Manulife US REIT's Diablo Technology Park. (Manulife US REIT)Manulife US REIT's Diablo Technology Park. (Manulife US REIT)

Data from Manulife US REIT’s latest disclosure has been updated into the Singapore REITs table.

Manulife US REIT (MUST) has reported another dip in its occupancy for 1Q 2022.

The REIT disclosed on 9 May that its occupancy for the quarter was at 91.7%, down from the 92.3% recorded at end-2021.

However, the figure is still above the average occupancy recorded for Grade A office assets in the US, which was 83%.

Over the period, the REIT leased about 68,000 square feet of space with about 3.9% in positive rental reversion.

On the capital front, the REIT’s gearing rose slightly to 42.8% with cost of debt relatively stable at 2.86%.

Amid a more hawkish US Federal Reserve, MUST has indicated that every 1% increase in the interest rate will impact DPU by 0.075 US cents.

MUST was last done on the Singapore Exchange at USD0.615, which presently implies a distribution yield of 8.62% according to data on the Singapore REITs table.

Related: Manulife US REIT sets forth strategy as DPU slides for another year

By Shariffa Al-Habshee

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