Lippo Malls Indonesia Retail Trust (LMIR; SGX: D5IU) is a Singapore-listed retail REIT with a portfolio of 20 retail malls and seven retail spaces located in Indonesia with a total net lettable area of 851,850 square metres. 10 retail malls and three retail spaces are located in Jakarta alone. LMIR’s properties have over 3,400 tenants and well-known tenants include Carrefour, Zara, H&M, McDonald’s, and Starbucks.

LMIR’s sponsor is PT Lippo Karawaci Tbk, a real estate developer in hotels, retail malls, and hospitals. PT Lippo Karawaci Tbk is the largest public company in Indonesia by total assets and revenue.

As a rising developing nation and the fourth most populous country in the world, Indonesia’s annual GDP has been growing steadily at 5-6% over the last five years and LMIR as has naturally rode on this growth.

However, as LMIR trades and reports its financial results in Singapore dollars, investors have seen ...