Manulife US Reit posts 1.65 US cent Q1 DPU; gross revenue below projection

OFFICE landlord Manulife US Real Estate Investment Trust's (Reit) fiscal first-quarter distribution per unit (DPU) came in at 1.65 US cents, up from a projected 1.52 US cents, it said in a Singapore Exchange filing on Tuesday morning.

The trust was listed in May 2016.

For the three months ended March 31, gross revenue was 1.3 per cent lower than projected, at US$19.8 million, and net property income was 2.7 per cent above forecast at US$12.8 million.

Q1 distributable income was 7.3 per cent more than projected at US$10.4 million.

No distribution was declared for the quarter and the trust will be declaring distributions on a semi-annual basis.