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After the steep selling, what’s next for unitholders of Manulife US Reit?

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Raphael Lim

Raphael Lim

Published Wed, Jul 26, 2023 · 05:00 AM
    • The manager says the valuation of its real estate portfolio, which includes Centerpointe I & II (pictured), had declined by 14.6 per cent to US$1.6 billion as at Jun 30, 2023.
    • The manager says the valuation of its real estate portfolio, which includes Centerpointe I & II (pictured), had declined by 14.6 per cent to US$1.6 billion as at Jun 30, 2023. PHOTO: MANULIFE US REIT

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    MANULIFE US Real Estate Investment Trust’s (MUST) market value has plunged by over a third in the past week after the office trust unexpectedly announced it had breached loan covenants, potentially impacting distributions.

    Already one of the worst performers among Singapore-listed real estate investment trusts (Reits), MUST’s units fell further to a new closing low of US$0.105 on Tuesday (Jul 25).

    This was a 37.9 per cent drop from the US$0.169 close on Jul 17, before the manager announced that the real estate portfolio valuation had declined by 14.6 per cent to US$1.6 billion as at Jun 30, 2023, down from US$1.9 billion six months earlier.

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