Manulife H2 2021 a miss: Maybank
But improvements in operations were seen due to strong leasing momentum.
Manulife US Reit’s second half of 2021 was reported to be a miss, according to a report published by Maybank.
A distribution per unit of 1.5% year-on-year (YoY), and -2.6% half-on-half (HoH), was seen in the period.
Factors for this performance include higher rental abatements, lower carpark income, and higher vacancies.
Despite this, however, operations improvements were seen in the same period due to strong leasing momentum and positive rental reversion guidance.
Portfolio occupancy rose to 92.3%, up from the third quarter of 2021’s 90.9%. This was due to its three new properties, Diablo Technology Park, Tanasbourne Commerce Center, and Park Place.
Due to new assets acquired by the group, an increase in assets under management was found at 11% HoH, as well as a gearing of 42.1%/ The gearing, in particular, was found to be at a historical high due to these acquisitions and an estimated $333m in debt headroom.
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