Landmark REIT reported net property income of S$61.1 million for the six months ended Jun 30, up 4.9 per cent year-on-year, as higher rental contributions and positive rental reversions offset currency headwinds.

Gross revenue rose 2.8 per cent YoY to S$103.0 million, while rental revenue increased 3.5 per cent to S$56.5 million. The trust did not declare a distribution for the period but reiterated plans to consider resuming payouts in FY2027, subject to operating performance, cash generation and capital needs. Gearing improved to 39.63 per cent from 43.45 per cent at end-2025 after the redemption of US$22.6 million in notes using proceeds from a January rights issue.

In operational terms, the 29-asset Indonesian retail portfolio maintained an 86.5 per cent occupancy rate and achieved a 2.4 per cent positive rental reversion. Excluding the 7.8 per cent depreciation of the Indonesian rupiah against the Singapore dollar, gross revenue and rental revenue would have grown 11.4 per cent and 12.2 per cent YoY respectively, while NPI would have climbed 13.8 per cent.

Currency movements and ongoing global market volatility remained headwinds, but active tenant optimisation helped several malls regain footfall above pre-pandemic levels. The trust’s exposure to the rupiah also weighed on reported figures when translated into Singapore dollars.

During the half-year, Landmark REIT advanced asset-enhancement works at Lippo Icon Cibubur, repositioning it as a lifestyle destination, and continued a major refurbishment at Lippo Mall Nusantara that includes a new mezzanine entrance slated for completion by end-2026. Management said it will maintain a disciplined stance on capital management while exploring multi-asset and multi-geography opportunities under its expanded mandate.

Chief executive James Liew noted that recent refurbishments have strengthened the competitiveness of the portfolio and supported leasing momentum. He added that the trust will focus on factors within its control—such as completing enhancement projects, refining the tenant mix and preserving balance-sheet strength—to navigate geopolitical risks, foreign-exchange swings and higher funding costs. Looking ahead, management intends to resume unitholder distributions in FY2027 if cash flows and overall financial metrics continue to improve, and will assess payout timing and quantum in line with operating performance and market conditions.

Indonesia’s economy grew 5.61 per cent in the March quarter, and the government has announced a 26.34 trillion rupiah stimulus to cushion external shocks. Nevertheless, widening fiscal deficits and a stable but elevated policy rate of 5.75 per cent underscore a cautiously positive outlook for the domestic retail sector in the second half of the year, the trust said.