Lippo Malls

Lippo Malls - MIRT reported 3Q13 gross rental income of S$38.9m, up 13.6% YoY. The increase was mainly due to the acquisition of the six new malls in 4Q12, and positive rental reversions for the existing malls. Distributable income increased by 20.7% y/y to $19.1m and DPU climbed 19.2% y/y to 0.87c. Results for the quarter were in-line with consensus expectations. 9M13 DPU of 2.69c translates to a yield of 8%.