APAC REIT Daily: Manulife US REIT shares soar, as S-REITs close higher

By Benn Dorrington

Here’s how the real estate investment trust (REIT) markets performed across Asia Pacific on Friday, 29 May 2020.

Singapore

S-REIT shares soared, with the FTSE ST Real Estate Investment Trusts Index jumping 3.81% to 821.86.

US-focused S-REITs led the gains, with Manulife US REIT (BTOU) shares up 10.67% to S$0.83, and Keppel Pacific Oak US REIT (CMOU) stocks rising 9.70% to S$0.74. 

Shares in Cromwell European REIT (CNNU) jumped 8.33% to S$0.46 after announcing it had achieved all of its ESG targets in its 2019 financial year sustainability report. 

After the markets closed, Ascott REIT (HMN) said in a statement that it wouldn’t be redeeming its S$250m perpetual issue on its first call date next month. Some market watchers told the Business Times that the move could pave the way for other issuers to skip first calls.

Dasin Retail Trust (CEDU) shares closed 3.59% lower at S$0.81 in what was the steepest fall of the day.

The FTSE Straits Times Index declined 0.18% to 2,510.75.

Japan

The Tokyo Stock Exchange REIT Index jumped 1.76% to 1,701.03, while the Nikkei 225 Index finished trading down 0.18% at 21,877.89.

Shares in Samty Residential Investment Corp. (3459) stocks closed 3.05% higher at JPY 101,300 after securing a new JPY 8.6bn, unsecured loan from Mizuho Bank to refinance existing loans, according to a statement.

Fukuoka REIT Corp. (8968) completed its JPY 3.29bn acquisition of the Higashi Hie Business Center III asset, the company announced. The company’s shares closed 1.02% lower at JPY 126,700.

The biggest movers on Friday were SOSiLA Logistics REIT Inc. (2979), which rose 6.07% to JPY 131,100, and Ichigo Hotel REIT Investment Corp. (3463), which fell 2.77% to JPY 66,700.

Hong Kong 

Hong Kong REIT stocks recovered on Friday, with the Hang Seng REIT Index rising 2.37% to 5,254.27.

After the bell, CMC REIT (1503) announced that the settlement of RMB 637m in unassigned frontier payables would not be completed by end-May 2020, as previously stated. The company said the delay was due to its bank’s processing of documents, and expected settlement by end-July 2020. 

In Hong Kong, the biggest gains went to Fortune REIT (778) stocks, which soared 7.45% to HK$6.92, followed by 6.73% increase in Sunlight REIT (435) shares to HK$3.65. Champion REIT (2778) stocks were down 1.68% to HK$3.51. 

The Hang Seng Index slipped 0.74% to 22,961.47.

Malaysia 

In its Q1 2020 earnings, Al-Salam REIT (5269) said profit was RM 6,819 for the first quarter, down from RM 9,073 during the same period last year. The company said its proposed quarterly dividend would be 2.27 sen, down from 2.35 sen for Q1 2019. The trust’s shares remained unchanged.

Al-Aqar Healthcare REIT (5116) said profit was RM 15,505 for the first quarter of 2020, down from RM 15,963 in Q1 2019, according to its latest earnings. Shares in Al-Aqar Healthcare were also unchanged. 

The biggest movers in Kuala Lumpur were YTL Hospitality REIT (5109) stocks, which climbed 7.14% to RM 1.05, and Pavilion REIT (5212), which dipped 4.02% to RM 1.67. 

The FTSE Bursa Malaysia KLCI Index climbed 1.08% to 1,473.25.

Australia

The S&P/ASX 200 A-REIT Index dipped 1.68% to 1,243.40, in line with the wider market, with the S&P/ASX 200 Index falling 1.63% to 5,755.70.

In Sydney, the biggest movers were Elanor Retail Property Fund (ERF) shares, which sank 7.23% to A$0.77, and Ingenia Communities Group (INA), which jumped 4.83% to A$4.34. 

Other markets 

In New Zealand, shares in Precinct Properties New Zealand Ltd. (PCT) gained 2.92% to NZ$1.59, as Argosy Property Ltd (ARG) closed 2.22% higher at NZ$1.15.

In South Korea, E KOCREF CR REIT (088260) shares rose 2.08% to KRW 5,880, while Lotte REIT Co. Ltd. (330590) jumped 2.08% to KRW 5,900.

Learn more about Asia Pacific REITs:

REITS in AustraliaREITs in Thailand
REITs in JapanREITs in Taiwan
REITs in SingaporeREITs in Korea
REITs in Hong KongREITs in New Zealand
REITs in MalaysiaREITs in India
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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.