Landmark Real Estate Investment Trust (REIT) has announced a strong performance for the first quarter of 2026, with gross revenue rising by 4.6% to S$52.2m compared to the same period last year. This growth is attributed to increased rental revenue and a significant rise in carpark income, which jumped by 29.1% following a change in management arrangements.
The REIT’s net property income also saw a boost, climbing 5.7% to S$30.8m. In Indonesian Rupiah terms, gross revenue and net property income grew by 14.3% and 15.6%, respectively. The increase in carpark income, from IDR28.6b to IDR40.4b, was a notable contributor, now recognised on a gross basis rather than net of operating expenses.
The portfolio’s occupancy rate remains robust at 87.5%, surpassing the industry average of 78.4%, according to data from Cushman & Wakefield. This high occupancy rate underscores the REIT’s resilience and strategic enhancements in its portfolio management.
Looking ahead, Landmark REIT continues to focus on maintaining its strong market position amidst a slightly softening Indonesian economy. The World Bank and OECD have adjusted their growth projections for Indonesia, but the REIT remains confident in its strategic direction and operational resilience.
