“We estimate that portfolio occupancy could deteriorate by 9 percentage points (ppt) to 79% by end-FY2024 if vacant spaces are not backfilled,” he adds.
UOB Kay Hian analyst Jonathan Koh has re-initiated coverage on Manulife US REIT (MUST) with a “buy” call as he sees the negatives as largely priced in within the REIT’s unit price. He has also given the REIT a target price of 47 US cents (63.1 cents).
“MUST has endured a series of downsizing and non-renewals by key tenants with the latest setback being early termination by The Children’s Place at Plaza in Secaucus,” says Koh.
