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Top Stock Market Highlights of the Week: Manulife US REIT, SATS, China Cuts Interest Rates and Sea Limited
By The Smart Investor  •  August 19, 2023
Welcome to this week’s edition of top stock market highlights. Manulife US REIT (SGX: BTOU) Manulife US REIT, or MUST, released its fiscal 2023’s first half (1H 2023) earnings recently. The US office REIT saw its distributable amount tumble 17.4% year on year to US$37.9 million on the back of a 3.9% year on year decline in net property income. However, there was no distribution declared for 1H 2023 because of a breach of a financial covenant in some of MUST’s financing documents. CEO Tripp Gantt is working with MUST’s sponsor to negotiate with the REIT’s lenders to address this breach and, if necessary, bolster its liquidity needs. Other measures include a disposition mandate to be tabled for unitholder approval that seeks to offload certain assets to generate more liquidity. Concurrently, MUST is also undertaking a strategic review to decide on asset sales or capital injection to strengthen the REIT. Meanwhile, the occupancy rate for its portfolio stood at 85.1% and MUST...
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.
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