Investor Presentaiton
Covid-19 Impact Updates
Social Restrictions
LMIR Trust's retail malls and retail spaces were closed, except for essential
services from 27 March 2020 in the Greater Jakarta region, Bandung and Bali
and from 1 April 2020 for all other retail malls and retail spaces.
Properties reopened on a phased basis from 13 May 2020 in accordance with
the lifting of the large-scale social restrictions (Pembatasan Sosial Berskala
Besar or "PSBB") in their areas. By 3 July 2020, all of LMIR Trust's retail
malls and spaces had resumed operations at shorter 8-hour operations
rather than 12 hours.
Re-imposition of the PSBB in Jakarta from 14 September for a 2-week period
which was subsequently extended to 11 October 2020. This resulted in the
closure of dine-in services by restaurants and cafes, but LMIR Trust's
properties in Jakarta otherwise remain operational.
Since 12 October 2020, there has been a relaxation providing for dining-in at
restaurants up to 50% of full capacity of the venue and 25% of full capacity at
sports and indoor entertainment venues.
Following the end of the PSBB period, the Policy of Restricting Community
Activities (Pemberlakuan Pembatasan Kegiatan Masyarakat or "PPKM")
was implemented in Java and Bali effective 11 January 2021 and has since
been extended to 8 February 2021. This policy allows for our retail malls and
spaces in Java and Bali to remain operational with restricted mall hours.
The policy also allows restaurants in Java and Bali to allow dining-in (up to 25%
of the total capacity of the venue) and takeaway and delivery orders.
Vaccine Programme
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Indonesia rolled out a mass Covid-19 vaccination programme on 13
January 2021 with the Government aiming to vaccinate 2/3 of the population to
reach herd immunity in 15 months.
Impact on LMIR Trust's Operations
In response to the Covid-19
pandemic:
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о
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Overall, we have reduced rentals
and service charge billings to
tenants to adjust to the reduced
opening hours of our properties;
We have also agreed to reduce
the rentals we receive from
certain key tenants in order to
support their business recovery;
We have converted certain fixed
rental agreements to revenue-
based rentals, especially for F&B
and hypermarket tenants, on a
temporary basis;
We have faced early termination
of leases by certain tenants; and
We have recognised a decrease
in the fair value of our properties
as of July 2020.
The Sponsor continues to
demonstrate support for LMIR Trust
with fulfillment of its master lease
obligations in Kuta and Jogya. No
discounts have been offered on these
leases.
LMIR Trust has taken a flexible and cooperative approach with its tenants to address the
Covid-19 situation while its strategic direction remains unchanged
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