [e-mail]

Emelda THEN: [e-mail]

About Lippo Malls Indonesia Retail Trust ("LMIR Trust") (www.lmir-trust.com)

LMIR Trust is a Singapore-based real estate investment trust established with the principal investment objective of owning and investing, on a long-term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes.

LMIR Trust's portfolio comprises 22 retail malls ("Retail Malls") and seven retail spaces located within other retail malls ("Retail Spaces", and collectively with the Retail Malls, the "Properties"). The Properties have a total net lettable area of 958,064 square metres and total carrying value of Rp18,992.8 billion as at 30 September 2021 and are strategically located in major cities of Indonesia with large middle-income population. Tenants include leading names such as Matahari Department Store, Zara, M&S, H&M, Sogo, Hypermart, Carrefour, Ace Hardware, as well as international specialty tenants such as Victoria's Secret, Promod, McDonalds, Pizza Hut, Kentucky Fried Chicken, A&W, Fitness First and Starbucks.

1 4 October 2021, Jakarta Post, Indonesia to reopen Bali for foreign tourists

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