One - Lippo Malls Indonesia Retail Trust - Investor Relations

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18Lippo-Mapletree Indonesia Retail Trust Annual Report 2009CEO’s ReportPORTFOLIO REVIEWLMIR Trust owns a diversifi ed portfolio comprising eight Retail Malls with a total NLA of 309,271 sqm. Five of the RetailMalls are well-located in Jakarta, Bogor and Bekasi (Greater Jakarta), two in Bandung, the fourth most populous city inIndonesia, and one in Medan, Sumatra, the third most populous city in Indonesia after Jakarta and Surabaya. As at31 December 2009, the Retail Malls had a weighted average occupancy of approximately 96.0%.These properties are well complemented with both locally and internationally renowned “favourite” specialty brands suchas Fitness First, Starbucks, J.CO Donuts, Bread Talk and leading domestic retailers Matahari Department Store andCinema 21 to enhance their appeal as “everyday” one-stop destination malls for both discretionary and non-discretionaryconsumer spending.Retail MallsGAJAH MADA PLAZAProminently located in the heart of Jakarta Chinatown with a strong leisureand entertainment component.LocationJalan Gajah Mada 19-26, Central JakartaAppraised Value S$99.9 mGross Floor Area 66,160 sqmNet Lettable Area 35,173 sqmOccupancy Rate 98.8%No. of Tenants 194 tenantsWebsitewww.gajahmadaplaza.comOPERATIONAL HIGHLIGHTSPT Rimo Catur Lestari Tbk – an anchor tenant terminated its leaseprematurely in August 2009 but was replaced by Matahari DepartmentStore which commenced operations in December 2009.Occupancy in this mall remained strong at 98.8% and the MatahariDepartment Store has positively benefi tted shopper traffi c in the mall.S$99.9 millionAppraised ValueS$66.2 millionAppraised ValueMAL LIPPO CIKARANGThe main shopping centre in the Lippo Cikarang estate with limitedcompetition within a 10-km radius.LocationJalan MH Thamrin, Lippo Cikarang, Greater JakartaAppraised Value S$66.2 mGross Floor Area 37,418 sqmNet Lettable Area 28,713 sqmOccupancy Rate 86.9%No. of Tenants 110 tenantsWebsitewww.mallippocikarang.comOPERATIONAL HIGHLIGHTSHero Supermarket, an anchor tenant occupying 2,243 sqm of space,did not renew its lease when it expired in February 2009. The space hasbeen under temporary leasing while sourcing for a suitable replacementtenant. The Property Manager has since secured a new tenant who is inthe electrical appliance trade sector and has committed to take half of thespace. The balance space is currently under offer to other prospectivetenants. The shortfall in revenue has been minimal as a result of incomefrom the temporary leasing.
19CEO’s ReportS$73.3 millionAppraised ValueCIBUBUR JUNCTIONLocated in the middle of Cibubur, one of the most affl uent and upmarketresidential areas in Jakarta.LocationJalan Jambore 1, Cibubur, East JakartaAppraised Value S$73.3 mGross Floor Area 49,341 sqmNet Lettable Area 34,212 sqmOccupancy Rate 98.3%No. of Tenants 180 tenantsWebsitewww.cibuburjunction.comOPERATIONAL HIGHLIGHTSAn AEI was recently undertaken at the second level of Cibubur Junction.Reconfi guration was carried out to create 1,376 sqm of lettable spacefrom the existing 1,035 sqm thus offering a single corridor layout. Thereconfi guration cost was IDR1.8 billion but the annual rental was projectedat IDR1.6 billion. 76% of the space is already occupied by tenants whilethe rest is under negotiation.A small fi re broke out at the generator room on 20 December 2009 whichcaused the circuitry system of the entire mall to break down. The propertymanager responded swiftly to restore the mall back to its normal operationsand the mall was re-opened on 25 December 2009. No signifi cant impacton the fi nancial results of LMIR Trust is expected as a result of the fi re.PLAZA SEMANGGILocated in the heart of Jakarta’s CBD within the city’s Golden Triangle.LocationJalan Jend Sudirman kav. 50, South JakartaAppraised Value S$184.8 mGross Floor Area 91,232 sqmNet Lettable Area 64,279 sqmOccupancy Rate 93.8%No. of Tenants 488 tenantsWebsitewww.theplazasemanggi.comOPERATIONAL HIGHLIGHTSOccupancy in Plaza Semanggi remained stable in FY2009. An AEI wasrecently undertaken to create 975 sqm of specialty space from spacepreviously occupied by an anchor tenant who had downsized its tenancyarea. The former rental rate was about IDR76,000 per sqm per month andthe new rents are IDR104,000 per sqm per month. 62% of the space isoccupied by tenants while the rest is under offer, although this area is undertemporary leasing to PT Mitra Adi Perkasa.S$184.8 millionAppraised Value
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