Basic Profile & Key Statistics Manulife US REIT (MUST) was listed on 20 May 2016 and is trading in USD. MUST invests in office properties across 5 states in US. Lease Profile Occupancy is healthy at 96.2%. WALE is long at 5.7 years. From the latest presentation, 55% of the lease by rental income will be expiring in 2025 and beyond without breakdown, if we consider before 2025, then the highest lease expiry of 17.5% falls in the year 2022. All of its properties are freehold. Debt Profile Gearing ratio is slightly high at 39.1%. Cost of debt is high at 3.3% even with 100% secured debt. Fixed rate debt is high at 92.7%. Interest cover ratio is moderate at 3.8 times. WADE is short at 2.3 years where the highest debt maturity of 26.8% falls in the year 2021. MUST has refinanced part of its loan in July, which lowered cost of debt to 3.21%, and increased WADE to 2.8 years. Diversification Profile MUST is diversified in terms of geographical, properties, and tenants. Its top geographical, top property and top tenant contributions are low at 34.6%, 18%, and 6.2% respectively....