So after I wrote the Lippo Malls Retail Trust Proposed Purchase of Puri article, some more astute readers in the REIT Telegram group commented that their latest distributable income is much much lower than previous quarter.

Indeed they are right. 

Figuring out these rights issue stuff is rather challenging so I based a lot of my figures on the guidance in the announcement. They used a distributable income and so I based my analysis off it. 

Totally didn’t check if that income is sustainable.

And that really impacts because for the past years, LMIR’s cash flows have been volatile. 

Their Q4 DPU is 0.30 cents so if we annualized it, its 1.20 cents. If we take it that LMIR operations do not improve, and conservatively they can at most pay out this amount, then the dividend yield would be 1.2 /19.9 = 6%.

This is nowhere near the 10.3%, as