APAC REIT Daily: Invincible shares plummet after J-REIT cuts dividends

By Benn Dorrington

Here’s how the REIT markets performed across Asia Pacific on Tuesday, 12 May 2020.

Japan

Invincible Investment Corp. (8963) shares plummeted 22.66% to ¥23,900 after the hotel REIT cut its dividend by 98%.

Investors sold down other hotel trusts as well, with Ichigo Hotel REIT Investment Corp. (3463) and Mori Trust Hotel REIT Inc. (3478) stocks down 8.84% and 6.93% respectively.

Logistics REITs led the gains, with Nippon Prologis REIT Inc. (3283) stocks up 1.65% to ¥295,500, and GLP J-REIT (3281) closing 1.40% higher.

The TSE REIT index slid 2.18%, and the Nikkei 225 dipped 0.12% to 20,366.48.

Want to learn more about J-REITs? Check out our APAC REIT directory.

Australia

Shares in pub REIT ALE Property Group (LEP) jumped 4.60% to $4.32 on the back of further easing of COVID-19 restrictions across the country.

Retail trusts APN Convenience Retail REIT (AQR) and Carindale Property Trust (CDP) rose 2.10% and 1.85% as well.

Mirvac Group (MGR) stocks fell 4.92% to $2.13, wiping out most of last week’s gains. Scentre Group (SCG) shares dropped 3.51%, and Hotel Property Investments (HPI) also declined 3.43%.

The S&P/ASX 200 A-REIT Index (XPJ) fell 1.90%, while the S&P/ASX 200 down 1.07% to 5,403.00.

Hong Kong

In Hong Kong, New Century REIT (1275) shares dropped 8.34% to HK$0.99, cancelling out its gains from last week.

Link REIT (823), Sunlight REIT (435) and Prosperity REIT (808) stocks were all down by about 2%, as the Hang Seng dipped 1.45% to 24,245.68.

The Hang Seng REIT Index finished trading 0.66% lower.

Singapore

S-REITs trended downwards, with the FTSE ST Real Estate Investment Trusts Index down 1.32% and the FTSE Straits Times Index closing 0.90% lower at 2,587.81.

CDL Hospitality Trusts (J85) stocks dropped 3.20% to $0.91, while Suntec REIT (T82U) and EC World REIT (BWCU) were both down 2.88%.

Logistics trusts finished higher, with Frasers Logistics & Commercial Trust (BUOU) and AIMS APAC REIT (O5RU) up 1.85% and 1.70%, respectively.

Malaysia

Amanah Harta Tanah PNB (4952) stocks gained 2.77% to RM0.74, followed by AmFIRST REIT (5120), which rose 1.12%.

Tower REIT (5111) shares fell 1.37% to , while Sunway REIT (5176) declined 1.23% to RM1.61.

The FTSE Bursa Malaysia KLCI Index traded sideways, edging 0.17% lower to 1,379.93.

Other markets

In New Zealand, Precinct Properties New Zealand Ltd. (PCT) shares rose 3.61% to NZ$1.58, as the S&P/NZX 50 Gross Index rose 0.54%.

In South Korea, Lotte REIT Co. Ltd. (330590) shares declined 1.34% to ₩5,180, while Shinhan Alpha REIT Co. Ltd. (293940) declined 1.11%

Taiwan REIT stocks traded sideways, with changes lower than 1%.

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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