Basic Profile & Key Statistics
Manulife US REIT (MUST) is an office REIT that owns 12 properties in U.S.
Performance Highlight
Gross revenue and NPI decreased slightly YoY due to lower rental income but partially offset by higher carpark income and newly acquired properties in December. Distributable income and DPU on the other hand, increased slightly YoY.
Rental Reversion
Rental reversion is at -0.8%
Acquisition
In December 2021, MUST has completed the acquisition of the 3 properties in Phoenix, Arizona and Portland, Oregon.
Related Parties Shareholding
- REIT sponsor's shareholding is low at 8.542%
- REIT manager's shareholding is low at 0.467%
- Directors of REIT manager's shareholding is moderate at 0.105%
Lease Profile
- Occupancy is slightly low at 92.3%
- WALE is long at 5.1 years
- Highest lease expiry within 5 years is low at 13.5% which falls in 2025
- All properties are freehold
Debt Profile
- Gearing ratio is high at 42.8%
- Cost of debt is high at 2.82%
- Fixed rate debt % is high at 86.5%
- Unsecured debt% is low at 36.4%
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