Manulife US REIT has released its FY2020 financial results on 8th February 2021. Gross revenue and distributable income rose 9.3% to US$194 million and 6.8% to US$89.0 million respectively.
However, despite the increase in distributable income, full year distribution per unit (DPU) fell 5.4% to 5.64 cents. A DPU of 2.59 cents was declared which will be paid on 30th March 2021.
Net property income increased 4.6% to US$116.0 million mainly due to the contributions from Centerpointe and Capitol acquired in 2019. The increase was partially offset by lower carpark income, lower rental income due to higher vacancies in Michelson and Peachtree and Provision for expected credit losses on trade receivables.
Financial Summary
Below is the full year 2020 versus 2019 financial results.
|
FY2020
(US$’000) |
FY2019
(US$’000) |
Change |
| Gross Revenue |
194,312 |
177,853 |
9.3% |
| Net Property Income |
115,837 |
110,776 |
4.6% |
...
