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Manulife US Reit posts 0.3% rise in H1 DPU to 3.05 US cents

MANULIFE US Real Estate Investment Trust's (Manulife US Reit) distribution per unit (DPU) rose by 0.3 per cent to 3.05 US cents for its first half of the year ended June 30, 2020, from 3.04 cents a year ago.

After restating H1 2019's DPU as 3.03 US cents for a preferential offering where 72.9 million units were issued on Oct 18, 2019, DPU for H1 2020 rose 0.7 per cent.

Gross revenue was up 18.3 per cent to US$98.6 million for the first-half period, from US$83.3 million a year ago. Net property income grew 18.8 per cent on the year to US$62.2 million for the first half, from US$52.3 million.

The increase was mainly due to contributions from newly acquired Centerpointe and Capitol in May 2019 and October 2019 respectively, partially offset by lower rental income mainly from Michelson and lower portfolio carpark income, the manager said in a regulatory filing on Monday.

Income available for distribution to unitholders rose 20 per cent year on year to US$48 million, from US$40 million.

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The distribution will be paid out on Sept 25, after books closure on Aug 12.

Jill Smith, chief executive of Manulife US Reit's manager, said over the first half, the manager worked hard to sign about 217,300 sq ft of leases, achieving a +7.9 per cent rental reversion.

Total undrawn credit facilities came to around US$135 million after the Reit's 2020 refinancing was completed with a new loan at a lower interest rate of 1.85 per cent per annum and the manager obtained an additional US$50 million revolving credit facility to store up financial flexibility, she added.

On the outlook, the manager said it continues to be focused on asset, lease and capital management. This is in addition to its commitment to sustaining and enhancing environmental, social and governance initiatives, and will be selectively seeking investment opportunities that deliver long-term value to unitholders.

Units of Manulife US Reit closed US$0.02 or 2.7 per cent higher at US$0.77 on Thursday.

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