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Manulife US Reit’s occupancy falls to 86.1% as top tenant gives up a quarter of leased space

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Bryan Kow &

Jude Chan

Published Thu, May 11, 2023 · 09:03 AM
    • With the Reit’s portfolio having a weighted average lease expiry of five years, its manager expects positive rental reversion for 2023. 
    • With the Reit’s portfolio having a weighted average lease expiry of five years, its manager expects positive rental reversion for 2023.  PHOTO: MANULIFE US REIT

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    THE manager of Manulife US Reit announced on Thursday (May 11) that its portfolio occupancy has fallen to 86.1 per cent for the first quarter ended Mar 31, after top tenant The William Carter Company gave up close to a quarter of its space leased at the Phipps building in Atlanta.

    Also known as Carter’s, the children’s apparel maker downsized its headquarters located in the building by 69,000 square feet (sq ft), the real estate investment trust (Reit) manager said.

    It renewed its lease for the remaining 209,000 sq ft, extending the lease expiry to 2035, from 2030 previously.

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