Manulife US REIT's CEO, Tripp Gantt. (Manulife US REIT)

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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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.