Manulife US Reit beats Q2 forecasts; DPU of 1.58 US cents

Singapore

MANULIFE US Real Estate Investment Trust (Reit) posted on Tuesday better-than-expected results for the second quarter. It also announced a US$51.6 million mortgage facility for its new office property in New Jersey.

While rental growth pace across the US has slowed, its Reit manager said that it was still expecting positive rental reversions for its properties.

"Our properties' passing rents tend to be 0 to 15 per cent below market depending on property, so we expect to see positive rental reversions in the near term," Jeffrey Wolfe, chief investment officer of the Reit manager, said at a briefing on Tuesday.

Manulife US Reit posted a distribution per unit (DPU) of 1.58 US cents for the three months ended June 30, which surpassed its projection by 7.5 per cent. Net property income was US$12.79 million, beating its own …