CapitaLand Mall Trust’s net property income falls 22% in 1H and other APAC REIT news

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Singapore-listed CapitaLand Mall Trust (C38U) reported a 22.1% fall in net property income to S$174.9m during the first half of 2020, compared to the same period last year, the company said in its earnings. 

Net income fell 30.5% to S$157.9m, and distribution was set at 2.96 cents per unit, down 49% from 1H 2019. 

“Although the phased reopening of Singapore’s economy from June 2020 has brought some relief to businesses, CMT maintains a cautious view of near-term market conditions, given the uncertain economic climate and softening demand for retail space,” said Tony Tan, CEO of the REIT’s manager.

“We have thus chosen to retain the balance S$46.4 million of taxable distributable income from 1Q 2020, after releasing S$23.2 million in 2Q 2020.

“In the meantime, we are sparing no effort to enhance operational efficiency and build greater resilience into CMT’s retail ecosystem in preparation for the eventual upturn.”

CMT shares closed flat at S$2.02. 

The FTSE ST Real Estate Investment Trusts index edged 0.52% lower at 835.77, while the Straits Times Index dropped 1.33% to 2,594.53.

The biggest S-REIT swings were BHG Retail REIT (BMGU) stocks, which tumbled 8.13% to S$0.57, while Sabana REIT (M1GU) increased 1.32% to S$0.39.


Nippon Prologis REIT Inc. (3283) reported a 4.4% increase in ordinary income to JPY 9.73bn during the six months to end-May 2020 compared to the previous period, according to its earnings. 

Net income was down 35.6% to JPY 6.01bn for the period, while distribution per unit was set at JPY 4,645. 

The REIT projects a 4.5% rise in ordinary income to JPY 10.18 for the next half-year period ending in November, as well as a 119.5% increase in net income to JPY 13.19.

Nippon Prologis shares finished trading 1.02% higher at JPY 345,000.  

The Tokyo Stock Exchange REIT index rose 0.83% to 1,671.15, as the Nikkei 225 index dipped 0.58% to 22,751.61.

The biggest J-REIT moves were Japan Hotel REIT Investment Corp. (8985) shares, which climbed 5.32% to JPY 42,600, while Daiwa Office Investment Corp. (8976) fell 2.18% to JPY 584,000.


Charter Hall Group (CHC) has appointed ex-AMP Capital executive Carmel Hourigan as office CEO, replacing Adrian Taylor who is leaving the company to pursue other opportunities.

Hourigan recently resigned as global head of real estate at AMP Capital amid the controversial appointment of Boe Pahari as AMP Capital CEO.

In her previous role, Hourigan was responsible for AMP Capital’s A$29bn property investment and management business, and was part of AMP Capital’s global leadership team, according to a statement. 

Charter Hall shares closed 3.22% lower at A$9.93. 

The S&P/ASX 200 A-REIT index declined 1.00% to 1,226.10, while the S&P/ASX 200 index slipped 1.32% to 6,075.10.

The biggest A-REIT moves were Garda Property Group (GDF) shares, which fell 4.43% to A$0.97, and US Masters Residential Property Fund (URF), which rose 3.45% to A$0.30.

Hong Kong 

Hong Kong stocks tumbled, with the Hang Seng REIT index closing 0.68% lower at 5,449.40, and the Hang Seng index falling 2.25% to 25,057.94.

Among the Hong Kong REITs, Hui Xian REIT (87001) shares fell 2.90% to HK$2.01, while Champion REIT (2778) rose 0.25% to HK$4.