Singapore-listed Manulife US REIT has reported a DPU of 1.54 cents for the period spanning 1 October to 31 December 2016, beating forecast for the period made during IPO by 3.6%.
However gross revenue came in at USD19.3 million, missing expectations by 2.1%, while net property income was at USD12.4 million, marginally beating forecast by 0.2%.
Correspondingly distributable income came in at USD9.7 million, beating forecast by 3.6%.
"Moving forward, the U.S. commercial market is poised to benefit from the growth of the U.S. economy", said Jill Smith, CEO of the REIT's manager.
The REIT's gearing of 34.7% as at 30 September 2016 was reduced to 33.8% as at 4Q 2016 due the increase in its portfolio’s book value.
"Market conditions continue to be generally favourable in the three markets that Manulife US REIT has invested in, with minimal new supply and rising market rents", said the REIT in a statement on the results.
Units of Manulife US REIT are currently listed in the Singapore Exchange at USD0.86.