Manulife US REIT has reported a distribution per unit (DPU) of 1.48 US cents for its 3Q 2019, a decline of 2.0% year-on-year.
The REIT’s net property income (NPI) for the quarter was USD28.1 million, which is an increase of 11.8% year-on-year, while distributable income was USD20.8 million, an increase of 7.8%.
Manulife US REIT has attributed the higher distributable income to better NPI, although this was partly offset by higher finance and trust expenses, and current taxes.
“We have maintained a long WALE of 6.0 years and a high occupancy of 97.3% by consciously increasing the trade sectors without compromising on the quality of the tenants”, said Jill Smith, CEO of the REIT’s manager, in a statement on the results.
As at 30 September 2019, Manulife US REIT’s gearing was at 36.3%.
95.5% of its outstanding loans are on a fixed rate basis, with a weighted average interest rate of 3.43%.
Overall, the REIT’s portfolio features rental escalations of 1.9% per annum.
Information from Manulife US REIT’s latest results have been updated into the Singapore REITs fundamentals table.