Landmark REIT D5IU
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+0.00% +0.00 Updated 28 Oct 2026, 17:16 SGT
Financials
Landmark REIT Annual Report 2025
Explore the statements
20 tablesStatements of Total Return
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Primary financial statement | |||||
| Gross revenueS$’000 | 205,009 | 194,559 | – | 43,275 | PDF p. 80 |
| Property operating expensesS$’000 | (84,099) | (78,896) | – | – | PDF p. 80 |
| Net property incomeS$’000 | 120,910 | 115,663 | – | 43,275 | PDF p. 80 |
| Interest incomeS$’000 | 348 | 1,267 | 30 | 207 | PDF p. 80 |
| Other lossesS$’000 | – | (1,523) | – | – | PDF p. 80 |
| Manager’s management feesS$’000 | (8,687) | (8,677) | (8,617) | (8,606) | PDF p. 80 |
| Trustee’s feesS$’000 | (391) | (405) | (391) | (405) | PDF p. 80 |
| Finance costsS$’000 | (56,020) | (77,109) | (34,337) | (61,589) | PDF p. 80 |
| Other expensesS$’000 | (2,412) | (4,321) | (11,182) | (2,958) | PDF p. 80 |
| Net income/(loss)S$’000 | 53,748 | 24,895 | (54,497) | (30,076) | PDF p. 80 |
| Decrease/(Increase) in fair value of investment propertiesS$’000 | (23,224) | 29,823 | – | – | PDF p. 80 |
| Net (allowance for)/reversal of impairment of investments in subsidiariesS$’000 | – | – | (53,838) | 120,107 | PDF p. 80 |
| Losses on derivative financial instrumentsS$’000 | – | (736) | – | (736) | PDF p. 80 |
| Decrease/(Increase) in fair value of derivative financial instrumentsS$’000 | (549) | 27,341 | (549) | 27,341 | PDF p. 80 |
| Realised foreign exchange lossesS$’000 | (370) | (83,420) | (343) | (35,168) | PDF p. 80 |
| Unrealised foreign exchange gains/(losses)S$’000 | 32,746 | (3,777) | 23,335 | (5,391) | PDF p. 80 |
| Amortisation of intangible assetsS$’000 | – | (5,169) | – | – | PDF p. 80 |
| Total return/(loss) before taxS$’000 | 62,351 | (11,043) | (85,892) | 76,077 | PDF p. 80 |
| Income tax expenseS$’000 | (30,358) | (25,336) | (26) | – | PDF p. 80 |
| Total return/(loss) for the yearS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 80 |
| Item that may be reclassified subsequently to profit or loss | |||||
| Exchange differences on translating foreign operations, net of taxS$’000 | (97,636) | 46,114 | – | – | PDF p. 80 |
| Total comprehensive (loss)/return for the yearS$’000 | (65,643) | 9,735 | (85,918) | 76,077 | PDF p. 80 |
| Total return/(loss) for the year attributable to: | |||||
| Unitholders of the TrustS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 80 |
| Perpetual securities holdersS$’000 | – | – | – | – | PDF p. 80 |
| SubtotalS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 80 |
| Total comprehensive (loss)/return attributable to: | |||||
| Unitholders of the TrustS$’000 | (65,643) | 9,735 | (85,918) | 76,077 | PDF p. 80 |
| Perpetual securities holdersS$’000 | – | – | – | – | PDF p. 80 |
| SubtotalS$’000 | (65,643) | 9,735 | (85,918) | 76,077 | PDF p. 80 |
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Definitions & sources
Original report: PDF p. 80 ↗
Statements of Distribution
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Primary financial statement | |||||
| Total return/(loss) for the yearS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 81 |
| Add: Net adjustments (note A below)S$’000 | (31,993) | 36,379 | 85,918 | (76,077) | PDF p. 81 |
| Income available for distribution to UnitholdersS$’000 | – | – | – | – | PDF p. 81 |
| Distributions to Unitholders: | |||||
| Interim distributions paid during the year (note 12)S$’000 | – | – | – | – | PDF p. 81 |
| Distribution to Unitholders for the quarter ended 31 December paid after end of year (note 12)S$’000 | – | – | – | – | PDF p. 81 |
| SubtotalS$’000 | – | – | – | – | PDF p. 81 |
| Unitholders’ distribution: | |||||
| As distribution from operationsS$’000 | – | – | – | – | PDF p. 81 |
| As distribution of Unitholders’ capital contributionS$’000 | – | – | – | – | PDF p. 81 |
| SubtotalS$’000 | – | – | – | – | PDF p. 81 |
| Note A – Decrease/(Increase) in fair value of investment properties, net of deferred taxS$’000 | 28,196 | (29,726) | – | – | PDF p. 81 |
| Depreciation of plant and equipmentS$’000 | 2,187 | 2,326 | – | – | PDF p. 81 |
| Decrease/(Increase) in fair value of derivative financial instrumentsS$’000 | 549 | (27,341) | 549 | (27,341) | PDF p. 81 |
| Unrealised foreign exchange (gains)/lossesS$’000 | (32,746) | 3,777 | (23,335) | 5,391 | PDF p. 81 |
| Amortisation of intangible assetsS$’000 | – | 5,169 | – | – | PDF p. 81 |
| Loss on repurchase of Guaranteed Senior NotesS$’000 | – | 1,523 | – | – | PDF p. 81 |
| Capital repayment from subsidiariesS$’000 | – | – | – | 354,599 | PDF p. 81 |
| Net allowance for/(reversal of) impairment of investments in subsidiariesS$’000 | – | – | 53,838 | (120,107) | PDF p. 81 |
| Allocation of realised exchange differences to capital repayment of shareholders’ loansS$’000 | – | – | – | 22,830 | PDF p. 81 |
| Net overseas income not distributed to the TrustS$’000 | – | – | 55,330 | 50,442 | PDF p. 81 |
| Other adjustments*S$’000 | (30,179) | 80,651 | (464) | (361,891) | PDF p. 81 |
| SubtotalS$’000 | (31,993) | 36,379 | 85,918 | (76,077) | PDF p. 81 |
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Definitions & sources
Original report: PDF p. 81 ↗
Statements of Financial Position
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Plant and equipmentS$’000 | 2,410 | 3,861 | – | – | PDF p. 82 |
| Investment propertiesS$’000 | 1,421,628 | 1,562,006 | – | – | PDF p. 82 |
| Intangible assetsS$’000 | – | – | – | – | PDF p. 82 |
| Investments in subsidiariesS$’000 | – | – | 754,668 | 808,506 | PDF p. 82 |
| Total non-current assetsS$’000 | 1,424,038 | 1,565,867 | 754,668 | 808,506 | PDF p. 82 |
| Current assets | |||||
| Trade and other receivablesS$’000 | 24,161 | 29,130 | 128,000 | 148,032 | PDF p. 82 |
| Other non-financial assetsS$’000 | 13,819 | 13,223 | 189 | 30 | PDF p. 82 |
| Cash and cash equivalentsS$’000 | 28,883 | 33,717 | 4,905 | 8,234 | PDF p. 82 |
| Total current assetsS$’000 | 66,863 | 76,070 | 133,094 | 156,296 | PDF p. 82 |
| Total assetsS$’000 | 1,490,901 | 1,641,937 | 887,762 | 964,802 | PDF p. 82 |
| Non-current liabilities | |||||
| Deferred tax liabilitiesS$’000 | 18,927 | 15,596 | – | – | PDF p. 82 |
| Other payablesS$’000 | – | – | 332,702 | 361,732 | PDF p. 82 |
| Derivative financial instrumentsS$’000 | – | 8,531 | – | 8,531 | PDF p. 82 |
| Other financial liabilitiesS$’000 | 590,264 | 703,637 | – | – | PDF p. 82 |
| Other non-financial liabilitiesS$’000 | 68,940 | 73,604 | – | – | PDF p. 82 |
| Total non-current liabilitiesS$’000 | 678,131 | 801,368 | 332,702 | 370,263 | PDF p. 82 |
| Current liabilities | |||||
| Income tax payableS$’000 | 4,426 | 3,867 | – | – | PDF p. 82 |
| Trade and other payablesS$’000 | 45,933 | 51,695 | 135,556 | 94,907 | PDF p. 82 |
| Derivative financial instrumentsS$’000 | 5,790 | – | 5,790 | – | PDF p. 82 |
| Other financial liabilitiesS$’000 | 53,365 | 23,357 | – | – | PDF p. 82 |
| Other non-financial liabilitiesS$’000 | 68,912 | 61,663 | – | – | PDF p. 82 |
| Total current liabilitiesS$’000 | 178,426 | 140,582 | 141,346 | 94,907 | PDF p. 82 |
| Total liabilitiesS$’000 | 856,557 | 941,950 | 474,048 | 465,170 | PDF p. 82 |
| Represented by: | |||||
| Net assetsS$’000 | 634,344 | 699,987 | 413,714 | 499,632 | PDF p. 82 |
| Unitholders’ fundsS$’000 | 377,557 | 443,200 | 156,927 | 242,845 | PDF p. 82 |
| Perpetual securitiesS$’000 | 256,787 | 256,787 | 256,787 | 256,787 | PDF p. 82 |
| Net assetsS$’000 | 634,344 | 699,987 | 413,714 | 499,632 | PDF p. 82 |
| Net assets value per unit attributable to Unitholders (in cents)Cents | 4.91 | 5.76 | 2.04 | 3.16 | PDF p. 82 |
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Definitions & sources
Original report: PDF p. 82 ↗
Statements of Movements in Unitholders’ Funds
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| At beginning of yearS$’000 | 443,200 | 433,465 | 242,845 | 166,768 | PDF p. 83 |
| Operations | |||||
| Total return/(loss) for the yearS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 83 |
| Less: Amount reserved for distribution to perpetual securities holdersS$’000 | – | – | – | – | PDF p. 83 |
| Net increase/(decrease) in net assets resulting from operations attributed to UnitholdersS$’000 | 31,993 | (36,379) | (85,918) | 76,077 | PDF p. 83 |
| Unitholders’ contribution | |||||
| Distributions paid (note 12)S$’000 | – | – | – | – | PDF p. 83 |
| Total net assets before movements in foreign currency translation reserve and perpetual securitiesS$’000 | 475,193 | 397,086 | 156,927 | 242,845 | PDF p. 83 |
| Net movement in other comprehensive (loss)/return | |||||
| Exchange differences on translating foreign operationsS$’000 | (97,636) | 46,114 | – | – | PDF p. 83 |
| At end of yearS$’000 | 377,557 | 443,200 | 156,927 | 242,845 | PDF p. 83 |
| Perpetual securities | |||||
| Perpetual securities at beginning and end of yearS$’000 | 256,787 | 256,787 | 256,787 | 256,787 | PDF p. 83 |
| Net assetsS$’000 | 634,344 | 699,987 | 413,714 | 499,632 | PDF p. 83 |
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Original report: PDF p. 83 ↗
Consolidated Statement of Cash Flows
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return/(loss) before taxS$’000 | 62,351 | (11,043) | PDF p. 84 |
| Adjustments for: | |||
| Interest incomeS$’000 | (348) | (1,267) | PDF p. 84 |
| Interest expense and other related costsS$’000 | 53,810 | 65,410 | PDF p. 84 |
| Amortisation of borrowing costsS$’000 | 2,210 | 11,699 | PDF p. 84 |
| Depreciation of plant and equipmentS$’000 | 2,187 | 2,326 | PDF p. 84 |
| Amortisation of intangible assetsS$’000 | – | 5,169 | PDF p. 84 |
| Net allowance for impairment of trade and other receivablesS$’000 | 266 | 1,048 | PDF p. 84 |
| Decrease/(Increase) in fair value of investment propertiesS$’000 | 23,224 | (29,823) | PDF p. 84 |
| Fair value gain/(loss) on derivative financial instrumentsS$’000 | 549 | (27,341) | PDF p. 84 |
| Unrealised foreign exchange (gain)/lossS$’000 | (32,746) | 3,777 | PDF p. 84 |
| Loss on repurchase of Guaranteed Senior NotesS$’000 | – | 1,523 | PDF p. 84 |
| Realised foreign exchange lossesS$’000 | 370 | 83,420 | PDF p. 84 |
| Operating cash flows before changes in working capitalS$’000 | 111,873 | 104,898 | PDF p. 84 |
| Trade and other receivablesS$’000 | 2,312 | (1,646) | PDF p. 84 |
| Other non-financial assetsS$’000 | 1,502 | (147) | PDF p. 84 |
| Trade and other payablesS$’000 | (5,385) | 4,401 | PDF p. 84 |
| Security deposits from tenantsS$’000 | 3,104 | 4,712 | PDF p. 84 |
| Rental received in advance from tenantsS$’000 | 11,920 | 10,582 | PDF p. 84 |
| Net cash flows from operations before taxS$’000 | 125,326 | 122,800 | PDF p. 84 |
| Income tax paidS$’000 | (27,795) | (25,283) | PDF p. 84 |
| Net cash flows from operating activitiesS$’000 | 97,531 | 97,517 | PDF p. 84 |
| Capital expenditure on investment propertiesS$’000 | (19,368) | (22,672) | PDF p. 84 |
| Cash flows from investing activities | |||
| Purchase of plant and equipmentS$’000 | (999) | (399) | PDF p. 84 |
| Interest receivedS$’000 | 363 | 1,258 | PDF p. 84 |
| Net cash flows used in investing activitiesS$’000 | (20,004) | (21,813) | PDF p. 84 |
| Proceeds from bank borrowingsS$’000 | – | 531,715 | PDF p. 84 |
| Cash flows from financing activities | |||
| Proceeds from private placement of bondsS$’000 | – | 20,318 | PDF p. 84 |
| Repayment of bank borrowingsS$’000 | (23,043) | (206,226) | PDF p. 84 |
| Repurchase of Guaranteed Senior NotesS$’000 | – | (425,783) | PDF p. 84 |
| Transaction costs on bank borrowingsS$’000 | – | (16,169) | PDF p. 84 |
| Other financial liabilities, currentS$’000 | (86) | (2,578) | PDF p. 84 |
| Interest paidS$’000 | (55,662) | (72,418) | PDF p. 84 |
| Cash restricted in use for bank facilitiesS$’000 | (46) | 86,873 | PDF p. 84 |
| Net cash flows used in financing activitiesS$’000 | (78,837) | (84,268) | PDF p. 84 |
| Net decrease in cash and cash equivalentsS$’000 | (1,310) | (8,564) | PDF p. 85 |
| Cash and cash equivalents at beginning of yearS$’000 | 19,981 | 39,725 | PDF p. 85 |
| Effect of exchange rate fluctuations on cash heldS$’000 | (2,360) | (11,180) | PDF p. 85 |
| Cash and cash equivalents at end of yearS$’000 | 16,311 | 19,981 | PDF p. 85 |
| Cash and cash equivalents per consolidated statement of cash flowsS$’000 | 16,311 | 19,981 | PDF p. 85 |
| Add: Cash restricted in use for bank facilitiesS$’000 | 12,572 | 13,736 | PDF p. 85 |
| Cash and cash equivalents per statements of financial position (note 20)S$’000 | 28,883 | 33,717 | PDF p. 85 |
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Original report: PDF p. 84 ↗ PDF p. 85 ↗
Earnings per unit (loss) — Group
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Primary financial statement | |||
| Basic and dilutedCents | 0.42 | (0.47) | PDF p. 80 |
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Definitions & sources
Original report: PDF p. 80 ↗
Selected Statement of Total Return and Distribution Data
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Rental RevenueS$ million | 101.7 | 119.2 | 110.6 | 108.2 | 110.9 | PDF p. 10 |
| Gross RevenueS$ million | 175.1 | 204.7 | 197.3 | 194.6 | 205.0 | PDF p. 10 |
| Net Property IncomeS$ million | 104.2 | 130.5 | 122.4 | 115.7 | 120.9 | PDF p. 10 |
| Income available for distribution to UnitholdersS$ million | - | - | - | - | - | PDF p. 10 |
| Distribution to UnitholdersS$ million | 26.9 | 23.9 | - | - | - | PDF p. 10 |
| Earnings Per Unit (cents)cents | (0.68) | (0.17) | (1.64) | (0.47) | 0.42 | PDF p. 10 |
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Original report: PDF p. 10 ↗
Selected Statement of Financial Position Data
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Total AssetsS$ million | 2,028.8 | 1,835.7 | 1,723.3 | 1,641.9 | 1,490.9 | PDF p. 10 |
| Total Gross BorrowingsS$ million | 861.6 | 819.4 | 813.6 | 735.2 | 649.1 | PDF p. 10 |
| Net Assets Value Per Unit (cents)cents | 9.49 | 6.85 | 5.63 | 5.76 | 4.91 | PDF p. 10 |
| Units in Issueunits | 7,673,336,012 | 7,696,809,979 | 7,696,809,979 | 7,696,809,979 | 7,696,809,979 | PDF p. 10 |
| Unitholders’ FundsS$ million | 728.0 | 527.0 | 433.5 | 443.2 | 377.6 | PDF p. 10 |
| Investment PropertiesS$ million | 1,788.9 | 1,655.8 | 1,531.6 | 1,562.0 | 1,421.6 | PDF p. 10 |
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Original report: PDF p. 10 ↗
Operational Data
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Propertiesproperties | 29 | 29 | 29 | 29 | 29 | PDF p. 10 |
| Portfolio Valuation (Rp’ billion)Rp’ billion | 19,039.9 | 19,427.8 | 17,998.6 | 18,618.1 | 18,578.6 | PDF p. 10 |
| Portfolio Occupancy (%)percent | 80.9 | 80.2 | 79.0 | 81.2 | 86.5 | PDF p. 10 |
| Net Lettable Area (sqm)sqm | 956,632 | 951,471 | 952,113 | 962,029 | 945,216 | PDF p. 10 |
| Tenantstenants | 3,010 | 3,055 | 3,129 | 3,093 | 3,092 | PDF p. 10 |
| Annual Shopper Traffic (million)million | 83.3 | 109.5 | 119.6 | 125.9 | 132.0 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Chart: Gross Revenue (S$ million)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Gross Revenue (S$ million)S$ million | 175.1 | 204.7 | 197.3 | 194.6 | 205.0 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Chart: Net Property Income (S$ million)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Net Property Income (S$ million)S$ million | 104.2 | 130.5 | 122.4 | 115.7 | 120.9 | PDF p. 10 |
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Original report: PDF p. 10 ↗
Chart: Portfolio Valuation (Rp’ billion)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Portfolio Valuation (Rp’ billion)Rp’ billion | 19,039.9 | 19,427.8 | 17,998.6 | 18,618.1 | 18,578.6 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Key Financial Indicators
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Distribution Per Unit (cents)cents | 0.35 | 0.31 | - | - | - | PDF p. 11 |
| % of Total Properties that are Unencumbered (%)percent | 100 | 100 | 50* | 22 | 21 | PDF p. 11 |
| Aggregate leverage (%)percent | 42.5 | 44.6 | 44.3* | 44.8 | 43.5 | PDF p. 11 |
| Interest Coverage (times)times | 1.6 | 2.1 | 1.8 | 1.36 | 2.01 | PDF p. 11 |
| Adjusted Interest Coverage (times)times | 1.2 | 1.7 | 1.8 | 1.36 | 2.01 | PDF p. 11 |
| Average Cost of Debt (%)percent | 6.6 | 7.3 | 8.6 | 8.6 | 8.2 | PDF p. 11 |
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Original report: PDF p. 11 ↗
* Excluded S$90.4 million of funds set aside with sole purpose for the 2024 Tender Offer announced on 16 January 2024 and completion on 29 January 2024, in the computation.
Unit Price and Trading Volume
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Historical highlights | ||||||
| Closing Unit Price For The Period (cents)cents | 5.4 | 3.0 | 1.7 | 1.8 | 0.9 | PDF p. 11 |
| Highest Closing Unit Price (cents)cents | 7.2 | 6.0 | 3.7 | 2.4 | 1.64 | PDF p. 11 |
| Lowest Closing Unit Price (cents)cents | 4.9 | 2.9 | 1.5 | 1.1 | 0.8 | PDF p. 11 |
| Daily Average Trading Volume (million)million units | 8.7 | 3.7 | 2.8 | 2.1 | 5.2 | PDF p. 11 |
| Market Capitalisation (S$ million)S$ million | 414.4 | 230.9 | 130.8 | 138.5 | 69.3 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Statement of Portfolio — individual investment properties — S$’000
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment property | |||
| Kediri Town SquareS$’000 | 30,963 | 33,407 | PDF p. 87 |
| Lippo Mall Cikarang (formerly known as Mal Lippo Cikarang)S$’000 | 71,546 | 75,435 | PDF p. 87 |
| Lippo Mall KutaS$’000 | 18,747 | 20,471 | PDF p. 87 |
| Lippo Plaza BatuS$’000 | 21,149 | 22,491 | PDF p. 87 |
| Lippo Plaza JogjaS$’000 | 15,916 | 17,115 | PDF p. 87 |
| Lippo Plaza Kramat JatiS$’000 | 45,748 | 49,593 | PDF p. 87 |
| Plaza MadiunS$’000 | 19,004 | 18,918 | PDF p. 87 |
| Sun PlazaS$’000 | 224,355 | 232,648 | PDF p. 87 |
| Depok Town Square^S$’000 | 11,605 | 12,654 | PDF p. 87 |
| Gajah Mada PlazaS$’000 | 72,486 | 76,197 | PDF p. 87 |
| Grand Palladium^S$’000 | 4,542 | 4,927 | PDF p. 89 |
| Java Supermall^S$’000 | 10,718 | 11,103 | PDF p. 89 |
| Lippo Mall KemangS$’000 | 175,483 | 191,395 | PDF p. 89 |
| Lippo Mall PuriS$’000 | 332,414 | 355,174 | PDF p. 89 |
| Malang Town Square^S$’000 | 16,742 | 14,000 | PDF p. 89 |
| Mall WTC Matahari^S$’000 | 4,871 | 6,578 | PDF p. 89 |
| Metropolis Town Square^S$’000 | 5,881 | 6,441 | PDF p. 89 |
| Palembang SquareS$’000 | 52,033 | 52,977 | PDF p. 89 |
| Tamini SquareS$’000 | 8,708 | 10,958 | PDF p. 89 |
| Bandung Indah PlazaS$’000 | 17,077 | 30,433 | PDF p. 91 |
| Cibubur JunctionS$’000 | 35,199 | 38,797 | PDF p. 91 |
| Istana PlazaS$’000 | 10,848 | 19,200 | PDF p. 91 |
| Lippo Mall NusantaraS$’000 | 69,786 | 72,907 | PDF p. 91 |
| Lippo Plaza Ekalokasari BogorS$’000 | 7,870 | 13,433 | PDF p. 91 |
| Lippo Plaza KendariS$’000 | 19,590 | 24,463 | PDF p. 91 |
| Palembang IconS$’000 | 69,021 | 78,832 | PDF p. 91 |
| Palembang Square ExtensionS$’000 | 19,895 | 22,996 | PDF p. 91 |
| Plaza Medan FairS$’000 | 20,997 | 33,278 | PDF p. 91 |
| Pluit VillageS$’000 | 8,434 | 15,185 | PDF p. 91 |
| Statement of portfolio totals | |||
| Investment propertiesS$’000 | 1,421,628 | 1,562,006 | PDF p. 91 |
| Other net liabilitiesS$’000 | (787,284) | (862,019) | PDF p. 91 |
| Net asset valueS$’000 | 634,344 | 699,987 | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 87 ↗ PDF p. 89 ↗ PDF p. 91 ↗
^ The Trust’s ownership is less than 50% by gross floor area. This is a property area interest disclosure, not the subsidiary equity interest.
Statement of Portfolio — individual investment properties — %
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment property | |||
| Kediri Town Square% | 4.9 | 4.8 | PDF p. 87 |
| Lippo Mall Cikarang (formerly known as Mal Lippo Cikarang)% | 11.3 | 10.8 | PDF p. 87 |
| Lippo Mall Kuta% | 3.0 | 2.9 | PDF p. 87 |
| Lippo Plaza Batu% | 3.3 | 3.2 | PDF p. 87 |
| Lippo Plaza Jogja% | 2.5 | 2.4 | PDF p. 87 |
| Lippo Plaza Kramat Jati% | 7.2 | 7.1 | PDF p. 87 |
| Plaza Madiun% | 3.0 | 2.7 | PDF p. 87 |
| Sun Plaza% | 35.4 | 33.2 | PDF p. 87 |
| Depok Town Square^% | 1.8 | 1.8 | PDF p. 87 |
| Gajah Mada Plaza% | 11.4 | 10.9 | PDF p. 87 |
| Grand Palladium^% | 0.7 | 0.7 | PDF p. 89 |
| Java Supermall^% | 1.7 | 1.6 | PDF p. 89 |
| Lippo Mall Kemang% | 27.7 | 27.3 | PDF p. 89 |
| Lippo Mall Puri% | 52.4 | 50.7 | PDF p. 89 |
| Malang Town Square^% | 2.6 | 2.0 | PDF p. 89 |
| Mall WTC Matahari^% | 0.8 | 0.9 | PDF p. 89 |
| Metropolis Town Square^% | 0.9 | 0.9 | PDF p. 89 |
| Palembang Square% | 8.2 | 7.6 | PDF p. 89 |
| Tamini Square% | 1.4 | 1.6 | PDF p. 89 |
| Bandung Indah Plaza% | 2.7 | 4.3 | PDF p. 91 |
| Cibubur Junction% | 5.5 | 5.5 | PDF p. 91 |
| Istana Plaza% | 1.7 | 2.7 | PDF p. 91 |
| Lippo Mall Nusantara% | 11.0 | 10.4 | PDF p. 91 |
| Lippo Plaza Ekalokasari Bogor% | 1.2 | 1.9 | PDF p. 91 |
| Lippo Plaza Kendari% | 3.1 | 3.5 | PDF p. 91 |
| Palembang Icon% | 10.9 | 11.3 | PDF p. 91 |
| Palembang Square Extension% | 3.1 | 3.3 | PDF p. 91 |
| Plaza Medan Fair% | 3.3 | 4.8 | PDF p. 91 |
| Pluit Village% | 1.3 | 2.2 | PDF p. 91 |
| Statement of portfolio totals | |||
| Investment properties% | 224.0 | 223.0 | PDF p. 91 |
| Other net liabilities% | (124.0) | (123.0) | PDF p. 91 |
| Net asset value% | 100.0 | 100.0 | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 87 ↗ PDF p. 89 ↗ PDF p. 91 ↗
^ The Trust’s ownership is less than 50% by gross floor area. This is a property area interest disclosure, not the subsidiary equity interest.
Financial Highlights and Balance Sheet
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY 2025 | 2024FY 2024 | Source |
|---|---|---|---|
| Financial Highlights and Balance Sheet | |||
| Gross revenueS$’000 | 205,010 | 194,559 | PDF p. 31 |
| Net property incomeS$’000 | 120,911 | 115,663 | PDF p. 31 |
| DistributionsS$’000 | - | - | PDF p. 31 |
| Distribution per unit (cents)cents per unit | - | - | PDF p. 31 |
| Net fair value of financial derivatives at end of yearS$’000 | (5,790) | (8,531) | PDF p. 31 |
| Proportion of financial derivatives to net assets attributable to Unitholders (%)% | (1.5) | (1.9) | PDF p. 31 |
| Total operating expensesS$’000 | 125,947 | 117,635 | PDF p. 31 |
| Total operating expenses as a percentage of net assets attributable to Unitholders (%)% | 33.36 | 26.54 | PDF p. 31 |
| TaxationS$’000 | 30,358 | 25,336 | PDF p. 31 |
| Non-current assetsS$’000 | 1,424,038 | 1,565,867 | PDF p. 31 |
| Current assetS$’000 | 66,863 | 76,070 | PDF p. 31 |
| Total assetsS$’000 | 1,490,901 | 1,641,937 | PDF p. 31 |
| Current liabilitiesS$’000 | 178,426 | 140,582 | PDF p. 31 |
| Non-current liabilitiesS$’000 | 678,131 | 801,368 | PDF p. 31 |
| Net assetsS$’000 | 634,344 | 699,987 | PDF p. 31 |
| Net assets attributable to UnitholdersS$’000 | 377,557 | 443,200 | PDF p. 31 |
| Net assets attributable to Unitholders per unit (cents)cents per unit | 4.91 | 5.76 | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
Source discrepancy: FY2025 highlights print gross revenue 205,010 and net property income 120,911 (S$ thousands); the primary statement on PDF p. 80 prints 205,009 and 120,910. Both original presentations are retained.
Financial Overview by Property — Gross Revenue and Net Property Income (S$ million)
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Gross Revenue | 2024Gross Revenue | 2025Net Property Income | 2024Net Property Income | Source |
|---|---|---|---|---|---|
| Financial Overview by Property — Gross Revenue and Net Property Income (S$ million) | |||||
| Kediri Town SquareS$ million | 3.8 | 3.7 | 2.4 | 2.0 | PDF p. 32 |
| Lippo Mall Cikarang (formerly known as Mal Lippo Cikarang)S$ million | 9.5 | 9.6 | 5.8 | 6.0 | PDF p. 32 |
| Lippo Mall KutaS$ million | 2.4 | 2.0 | 0.7 | 0.1 | PDF p. 32 |
| Lippo Plaza BatuS$ million | 2.4 | 2.3 | 1.4 | 1.0 | PDF p. 32 |
| Lippo Plaza JogjaS$ million | 2.4 | 2.1 | 1.0 | 0.6 | PDF p. 32 |
| Lippo Plaza Kramat JatiS$ million | 4.9 | 5.0 | 2.3 | 2.6 | PDF p. 32 |
| Plaza MadiunS$ million | 2.3 | 2.6 | 1.5 | 1.4 | PDF p. 32 |
| Sun PlazaS$ million | 30.5 | 26.1 | 22.4 | 19.0 | PDF p. 32 |
| Depok Town SquareS$ million | 0.9 | 0.4 | 0.7 | 0.2 | PDF p. 32 |
| Gajah Mada PlazaS$ million | 5.9 | 4.4 | 2.7 | 1.5 | PDF p. 32 |
| Grand PalladiumS$ million | - | - | - | - | PDF p. 32 |
| Java SupermallS$ million | 0.9 | 1.0 | 0.9 | 0.9 | PDF p. 32 |
| Lippo Mall KemangS$ million | 19.1 | 18.6 | 10.7 | 10.3 | PDF p. 32 |
| Lippo Mall PuriS$ million | 39.7 | 38.9 | 25.3 | 27.9 | PDF p. 32 |
| Malang Town SquareS$ million | 1.4 | 1.3 | 1.2 | 1.2 | PDF p. 32 |
| Mall WTC MatahariS$ million | - | 0.4 | (0.3) | 0.1 | PDF p. 32 |
| Metropolis Town SquareS$ million | 0.2 | 0.2 | 0.1 | - | PDF p. 32 |
| Palembang SquareS$ million | 4.2 | 3.8 | 2.9 | 2.7 | PDF p. 32 |
| Tamini SquareS$ million | 0.5 | 0.4 | 0.3 | (0.2) | PDF p. 32 |
| Bandung Indah PlazaS$ million | 7.3 | 7.5 | 4.0 | 4.3 | PDF p. 32 |
| Cibubur JunctionS$ million | 5.8 | 6.7 | 3.1 | 3.8 | PDF p. 32 |
| Istana PlazaS$ million | 1.2 | 1.3 | 0.2 | 0.1 | PDF p. 32 |
| Lippo Mall NusantaraS$ million | 6.3 | 3.2 | 0.9 | (1.2) | PDF p. 32 |
| Lippo Plaza Ekalokasari BogorS$ million | 2.8 | 3.1 | 0.7 | 0.7 | PDF p. 32 |
| Lippo Plaza KendariS$ million | 3.2 | 3.5 | 1.7 | 2.0 | PDF p. 32 |
| Palembang IconS$ million | 12.0 | 11.9 | 7.9 | 8.1 | PDF p. 32 |
| Palembang Square ExtensionS$ million | 3.6 | 3.7 | 1.8 | 2.0 | PDF p. 32 |
| Plaza Medan FairS$ million | 20.2 | 19.1 | 13.0 | 12.9 | PDF p. 32 |
| Pluit VillageS$ million | 11.6 | 11.8 | 5.6 | 5.7 | PDF p. 32 |
| TotalS$ million | 205.0 | 194.6 | 120.9 | 115.7 | PDF p. 32 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 32 ↗
Financial Overview by Property — Valuation — Rp’billion
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Valuation | 2024Valuation | Source |
|---|---|---|---|
| Financial Overview by Property — Valuation | |||
| Kediri Town SquareRp’billion | 404.6 | 398.2 | PDF p. 33 |
| Lippo Mall Cikarang (formerly known as Mal Lippo Cikarang)Rp’billion | 935.0 | 899.1 | PDF p. 33 |
| Lippo Mall KutaRp’billion | 245.0 | 244.0 | PDF p. 33 |
| Lippo Plaza BatuRp’billion | 276.4 | 268.1 | PDF p. 33 |
| Lippo Plaza JogjaRp’billion | 208.0 | 204.0 | PDF p. 33 |
| Lippo Plaza Kramat JatiRp’billion | 597.8 | 591.1 | PDF p. 33 |
| Plaza MadiunRp’billion | 248.4 | 225.5 | PDF p. 33 |
| Sun PlazaRp’billion | 2,932.0 | 2,773.0 | PDF p. 33 |
| Depok Town SquareRp’billion | 151.7 | 150.8 | PDF p. 33 |
| Gajah Mada PlazaRp’billion | 947.2 | 908.2 | PDF p. 33 |
| Grand PalladiumRp’billion | 59.4 | 58.8 | PDF p. 33 |
| Java SupermallRp’billion | 140.1 | 132.3 | PDF p. 33 |
| Lippo Mall KemangRp’billion | 2,293.3 | 2,281.3 | PDF p. 33 |
| Lippo Mall PuriRp’billion | 4,344.2 | 4,233.4 | PDF p. 33 |
| Malang Town SquareRp’billion | 218.8 | 166.9 | PDF p. 33 |
| Mall WTC MatahariRp’billion | 63.7 | 78.4 | PDF p. 33 |
| Metropolis Town SquareRp’billion | 76.9 | 76.8 | PDF p. 33 |
| Palembang SquareRp’billion | 680.0 | 631.5 | PDF p. 33 |
| Tamini SquareRp’billion | 113.8 | 130.6 | PDF p. 33 |
| Bandung Indah PlazaRp’billion | 223.2 | 362.8 | PDF p. 33 |
| Cibubur JunctionRp’billion | 460.0 | 462.4 | PDF p. 33 |
| Istana PlazaRp’billion | 141.7 | 228.8 | PDF p. 33 |
| Lippo Mall NusantaraRp’billion | 912.0 | 869.0 | PDF p. 33 |
| Lippo Plaza Ekalokasari BogorRp’billion | 102.8 | 160.1 | PDF p. 33 |
| Lippo Plaza KendariRp’billion | 256.0 | 291.6 | PDF p. 33 |
| Palembang IconRp’billion | 902.0 | 939.6 | PDF p. 33 |
| Palembang Square ExtensionRp’billion | 260.0 | 274.1 | PDF p. 33 |
| Plaza Medan FairRp’billion | 274.4 | 396.7 | PDF p. 33 |
| Pluit VillageRp’billion | 110.2 | 181.0 | PDF p. 33 |
| TotalRp’billion | 18,578.6 | 18,618.1 | PDF p. 33 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 33 ↗
Financial Overview by Property — Valuation — S$’million
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Valuation | 2024Valuation | Source |
|---|---|---|---|
| Financial Overview by Property — Valuation | |||
| Kediri Town SquareS$’million | 31.0 | 33.4 | PDF p. 33 |
| Lippo Mall Cikarang (formerly known as Mal Lippo Cikarang)S$’million | 71.6 | 75.4 | PDF p. 33 |
| Lippo Mall KutaS$’million | 18.8 | 20.5 | PDF p. 33 |
| Lippo Plaza BatuS$’million | 21.1 | 22.5 | PDF p. 33 |
| Lippo Plaza JogjaS$’million | 15.9 | 17.1 | PDF p. 33 |
| Lippo Plaza Kramat JatiS$’million | 45.7 | 49.6 | PDF p. 33 |
| Plaza MadiunS$’million | 19.0 | 18.9 | PDF p. 33 |
| Sun PlazaS$’million | 224.4 | 232.6 | PDF p. 33 |
| Depok Town SquareS$’million | 11.6 | 12.7 | PDF p. 33 |
| Gajah Mada PlazaS$’million | 72.5 | 76.2 | PDF p. 33 |
| Grand PalladiumS$’million | 4.5 | 4.9 | PDF p. 33 |
| Java SupermallS$’million | 10.7 | 11.1 | PDF p. 33 |
| Lippo Mall KemangS$’million | 175.5 | 191.4 | PDF p. 33 |
| Lippo Mall PuriS$’million | 332.4 | 355.2 | PDF p. 33 |
| Malang Town SquareS$’million | 16.7 | 14.0 | PDF p. 33 |
| Mall WTC MatahariS$’million | 4.9 | 6.6 | PDF p. 33 |
| Metropolis Town SquareS$’million | 5.9 | 6.4 | PDF p. 33 |
| Palembang SquareS$’million | 52.0 | 53.0 | PDF p. 33 |
| Tamini SquareS$’million | 8.7 | 11.0 | PDF p. 33 |
| Bandung Indah PlazaS$’million | 17.1 | 30.4 | PDF p. 33 |
| Cibubur JunctionS$’million | 35.2 | 38.8 | PDF p. 33 |
| Istana PlazaS$’million | 10.8 | 19.2 | PDF p. 33 |
| Lippo Mall NusantaraS$’million | 69.8 | 72.9 | PDF p. 33 |
| Lippo Plaza Ekalokasari BogorS$’million | 7.9 | 13.4 | PDF p. 33 |
| Lippo Plaza KendariS$’million | 19.6 | 24.5 | PDF p. 33 |
| Palembang IconS$’million | 69.0 | 78.8 | PDF p. 33 |
| Palembang Square ExtensionS$’million | 19.9 | 23.0 | PDF p. 33 |
| Plaza Medan FairS$’million | 21.0 | 33.3 | PDF p. 33 |
| Pluit VillageS$’million | 8.4 | 15.2 | PDF p. 33 |
| TotalS$’million | 1,421.6 | 1,562.0 | PDF p. 33 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 33 ↗
Debt
Borrowings
29E. Liquidity risk – contractual undiscounted maturity (Group, borrowings and lease liabilities)
| Item / unit | 2025Less than 1 year, S$'000 | 20252 to 3 years, S$'000 | 20254 to 5 years, S$'000 | 2025Over 5 years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|
| 2025 Group | ||||||
| Gross borrowings commitmentsS$'000 | 94,660 | 141,931 | 165,036 | 487,138 | 888,765 | PDF p. 139 |
| Gross lease liabilitiesS$'000 | 57 | 291 | 609 | 2,654 | 3,611 | PDF p. 139 |
Notes
Based on contractual undiscounted cash flows. 'The Group has no undrawn bank facilities.'
29E. Liquidity risk – contractual undiscounted maturity (Group, 2024)
| Item / unit | 2024Less than 1 year, S$'000 | 20242 to 3 years, S$'000 | 20244 to 5 years, S$'000 | 2024Over 5 years, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|---|---|
| 2024 Group | ||||||
| Gross borrowings commitmentsS$'000 | 79,864 | 190,587 | 182,157 | 648,962 | 1,101,570 | PDF p. 139 |
| Gross lease liabilitiesS$'000 | 1,657 | 358 | 679 | 3,071 | 5,765 | PDF p. 139 |
Notes
Based on contractual undiscounted cash flows.
Debt Maturity Profile as at 31 December 2025 (Capital Management)
| Item / unit | 2025Group, S$'000 | Source |
|---|---|---|
| Non-current borrowings | ||
| IDR Facility 1S$'000 | 167,386 | PDF p. 37 |
| IDR Facility 2S$'000 | 101,006 | PDF p. 37 |
| Upsized IDR Facility 3S$'000 | 326,113 | PDF p. 37 |
Notes
Printed heading says (S$ million) but column is S$’000. Weighted average maturity of debt 5.73 years; weighted average interest rate 8.17% p.a.; gearing 43.54%. No chart bars extracted as text; current borrowings repeat note 24A.
Borrowing notes 3 tables
24A. Borrowings and debt securities (excluding unamortised borrowing cost and finance lease)
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Current borrowings | |||
| IDR floating rate term loan (“IDR Facility 1”)S$'000 | 10,682 | 9,613 | PDF p. 130 |
| IDR floating rate term loan (“IDR Facility 2”)S$'000 | 6,313 | 5,663 | PDF p. 130 |
| IDR floating rate term loan (“Upsized IDR Facility 3”)S$'000 | 8,601 | 9,431 | PDF p. 130 |
| 2026 NotesS$'000 | 29,029 | – | PDF p. 130 |
| Non-current borrowings | |||
| IDR Facility 1S$'000 | 167,386 | 195,236 | PDF p. 130 |
| IDR Facility 2S$'000 | 101,006 | 117,666 | PDF p. 130 |
| Upsized IDR Facility 3S$'000 | 326,113 | 366,986 | PDF p. 130 |
| 2026 NotesS$'000 | – | 30,653 | PDF p. 130 |
| Total | |||
| Total borrowingsS$'000 | 649,130 | 735,248 | PDF p. 130 |
Notes
Printed columns also give Note, Final maturity (IDR Facility 1 May 2034; Facility 2 June 2034; Upsized Facility 3 November 2034; 2026 Notes February 2026) and Interest rate (Margin + BI7DRR* for IDR facilities; 7.50% p.a. for 2026 Notes).
* BI7DRR refers to BI 7-Day (Reverse) Repo Rate
Total row has no printed label.
Outstanding 2026 Notes US$22,606,000 at 31 Dec 2025; fully redeemed February 2026. IDR facilities are bank loans in IDR (secured per floating-rate table); 2026 Notes are USD fixed rate unsecured senior notes.
Interest rate ranges per annum – floating and fixed
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Floating interest rates | |||
| Senior notes (unsecured)% per annum | 20.47 | 14.48 | PDF p. 130 |
| Fixed interest rates | |||
| Senior notes (unsecured)% per annum | 7.50 | 7.50 | PDF p. 130 |
Notes
Floating-rate table also has Trust columns (2025, 2024): bank loans '–' '–'; senior notes 20.47%, 14.48%. Only Group columns extracted for the rows above.
29F. Interest rate risk – financial liabilities with interest by type of rate
| Item / unit | 2025Group, S$'000 | 2024Group, S$'000 | 2025Trust, S$'000 | 2024Trust, S$'000 | Source |
|---|---|---|---|---|---|
| Financial liabilities with interest | |||||
| Fixed ratesS$'000 | – | – | 333,195 | 342,273 | PDF p. 140 |
| Floating ratesS$'000 | 649,130 | 735,248 | 29,029 | 30,653 | PDF p. 140 |
Notes
Total row printed: 649,130 735,248 362,224 372,926.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy | As disclosed in Landmark REIT’s prospectus and in accordance with the Trust Deed of Landmark REIT, the actual level of distribution will be determined at the discretion of the Manager in accordance with the terms of the applicable documentation. | Landmark REIT | PDF p. 65 |
| Suspension of distributions | the Trust is exercising heightened prudence by retaining its cash flow and suspending distributions. | Landmark REIT | PDF p. 65 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No distributions were declared during the current and prior reporting years. | No distributions were declared during the current and prior reporting years. | FY2025 and FY2024 | PDF p. 112 |
| Distribution per unit (cents) | - cents | FY 2025 | PDF p. 31 |
| Distribution per unit (cents) | - cents | FY 2024 | PDF p. 31 |
Extracted from Landmark REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage (%) | 43.5% | As at 31 December 2025; comparative 2024: 44.8 | PDF p. 11 |
| Interest Coverage (times) – Ratio of | 2.01 times | FY2025; comparative 2024: 1.36 | PDF p. 11 |
| Average Cost of Debt (%) | 8.2% | FY2025; comparative 2024: 8.6 | PDF p. 11 |
| Portfolio Occupancy (%) | 86.5% | As at 31 December 2025; comparative 2024: 81.2 · As at 2025-12-31 | PDF p. 10 |
| Distribution Per Unit (cents) | - cents | FY2025; comparative 2024: - | PDF p. 11 |
Extracted from Landmark REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RSM SG Assurance LLP | Group and Trust, year ended 31 December 2025 | PDF p. 79 |
| Engagement partner | Naveen Sasidaran | Group and Trust, year ended 31 December 2025 | PDF p. 79 |
| Opinion | properly drawn up in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Investment Funds | Group and Trust, year ended 31 December 2025 | PDF p. 75 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Uncertainties relating to current economic conditions and going concern | the Group’s current liabilities exceeded its current assets by S$111,563,000 | Group, as at 31 December 2025 · As at 2025-12-31 | PDF p. 93 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation process involves significant judgement in determining the appropriate valuation methodology to be used and the underlying assumptions to be applied. | Group, year ended 31 December 2025 | PDF p. 76 |
Extracted from Landmark REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Landmark REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Figures for 2021–2025 are comparisons printed in the FY2025 report; original earlier-report backfill is incomplete.
Group and Trust scopes and original currencies/units are retained. Investment property schedules show fair value and net-asset percentages separately.
The FY2025 highlights on PDF p. 31 differ from the audited statement on PDF p. 80 by S$1,000 for gross revenue and net property income. Both printed amounts are retained.
A printed dash is retained as a dash; it is not converted to zero. Source footnotes on marked comparative ratios are retained.
Earlier original-report historical backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.