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Manulife US REIT’s FY 2022 Distributable Income Up 2.7% on Contributions From Acquisitions

Feb 9, 2023 – Manulife US Real Estate Investment Trust (MUST) reported gross revenue of US$202.6 million for the full year ended December 31, 2022 (FY 2022), an increase of 9.4% year-on-year, its manager said in a statement.

Net property income (NPI) rose 3.3% year on year to US$113.2 million, while distributable income increased 2.7% to US$87.9 million. The improvement was largely due to contributions from Tanasbourne, Park Place and Diablo acquired in December 2021, higher carpark income and lower rent abatements provided to tenants affected by COVID-19.

This was partially offset by lower rental income from existing properties as a result of higher vacancies, higher property expenses, absence of net reversal of provision for expected credit loss, and higher finance costs as a result of rising interest rates. Distribution per unit (DPU) for FY 2022 fell 6.8% to 4.97 US cents over an enlarged unit base from the December 2021 private placement. After factoring in US$3.8 million, or ~9% of 2H 2022 distributable income, to be retained for general corporate and working capital purposes, the FY 2022 DPU is 4.75 US cents.