INVESTORS buy into Singapore-listed real estate investment trusts (S-Reits) for their stable distributions. But of late, the three US office S-Reits – after completely halting all or most of their distributions – no longer fulfil the needs of those seeking yield.
Manulife US Reit (MUST) was the first to stop distributions last year, after breaching a debt covenant, when its proportion of unencumbered debt to unencumbered assets crossed 60 per cent after portfolio valuations fell.
Earlier this month, Keppel Pacific Oak US Reit (Kore) went down a similar path, pre-emptively suspending distributions from H2 2023 to H2 2025 on the back of a portfolio valuation decline and increased gearing.
The…



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