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COMMERCIAL PROPERTY | Staff Reporter, Singapore
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Manulife US REIT Q1 NPI up 54% to US$19.65m

It cited higher income contribution from the Plaza and Exchange.

Manulife US REIT’s (MUST) net property income (NPI) leapt 54% YoY from US$12.76m to US$19.65m.

Gross revenue grew 57.1% to US$31.15m largely due to the revenue contribution from the acquisitions of Plaza and Exchange partially offset by lower income from Michelson and Figueroa.

Distributable income leapt by 50.1% to US$15.63m, whilst distribution per unit dipped 0.7% to 1.51 US cents.

No distribution has been declared for the quarter as the REIT declares distributions on a semi-annual basis.

“Market conditions continue to be generally favourable in the five locations that Manulife US REIT has invested in, with minimal new supply and rising market rents,” the REIT commented.

It has a portfolio occupancy of 95.8% based on committed leases, a weighted average lease expiry (WALE) of 5.7 years by net lettable area as at 31 March 2018 and a limited percentage of leases expiring in 2018.

“The manager will continue to be focused on asset, lease and capital management, in addition to its commitment to sustaining and enhancing environmental, social and governance (ESG) initiatives, and will be actively seeking investment opportunities that deliver long term value to unitholders,” it concluded.

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