Manulife US REIT’s NPI drops 22.7% amidst higher vacancies

The REIT reported a lower occupancy rate of 78.4% in H1.

Manulife US REIT’s net property income (NPI) dropped by 22.7% YoY in H1 2024 to US$42.8m due to lower rental and recoveries income from higher vacancies and higher property operating expenses.

In H1, the REIT reported a lower occupancy rate of 78.4% and an average rent reversion of leases signed in the first half at -10.6%.

With lower NPI, the REIT also suffered a 39.8% YoY drop in its income available for distribution (DI) of US$22.9m.

Its adjusted DI and adjusted DI per unit also declined in H1, dropping by 27.8% YoY to US$22.9m, and 27.5% YoY to US$0.0129.

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