Lippo Malls Trust

Lippo Malls Trust: Gross rental revenue increased $35.4% to $33m, Net Property Income up 25% to $31m, Distributable Income increased 41.5% to $16m, DPU increased 40.4% to 0.74¢, indicative dividend yield of 6.0%, Gearing at 24.5%. The increase was due largely to the contributions from the Pluit Village and Plaza Medan Fair acquisitions during 4Q 11 and marginally from the recent six acquisitions made in 4Q 2012 (being Kramat Jati Indah, Tamini Square, Palembang Square, Palembang Square Extension, Pejaten Village and Binjai Supermall). High Indonesia domestic demand continues to support high retail sales growth and portfolio occupancy at 96%, and is well above Indonesia’s retail industry average rate of approximately 88%. Mgmt believe that the anticipated full quarter contribution from the six mall acquisitions completed in Q4 2012 will further transform the Trust into one of the leading retail REITs in Asia. On the Outlook, Indonesia domestic demand continues to drive GDP growth with 4Q12 GDP growing at a stronger than expected 6.5% y/y. 2013 GDP growth is expected to remain above 6%, again supported by robust domestic demand and strong investment levels, driven by a burgeoning and fast growing middle class. NAV per unit declined 6% to 56.16¢, P/B of 1.07x