- Manulife US REIT reported 2H24 revenues and net property income of US$ 80.8mil and US$ 37.1mil, down 25% and 37% respectively.
- On a same-store basis, adjusting for divestments (Capitol, Park Place, Tanasborne), revenues and net property income dipped by 21% y-o-y and 34% y-o-y due to the loss of income from a major non-renewal at TCW Group in Figueroa (Los Angeles) and another financial tenant vacate at Exchange.
- - Read this at SGinvestors.io -
Financial metrics stretched.
- Manulife US REIT recorded a 9.3% y-o-y decline in valuation to US$ 1.14 bn. The decline was primarily driven from an expansion in cap rates (+27bps) and discount rates (+46 bps) and selected properties seeing weaker cashflow visibility to higher vacancy rates.
- - Read this at SGinvestors.io -
- As a result of the drop in valuations, Manulife US REIT’s gearing rose slightly to 64.2% (+1 ppt y-o-y) with bank interest coverage ratio at 1.7x.
Ongoing recapitalisation process in focus.
- Read more at SGinvestors.io.
