Manulife US REIT NPI down 29.5% YoY to $38.7m in H1

Gross revenue also fell 30.4% to $77.3m.

Manulife US Real Estate Investment Trust (MUST) posted net property income of $38.7m (US$30.2m) for 1H FY2025 ended 30 June, down 29.5% year-on-year.

The group’s gross revenue also fell 30.4% to $77.3m (US$60.4m).

Same-store gross revenue and NPI declined 13.1% and 11.2% to $67m (US$52.4m) and $33.9m (US$26.5m), mainly due to higher vacancies at Diablo and lower lease termination income at Diablo and Exchange, partially offset by reduced property tax expenses at Figueroa and Michelson.

Income available for distribution dropped 34.7% to $19.1m (US$14.9m), following the sale of three properties—Capitol, Plaza, and Peachtree—and despite lower finance costs and management fees.

The REIT raised over $345.6m (US$270m) from these asset sales to repay debt and fund future acquisitions, reinvestments, and further debt reduction.

Aggregate leverage improved to 57.4% as of 30 June 2025, with pro forma gearing expected to fall to 56.3% after a $32m (US$25m) repayment in July.

Since December 2023, MUST has cut around $595.2m (US$465m) of debt, leaving $715.2m (US$559m) maturing between 2026 and 2029.

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