Manulife US REIT

Re: Manulife US REIT

Postby winston » Fri Jan 06, 2017 10:23 am

not vested

Manulife US REIT Update (MUST SP, BUY, TP: USD0.96)

A “Trump” Card

We expect US office demand to strengthen further in 2017 from pro-business policies of president-elect Donald Trump.

MUST is the only listed REIT in Asia offering the best-proxy to the rebounding US economy and strengthening USD via its freehold office properties.

The REIT also offers a superior FY17F yield of 7.6%, a healthy 100bps above its Singapore peers.

We expect it to acquire at least one office asset in 2017 boosting DPU. Maintain BUY with a USD0.96 TP (14% upside).

Source: RHB

http://rhb.ap.bdvision.ipreo.com/NSight ... b4cae97fe6
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Re: Manulife US REIT

Postby winston » Mon Feb 13, 2017 11:30 am

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Manulife US REIT: Manulife US Reit has beat its own forecast by 3.6% by posting a fourth-quarter distribution per unit (DPU) of 1.54 US cents.

Its DPU of 3.55 US cents for the period from the date of listing on May 20 to Dec 31, 2016, also exceeded its forecast by 4.8%.

This came on the back of higher-than-expected net property income.

The distribution of 3.55 US cents per unit for the period May 20 to Dec 31 will be paid out on March 30 this year.

Source: Business Times / Bloomberg / Straits Times / The Edge Markets / SGX
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Re: Manulife US REIT

Postby winston » Tue Feb 14, 2017 9:04 am

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Outlook on Manulife US REIT remains positive after a ‘respectable’ quarter

By Michelle Zhu

SINGAPORE (Feb 13): Although Religare is still in the midst of reviewing its latest rating on Manulife US REIT, the research house says it remains upbeat on the REIT’s outlook given how its 4Q16 results exceeded forecasts as the US office market continues to strengthen.

In a Monday report, the Religare sales team commends how Manulife US REIT’s portfolio valuation continued to grow by 2.5% since Sept 30 last year, as well as registered an “impressive” 7.2% over the last acquisition cost.

It also highlights the REIT’s “rock-solid” portfolio with positive rental reversion of 10.5% on about 130,000 sq ft of leases.

“During the quarter, as office absorption in US remaining strong, while new supply remain checked, the national average vacancy rate decreased by 10bps to 10.4%, as the market recorded 6m sqft of net absorption. With 5.3% (by rental income) of leases due for renewal in FY17, we remain confident that these leases will be renewed at a higher rental rate in FY17,” says the team.

“Currently, 100% of MUST’s borrowings are fixed at an average cost of debt of 2.46% per annum with no financing due till 2019. At 33.8% of leverage, Manulife US REIT has a further debt headroom of about US$87 million (assuming leverage of 40%) for future potential acquisition,” it continues.

“Looking ahead, with further room to grow organically, while management continues to seek for yield accretive acquisitions, we remain upbeat on Manulife US REIT’s outlook.”

Religare’s last rating on Manulife US REIT was “buy” with a target price of 95 US cents per unit.

As at 1.15pm, units of the REIT are trading flat at 86 cents.

Source: The Edge

http://www.theedgemarkets.com.sg/smr/?q ... 99-quarter
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Re: Manulife US REIT

Postby winston » Tue Feb 14, 2017 10:46 am

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Outperforming IPO estimates

4Q16 DPU of 1.54 UScts ahead of expectations and IPO forecasts
Double digit rental reversions and uplift in portfolio values points to strong US office market
Gearing drops to 33.8%, provides additional debt headroom for acquisitions

Play on exposure to an improving US office market. We maintain our BUY call with a revised TP of US$0.95. We continue to like Manulife US REIT's (MUST) attractive prospective 7.2% yield, inbuilt annual rental escalations and exposure to the favourable demand and supply fundamentals in the various US office markets where MUST’s properties are located. This translates to an 8% DPU growth in FY17 (on an annualised basis), one of the highest among REITs in Singapore.

Confidence on the REIT’s ability to deliver. MUST’s strong FY16 results and double digit rental reversions indicate that MUST's properties in Midtown Atlanta and Downtown Los Angeles submarkets continue to see steadily increasing rents, continued expansionary tenant demand, increased employment opportunities and also a lack of competitive new supply. Apart from upside when leases are due, c.84% of leases (by net lettable area (NLA)) have annual rental escalations of c. 3%.

Acquisitions to be the next growth driver. The Manager has a disciplined strategy towards acquisitions and with the recent decline in gearing to 33-34%, MUST is well placed to execute on DPU-accretive acquisitions. Apart from that, we expect any acquisitions to diversify the REIT’s geographic earnings base and tenant concentration.

Markets that are of interest are core submarkets that enjoy demand from a diversified type of industries (i.e. manufacturing, financial, technology and law firms) which imply stability across market cycles. We have not assumed any acquisitions in our forecasts.

Valuation:
On the back of the better than expected 4Q16 results, we raised our DCF-based TP to US$0.95 from US$0.93. The stock offers attractive FY17-18F yields of 7.2-7.3%.

Key Risks to Our View:
Lower-than-expected rental income. The key risk to our view is lower-than-expected rental income, arising from non-replacement/renewal of leases and/or slower-than-expected recovery of office rents in the US.

Source: DBS
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Re: Manulife US REIT

Postby behappyalways » Tue Sep 05, 2017 7:35 pm

manulife-us-reit-acquire-10-exchange-place-us313-mil-plans-rights-issue
https://www.theedgesingapore.com/manuli ... ghts-issue
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Re: Manulife US REIT

Postby behappyalways » Fri May 03, 2019 8:36 pm

Manulife US REIT acquires Virginia asset for US$122 mil; proposes US$94 mil private placement to fund deal
https://www.theedgesingapore.com/manuli ... -fund-deal
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Re: Manulife US REIT

Postby winston » Thu Aug 15, 2019 4:36 pm

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Topline growth supported by recent acquisitions. Manulife US REIT (MUST) reported 2Q19 revenue of US$43.3mn (+33.2% YoY) and DPU of 1.53 US cts (+17.7% YoY).

Positive results were mainly driven by the incremental contributions from three assets.

Strong leasing momentum. 367k sqft of leases were renewed in 1H19, extending WALE from 6.0 years in 1Q19 to 6.2 years this quarter.

Maintain OUTPERFORM. We maintain our OUTPERFORM recommendation and increased our TP to US$ 0.98 (previously US$ 0.97).

Source: KGI
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Re: Manulife US REIT

Postby winston » Thu Aug 15, 2019 4:36 pm

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Topline growth supported by recent acquisitions. Manulife US REIT (MUST) reported 2Q19 revenue of US$43.3mn (+33.2% YoY) and DPU of 1.53 US cts (+17.7% YoY).

Positive results were mainly driven by the incremental contributions from three assets.

Strong leasing momentum. 367k sqft of leases were renewed in 1H19, extending WALE from 6.0 years in 1Q19 to 6.2 years this quarter.

Maintain OUTPERFORM. We maintain our OUTPERFORM recommendation and increased our TP to US$ 0.98 (previously US$ 0.97).

Source: KGI
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby behappyalways » Sat Sep 21, 2019 3:14 pm

Manulife US REIT to acquire California office building for $273.5 mil; launches equity fund raising
https://www.theedgesingapore.com/capita ... hes-equity



Manulife US REIT raises US$142.7 mil from private placement, preferential offering
http://www.theedgesingapore.com/news/eq ... l-offering
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