Manulife US REIT (SGX: BTOU) Maintained Slow Growth In DPU



Manulife US REIT (SGX: BTOU)'s 1H20 DPU was up by 0.3% to US3.05 cents. It is trading at 8.3% dividend yield based on its last traded of $0.73 on 1st Oct.


Key Highlights:


  • Distribution per unit (DPU) and Dividend Yield (8.3%)

  • Price to book ratio (1.0)

  • Gearing (39.1%)

  • Portfolio Occupancy (96.2%)

  • Interest coverage ratio (3.8x)

  • Growth catalyst


Background of Manulife US REIT


Manulife US REIT (SGX: BTOU), is the first pure US commercial REIT listed in Asia. The REIT manages nine office properties in the US, with a total net lettable area of 3.7 million square feet. It also has a strong sponsor, Manulife Financial Corporation which is a leading Canadian financial services group.


1. Distribution per unit and dividend yield


Net property income jumped 18.8% to US$62.2m. This was mainly contributed by new properties, Centrepointe and Capitol.


Based on its latest price, the REIT is currently trading at about 8.3% dividend yield. Historically, the REIT's DPU has been in the uptrend in the past 3 years.


2. Price to book ratio


Over the past 3 years, Manulife US REIT has been trading at an average price to book ratio of 1.02. Based on its last traded price, the REIT is currently trading at 1.0 price to book ratio.