Manulife US Reit’s DPU dips 10.3% YoY to 2.63 US cents in H2 22

It stemmed from distributable income that went down 1.7% to $55.4m (US$41.9m).

In the second half of 2022, the distributable per unit (DPU) of Manulife US Reit (MUST) declined 10.3% year-on-year to 2.63 US cents in the second half of 2022.

This was due to the distributable income that dipped 1.7% to $55.4m (US$41.9m).

Gross revenue went up 8.3% year-on-year to $135m (US$102.1m) whilst the net property income went up 3.9% to $73m (US$55.5m). 

MUST  said its improvement in gross revenue for full year that ended 31 December 2022 was attributed to contributions from “Tanasbourne, Park Place and Diablo acquired in December 2021, higher carpark income and lower rent abatements provided to tenants affected by COVID-19.”