Manulife US Reit Q1 DPU up 22.8% to 1.51 US cents

MANULIFE US Real Estate Investment Trust said on Thursday its distribution per unit for the first quarter rose 22.8 per cent to 1.51 US cents from 1.23 cents for the year-ago quarter.

Gross revenue for the quarter rose 28.5 per cent to US$40.0 million from US$31.2 million the year before on strong leasing momentum and increases in the portfolio’s occupancy.Portfolio occupancy stood at 97.4 per cent, with a weighted average lease expiry of six years by net lettable area as at March 31, 2019.

Tenant base continues to be “well-diversified across multiple trade sectors”, with no single tenant contributing more than 7.3 per cent of gross rental income as at March 31, 2019, the Reit manager said.

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