Today, LippoMalls Indonesia Retail Trust (LMIR) released FY 2011 results. On first glance, the Q4 2011 distribution per unit (DPU) has dropped more than 50% as compared to Q4 2010. However, revenue and net property income have increased. Is the performance dismal or is there more to the story?

First let’s look at the numbers.

LippoMalls Indonesia Retail Trust Q4 2011 Financial Results

Q4 Revenue increased by 14.8% from $32.2 mil to $36.9 mil

Q4 Net Property Income increased by 16.8% from $21.1 mil to $24.6 mil

Q4 Distributable Income decreased by 5.1% at $12 mil to $11.4 mil

Q4 DPU decreased from 1.11 to 0.53 (Not meaningful comparison due to rights issue)

FY 2011 Revenue increased by 5.2% from $129.4 mil to $136.1 mil

FY 2011 Net Property Income increased by 7.9% from $85.3 …