Operating recovery is real (NPI +15.6% IDR, occupancy 9pp above industry, 70% of malls above 85%), the rights issue cleaned the balance sheet — but distributions to Unitholders and both perpetual tranches stay suspended pending further cashflow improvement

Landmark REIT — formerly Lippo Malls Indonesia Retail Trust until the name change took effect on 27 March 2026 — on Wednesday 29 April 2026 reported 1Q 2026 results (quarter ended 31 March 2026), the first quarterly update under the new identity. Reported rental revenue S$28.5m (+4.0% YoY), gross revenue S$52.2m (+4.6%), and net property income S$30.8m (+5.7%) — but the SGD-reported numbers materially understate the underlying operating performance because the IDR depreciated 8.5% against the SGD year-on-year (1Q 2026 average rate IDR13,200.61 per SGD vs IDR12,075.41 for 1Q 2025). In IDR terms, the underlying picture is much stronger: rental revenue +13.6% to IDR376.8bn, gross revenue +14.3% to IDR688.7bn, and NPI +15.6% to IDR406.9bn. Topline growth was driven by higher portfolio occupancy (87.5% as at 31 March 2026 vs 86.5% at 31 December 2025 vs 78.4% Cushman & Wakefield industry average) and a +41.1% IDR jump in carpark revenue (from IDR28.6bn to IDR40.4bn) following the conversion of carpark management from net to gross recognition (fully completed by 4Q 2025). 70% of the Trust's properties have occupancy above 85%. The capital-management headline is the completion of the January 2026 rights issue, which lifted units in issue from 7,696.8m at end-2025 to 16,702.0m at end-Q1-2026 (+117% on the rights), funded the full redemption of the remaining US$22.6m 2026 Notes in February 2026, and brought aggregate gearing down 332bps from 43.54% (31 December 2025) to 40.22% (31 March 2026) — the lowest gearing reading in years. Cash and cash equivalents more than doubled to S$60.3m (vs S$28.9m at Dec-25). The cost of the rights-issue dilution: NAV per unit dropped from 4.91¢ (Dec-25) to 2.65¢ (Mar-26), a 46.0% per-unit reduction reflecting the 117% units expansion against a smaller equity uplift. CEO James Liew framed the quarter as 'a steady start to FY 2026, underpinned by continued operational recovery and proactive asset management' but flagged the distribution stance directly: 'pending further improvement in the Trust's financial and cashflow position, the Trust will continue to exercise prudence with distributions to both Unitholders and holders of the perpetual securities.' This is the seventh consecutive cessation announcement for the S$140m 2016 perpetual securities (announced 12 March 2026, distribution rate reset to 6.4751% from 27 September 2021) and the sixth consecutive cessation for the S$120m 2017 perpetual securities (announced 10 December 2025, rate reset to 8.0960% from 19 December 2022). The investment thesis has flipped from yield-to-distribution to balance-sheet-restoration plus rebrand-optionality, with FY2026+ recovery dependent on whether the rebrand mandate widening (now 'a diversified, multi-asset and multi-geography approach with focus on real estate opportunities in Indonesia and Asia') translates to actual transactions.

1Q 2026 vs 1Q 2025 (SGD): Rental Revenue S$28.547m (+4.0%); Carpark Revenue S$3.060m (+29.1%); Service Charge and Utilities Recovery S$20.299m (+2.5%); Other Rental Income S$0.268m (−1.8%); Gross Revenue S$52.174m (+4.6%); Property Management Fee (S$1.708m, +4.3% in expense); Property Operating and Maintenance Expenses (S$17.260m, +0.7%); Other Property Operating Expenses (S$2.378m, +21.2%); Total Property Operating Expenses (S$21.346m, +2.9%); Net Property Income S$30.828m (+5.7%). 1Q 2026 vs 1Q 2025 (IDR): Rental Revenue IDR376,838m (+13.6%); Carpark Revenue IDR40,394m (+41.1%); Service Charge and Utilities Recovery IDR267,959m (+12.1%); Other Rental Income IDR3,538m (+7.3%); Gross Revenue IDR688,729m (+14.3%); NPI IDR406,948m (+15.6%). Balance sheet 31 March 2026: Investment Properties S$1,409.3m (vs S$1,421.6m 31 Dec 2025, −S$12.3m or −0.9% mainly on IDR/SGD FX translation); Cash and Cash Equivalents S$60.3m (vs S$28.9m, +109%); Other Current Assets S$39.4m; Total Debt S$607.8m (vs S$649.1m, −S$41.3m); Other Liabilities S$204.0m; Total Equity S$699.3m (Unitholders' funds S$442.5m + Perpetual Securities S$256.8m); Gearing Ratio 40.22% (vs 43.54%, −332bps); Total Units in Issue 16,702.0m (vs 7,696.8m, +117% on rights issue); NAV per unit 2.65 cents (vs 4.91 cents, −46.0% on dilution). Closing exchange rate IDR/SGD 13,204.80 (vs 13,068.57 at Dec-25). Debt: Three secured term loan IDR facilities — IDR Facility 1 up to IDR2.5tn maturing May 2034, IDR Facility 2 up to IDR1.5tn maturing June 2034, IDR Facility 3 up to IDR4.5tn maturing November 2034. Weighted average debt maturity 5.80 years; all-in cost of debt 6.60% (excluding perpetuals). Cash balance @ 31 March 2026 split S$47.9m non-restricted use + S$12.5m restricted use. 2026 debt repayment S$19.4m, 2027 S$29.1m, 2028 S$39.9m, 2029 and beyond S$519.4m (loan amortisation profile). Perpetual securities: S$140.0m Subordinated Perpetual Securities issued 27 September 2016, distribution rate reset to 6.4751% from 27 September 2021; cessation of distribution announced on 20 March 2023, 18 September 2023, 13 March 2024, 13 September 2024, 12 March 2025, 15 September 2025, and 12 March 2026 (seven consecutive halves). S$120.0m Subordinated Perpetual Securities issued 19 June 2017, distribution rate reset to 8.0960% from 19 December 2022; cessation announced on 31 May 2023, 11 December 2023, 10 June 2024, 10 December 2024, 10 June 2025, and 10 December 2025 (six consecutive halves). Portfolio: 29 retail properties across Indonesia, total NLA 948,468 sqm, total carrying value Rp18,609.8 billion (~S$1,409.3m at the Mar-26 closing rate). Lease expiry profile by NLA: FY2026 10.4% (727 lots, 98,292 sqm), FY2027 23.2% (965 lots, 219,901 sqm), FY2028 11.5% (612 lots, 109,129 sqm), FY2029 11.9% (412 lots, 113,194 sqm), beyond FY2030 20.4% (531 lots, 193,707 sqm). WALE 2.8 years (vs 2.9 years at Dec-25, −0.1 year); average rental reversion −0.8% (vs +4.7% in FY2025) on shorter new-lease tenures. 1Q 2026 renewal rate ~68.7% of expiring leases. Trade sector mix by gross revenue (excluding other rental income and utilities recovery): F&B/Food Court 19%, Fashion 16%, Casual Leasing 11%, Carpark 10%, Department Store 7%, Leisure & Entertainment 7%, Supermarket/Hypermarket 3%, all other sectors 27%. Trade sector mix by NLA: All Other Sectors 41%, Leisure & Entertainment 16%, F&B/Food Court 12%, Fashion 11%, Department Store 12%, Supermarket/Hypermarket 8%. Visitor traffic 1Q 2026: total portfolio 34,444k visitors (+5.1% YoY) — Jakarta 13,445k (+2.8%), Sumatra 13,512k (+8.0%), Java ex-Jakarta 6,352k (+5.5%), Others 1,135k (−1.2%). The CEO statement: 'Landmark REIT has delivered a steady start to FY 2026, underpinned by continued operational recovery and proactive asset management. Our targeted asset enhancement initiatives and active tenant optimisation continue to yield tangible results.'

The 27 March 2026 rebrand from Lippo Malls Indonesia Retail Trust to Landmark REIT is the most important editorial frame for this update because the investment mandate has been formally broadened. The Manager describes the rebrand as marking 'a strategic pivot towards a diversified, income-generating real estate portfolio across Indonesia and the broader Asian market,' with the explicit articulation that the Trust now pursues 'a diversified, multi-asset and multi-geography approach with a focus on real estate opportunities in Indonesia and Asia.' The CEO confirmed in the press release that retail will remain the cornerstone, but future acquisitions may include 'complementary asset classes in strategic locations, as well as assets adjacent to our existing malls,' with the explicit possibility of 'integrated or mixed-use offerings.' For an entity that has been an Indonesia-only retail REIT since its 19 October 2007 IPO prospectus, this is a material widening of the strategic perimeter — comparable to the trajectory taken by Manulife US REIT (now MUST), Cromwell European REIT, and other previously single-thesis vehicles when their original investment thesis required restructuring. The mandate widening creates optionality (transactions in adjacent jurisdictions, mixed-use opportunities, larger acquisition pipeline) but also risk (capital allocation discipline becomes harder when the universe expands, governance structures must keep pace). The market will price the rebrand on what the Manager actually executes, not on what the prospectus now permits.

2. THE +13.6% IDR RENTAL REVENUE GROWTH IS THE CLEANER OPERATING READ — THE SGD-REPORTED +4.0% MASKS WHAT'S ACTUALLY HAPPENING IN THE PORTFOLIO:

The difference between the SGD-reported +4.0% rental revenue growth and the IDR-underlying +13.6% growth is entirely the 8.5% IDR depreciation against the SGD year-on-year (1Q 2026 average rate IDR13,200.61 per SGD vs IDR12,075.41 for 1Q 2025). Underneath the FX translation, the operating story is materially stronger: rental revenue +13.6%, gross revenue +14.3%, NPI +15.6% in local currency. The drivers disclosed in the deck are specific and durable: (a) higher portfolio occupancy of 87.5% at 31 March 2026 (vs 86.5% at end-2025, vs 78.4% Cushman & Wakefield industry average) — a 9.1-percentage-point premium to the industry that has widened from 8.1pp at end-2025 and reflects the multi-quarter AEI completion arc; (b) a +41.1% IDR jump in carpark revenue (from IDR28.6bn to IDR40.4bn) following the change in carpark management arrangement from net to gross recognition, fully converted by 4Q 2025; (c) tenant retention, with approximately 68.7% of expiring leases renewed in the quarter despite a soft Indonesian retail sector and ongoing AEI activity at five properties. The same-store growth print is meaningfully stronger than the headline. The structural question for unitholders: the Trust's distribution thesis has historically been priced in SGD terms by SGX-listed investors, but the underlying operating performance is being generated in IDR. As the IDR/SGD relationship normalises in FY2026 (Bank Indonesia held the benchmark rate at 4.75% in April 2026 to anchor Rupiah stability), more of the +13.6% IDR rental growth will translate through to SGD-reported numbers — that's the structural tailwind that the FY2026 distribution policy review will need to weigh against the cashflow stance.

3. GEARING DOWN 332BPS TO 40.22% IS A REAL DELEVERAGING WIN — BUT THE NAV/UNIT REPRICING IS THE COST THE MARKET HAS NOT YET FULLY ABSORBED:

Gearing fell from 43.54% at 31 December 2025 to 40.22% at 31 March 2026 — a 332bps quarterly improvement that reflects two specific actions: (a) the January 2026 rights issue, which lifted total units in issue from 7,696.8m to 16,702.0m (+117%) and brought in equity proceeds applied directly to debt repayment; (b) the full redemption of the remaining US$22.6m 2026 Notes in February 2026 funded from rights proceeds, removing a near-term refinancing maturity from the debt stack. The Trust's debt is now entirely IDR-denominated through three secured term loan facilities maturing May 2034 / June 2034 / November 2034, with no major SGD or USD refinancing until 2030+ (other than ongoing monthly amortisation). Cash and cash equivalents more than doubled to S$60.3m (vs S$28.9m at Dec-25), of which S$47.9m is non-restricted-use and S$12.5m is restricted-use. Weighted average debt maturity of 5.80 years and all-in cost of debt of 6.60% (excluding perpetuals) provide multi-year cashflow visibility. The cost of the deleveraging is in NAV per unit: at 31 December 2025 the Trust had 7,696.8m units in issue at 4.91¢ NAV per unit; at 31 March 2026 the Trust has 16,702.0m units at 2.65¢ — a 46.0% per-unit dilution that reflects the rights issue funding equity into the Trust at an issue price below the prevailing NAV per unit. Total Unitholders' funds increased from S$377.6m at Dec-25 to S$442.5m at Mar-26 (+S$64.9m), but the per-unit denominator more than doubled. For incoming capital, this is the rebuilt platform; for incumbent capital, the price of preserving the Trust's solvency was a halved NAV per unit. The reaction in the unit price will track whether the post-rights NAV trajectory compounds back through FY2026-FY2027 — and that compounding requires the distribution suspension to lift before unit-price arbitrage to NAV reasserts.

4. DISTRIBUTIONS REMAIN SUSPENDED — THE STRUCTURAL OVERHANG IS NOT YET CLEARED, AND THE PERPETUAL CESSATIONS ARE NOW INTO YEAR FIVE:

The most consequential disclosure for distribution-focused investors is what is NOT in the 1Q 2026 update: a resumption of distributions. The Manager's language is direct: 'Pending further improvement in the Trust's financial and cashflow position, the Trust will continue to exercise prudence with distributions to both Unitholders and holders of the perpetual securities.' This is the seventh consecutive cessation announcement for the S$140m 2016 Subordinated Perpetual Securities (issued 27 September 2016 with distribution rate reset to 6.4751% from 27 September 2021, with cessation announcements on 20 March 2023, 18 September 2023, 13 March 2024, 13 September 2024, 12 March 2025, 15 September 2025, and 12 March 2026). This is the sixth consecutive cessation for the S$120m 2017 Subordinated Perpetual Securities (issued 19 June 2017 with distribution rate reset to 8.0960% from 19 December 2022, with cessation announcements on 31 May 2023, 11 December 2023, 10 June 2024, 10 December 2024, 10 June 2025, and 10 December 2025). The arrears on the perpetual coupons compound — the 2016 perpetual at 6.4751% on S$140m accrues approximately S$9.07m per annum in unpaid distributions; the 2017 perpetual at 8.0960% on S$120m accrues approximately S$9.72m per annum. Together these two tranches are accruing nearly S$19m per year of unpaid perpetual distributions that sit ahead of any Unitholder distribution restart. The 1Q 2026 NPI of S$30.8m and the post-redemption debt position arguably create the cashflow capacity for the Manager to begin a partial distribution restart in 2H FY2026, but the press-release language remains studiedly conservative. The deciding variable is whether 2H FY2026 NPI growth holds as the IDR translation effect normalises and the AEIs at Lippo Mall Nusantara (formerly Plaza Semanggi, currently 72.4% occupied) and Cibubur Junction (currently 63.5% occupied — the lowest occupancy in the portfolio) start contributing pre-leased income.

5. THE 29-PROPERTY PORTFOLIO IS CARRIED BY SUN PLAZA AND LIPPO MALL PURI — WITH A LONG TAIL OF SMALLER ASSETS THAT REWARDS THE AEI CYCLE:

The 29-property portfolio reads as three concentric rings of asset performance. Ring 1 — the two flagship assets — Sun Plaza Medan (Rp2,944.4bn fair value, 70,084 sqm NLA, 98.6% occupancy, 468 tenants) and Lippo Mall Puri Jakarta (Rp4,349.2bn fair value, 123,160 sqm NLA, 96.5% occupancy, 628 tenants). Together these two assets account for approximately Rp7,294bn or ~39% of the total portfolio carrying value of Rp18,610bn, both at near-full occupancy and both anchored Jakarta/Medan exposure. Ring 2 — the cluster of high-performing mid-cap malls trading at 88-99% occupancy: Mal Lippo Cikarang (98.6%), Plaza Madiun Units (97.0%), Lippo Plaza Batu (96.1%), Java Supermall Units (98.8%), Lippo Mall Kemang (94.6%), Plaza Medan Fair (98.4%), Palembang Icon (95.8%), Malang Town Square Units (95.3%), Kediri Town Square (98.9%), Lippo Mall Kuta (93.5%), Pluit Village (88.6%), Palembang Square (89.9%), Bandung Indah Plaza (89.5%), Palembang Square Extension (89.4%), Depok Town Square Units (88.4%), Gajah Mada Plaza (88.4%), Lippo Plaza Kramat Jati (87.0%) — this is the bulk of the operating portfolio and the where the AEI cycle compounds. Ring 3 — the underperforming assets that anchor the AEI capex programme: Lippo Plaza Jogja (76.6%), Lippo Mall Nusantara formerly Plaza Semanggi (72.4%, with major refurbishment ongoing — Phase 1 completed Feb 2025, full completion targeted 2026), Istana Plaza (71.2%, ongoing AEI), Cibubur Junction (63.5% — the lowest in the portfolio, with reconfiguration AEI targeted for 2027 completion), Lippo Plaza Ekalokasari Bogor (80.0%, ongoing AEI), Lippo Plaza Kendari (79.1%), Tamini Square (79.2%). Plus three special situations: Mall WTC Matahari at 9.6% occupancy (1 tenant, materially under-let), Grand Palladium Medan Units at 0.0% occupancy (zero tenants — the Business Association is consolidating strata title holders to refurbish), Metropolis Town Square Units at 100% (4 tenants, single-purpose). The investment thesis Ring-by-Ring: Ring 1 is the income anchor that funds the platform, Ring 2 is the compounding base, Ring 3 is where the AEI capex is converting underperforming square footage into stabilised income — the four 2026-completing AEIs (Lippo Plaza Ekalokasari Bogor 6,306 sqm, Lippo Mall Nusantara 59,328 sqm, Istana Plaza 2,458 sqm, Palembang Square 1,787 sqm) plus Cibubur Junction 34,113 sqm completing 2027 represent approximately 104,000 sqm of NLA repositioning that will lift occupancy further into FY2027.

Landmark REIT trades on SGX as a unique vehicle: the only SGX-listed Indonesia-exposed retail REIT, now repositioned post-rebrand as a multi-asset Asia-exposed platform with retail as the cornerstone. The Trust's portfolio is valued at S$1,409.3m as at 31 March 2026 (Rp18,609.8bn, IDR-denominated investment properties translated at IDR13,204.80 per SGD closing rate), with total equity of S$699.3m comprising Unitholders' funds of S$442.5m and Perpetual Securities of S$256.8m. NAV per unit 2.65 cents post-rights-dilution. Aggregate gearing 40.22% post the January 2026 rights issue and February 2026 US$22.6m 2026 Notes redemption — the lowest gearing in years and below the 50% MAS Code threshold by a wide margin. Macro framing: Indonesia GDP growth forecast for 2026 has softened — World Bank lowered to 4.7% from 4.8%, OECD to 4.8% from 5.1%, while Bank Indonesia maintains a relatively resilient outlook of 4.9% to 5.7% broadly aligned with the government's official target of 5.4%. A IDR12.0 trillion stimulus package (transport subsidies and expanded social assistance to support household spending ahead of Ramadan and Eid) was deployed in 1Q 2026, with fiscal policy expected to remain disciplined to preserve the 3% deficit ceiling. Bank Indonesia held the benchmark rate at 4.75% in April 2026 to anchor Rupiah stability amid ongoing geopolitical tensions. The investment case for unitholders has flipped from a yield-to-distribution thesis (impossible while distributions are suspended) to a balance-sheet-restoration plus rebrand-optionality thesis, with the deciding variables being (a) when the Manager formally restarts distributions to Unitholders and the perpetual tranches; (b) whether the rebranded mandate produces actual transactions in adjacent asset classes or geographies; (c) how the 2H FY2026 NPI run-rate compounds as IDR/SGD translation normalises and the AEI cycle delivers stabilised income from Lippo Mall Nusantara and Cibubur Junction.

Landmark REIT 1Q 2026 is the first quarter under the new identity (rebranded from Lippo Malls Indonesia Retail Trust effective 27 March 2026) and the operating numbers are the strongest the portfolio has had in years: rental revenue +13.6% IDR, NPI +15.6% IDR, occupancy 87.5% — 9 percentage points above the 78.4% Indonesian retail industry average, with 70% of properties occupying above 85%. The capital management arc is also constructive: the January 2026 rights issue lifted units in issue from 7,696.8m to 16,702.0m (+117%), funded the full February 2026 redemption of US$22.6m 2026 Notes, drove gearing down 332bps from 43.54% to 40.22%, and more than doubled cash to S$60.3m. The cost of the rights-issue dilution is in NAV per unit (4.91¢ → 2.65¢, −46.0%), and the structural overhang remains: distributions are suspended for both Unitholders and the two perpetual tranches (S$140m 2016 perpetual at 6.4751%, S$120m 2017 perpetual at 8.0960%) — the seventh and sixth consecutive cessations respectively, with approximately S$19m per annum of perpetual distribution arrears compounding ahead of any future Unitholder distribution restart. The investment thesis has flipped from yield-to-distribution to balance-sheet-restoration plus rebrand-optionality. Three variables decide the FY2026-FY2027 trajectory: (1) when the Manager formally restarts distributions; (2) whether the broadened mandate produces transactions; (3) whether 2H FY2026 NPI growth holds as IDR/SGD translation normalises and the AEI capex programme delivers stabilised income from Lippo Mall Nusantara (now 72.4% occupancy, 59,328 sqm AEI completing 2026) and Cibubur Junction (63.5% occupancy, 34,113 sqm AEI completing 2027). The rebrand has reset the platform; the next four quarters will price the new strategy.