Lippo Malls Indonesia Retail Trust (LMIR Trust), reported that its first-quarter net property income dropped 7.8% year-on-year (y/y) to US$29.98 million from US$40.30 million in Q1 last year. The decline was due to lower rental income from Lippo Plaza Batu and Palembang Icon on the expiry of the master leases in July 2018, and the perennial weakening of the Indonesian Rupiah by 1.6% from first-quarter 2018.

Total gross revenue increased 34.2% y/y to US$36.34 million in the quarter ended 31 March as the trust took over the collection of service and utility recovery charges from tenants. But gross rental income fell 7.1% to US$27.70 million, pointing to lower rental income from Lippo Plaza Batu and Palembang Icon on the expiry of their master leases in July 2018, and as the rupiah continued to weaken.