229 views
Tanasbourne (Photo from Manulife US REIT)

Manulife US REIT’s net income rises 2.8% YoY to US$57.6m in H122

The REIT said higher car park income was amongst the factors that drove the increase.

Manulife US REIT’s net income rose by 2.8% YoY to US$75.6m in H1 22, its latest financial statement showed.

With higher net profit, the REIT’s distributable income likewise rose by 6.9% YoY to US$46m. 

The REIT attributed the increase to its higher gross revenue of US$100.4m (+10.6% YoY) driven by contributions from Tanasbourne, Park Place and Diablo, which were all acquired in December 2021; higher car park income; and lower rent abatements provided to tenants affected by COVID-19.

The increase in the REIT’s revenue, however, was partially offset by the lower rental income from its existing properties as a result of higher vacancies.

The lower rental income was also the main reason for the REIT’s lower distribution per unit (DPU) for H1 22 of US$0.0261, a 3.3% YoY decline. The distribution will be paid on 27 September.

Looking ahead, the REIT’s manager said it will adopt a two-pronged approach in its capital and portfolio management to counter economic volatility ahead.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!