Manulife US REIT's occupancy rate climb to 84.7%

Of all the executed leases, 7.7% were new, whilst 90.5% were renewals.

Manulife US Real Estate Investment Trust (MUST) saw its third quarter (Q3) occupancy increased to 84.7%, above the US class A average of 82.3%. In the first quarter, its occupancy rate was at 86.1%.

In an operational update, the REIT also said it's expecting a positive rental revision for the quarter given its long weighted average lease expiry (WALE) of 5.8 years.

The company also has an estimated 193,000 sq ft executed leases with 24.2% rental reversion in Q3. Of the total, 7.7% were new leases, whilst 90.5% were renewals.

The REIT indicated that companies in the legal (84%) industry leased their properties the most during the quarter. This was followed by finance and insurance (8%) and health care (5%).

Meanwhile, MUST's weighted average interest rate stood at 4.38%.