Manulife US REIT’s net income rises 2.8% YoY to US$57.6m in H122

The REIT said higher car park income was amongst the factors that drove the increase.

Manulife US REIT’s net income rose by 2.8% YoY to US$75.6m in H1 22, its latest financial statement showed.

With higher net profit, the REIT’s distributable income likewise rose by 6.9% YoY to US$46m. 

The REIT attributed the increase to its higher gross revenue of US$100.4m (+10.6% YoY) driven by contributions from Tanasbourne, Park Place and Diablo, which were all acquired in December 2021; higher car park income; and lower rent abatements provided to tenants affected by COVID-19.

The increase in the REIT’s revenue, however, was partially offset by the lower rental income from its existing properties as a result of higher vacancies.

The lower rental income was also the main reason for the REIT’s lower distribution per unit (DPU) for H1 22 of US$0.0261, a 3.3% YoY decline. The distribution will be paid on 27 September.

Looking ahead, the REIT’s manager said it will adopt a two-pronged approach in its capital and portfolio management to counter economic volatility ahead.