Manulife US REIT posts 91.7% occupancy in Q1

The recorded occupancy is above the US Class A average of 83%.

Manulife US REIT (MUST) said its portfolio occupancy reached 91.7% in Q1 2022, above the US Class A average of 83%.

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 five years.

MUST have 68,000 sq ft of executed leases with 3.9% rental reversion in Q1 which ended 31 Mar. Of the total, 54.0% were new leases, whilst 46.0% were renewals.

The REIT said companies in the accounting, real estate, finance, and insurance sectors leased their properties during the quarter.

Meanwhile, MUST's weighted average interest rate stood at 2.86%. A 1% increase in interest rate will impact the REIT's distribution per unit (DPU) by US$0.075 ($0.10).

1 SGD = 0.72 USD