Manulife US REIT (MUST) has given further colour behind the precipitous decline in its portfolio valuation, which has caused its leverage to spike.
Related: Manulife US REIT comes within a whisker of debt limit with valuation loss
The REIT first disclosed on 30 December that the valuation of its portfolio has declined by 10.9% or USD237.4 million to USD1,947.0 million.
As a result of this, the REIT’s leverage has risen to 49%, just shy of the 50% limit imposed by the Monetary Authority of Singapore (MAS).
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