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Manulife US Reit posts DPU of 2.01 US cents, beating IPO forecast
MANULIFE US Real Estate Investment Trust (Reit) posted a distribution per unit (DPU) of 2.01 US cents for May 20, its listing date, to end September, beating its DPU forecast for the same period of 1.90 US cents.
Gross revenue over the period - its maiden results since IPO - came in at US$28.20 million, 1.1 per cent below forecast due to lower recovery revenues.
The first pure-play US office Reit listed in Asia posted a net property income of US$17.6 million ahead of its forecast US$17.34 million due to lower property expenses.
Net income of US$33.72 million was over three times what was forecast in the IPO prospectus due to property fair value gains.
The prospectus included an eight-month profit forecast between May 1 and Dec 31 and the forecast results for the just-released reporting season were derived from pro rating the forecast figures and adjusting the anticipated lease incentives.