500 Plaza Drive in Secaucus, New Jersey. (Photo: Manulife US REIT)500 Plaza Drive in Secaucus, New Jersey. (Photo: Manulife US REIT)

Manulife US REIT has missed its actual distribution per unit (DPU) forecast for FY 2017, but UOB Kay Hian has initiated coverage on the security with a ‘Buy’ rating.

The REIT has reported a distribution per unit (DPU) of 1.42 cents for its 4Q 2017, which is inline with projections for the quarter made during its initial public offering (IPO).

When adjusted for the REIT’s rights issue, the quarter’s DPU would have exceeded projections by 7.6%.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.