Manulife US REIT sees 63.4% rise in revenue for 2Q on income from new properties

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Manulife US REIT has reported a distribution per unit (DPU) of 1.30 Singapore cents for its 2Q 2018, a fall of 17.2% from the 1.57 cents achieved in the corresponding period of the previous financial year.

The fall has been attributed largely to the REIT’s enlarged unit base, arising from the 22-for-100 preferential offering exercise executed earlier in the year.

Adjusting for the effects of the enlarged unit base, the REIT's DPU for the quarter would have been an increase of 5.5%.

Correspondingly, its gross revenue grew by 63.4% year-on-year to USD32.5 million, while net property income (NPI) increased by 59.3% to USD20.4 million.

Manulife US REIT has attributed these improvements to higher contributions from Plaza and Exchange in New Jersey, as well as the newly acquired Penn in Washington D.C. and Phipps in Atlanta.

Manulife US REIT’s committed portfolio occupancy as at 30 June 2018 was 96.0%, with weighted average lease expiry (WALE) by net lettable area (NLA) at 6.3 years.

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