Manulife US REIT - RHB Invest 2024-02-09: A Long Road Ahead; Now TRADING BUY

Manulife US REIT - A Long Road Ahead; Now TRADING BUY

Manulife US REIT (SGX:BTOU) | SGinvestors.ioManulife US REIT (SGX:BTOU)
  • No dividend distributions were made by Manulife US REIT (SGX:BTOU) in 2H23 and none is expected until at least 1H25, in light of ongoing restructuring. Manulife US REIT’s 2HFY23 top-line beat expectations due to one-off termination income.
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Portfolio occupancy to fall to ~80% levels

  • Manulife US REIT's portfolio occupancy is expected to fall to ~80% levels in 1Q24 (4Q23: 84.4%) with the exit of TCW Group.
  • On a positive note, there has been signs of pick-up in leasing volume with notable deals including Hyundai expansion (31k sq ft) at Michelson, and The Children’s Place (Plaza) re-leasing reduced space (120k sq ft from 198k sq ft) for longer lease term.
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  • Overall rent reversions were 1%/8% for 4Q23/FY23 but with high tenant incentive packages prevailing in Manulife US REIT’s submarket, we believe the net rent reversions are likely to be flat to negative.

Asset valuation fell 8%

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Vijay Natarajan RHB Securities Research | 2024-02-09

Read also RHB's most recent report:
2024-03-27 Manulife US REIT - Renewed Push To Restore Normalcy; TRADING BUY.

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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