Manulife US REIT’s occupancy drops to 78.7% in 1Q24

The REIT attributed the drop to TCW's lease expiry.

Manulife US REIT reported an occupancy rate of 78.7% in 1Q24, a decline from the 84.4% record as of the end of 2023.

The REIT attribute its lower portfolio occupancy to TCW's lease expiry at Figueroa. TCW used to lease 189,000 square feet of space.

Breaking down by net lettable area (NLA), renewals and expansion accounted for 66.6% and 21.4% of leases, respectively.

Meanwhile, new leases had a 12.0% share. Amongst new leases signed in 1Q24 include Pierre Fabre at Plaza.

Industry-wise, retail trade had the largest share of the pie, accounting for 58% of leases in 1Q24.

In 1Q24, the REIT executed 207 sq ft of leases.

Meanwhile, the REIT also reported a -9.5% rent reversion and a weighted average lease expiry of 10.6 years for leases signed in 1Q24.