Vicinity posts A$1.8bn net loss in FY20 and other APAC REIT news

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ASX-listed retail REIT Vicinity Centres (VCX) was hit hard by the COVID-19 pandemic, reporting a net loss of A$1.8bn for the 2020 financial year, compared to its net profit of A$346.1m in the prior year.  

Funds from operations declined 24% year-on-year to A$520.3m during the 12 months to end-June 2020, and distribution per unit was set at 7.7 cents for FY20, compared to 15.9 cents the previous year. 

“The COVID-19 pandemic has accelerated consumer trends, including increased take-up of online retail spending,” said Vicinity CEO and managing director Grant Kelley.

“In addition, we have seen CBD office workers largely working from home, with an increase in the number of consumers shopping locally benefiting our suburban centres. Understanding this behaviour enables us to adapt our portfolio and operations to changing market and lifestyle trends. We believe Vicinity is well positioned to capitalise on these market and consumer changes over time, due to our strong data analytics capability, well-located market-leading destinations, and the embedded mixed-use opportunities which we are able to realise across the portfolio.” (Read more)

Vicinity shares closed 5.20% lower at A$1.28.

Index Change Value at close
S&P/ASX 200 A-REIT -1.36% 1,245.10
S&P/ASX 200 +0.72% 6,167.60
FTSE ST REITS -0.47% 833.71
STI -0.08% 2,561.04
Tokyo Stock Exchange REIT -1.09% 1,690.17
Nikkei 225 +0.26% 23,110.61
Hang Seng REIT -0.62% 5,529.09
Hang Seng -0.74% 25,178.91

Japan: CRE Logistics REIT grows operating income 39% in 1H 2020 

Tokyo-listed CRE Logistics REIT Inc. (3487) reported a 39% increase year-on-year in operating income to JPY 1.15bn during the first half of 2020, according to its earnings. 

Net income rose 41% YOY to JPY 969m during the six months to end-June 2020, while distribution per unit was set at JPY 2,792 per share. 

The J-REIT expects operating income to rise 31.4% to JPY 1,513 during the coming reporting period ending December 2020, with net income predicted to increase 32.9% to JPY 1.29bn. (Read more)

 CRE Logistics REIT shares finished trading 1.36% lower at JPY 159,900.