- Manulife US REIT (SGX:BTOU)'s FY22/2H22 results were largely in line with expectations; lower dividend payout to 91% to conserve cash. FY22 DPU fell 11% y-o-y to US$0.0475, mainly due to a dividend payout cut to 91% from 100% in 2H22. DPU (without retention) -7% y-o-y to US$0.0497, in line with our forecasts. See Manulife US REIT's announcement dated 09 Feb 2023.
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- Gearing increased to 48.8% vs 42.5% in 3Q22, as previously guided in Dec 22, mainly due to the ~11% decline in portfolio valuation.
- Average cost of debt increased by 40bps q-o-q to 3.74% from 3.34% and ICR ratio declined to 3.1x, as previously guided. This has yet to take into account the refinancing of S$105m. We estimate Manulife US REIT's average cost of debt may rise another ~50bps taking into account a full-year impact of the refinancing.
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Key Highlights & Observations from Manulife US REIT's FY22
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