Fortunately, the damage to Penn was covered by insurance, and its tenants, which are largely government agencies, continued to pay rent.
When Black Lives Matter protests broke out in Washington DC earlier this year, one of Manulife US REIT’s (MUST) properties located a few blocks away from The White House, was badly hit.
“We had graffiti on the walls of the Penn and we had to board up the windows at Penn. Penn’s occupancy fell below 10% because people didn’t feel safe,” says Jill Smith, CEO of Manulife US REIT’s manager, using the nickname for the building located at 1750 Pennsylvania Avenue.
