Manulife US REIT posts 15.5% YoY lower distributable income of US$74.3m in FY23
The REIT attributed the decrease to lower rental and recoveries income.
Despite recording a higher net property income (NPI) in FY23, Manulife US REIT’s (MUST) distributable income still fell 15.5% YoY to US$74.3m.
In FY23, MUST posted an NPI of US$114.6m, a 1.3% increase from FY22.
The REIT attributed its lower distributable income “to lower rental and recoveries income due to higher vacancies and higher property expenses, higher finance costs as a result of rising interest rates, and the divestment of Tanasbourne in April 2023 and Park Place in December 2023, partially offset by higher lease termination fees and car park income. “
Under the REIT’s recapitalisation plan, MUST will halt distributions to unitholders until 31 December 2025 unless the early reinstatement conditions, as defined in the circular, are achieved earlier.
Read Here
Advertise
Sign Up
