Manulife US REIT - UOB Kay Hian 2023-11-06: Inching Closer To Resolution On Loan Restructuring

Manulife US REIT - Inching Closer To Resolution On Loan Restructuring

Manulife US REIT (SGX:BTOU) | SGinvestors.ioManulife US REIT (SGX:BTOU)
  • Manulife US REIT achieved rent reversion of +24.2% in 3Q23 driven by lease renewal by its fourth-largest tenant, Kilpatrick Townsend, at 1100 Peachtree in Midtown Atlanta.
  • Management is negotiating with lenders on a waiver for the breach of financial covenant and working with its sponsor on formulating a sponsor support scheme. It targets to announce the loan restructuring by end-23 and hold its EGM in 1Q24.
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Manulife US REIT’s 3Q23 operation updates

Strengthening of positive rental reversion.

  • - Read this at -
  • Manulife US REIT achieved positive rent reversions of +24.2% (1Q23: +5.0%, 2Q23: -2.5%) and long WALE of 5.8 years for 193,000sf of leases executed in 3Q23. These leases were predominantly renewals. The renewal of Kilpatrick Townsend lease contributed significantly to the strong positive reversion.

Lease renewed for fourth-largest tenant.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Jonathan KOH CFA UOB Kay Hian Research | 2023-11-06

Read also UOB's most recent report:
2024-02-13 Manulife US REIT - Pulling Multiple Levers To Deleverage.

Previous report by UOB:
2023-11-30 Manulife US REIT - Breathing Space For Orderly Deleveraging.

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 Dividends & Corporate Actions,
Manulife US REIT News Articles


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