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The REIT also saw gross revenue jump 33.2 percent year-on-year to US$43 million (S$59.5 million), largely due to contributions from newly acquired Centerpointe, and Penn and Phipps properties.
Manulife US Real Estate Investment Trust (Manulife US REIT) posted a 17.7 percent year-on-year increase in distribution per unit (DPU) to 1.53 US cents in the second quarter of 2019. Distributable income rose 25 percent year-on-year to US$20.6 million (S$28.5 million).
The REIT also saw gross revenue jump 33.2 percent year-on-year to US$43 million (S$59.5 million), largely due to contributions from newly acquired Centerpointe, and Penn and Phipps properties.
Net property income also increased 33.8 percent year-on-year to US$27.3 million (S$37.8 million) in Q2 2019.
For the first half of 2019, DPU rose 2.2 percent year-on-year to 3.04 US cents, while distributable income jumped 24.4 percent year-on-year to US$40 million (S$55.4 million).
Gross revenue and net property income also increased 30.9 percent and 30.8 percent year-on-year to US$83.3 million (S$115.3 million) and US$52.3 million (S$72.4 million) respectively.
“During this period, we renewed close to 367,000 sq ft of leases with long tenures averaging 8.6 years and 2.8 percent rental escalations per annum,” said Jill Smith, CEO of the REIT’s manager.
‘We are convinced that our diversified and high-quality tenant base will enable us to ride through property cycles. With an established track record and institutionalised investor base, we remain the U.S. REIT of choice and look forward to entering the FTSE EPRA NAREIT Index in due course.”
As at 30 June, the balance sheet of Manulife US REIT remained strong with gearing rising from 37.6 percent in Q1 2019 to 37.1 percent in Q2 2019, offering additional debt headroom.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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