Income available for distribution to unitholders in 3Q19 rose 7.8% to US$20.8 million ($28.2 million), largely due to the higher net property income, partly offset by higher finance expenses, other trust expenses and current taxes.
3Q19 gross revenue jumped 13.3% to US$45.7 million, largely due to full-quarter revenue contribution from Centerpointe, which was acquired in May 2019.
Consequently, net property income grew 11.8% to US$28.1 million in 3Q19, compared to US$25.1 million a year ago.
As at end-September, cash and cash equivalents stood at US$111.6 million, with a gearing ratio of 36.3%.
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The REIT recorded a high occupancy rate of 97.3% and long WALE by NLA of 6.0 years as at Sept 30, 2019.
“Including the recent acquisition of Capitol, Manulife US REIT’s AUM has increased 20.4% y-o-y to US$2.1 billion. At every step, we have aimed to fortify the portfolio through diversification of income,” says Jill Smith, CEO of the manager.
“Since its IPO, the REIT has steadily attracted a significant institutional investor base that will put it in good stead to remain the US REIT of choice – especially with the FTSE EPRA Nareit Index inclusion in sight,” she adds.
As at 12.22pm, units in Manulife US REIT are trading half a US cent higher at 92.5 US cents.
