Manulife US REIT has announced a 0.7% year-on-year growth in its adjusted DPU to 1.51 US cents for its 1Q 2019.

The DPU has been adjusted to account for the 227.9 million new units issued in a preferential offering in June 2018.

Without the adjustments, the DPU would have been an increase of 22.8%.

The REIT’s gross revenue and net property income (NPI) for the period increased by 28.5% to 27.7% respectively year-on-year.

Manulife US REIT has attributed these increases to an enlarged portfolio, following the induction of properties acquired earlier.

As at 31 March 2019, the REIT’s portfolio occupancy was at 97.4%, with weighted average lease expiry (WALE) by net lettable area of 6.0 years.

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

For the same period, the REIT’s gearing was at 37.6%, with a weighted average debt maturity of 2.5 years

“We remain confident in the world’s largest real estate market and will seek accretive acquisitions of Trophy/Class A buildings in desirable markets”, said Jill Smith, CEO of Manulife US REIT’s manager.

Manulife US REIT finished the trading day 0.5% lower from its previous close on the Singapore Exchange to end at USD0.86.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.