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Manulife US REIT IPO

Manulife US REIT acquires maiden properties in Phoenix and Portland for total of US$201.6 mil
The manager of Manulife US REIT (MUST) is looking to acquire three properties in Phoenix, Arizona and Portland, Oregon for a total consideration amount of US$201.6 million ($276.3 million).

On Nov 30, the manager entered into three purchase agreements for the acquisition of the properties.

The first was with Tempe Diablo LLC to acquire Diablo Technology Park in Tempe (Phoenix), Arizona for a consideration of US$61.75 million.

Another was entered into with CAZ 5 DE LLC to acquire Park Place in Chandler (Phoenix), Arizona for a consideration of US$106.0 million.

The third and final purchase agreement was entered into with Tanasbourne Property to acquire Tanasbourne Commerce Center in Hillsboro, Oregon for a consideration of US$33.85 million.


All three vendors are unrelated.


According to an independent valuation conducted by Jones Lang LaSalle Americas, all three properties were purchased at at least 0.8% below the valuation amounts.

The acquisitions, according to MUST, have enabled the REIT to enter into the high-growth and, or magnet cities of Phoenix, Arizona and Portland, Oregon.

They are also in line with MUST' s post-Covid-19 themes and will boost its current portfolio with higher occupancies, longer weighted average lease expiries (WALEs) and growth tenants in the technology and healthcare sectors.

In addition, the properties are located in markets that will continue to capture in-migration not only of highly skilled talent pools but also a multitude of technology and healthcare corporates, further driving growth, says the manager.

Diablo Technology Park has a net lettable asset (NLA) of 354,434 sq ft, while Park Place has an NLA of 274,700 sq ft.

Tanasbourne Commercial Center has an NLA of 132,851 sq ft.

The acquisitions are said to be distribution per unit (DPU) accretive to MUST' s unitholders, with 1HFY2021 pro forma DPU expected to increase by 4.4% to 2.82 US cents.

 

 

Finally time to start moving up?
I have been waiting for almost a year hahaha
 

 

KGI upgrades Manulife US REIT to ' outperform' on return to US offices

KGI Research analyst Joel Ng has upgraded Manulife US REIT (MUST) to " outperform" albeit with a lower target price of 82 US cents from 86 US cents previously.

The upgrade comes as US office properties look set to see improving demand as more employees return to the office, even if it' s on a part-time basis.

" Improving fundamentals may finally lift investor confidence in the sector," Ng writes in a Sept 7 report.

In addition, MUST' s management previously indicated that it has seen an acceleration in leasing activity. Around 60% of the REIT' s tenants have said that they plan to return to the office from September, which may lift revenue such as car park income.

MUST has a committed occupancy rate of 91.7% and only 2.9% of leases by net lettable assets (NLA) due over the remainder of 2021, notes Ng.

On the back of easing restrictions and a higher vaccination rate in the US, Ng says he foresees a larger percentage of the population returning to the workforce in 2021.

To him, MUST offers a " decent yield" of 7.4%, 7.5% and 7.6% for FY2021, FY2022 and FY2023 respectively.

" MUST' s gearing of 42.1% as of 30 June 2021 remains well below the regulatory 50% limit, while borrowing costs have declined to 2.99%, an improvement of around 20 basis points from December 2020," he writes.

That said, risks include tax changes in the US, as it would negatively impact MUST' s distribution per unit (DPU).

" Forex risks [are also a downside] for local investors as revenues, unit price and dividends are in USD. Another potential risk from the impact of Covid-19 is the increased acceptance of work from home and higher-than-expected working from home rate, which may lead to soft office demand," he says.

Units in MUST closed flat at 73 US cents, with an FY21 P/B of 0.8 times and dividend yield of 7.4%.

 

quite counter

PhillipTan      ( Date: 23-Aug-2021 13:24) Posted: IMO, 0.725 - 0.73 is a very good price to buy in now DYODD though

 

IMO, 0.725 - 0.73 is a very good price to buy in now
DYODD though
 

 

2H21 will see DPU rising back again due to write back of provision
Share price should go up again in the near future when 2H21 results are out, but that will mean another 6 months from now
In other words, any drop due to this 1H21 DPU drop would actually be a discount to the actual share price if that holds
But of course share price is affected by a lot of other factors not just DPU
DYODD though


DBS - Ideas of the Day

Stocks to Watch

Manulife US Real Estate Inv: BUY
Last Traded Price: US$0.765 Price Target (12-mth): US$0.88 (Prev US$0.90)
(Upside 15.0%)

Return-to-office in US to drive recovery
- 1H21 DPU decline mainly due to lower occupancy and carpark income, partially offset by writeback of provision
- Key positives:-
i) signs of leasing momentum improving
ii) encouraging progress with the renewal of the US Treasury lease
- Key negatives:-
i) occupancy further moderated with vacancy seen in key assets
ii) rental reversions moderated further
iii) a decline in portfolio valuation
- Maintain BUY lower TP to SS$0.88

 

 

Hope you had sold it on the run up to 0.80 then lol
I am keeping mine
 

sure.can.work      ( Date: 12-Aug-2021 17:58) Posted: Everyone else is increasing DPU but this one reduce, recent run up to 0.80 also unjustified, better run for cover man, there are better reits out there

 

 

Everytime when result and dividend is announced, the share price will drop. I remember it dropped till 67 cents last time. Sigh...
 

 

Everyone else is increasing DPU but this one reduce, recent run up to 0.80 also unjustified, better run for cover man, there are better reits out there 

 

The share prices have dropped in tandem with the drop in DPU....   
Was expecting only a slight drop in DPU....

 

Manulife US Reit posts 11.5% drop in H1 DPU to 2.7 US cents on lower rental income

US-focused office property landlord Manulife US Real Estate Investment Trust (Manulife US Reit) on Thursday announced a distribution per unit (DPU) of 2.7 US cents for the six months ended June 30, down 11.5 per cent from the DPU of 3.05 cents for the year-ago period.

Distributable income fell 10.4 per cent to US$43.0 million, from US$48.0 million a year ago.

The decline was largely attributed to lower rental income from Michelson, Centerpointe and Capitol arising from higher vacancies, rent abatements provided to tenants affected by Covid-19, and lower portfolio car park income.

Gross revenue was down 7.9 per cent to US$90.8 million, while net property income of US56.1 million was 9.8 per cent lower than the previous year.

" Our year-on-year occupancy and DPU levels suffered from the full brunt of the pandemic, given that the impact was only felt in the US from April 2020," said Jill Smith, chief executive officer of the manager, in a bourse filing on Thursday morning.

Portfolio occupancy rates dipped to 91.7 per cent as at end-June, down 0.3 percentage point from 92 per cent in Q1 2021 and 1.7 percentage points lower than the 93.4 per cent in Q4 2020.

In H1, the Reit executed leases amounting to around 305,000 square feet, or 6.5 per cent of the portfolio by net lettable area (NLA), at an average positive rental reversion of 1.3 per cent. Another 2.9 per cent of leases by NLA will expire in the remainder of 2021.

Weighted average lease expiry stood at 5.3 years as at June 30.

Net asset value per unit slipped to US$0.71 as at June 30, 2021, down from US$0.73 as at Dec 31, 2020.

" Having weathered the worst of the pandemic and with leasing accelerating, we have a clearer path towards the recovery of our office portfolio," Ms Smith said. " As we look ahead, some 60 per cent of our tenants have indicated their plans to return to the office from September, lifting revenue such as car park income."

The H1 DPU of 2.7 US cents will be paid out on Sept 27.

Units of Manulife US Reit closed 2.6 per cent or two US cents lower at 76.5 cents on Wednesday, before the announcement.

 

 

Rubbing my palms

chartistkao1      ( Date: 26-Jul-2021 11:01) Posted: manulife second half 3% yield is coming ,better load up the share to gain the dividend before 12 aug 2021 Kandee      ( Date: 30-Apr-2021 15:53) Posted: MUST moved to 1/2 yearly dividend payments.  Thus next div announcement will for 1st half 2021, somewhere in late July or early August 2021.    They could issue an update on their earnings / DPU for 1Q 2021, but not a dividend announcement next month though.

 

manulife second half 3% yield is coming ,better load up the share to gain the dividend before 12 aug 2021

Kandee      ( Date: 30-Apr-2021 15:53) Posted: MUST moved to 1/2 yearly dividend payments.  Thus next div announcement will for 1st half 2021, somewhere in late July or early August 2021.    They could issue an update on their earnings / DPU for 1Q 2021, but not a dividend announcement next month though.

 

Yeah, should maybe a few more months
I think this is like a forgotten stock, so still have time to pick up more
 

Singpost      ( Date: 23-Jun-2021 17:19) Posted: will go back to 90 cents

 

quitely rising up ...

Now Still below pre-covid price. 

 

will go back to 90 cents

 

Yup, trending up
From 1st March low of 0.645 to almost hitting 0.80 in less than 4 months
Incredible lol

Ipoh123      ( Date: 23-Jun-2021 16:15) Posted: Breakout.., enjoy

 

Breakout.., enjoy

 

Silent killer
Now news nothing, slowly slowly inching up lol