RHB lowers Manulife US REIT’s TP to 6 US cents after FY2025 financials below expectations

RHB Bank Singapore analyst Vijay Natarajan is remaining “neutral” on Manulife US REIT (MUST) even though the REIT’s FY2025 stood below expectations.

For the 12 months ended Dec 31, 2025, MUST reported gross revenue of US$113.9 million ($145.7 million), 32% lower y-o-y.