- Manulife US REIT (SGX:BTOU) reported higher 2H23 gross revenue/NPI of US$108.5m/US$59.2m, due to total lease termination fees of US$13m from two tenants at Exchange and Plaza as well as higher carpark income, partly offset by divestment of Tanasbourne (Apr 2023) and Park Place (Dec 2023) and lower rental and recoveries income due to higher portfolio vacancy rate.
Distribution halted until Dec 2025
- - Read this at SGinvestors.io -
- Following an 8% h-o-h depreciation of its portfolio value, Manulife US REIT's gearing increased to 58.3% at end FY23. Interest coverage ratio, based on MAS guidelines, stands at 2.4x.
Better leasing momentum in FY23
- - Read this at SGinvestors.io -
- Manulife US REIT indicated that leasing momentum has continued into 1Q24 with Hyundai Capital expanding its footprint by 31k sqft at Michelson and The Children’s Place signed a 120k sqft lease at Plaza.
Portfolio occupancy dipped q-o-q to 84.4% at end-FY23.
- Read more at SGinvestors.io.
