Rental reversion stood at a positive 3.9% during the quarter as well.
As at March 31, MUST reported a weighted average debt maturity of 2.6 years with gearing of 42.8% and interest coverage of 3.4x.
In its business update, MUST charted the “slow and bumpy” return to the office for US employees.
As at March 2, the occupancy rate of offices stood at 38.0% as the world sees a return to the office, up from the 17.5% occupancy in December. The lower occupancy was due to the surge in the Omicron variant.
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
Previously in August, occupancy levels stood at another low of 31.3% due to a surge in the Delta variant.
Manulife REIT closed 1 cent lower or 1.6% down at 61.5 US cents on May 6.
