One of my core positions in my portfolio – Manulife US REIT (MUST) – reported its latest FY2019 results yesterday morning. Having gone through the announcement materials and attended a media briefing for the REIT, I thought I’ll share a TLDR summary on its latest quarter and management commentary on certain aspects of the REIT.
Adjusted DPU fell 1.3% y-o-ySource: MUST Q4 Results Announcement
While the headline DPU states that increased by 7% YoY, the adjusted DPU tells a different story. Adjusted DPU fell 4.6% in 4Q 2019 and 1.3% YoY.
Net Property Income up 22.2% y-o-ySource: MUST Q4 Results AnnouncementNet property income increased from 22.2% largely off of acquisitions, with weakness in Michelson as seen here.
Michelson and acquisition timing drags on resultsComing off of a successful preferential offering and inclusion into the FTSE EPRA Nareit Global Developed Index in the 4th quarter, hopes were high for a good set of results
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