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SINGAPORE (Nov 7): Manulife US Real Estate Management, the manager of newly-listed Manulife US REIT, posted a distribution per unit DPU of 2.01 US cents (3 cents) for the period from listing date on May 20 to Sept 30, beating its forecast 1.9 US cents for the period.
The REIT’s distributable income was US$12.6 million (RM53 million), which exceeded forecasts by 5.8%.
Gross revenue was 1.1% under the forecast US$28.5 million at US$28.2 million, as recoverable property operating expenses were lower than forecast due to lower recovery revenues.
Net property income stood at US$17.6 million, which was 1.5% ahead of forecast due to lower property operating expenses.
The Manulife US REIT portfolio comprises three office properties in the US, namely Figueora, a 35-storey Class A building in Downtown Los Angeles; Michelson, a 19-storey Trophy office building in Irvine, Orange County; as well as Peachtree, a 27-storey Class A office building in Midtown, Atlanta.
“We are delighted to present a strong set of results that validate the investment merits of Manulife US REIT, which provides access to high quality office properties in key US markets,” says Jill Smith, CEO of the REIT’s manager in a Monday premarket announcement.
“Despite the gloomy global macroeconomic outlook, the US real estate market remains a bright spot, attracting investors seeking yield and growth.”
As the REIT will be declaring distributions on a semi-annual basis, the first distribution for Manulife US REIT will be for the period from the listing date to Dec 31 and will be paid on or before March 30, 2017.
Units of Manulife US REIT closed flat at 84 cents on Friday. — theedgemarkets.com.sg
