Manulife REIT (SGX: BTOU) reported its Q3 2022 Business update this week and I was invited to attend the analyst’ briefing that same morning. It’s been a while since I last attended a US office REIT briefing – and my objective is to understand how bad the macro situation there in the US and in particularly how the REIT is performing / executing against the challenge operating in that sort of environment. As expected, we didn’t really see much improvement in the operating metrics for Q3 as the environment to operate becomes much more challenging. Q3 portfolio occupancies dropped further to 88.1%, as compared to 90.9% in Q2 – this is mainly attributed by Emanuel downsizing at ~71k square ft (halved from 135k to 64k square ft) at Figueroa. The expectation was that the lease was originally going to expire in 2023 so I guess halved is better than none at all. Overall rent reversion while up to 4.3% in Q3 was...