MANULIFE US Real Estate Investment Trust (MUST) reported on Thursday (Feb 8) a 13.3 per cent decline in distributable income for the second half of FY2023, despite higher gross revenue and net property income (NPI).
No distribution was declared for the second half ended December 2023 – unchanged from the first half – as the Reit manager will be halting distributions until end-2025 following the Reit’s recapitalisation plan that unitholders approved last year.
Revenue for H2 FY2023 grew 6.2 per cent to US$108.5 million, while NPI improved by 6.7 per cent year on year to US$59.2 million.
The stronger numbers were mainly due to higher lease termination fees. However, these were partially offset…
