Manulife Reit beats own DPU forecast by almost 6%
Reit manager's CEO says future acquisitions will likely be in the range of US$100m to US$150m
Singapore
MANULIFE US Reit, the only pure US office play here, exceeded its own forecast by 5.8 per cent in delivering a distribution per unit (DPU) of 2.01 US cents for the period from May 20 to Sept 30.
Its portfolio valuation also rose 4.6 per cent from Dec 15, 2016 valuation to US$813.2 as of Sept 30, on the back of strong leasing activities and investment demand that is compressing capitalisation rates.
Reiterating the target of acquiring one asset a year, Manulife US Reit manager's chief executive Jill Smith revealed that future acquisitions will likely be in the range of US$100 million to US$150 million - which means target assets may be smaller than the existing portfolio assets.
"We have this fantastic US playground, if you like, the diverse office market that really gives us a cornucopia of future acquisition opportunities," she told reporters and analysts at the Reit's results br…
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