Manulife US REIT - OCBC Investment 2022-11-02: Repositioning Amid Headwinds

• Manulife US REIT's portfolio occupancy dipped 1.9ppt q-o-q to 88.1%.
• Rental reversion improved to 4.3% in 3Q22.
• A potential beneficiary of increasing flight to quality.

Manulife US REIT's 3Q22 business update

• - Read this at SGinvestors.io -
• As shared by management in 2Q22, Quinn Emanuel will downsize by 71k square feet (sq ft) effective 31 Aug 2022 but will renew the remaining 64k sq ft for 5.4 years from Sep 2023 with +2.5% rental reversion.
• Physical occupancy rate at Manulife US REIT’s properties remained subdued at 30%.

Maintained guidance of low single digit positive rental reversion in 2022

• - Read this at SGinvestors.io -
• Management maintained its guidance of positive low single digit positive rental reversion in 2022.

Leasing momentum in the US remained soft

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2023-02-10 Manulife US REIT - Ceasing Coverage.

Previous report by OCBC:
2023-01-06 Manulife US REIT - Higher Risk Profile But Seeking Solutions.

Price targets by other brokers at Manulife US REIT Target Prices.

Listing of research reports at Manulife US REIT Analyst Reports.

Relevant links:
Manulife US REIT Share Price History,
Manulife US REIT Announcements,
Manulife US REIT Dividend Payout Dates & Corporate Actions,
Manulife US REIT News