Lippo Malls Trust

Lippo Malls Trust: 1Q14 distributable income fell 15% y/y to $16.7m, while DPU slumped 24% to 0.68¢, due largely to the 16% depreciation in IDR/SGD. Subsequently, gross revenue slipped 11% to $27.9m and NPI tumbled 17% to $31.1m. Excluding FX effects, gross revenue improved 6.3% and NPI slipped 1% on positive rental reversion. Overall occupancy improved 0.6ppts q/q to 95.6% with weighted average lease expiry (by NLA) of 4.94 years. Aggregate leverage stood at 26.7% with weighted average debt term of 2.3 years. NAV/unit of $0.45.