Manulife US REIT H1 DPU Down 3.3%

August 4, 2022 – Manulife US Real Estate Investment Trust  today reported a gross revenue of US$100.4 million for the first half year ended June 30, 2022 (H1 2022), an increase of 10.6% year-on-year (YoY) from H1 2021.

The increase was mainly due to contributions from the three properties, Tanasbourne, Park Place and Diablo, acquired in December 2021, higher carpark income and lower rent abatements provided to tenants affected by COVID-19, partly offset by lower rental income from existing properties as a result of higher vacancies. Net property income rose 2.8% YoY to US$57.6 million, while distributable income increased 6.9% YoY to US$46.0 million.

DPU for 1H 2022 fell 3.3% YoY to 2.61 US cents due to lower income from existing properties, after factoring in the enlarged unit base from the private placement last year. The distribution will be paid on 27 September 2022, with the book closure date on 15 August 2022.

Mr Tripp Gantt, Chief Executive Officer of Manulife US REIT, said, “We are seeing a once-in-a- generation upheaval in how workers in the U.S. use the office. Americans’ preference for a hybrid mode of work is becoming clear and we believe is likely to be the new normal. This secular shift has resulted in a general leasing slowdown, as well as a desire for flexibility from tenants, as employers assess their space needs for the future.

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