Manulife US Reit posts 91.7% occupancy in Q1; expects positive rental reversion

US office-focused Manulife US Real Estate Investment Trust (Manulife US Reit) on Monday (May 9) said that portfolio occupancy for the first quarter ended Mar 31 dipped to 91.7 per cent, down 0.6 percentage point from 92.3 per cent as at end-2021.

The manager noted that occupancy remained above the US Class A average of 83 per cent.

At a briefing accompanying the operational update, the Reit manager said the decline in occupancy was largely due to 2 tenants at its Peachtree and 10 Exchange Place properties that vacated over 20,000 square feet (sq ft).