Manulife US REIT's occupancy rate widened to 96.5% in Q1

The REIT executed 147,000 sqft of leases, which is 3.2% of its portfolio by NLA.

Manulife US REIT saw its overall occupancy rate inch up to 96.5% in Q1 from 95.8% in Q4 2019, with a weighted average lease expiry (WALE) of 5.7 years, a local bourse filing revealed.

During the same quarter, the REIT executed 147,000 sqft of leases at +8.0% rental reversion with 7.8 years WALE, equivalent to 3.2% of its portfolio by net lettable area (NLA). Its portfolio rental escalations are at 2% per annum (pa).

Overall, its portfolio by NLA is at 4.7m sqft. The majority of its tenants (60%) are from the finance, legal, tech, government and healthcare sectors.

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