Manulife US REIT secures 11-year lease with Hyundai as DPU climbs 7.7% in 4Q 2018

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Manulife US REIT’s portfolio weighted average lease expiry (WALE) figures for 2019 will be bolstered substantially by a long-term rental commitment that was recently secured with Hyundai Capital America.

The matter was revealed at Manulife US REIT’s results briefing on 11 February, during which it reported a 7.7% rise in distribution per unit (DPU) for 4Q 2018.

For the quarter, the office REIT also recorded a 38.4% year-on-year growth in net property income (NPI) to USD25.5 million, while distributable income grew 33.8% to USD19.6 million.

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