Manulife US REIT has announced a distribution per unit (DPU) of 1.51 US cents for its 3Q 2018, an increase of 3.4% year-on-year from the 1.47 cents achieved in the corresponding period of 2017.

When accounting for the larger unit base arising from a rights issue exercise to partially fund the Exchange, this DPU would have shown an increase of 33.6%.

For the same quarter, gross revenue increased by 75.3% to USD40.4 million, while net property income (NPI) grew 74.9% year-on-year to USD25.1 million.

Correspondingly, the REIT’s distributable income increased 64.9% year-on-year to USD19.3 million.

Manulife US REIT has attributed the quarter’s earning numbers largely to income contributions from the four trophy class and class A office properties that were acquired in 2017.

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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.