Singapore's Manulife US REIT H1 gross revenue falls on property divestments

Manulife US Real Estate Investment Trust

06/08/2026 24:19

Overview
Singapore-based US office REIT's H1 2026 gross revenue fell 14% yr/yr on property divestments
Net property income for H1 2026 declined 23.4% yr/yr, reflecting lower rental income
Income available for distribution to unitholders dropped 21.6% yr/yr, distributions remain halted under recap plan

Outlook
Company sees leasing momentum picking up in most of its submarkets
Manulife US REIT targeting an exit from 2023 debt restructuring plan by end-2026
Company to focus on industrial, living, retail assets acquisitions 

Result Drivers
PROPERTY DIVESTMENTS - Co said revenue fell mainly due to divestments of Figueroa, Peachtree, and Plaza properties
LOWER RENTAL INCOME - Co attributed net property income decline to divested properties and lower rental income
HIGHER PROPERTY TAXES - Co said higher property tax expense at Michelson contributed to lower net property income

Company press release: ID:nSN2FcB8j

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Gross Revenue
 
$51.92 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Manulife US Real Estate Investment Trust is $0.06, about 23% above its August 5 closing price of $0.05
The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Aug 5 - Hudson Pacific Properties Q2 revenue beats on higher occupancy
Aug 4 - Douglas Emmett Q2 revenue rises slightly, FFO per share flat
Aug 5 - Singapore's IREIT Global H1 gross revenue falls 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)