Manulife US Reit reports higher Q3 DPU

Singapore

MANULIFE US Reit's third quarter distribution per unit (DPU) rose sharply, boosted by contributions from properties acquired this year and last year.

The pure-play US office REIT's DPU for the three months ended 30 Sept jumped 33.6 per cent to 1.51 US cents. However, adjusted DPU - which normalises the impact of an enlarged unit base from a rights issue and preferential offering which took place in 2017 and 2018 respectively - was up 3.4 per cent at 1.52 US cents.

Net property income soared nearly 75 per cent to US$25.15 million, thanks to contributions from the Plaza and Exchange office properties which were acquired in 2017, as well as the Penn property in Washington DC and the Phipps property in Atlanta, both of which were acquired in 2018. Gross revenue rose 75.3 per c…