Manulife US REIT's 1100 Peachtree Street in Atlanta. (Photo: Manulife US REIT)

Manulife US REIT has reported a distribution per unit (DPU) of 1.51 US cents for its 1Q 2018, a reduction of approximately 8.5% from the 1.65 cents achieved in the corresponding period of 2017.

After considering the effects of an October 2017 rights issue which saw the listing of 299 million new units, DPU for the period would have shown a smaller decrease of 0.7% instead.

For the period, the office REIT recorded gross revenue of USD31.2 million, which is an increase of 57.1% year-on-year, largely due to the revenue contribution from the acquisitions of Plaza and Exchange, although this was partially offset by lower income from Michelson and Figueroa.

Correspondingly, the REIT registered an increase of 54% in net property income, which came in at USD19.7 million for 1Q 2018, while distributable income increased by 50.1% to USD15.6 million.

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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.