Phipps Tower in Buckhead, Atlanta. (Photo: Manulife US REIT)Phipps Tower in Buckhead, Atlanta. (Photo: Manulife US REIT)

Previous concerns that changes in the US tax code could adversely affect earnings of Singapore-listed REITs with assets in the country have now largely dissipated.

Manulife US REIT, and Keppel-KBS US REIT have both confirmed on 28 December that the changes, which will be effective from 1 January 2019, will not have any material impact on the respective REIT’s earnings, and distribution per unit (DPU).

In a phone call with Manulife US REIT on 27 December, Jag Obhan, Chief Financial Officer (CFO) at Manulife US REIT’s manager, described the latest update on the US Tax Regulations as a “Christmas miracle”.

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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.