MUST’s portfolio occupancy falls to 86.1% in Q1

The REIT attributed the decline to Carter’s downsizing at Phipps.

Manulife US REIT’s portfolio occupancy declined to 86.1% in Q122, largely due to Carter’s downsizing at Phipps.

Carter downsized its headquarters in Phipps by 69,000 square feet (sq ft) and renewed only 209,000 sq ft.

Breaking down the REIT’s total leases for Q1, the majority (86.2%) were renewals, 11.8% were expansions, and 2.1% were new leases.

Most of the REIT’s tenants are from the retail trade industry (60%), followed by arts, entertainment & recreation (18%).
Meanwhile, the REIT’s weighted average lease expiry (WALE) stood at 5 years as of Q1.

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