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

Manulife US REIT (MUST) has announced a slew of measures that are being proposed to reinforce its financial position amid the challenging US office market.

The measures include the divestment of an asset to the REIT’s sponsor.

MUST disclosed in July 2023 that its portfolio valuations had declined by 14.6%, or USD279.95 million to USD1,633.55 million.

This resulted in the REIT breaching a financial covenant in its existing financial facilities, which required the percentage of its total debt to total assets to be not more than 60%.

Related: Manulife US REIT highlights major complexity on road to resume distributions

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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.