Manulife US REIT - CGS-CIMB Research 2022-05-09: Focus On Portfolio Resilience

Manulife US REIT - Focus On Portfolio Resilience

  • Manulife US REIT (SGX:BTOU) saw a dip in portfolio occupancy q-o-q at 91.6% at end-1Q22 (vs. 92.3% at end- 4Q21), due to lower occupancy at Figueroa, Peachtree, Exchange, Centerpointe, and Capitol, partly offset by improved take-up at Michelson.
  • Manulife US REIT signed 68k sqft of leases in 1Q22, of which 54% are new leases. It achieved a better q-o-q positive rental reversion of 3.9%, within its guidance of low-to mid-single digit reversions for FY22F. MUST has a balance of 6.4%/13.1% of leases due to expire in 9MFY22F/FY23F.
  • In terms of operating costs, Manulife US REIT indicated that while utilities make up ~11% of opex, these costs are mainly borne by tenants and there is likely to be a minimal impact on Manulife US REIT.
  • We keep our FY22-24F DPU estimates for Manulife US REIT unchanged post update. However, we tweak down our DDM-based target price for Manulife US REIT from US$0.89 to US$0.86, due to a slightly higher cost of equity assumption of 7.84% (vs. 7.58% previously).

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LOCK Mun Yee CGS-CIMB Research | 2022-05-09
SGX Stock Analyst Report ADD MAINTAIN ADD 0.86 DOWN 0.890

Previous report by CGS-CIMB:
2022-02-09 Manulife US REIT - More Signs Of Recovery

Target prices by 4 other brokers at Manulife US REIT Target Prices.
Listing of broker reports at Manulife US REIT Analyst Report.

Relevant links:
Manulife US REIT Share Price History,
Manulife US REIT Announcements,
Manulife US REIT Dividends & Corp Actions,
Manulife US REIT News Articles


Stock / REIT Search