Investors have a knack of always turning bearish sentiments into jokes. Few years back, coining the term “REITgrets” and no “REITurns” were probably the best antidote amongst a group of investors that also practised dividend and income investing. It was a period where we saw a collective correction for REITs all over the world (except for your DC REITs). Fast forward to today, some REITs are still languishing at historical bottom. And none has had it harder like Manulife US REIT (MUST). The recent announcement that MUST is divesting its 35-storey Figueroa office property in Los Angeles to the City of Los Angeles’ Department of Water and Power for US$ 92.5 million marks a critical juncture in the REIT’s restructuring narrative. While this sale moves the REIT closer to satisfying the disposition mandate established by its lenders, a deeper analysis of MUST’s operational metrics reveals that the much-anticipated “turnaround” is not yet here....