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Manulife US Reit Q2 earnings mostly above projection; enters into US$51.6m mortgage facility

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MANULIFE US Real Estate Investment Trust (Reit) on Tuesday announced second quarter earnings that were mostly above projection, and an entry into a US$51.6 million mortgage facility for a property in New Jersey.

The US office Reit posted a distribution per unit (DPU) of 1.58 US cents for the three-month period ended June 30, which were 7.5 per cent higher than its projection of 1.47 US cents.

Net property income was US$12.8 million, 3.7 per cent higher than the projected US$12.3 million.

Gross revenue came up to US$19.91 million, marginally (0.3 per cent) below the forecast of US$19.97 million, due to lower recoveries income but partially offset by higher rental and other income mainly arising from rental escalations and higher car park income.

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Income available for distribution to unitholders was US$9.99 million, 6.9 per cent higher than the forecasted US$9.35 million.

There is no year-on-year comparison as Manulife US Reit was listed on Singapore Exchange on May 20, 2016.

On Tuesday, the Reit announced that its indirect wholly owned subsidiary, Hancock S-Reit SECA, has entered into a loan agreement with Wells Fargo Bank, National Association, for an aggregate principal amount of up to US$51.6 million.

This comprises an initial funding of US$40 million, as well as a good news facility of up to US$11.6 million for Manulife US Reit's future budgeted capital and leasing costs.

The mortgage facility is secured by, among other collateral, a first mortgage on 500 Plaza Drive, a property in Secaucus, New Jersey.

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