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.
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.