Manulife US REIT - CGS-CIMB Research 2024-02-08: Focus On Divestment & Debt Reduction

Manulife US REIT - Focus On Divestment & Debt Reduction

Manulife US REIT (SGX:BTOU) | SGinvestors.ioManulife US REIT (SGX:BTOU)
  • 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

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  • 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

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  • 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.

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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 | Natalie ONG CGS-CIMB Research | 2024-02-08

Previous report by CGS-CIMB:
2023-11-30 Manulife US REIT - Recapitalise & Revitalise.

Price targets by 3 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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