Lippo Malls Indonesia Retail Trust (LMIR) is a REIT that owns 30 retail malls and spaces in Indonesia. Its properties have a total net lettable area of 910,582 square metres and combined annual shopper traffic of over 160 million people. As at 31 December 2017, its property portfolio is valued at Rp19.5 trillion (approximately S$1.8 billion).
I attended LMIR’s 2017 annual meeting where the REIT posted a impressive set of results for the past year. However, LMIR’s share price recently plunged over 20% from 38 cents to 32 cents after it released an announcement that new tax regulations in Indonesia would impact its financial results moving forward.
With this in mind, I went to the 2018 Lippo Malls Indonesia Retail Trust AGM to find out more about the REIT’s past year performance and its outlook for the year ahead:
1. Gross revenue grew 5.0% year-on-year to S$197….