Manulife US REIT’s portfolio valuation falls 1.6% as at end-2025; FY2025 revenue drops 32% y-o-y to US$113.9 mil

Felicia Tan

Mar 18

MUST was supposed to announce its results on the morning of Feb 16, but delayed it till March 18, citing “negotiations on the sale of an asset”.Manulife US REIT (MUST) has reported a portfolio ...

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These were partly offset by higher revenue from higher occupancy in Philipps.\nExcluding Capitol, Plaza and Peachtree, which were divested in 2024 and 2025, gross revenue fell by 11.5% y-o-y to US$105.8 million.\nProperty operating expenses fell by 30.8% y-o-y to US$60.7 million due to the divestments and a reduction of property taxes at Figueroa and Michelson.\nAs a result, FY2025 net property income (NPI) fell by 33.4% y-o-y to US$53.2 million .\nDistribution per unit (DPU) would have been 1.44 US cents, 33% lower y-o-y, while income available for distribution fell by 33.2% y-o-y to US$25.5 million.\nMUST has halted its distributions to unitholders since 2023 under the recapitalisation plan and entry into the master restructuring agreement (MRA).\nThe six-month extention MUST’s lenders granted in December 2025 comes with an additional requirement: the REIT must continue suspending its half-yearly distributions until it achieves the reinstatement conditions or the period when the bank interest coverage ratio (ICR) relaxation remains in effect, whichever is later.\nAs at Dec 31, 2025, MUST’s portfolio occupancy fell to 67.7%, down from 68.2% in the quarter before and down from last December’s 73.6%.\nPortfolio weighted average lease expiry (WALE) stood unchanged q-o-q at 4.5 years, but down from last year’s WALE of five years.\nAggregate leverage as at the end of 2025 stood at 58%, up from the previous quarter’s 56.2%. Weighted average interest rate fell to 4.58% from 4.69% last year.\nAs at Dec 31, 2025, MUST’s net asset value (NAV) per unit stood at 19 US cents, down from 23 US cents as at Dec 31, 2024.\nCash and cash equivalents as at the end of 2025 stood at US$36.7 million.\nJohn Casasante, CEO and chief investment officer (CIO) of the manager says the REIT’s key priorities are to achieve its minimum sale target by June this year, reduce MUST’s aggregate leverage, and strengthen its cash flows and credit profile through diversification into industrial, living sector and retail assets.\nMUST was supposed to announce its results on the morning of Feb 16, but delayed it till March 18, citing “negotiations on the sale of an asset”.\nUnder the disposition mandate, the sale of an asset requires a valuation no earlier than two months before the entry into the purchase and sale agreement. Should the disposition take place, the REIT will require a new valuation for the asset. No transaction was mentioned in the March 18 results announcement.\nUnits in MUST closed 0.1 US cent lower or 1.64% down at 6 US cents on March 18.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}