By Amanda Lee
Mapletree Pan Asia Commercial Trust's units fell sharply as weak second-quarter results and a revaluation of its Japan properties weighed on investor sentiment.
Units of the Singapore-listed real-estate investment trust fell as much as 6.4% in early Friday trading and were recently 5.7% lower at 1.33 Singapore dollars.
The retail and office REIT said late Thursday that revenue for the quarter ended September fell 6.1% from a year earlier to S$225.6 million, equivalent to US$171.1 million.
Net property income declined 8.45% to S$167.7 million, while distribution per unit dropped 12% to 1.98 Singapore cents.
The results were affected by a reduced contribution after Mapletree Anson's divestment in July and lower contributions from overseas assets, which were hurt further by a stronger Singapore dollar during the period, the REIT said.
An interim valuation was also conducted for three Makuhari properties in Chiba, Japan, with their valuation falling 17% to S$547.0 million at the end of September from end-March, the REIT said.
The results painted another weak operational performance across Mapletree Pan Asia Commercial Trust's overseas portfolio, Citi analyst Brandon Lee said in a research note.
"We see this set of results having a negative knee-jerk impact," Lee said, referring to the REIT's units.
Citi has a buy rating on the REIT, with a target price of S$1.47.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
October 25, 2024 00:12 ET (04:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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