About Manulife US REIT | As at 30 Jun 2023 |
Manulife US Real Estate Investment Trust (Manulife US REIT) is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producingoffice real estate in key markets in the United States (U.S.), as well as real estate-relatedassets. Manulife US REIT's portfolio comprises of 11 freehold office properties strategically located in Arizona, California, Georgia, New Jersey, Virginia and Washington, D.C.
The Sponsor - The Manager of Manulife US REIT is wholly owned by the Sponsor, The Manufacturers Life Insurance Company (Manulife), part of the Manulife Group. The Sponsor's parent company, Manulife Financial Corporation (MFC), is a leading international financial services group providing forward-thinking solutions to help people with big financial decisions. It operates as John Hancock in the U.S., and Manulife elsewhere providing financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions.
Stock information(1) as at 30 Jun 2023
SGX Code | : BTOU |
Bloomberg Code | : MUST:SP |
Market Capitalisation | : US$307 m |
Free Float | : 90.87% |
Avg Daily Trading Volume | : 5,404,954 |
(Units)(2) | |
Unit Price (Closing) | : US$0.173 |
- Source: Bloomberg
- For the period 1 Jan 2023 to 30 Jun 2023
Quality portfolio across the U.S.
Net Lettable Area (NLA) | : 5.3 m sq ft |
WALE (by NLA) | : 4.9 years |
Occupancy | : 85.1% |
Land Tenure | : 100% freehold |
92% green-certified(1) portfolio by NLA
'AAA' rating | 5-Star rating |
- Green certifications include LEEDTM, ENERGY STAR®, WiredScore, Fitwel® and BOMA 360 as at 31 Dec 2022.
AUM: | Scan or |
US$1.6 b | clickfor videos |
Park Place, Chandler | Diablo, Tempe |
Michelson, Irvine | Phipps, Atlanta | Centerpointe, Virginia | Penn, Washington, D.C. |
Plaza, Secaucus | Figueroa, Los Angeles | Exchange, Jersey City | Peachtree, Atlanta | Capitol, Sacramento |
This factsheet shall be read in conjunction with Manulife US REIT's latest financial results presentation. For any enquiries, please email usreitinquiry@manulifeusreit.sg.
Manulife US Real Estate Management Pte. Ltd. (Reg. No. 201503253R) | 8 Cross Street, #16-03, Manulife Tower, Singapore 048424 | https://www.manulifeusreit.sg |
Debt profile
Weighted Avg Interest Rate | 4.1% |
Weighted Avg Debt Maturity | 2.5 years |
Portfolio Unencumbered | 100.0% |
Gearing | 56.7%(1) |
Green or Sustainability-Linked Loans | 74.6% |
Interest Coverage(2) | 2.6 times |
- Based on gross borrowings as a percentage of total assets. As set out in the Code on Collective Investment Schemes (CIS Code) issued by the Monetary Authority of Singapore (MAS) Appendix 6 Para 9.4, the aggregate leverage limit is not considered to be breached if due to circumstances beyond the control of the manager. If the aggregate leverage limit is exceeded as a result of a depreciation in the asset value of the property fund or any redemption units or payments made from the property fund, the Manager should not incur additional borrowings or enter into further deferred payment arrangements.
- Computed by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowing-related fees as set out in the CIS Code.
Lease expiry profile
Lease expiry profile as at 30 Jun 2023 (%)
Net Lettable Area (NLA) | ||
Gross Rental Income (GRI) | 48.4 | 50.1 |
15.4 | 13.5 | 14.5 | 14.8 | 8.5 | |||||
6.3 6.2 | 7.6 | 7.8 | 7.0 | ||||||
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and | ||||
beyond |
Gross rental income by trade sector
Trade sector by gross rental income (GRI) (%)
Portfolio overview
Figueroa | Michelson | Peachtree | Plaza | Exchange | Penn | Phipps | Centerpointe | Capitol | Diablo | Park Place | |
Location | Los Angeles | Irvine | Atlanta | Secaucus | Jersey City | Washington, | Atlanta | Virginia | Sacramento | Tempe | Chandler |
D.C. | |||||||||||
Property Type | Class A | Trophy | Class A | Class A | Class A | Class A | Trophy | Class A | Class A | Class B | Class A |
Completion Year | 1991 | 2007 | 1991 | 1985 | 1988 | 1964 | 2010 | 1987/1989 | 1992 | 1980 - | 2019 |
1998 | |||||||||||
Property Value | 174.0 | 256.0 | 175.0 | 67.1 | 258.0 | 124.0 | 178.15 | 79.0 | 165.0 | 58.6 | 98.7 |
(US$ m) | |||||||||||
Occupancy (%) | 78.3 | 82.8 | 83.5 | 88.5 | 85.6 | 90.9 | 79.7 | 87.3 | 83.9 | 89.1 | 100.0 |
NLA (sq ft) | 715,024 | 535,003 | 559,102 | 466,496 | 737,611 | 278,063 | 475,778 | 421,188 | 502,454 | 354,434 | 274,700 |
WALE by NLA | |||||||||||
3.0 | 5.7 | 4.1 | 3.8 | 4.3 | 3.6 | 8.4 | 4.0 | 5.1 | 3.2 | 6.4 | |
(years) | |||||||||||
Manulife US REIT's submarkets performance
Leasing volume and lease terms
sf) | 6.0 | |||
5.0 | ||||
(million | ||||
4.0 | ||||
volume | 3.0 | |||
2.0 | ||||
Leasing | 1.0 | |||
0.0 | ||||
2019 | 2020 | 2021 | 2022 |
Base and net effective rents
75.0$35
70.0 | (mths) | $30 |
65.0 | term | |
60.0 | ||
Lease | $25 | |
55.0 | ||
50.0$20
2023 | 2019 | 2020 | 2021 | 2022 | 2023 |
Leasing Volume | Lease term | Base rents | Net effective rents | ||
Source: JLL Research.
Note: Data includes all transactions, including deals <20,000 sf. Net effective rents (NERs) are calculated based on net average rental rates over the course of the lease term, and account for both escalations and concessions. Pre-pandemic, concessions were relatively small, so the impact of escalations drove NERs higher than base rent.
This factsheet shall be read in conjunction with Manulife US REIT's latest financial results presentation. For any enquiries, please email usreitinquiry@manulifeusreit.sg.
Manulife US Real Estate Management Pte. Ltd. (Reg. No. 201503253R) | 8 Cross Street, #16-03, Manulife Tower, Singapore 048424 | https://www.manulifeusreit.sg |
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Disclaimer
Manulife US Real Estate Investment Trust published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 04:02:07 UTC.