Manulife US REIT’s FY2024 NPI drops 30.3% YoY

DPU also dropped 43.9%.

Manulife US REIT reported a 30.3% year-on-year (YoY) decline in net property income (NPI) to $107m (US$79.8m) in FY2024 from $153.7m (US$114.6m) in FY2023.

The decline was mainly driven by TCW Group’s non-renewal in Figueroa and another financial tenant leaving the Exchange, which paid a termination fee of $12m (US$9m) in FY2023.

Distribution per unit (DPU) stood at $0.029 (US$0.0215), dropping 43.9% from $0.051 (US$0.0383) in FY2023.

Total distributable income declined 43.7% to $52m (US$38.3m) due to higher finance expenses, offset by higher interest income.

As of 31 December 2024, the REIT’s same-store occupancy dipped quarter-on-quarter (QoQ) to 73.6% from 75.4% in September 2024.

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