Manulife US Real Estate Investment Trust (Reit) is paying a 1.6 US cent distribution per unit for the third quarter, beating its projection of 1.46 US cents by 9.6 per cent as it took in contributions from its maiden acquisition of 500 Plaza Drive in New Jersey.
Year-to-date distribution for the January-to-September period will stand at 4.83 US cents, 8.5 per cent above projections, the manager of the US-focused office properties Reit announced yesterday before the market opened.
As Manulife US Reit listed in May last year, year-on-year numbers are not fully comparable. The Reit has therefore benchmarked its latest results against its announced forecasts.
Gross revenue of US$23 million (S$31.3 million) beat its projection by 16.8 per cent for the quarter largely because of income from 500 Plaza Drive as well as higher rentals and other income from the Reit's initial portfolio driven by rental escalations and higher carpark revenue. Recoveries income, however, was lower than expected.
Net property income of US$14.4 million was 20.9 per cent over forecasts, and net income for the quarter of US$9.3 million surpassed the initial estimate by 25.7 per cent.
Manulife US Reit's portfolio occupancy currently stands at 95.7 per cent, based on committed lease. Average lease expiry weighted by net lettable area was 5.9 years as at end-September.
Looking ahead, Manulife US Reit's manager expects a "stable performance" amid favourable market conditions in the Reit's markets.
The counter yesterday ended one US cent higher at 90.5 US cents.