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Manulife US Reit Q1 DPU flat at 1.51 US cents, net property income up 54%

MANULIFE US Real Estate Investment Trust (Reit) on Monday reported a restated DPU (distribution per unit) of 1.51 US cents for its first quarter ended March 31, 2018, down 0.7 per cent from 1.52 US cents a year ago.

Manulife US Reit said that the DPU has been restated to account for the rights issue, through which 299.3 million units were issued on Oct 25, 2017.

The Reit added that the decline of 0.7 per cent in DPU is due to lower income from two of its properties - Figueroa and Michelson - which saw lower occupancies, as well as higher income taxes. This was offset by strong earnings from the Plaza and Exchange properties, which were acquired on July 19, 2017 and Oct 31, 2017, respectively, said the Reit.

Net property income rose 54 per cent to US$19.65 million for the quarter, on higher contribution from Plaza and Exchange.

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Net income for the period went up by 35.6 per cent to US$11.5 million, while gross revenue increased by 57 per cent to US$31.15 million.

The Reit said: "In line with the overall improved performance, distributable income increased by 50.1 per cent to US$15.6 million in Q12018, which translates to a DPU of 1.51 US cents for the enlarged unit base."