Singapore, 6 Feb 2018 – Manulife US Reit’s fourth-quarter distribution per unit (DPU) stayed flat at 1.42 US cents after adjusting for a rights issue, beating its own projection by 7.6%.
Net property income for the three months ended Dec 31, 2017 rose 48.9% to US$18.4 million from the previous year. Income available for distribution increased 50.8% to US$14.6 million.
For the full 2017, distribution per unit (DPU) will work out to 5.53 US cents, adjusted for a rights issue of 41 rights units for every 100 existing units held that was completed in October 2017. The full-year DPU includes 2.96 US cents for the period from Jan 1 to June 28, 2017, and 2.57 US cents for the period from June 29 to Dec 31, 2017.
For the three months ended Dec 31, gross revenue rose 51.5% to US$29.3 million from the preceding year.
The gross revenue growth was mainly attributed to contributions from the acquisitions of the Plaza and Exchange properties, and higher rental and other income from the IPO portfolio.
With the enlarged portfolio, property operating expenses for the fourth quarter rose by US$3.9 million.
The Reit’s properties include Figueroa in Los Angeles and Peachtree in Atlanta.