Manulife US REIT

[winston]

not vested

US Recovery In Motion

While 2020 has seen softer occupancy rates, we are optimistic of MUST’s prospects
given the speedy US vaccination programme as well as the US$1.9t stimulus package
to boost the US economy.

Employers continue to prefer a hybrid model of work from office and work from home, which bodes well for the resiliency in MUST’s quality office portfolio.

Maintain BUY with an attractive yield of 8.2%. Target price: US$0.87.

Source: UOBKH

https://research.uobkayhian.com/content ... 640c3a72ca

[winston]

not vested

MANULIFE US REIT (MUST SP)

Recommendation : BUY
Fair Value : USD 0.82

BENEFICIARY OF RECOVERY OF US ECONOMY.

US office downturn is likely to stabilise in 2021
Healthy portfolio occupancy
Limited new supply in MUST’s cities

Despite a soft office market in the US, MUST’s portfolio occupancy remained healthy at 93.4% which is above the US Class A average of 84% in 4Q20.

Trophy and Class A buildings remained more resilient than Class B properties, benefiting from the flight to quality by tenants.

We continue to like MUST’s resilient portfolio, quality tenants, stable income streams from built-in escalations and minimal lease expiry profile (5.8% of leases by GRI) in 2021 which could limit downside risk and help MUST ride over the market turmoil.

With the fast rollout of vaccines in the US, MUST is poised to benefit from the gradual reopening and recovery of economy.

We raise our risk-free rate to 1.9% to factor in our bank’s latest 12-month projection for the 10-year US Treasury yield.

After adjustments, our fair value estimate decreases slightly from USD0.83 to USD0.82.

Source: OCBC

[winston]

not vested

Manulife US REIT (MUST SP) - Looking for growth opportunities in magnet cities

Manulife US REIT (MUST) reported 1Q21 business update.

Portfolio occupancy remained healthy at 92.0% which was above the US Class A average of 82%.

Management saw some improvement in leasing momentum with 5.8% of leases by NLA or 270,000 sq ft at +2.1% rental reversion executed in 1Q21.

MUST will continue to look for opportunities to enhance portfolio by acquiring at least 20% of high growth tenants (currently at 10%) e.g. business parks, tech and healthcare tenants via joint ventures and acquisitions in magnet cities with robust population growth and low cost of living.

We see MUST as a beneficiary of recovery of US economy with its fast rollout of vaccines.

We continue to like MUST’s resilient portfolio, quality tenants, stable income streams from built-in escalations and minimal lease expiry profile (4.4% of leases by GRI) in FY21 which could limit downside risk and help MUST ride over the market turmoil.

We maintain our fair value estimate of USD0.82. BUY.

Source: OCBC

[behappyalways]

Manulife US REIT acquires maiden properties in Phoenix and Portland for total of US$201.6 mil
https://www.theedgesingapore.com/news/r ... us2016-mil



Manulife US REIT to raise US$80.0 mil through private placement
https://www.theedgesingapore.com/news/r ... -placement

[behappyalways]

Manulife US REIT raises US$100 mil through private placement; issue price fixed at 64.9 US cents per new unit
https://www.theedgesingapore.com/news/r ... xed-649-us

[behappyalways]

Manulife US REIT's fifth-largest tenant to terminate lease early, pays fee of US$4 mil
https://www.theedgesingapore.com/news/r ... ee-us4-mil

[behappyalways]

Manulife US REIT’s portfolio valuation declines by 8.0% to US$1.41 bil
https://www.theedgesingapore.com/news/r ... -us141-bil

[behappyalways]

Manulife US REIT distributable income falls 15.5% y-o-y in FY2023, targets US$100 mil asset sales by 3Q2024
https://www.theedgesingapore.com/capita ... -mil-asset

[behappyalways]

Manulife US REIT reports occupancy rate of 78.7% in 1QFY2024 business update
https://www.theedgesingapore.com/capita ... ess-update

[behappyalways]

Manulife US REIT same-store NPI falls 16.7% y-o-y in 1HFY2024; manager ‘marketing three properties for sale’
https://www.theedgesingapore.com/capita ... ting-three