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DBS Vickers Recommended Buy with 12 month target at USD 1.00
But really I think this stock is overlooked, under-appreciated.
Manulife US REIT: BUY
Last Traded Price: $0.72 Price Target (12-mth): $1.00
(Upside 38.8%)
FY20 Results
- 2H20 net property income declined 8.2% y-o-y to US$53.7m while DPU declined 11.3% to 2.59 US cts/share mainly due to lower property income and provisions for expected credit losses largely from retail and F& B tenants
- FY20 net property income rose 4.6% led by contributions from Centerpointe and Capitol, which were acquired in 2019
- Recorded fair valuation losses of US$128.5m in FY20
- Portfolio occupancy stood at 93.4% with a WALE of 5.3 years
But really I think this stock is overlooked, under-appreciated.
Manulife US REIT: BUY
Last Traded Price: $0.72 Price Target (12-mth): $1.00
(Upside 38.8%)
FY20 Results
- 2H20 net property income declined 8.2% y-o-y to US$53.7m while DPU declined 11.3% to 2.59 US cts/share mainly due to lower property income and provisions for expected credit losses largely from retail and F& B tenants
- FY20 net property income rose 4.6% led by contributions from Centerpointe and Capitol, which were acquired in 2019
- Recorded fair valuation losses of US$128.5m in FY20
- Portfolio occupancy stood at 93.4% with a WALE of 5.3 years
At 0.72, declared 0.0259 still not moving....this one is really an unloved child 
NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Manulife US Real Estate Investment Trust (&ldquo Manulife US REIT&rdquo ), will be closed at 5.00 p.m. on Wednesday, 17 February 2021 for the purpose of determining Unitholders&rsquo entitlement of Manulife US REIT&rsquo s distribution. Manulife US REIT has announced the distribution of US 2.59 cents per unit for the period from 1 July 2020 to 31 December 2020 (the &ldquo Distribution&rdquo ).
Unitholders whose securities accounts with The Central Depository (Pte) Limited (&ldquo CDP&rdquo ) are credited with units in Manulife US REIT (&ldquo Units&rdquo ) as at 5.00 p.m. on Wednesday, 17 February 2021 will be entitled to the Distribution that will be paid on Tuesday, 30 March 2021.
The Distribution will comprise two components:
(a) distribution out of tax-exempt income (the &ldquo tax-exempt income component&rdquo ) of US 2.15
cent and
(b) distribution out of capital (the &ldquo capital component&rdquo ) of US 0.44 cent.
Unitholders who do not submit required U.S. tax forms completely and accurately will be subject to 30% withholding taxes on the Distribution. The U.S. tax forms are required to be reviewed and validated by the appointed processing agent by Tuesday, 9 March 2021. To ensure the forms can be validated by Tuesday, 9 March 2021, unitholders are reminded to submit the completed tax forms to Manulife US REIT&rsquo s Unit Registrar &ndash Boardroom Corporate & Advisory Services Pte Ltd by Tuesday, 2 March 2021.
Unitholders whose securities accounts with The Central Depository (Pte) Limited (&ldquo CDP&rdquo ) are credited with units in Manulife US REIT (&ldquo Units&rdquo ) as at 5.00 p.m. on Wednesday, 17 February 2021 will be entitled to the Distribution that will be paid on Tuesday, 30 March 2021.
The Distribution will comprise two components:
(a) distribution out of tax-exempt income (the &ldquo tax-exempt income component&rdquo ) of US 2.15
cent and
(b) distribution out of capital (the &ldquo capital component&rdquo ) of US 0.44 cent.
Unitholders who do not submit required U.S. tax forms completely and accurately will be subject to 30% withholding taxes on the Distribution. The U.S. tax forms are required to be reviewed and validated by the appointed processing agent by Tuesday, 9 March 2021. To ensure the forms can be validated by Tuesday, 9 March 2021, unitholders are reminded to submit the completed tax forms to Manulife US REIT&rsquo s Unit Registrar &ndash Boardroom Corporate & Advisory Services Pte Ltd by Tuesday, 2 March 2021.
I am not a veteran investor, I am in the same situation as well. But I submitted via another broker, not Vickers.
Better to do it again I think, if you are asking.
Rather than to ignore, and then get your dividends deducted for US tax.
Better to do it again I think, if you are asking.
Rather than to ignore, and then get your dividends deducted for US tax.
lennyk ( Date: 03-Feb-2021 08:16) Posted:
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Manulife Reit (MUST) has dropped for the last few days. So does Prime and KORE, the other 2 US based office REITs, Understand the KORE price drop, due to ex-dividend.
Is it the push the price down by the BB before dividend announcement by MUST and Prime.?
Is it the push the price down by the BB before dividend announcement by MUST and Prime.?
Hi can I ask for guidance for the veteran investors here.
My broker is DBS vickers. I have already completed w 8-Ben form for US markets.
And submitted to vickers.
I recently bought Manulife reit.
I received a welcome letter with a w8ben form to fill up and send to them.
Do I need to do this again or the form with DBS is enough.
Appreciate all the help. Thanks.
ready to shoot
Affluent tenants of Manulife US REIT unaffected by work-from-home policies: UOB Kay Hian
US office trust Manulife US REIT continues to see resilience and faces minimal impact from work-from-home policies, say UOB Kay Hian analysts Loke Peihao and Jonathan Koh in a September 29 note. The analysts are maintaining their &ldquo buy&rdquo call on the company with a target price of 85 US cents ($1.16)
Manulife US REIT (MUST) properties are typically located in capital cities such as Atlanta (in Georgia State), Sacramento (in California), and Washington, D.C., supported by a highly educated workforce and growing population.
Its portfolio comprises nine prime freehold Trophy (2) and Class A (7) properties, providing strong income in upcycles but remaining resilient in downturns. The pandemic era also means a preference for a highly integrated live-work-play environment, as office workers want easy access to workplaces and avoid taking public transport, say Loke and Koh.
MUST has a relatively longer WALE (Weighted Average Lease Expiry) of 5.7 years by net lettable area, when stacked against other Singapore office REITs, such as Keppel Pacific Oak US REIT (5.0 years), Keppel REIT (office: 4.6 years), CCT (office: 3.6 years), Suntec REIT (Singapore office: 3.14 years).
Loke and Koh also note that the US office market is different compared with Singapore. Where office leases are usually longer at five, 10 and 15 years with no break clauses and early terminations in the US, the norm in Singapore is three years.
In terms of gross rental income, legal tenants (22%) are the largest, and unlikely to consolidate spaces as the majority has right-sized. The finance and insurance (19.9%) sectors have seen resilience in terms of low unemployment rate of 3.1% (vs 8.4% in the US in August), and may possibly see increased take-up of office space due to stricter social distancing measures.
Excluding Amazon, the majority of retail trade are in children&rsquo s apparel (10%) which is considered to be essential retail as children outgrow their clothes quickly. The top 10 tenants (35% in terms of gross rental income) are mainly listed entities, government and headquarters, highlighting the credit tenants in its portfolio, say Loke and Koh.
Unlike Asia, most of US employees already have access to work-from-home benefits, say the analysts, defined as at least a day of the week of working from home, which has risen from 28% to 54% between 2011 and 2020. Due to well-established norm, the pandemic only resulted in an incremental 2% of US workers to work-from-home.
Remote working trend a blip in office life, says Manulife US Reit
A survey done during the pandemic points to signs that workers will return to work
WILL US office workers return to their cubicles? Manulife US Real Estate Investment Trust (Manulife US Reit) seems to think they will, citing a survey done during the Covid-19 pandemic that showed muted enthusiasm from American office workers about working from home.
The outlook comes even as the Reit' s distribution per unit (DPU) rose by 0.3 per cent to 3.05 US cents for its first half of the year ended June 30, from 3.04 US cents a year ago, the manager announced on Monday.
After restating H1 2019' s DPU as 3.03 US cents for a preferential offering where 72.9 million units were issued on Oct 18, 2019, DPU for H1 2020 rose 0.7 per cent.
Despite the uptake of work-from- home practices by employers globally amid the pandemic, Manulife US Reit' s manager expects minimal impact to the office Reit' s portfolio.
The work-from-home trend was established in the US in the 1990s, with up to 54 per cent of US workers entitled to work-from-home benefits as at March 31, 2020, the manager said, quoting economic research by jobs website Glassdoor.
But just an incremental 2 per cent of US workers preferred working from home full-time due to the coronavirus, the manager said, citing a work-from-home survey conducted in May by Gensler Research Institute.
The survey suggested that from an employer' s perspective, a physical office space is still essential for the company' s brand and culture, while driving employee connectivity, attracting talent, and raising productivity.
The manager said urban-suburban offices are likely to outperform gateway central business district (CBD) offices in the near term, as less dense " live, work, play" locations are preferred.
There is also a limited supply of new office properties, with minimal upcoming construction in the cities where the Reit has buildings.
To add, the " de-densification" of office spaces for safe distancing will likely mean tenants need more space for collaboration. Hot-desking may be made obsolete as health and safety for employees take top priority.
Currently, the legal, finance and insurance and retail-trade sectors make up the top three of the Reit' s tenant base.
In terms of space needs, consolidation is unlikely for legal tenants as a majority of them have right-sized, the manager said. Meanwhile, finance and insurance tenants may need more space due to stricter safe-distancing measures.
Jill Smith, chief executive of Manulife US Reit' s manager, called the outlook for the second half of the year " pretty steady" in a briefing for analysts and the media on Monday. This comes as more workers go back to work after the Labor Day holiday.
" Assuming there isn' t a third wave (of Covid-19 cases), we will start to see things improve again, and that is what we are looking forward to in the third and fourth quarter," she said.
As at June 30, the Reit recorded occupancy of 96.2 per cent and a weighted average lease expiry by net lettable area (NLA) of 5.7 years. The Reit gained from rental escalations averaging 1.9 per cent per annum, with no-break clauses in its leases. More than half, or 55.1 per cent, of the Reit portfolio' s leases by NLA will expire only in 2025 and beyond.
Ms Smith said over the first half, the manager signed about 217,300 sq ft of leases, achieving a positive 7.9 per cent rental reversion.
The Reit' s nine office buildings remain open and are 10 per cent to 20 per cent occupied, with most tenants working from home. Rental collections remained strong, the manager said. It collected an average of 96 per cent rents for the second quarter.
For the first-half period, gross revenue was up 18.3 per cent to US$98.6 million from US$83.3 million a year ago. Net property income grew 18.8 per cent on the year to US$62.2 million for the first half, from US$52.3 million.
The increase was mainly due to contributions from newly acquired Centerpointe and Capitol in May 2019 and October 2019 respectively, partially offset by lower rental income mainly from Michelson and lower portfolio carpark income.
Income available for distribution to unitholders rose 20 per cent year on year to US$48 million, from US$40 million.
The Reit' s gearing ratio stood at 39.1 per cent as at June 30.
The distribution will be paid out on Sept 25, after books closure on Aug 12. Manulife US Reit units closed up 0.5 US cent or 0.7 per cent to 77.5 cents on Monday on a cum-distribution basis.
MANULIFE US Real Estate Investment Trust' s (Manulife US Reit) distribution per unit (DPU) rose by 0.3 per cent to 3.05 US cents for its first half of the year ended June 30, 2020, from 3.04 cents a year ago.
After restating H1 2019' s DPU as 3.03 US cents for a preferential offering where 72.9 million units were issued on Oct 18, 2019, DPU for H1 2020 rose 0.7 per cent.
Gross revenue was up 18.3 per cent to US$98.6 million for the first-half period, from US$83.3 million a year ago. Net property income grew 18.8 per cent on the year to US$62.2 million for the first half, from US$52.3 million.
The increase was mainly due to contributions from newly acquired Centerpointe and Capitol in May 2019 and October 2019 respectively, partially offset by lower rental income mainly from Michelson and lower portfolio carpark income, the manager said in a regulatory filing on Monday.
Income available for distribution to unitholders rose 20 per cent year on year to US$48 million, from US$40 million.
Manulife US REIT expected to pull through rocky US economic outlook
DBS Group Research continues to rate Manulife US REIT (MUST) a &ldquo buy&rdquo but with a lower target price of US$1.00 from US$1.15 previously.
Lead analyst Rachel Tan explains that the lower target price is based on her conservative forecast as she incorporated some impact of a weaker economic outlook as the US slowly recovers from the lockdown.
&ldquo Trading at about 8% yield and 1 time P/NAV, we believe yield spread will remain favourable with the Fed holding rates low for a longer period,&rdquo she adds.
MUST is now placed on a better playing field post index inclusion in the FTSE EPRA Nareit Developed Asia Index, where it will likely herald a virtuous cycle of greater investor visibility.
Following this, the counter has experienced higher trading liquidity and yield compression. And given a strong execution and acquisition track record, the analyst believes MUST will continue to command a premium to its peers.
Meanwhile, MUST in 1Q20 managed to successfully reduce its expiring leases in FY20 to about 4% of CRI on a decent WALE profile of 5.7 years, thus further lowering vacancy risks in the near-term. Committed occupancy also remains high at 96.5% and rental collections have remained healthy despite the lockdown.
Already MUST has provided rental deferment to some 2% of tenants by GRI, and management expects that there could be more rental deferment requests coming through in 2Q20 as the lockdown typically impacted US from March 2020 onwards. But management does not expect the amount to be significant and will consider rental deferment with interest charged on late payments rather than rental rebates.
Although the transaction market remains slow with most sellers either withdrawing or adopting a wait-and-see approach. Management has not seen a huge amount of distress sales but expect this to increase in a year&rsquo s time if the economy takes longer than expected to recover.
&ldquo However, we take a cautious stance on the US economy and reduced our distributable income projections by 8% to 15% by removing our previous acquisition assumption and factoring in some vacancy and lower rents,&rdquo says Tan.
https://www.theedgesingapore.com/capital/brokers-calls/manulife-us-reit-expected-pull-through-rocky-us-economic-outlook
https://www.theedgesingapore.com/capital/brokers-calls/manulife-us-reit-expected-pull-through-rocky-us-economic-outlook
Not as strong as Keppel Pac Oak US REIT,... I am highly in the green now with KepPacOak REIT,....
marubozu1688 ( Date: 30-May-2020 13:04) Posted:
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strong breakout for #ManulifeUSREIT.
https://mystocksinvesting.com/singapore-reits/3-singapore-reits-which-have-completed-v-shape-recovery/
https://mystocksinvesting.com/singapore-reits/3-singapore-reits-which-have-completed-v-shape-recovery/
Door closing soon.
Up already.
Up already.
Sorry bro,... I' m here,...
Just that I' ve not been too actively updating and talking in forums anymore,... been busy doing other things,...
I' m still holding on to MUST,... no change,.. but I' m not adding or averaging down. I' ve decided to diversify out over to the other three US REITs,.. safer to do this,...
Just that I' ve not been too actively updating and talking in forums anymore,... been busy doing other things,...
I' m still holding on to MUST,... no change,.. but I' m not adding or averaging down. I' ve decided to diversify out over to the other three US REITs,.. safer to do this,...
danger ( Date: 24-Mar-2020 07:12) Posted:
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Any view on this? Analyst report says ok to go
Manulife US Reit blames price fall on fund sell-off, private bank margin calls
WED, MAR 25, 2020 - 5:50 AM
Singapore
THE manager for Manulife US Real Estate Investment Trust blames the Reit' s " horrific" price drop, which " wiped out four years of work" , on mass selling by index funds and exchange traded funds, margin calls from private banks, and funds redemption and switching to other counters...
https://www.businesstimes.com.sg/companies-markets/manulife-us-reit-blames-price-fall-on-fund-sell-off-private-bank-margin-calls
Cheng who seen heavily vested in nany reits disappeared?
chengwh1 ( Date: 31-Oct-2019 09:43) Posted:
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Seems now that any stocks in US will be greatly affected.....this stock is a daring earlier