Portfolio weighted average lease expiry (WALE) as at March 31 stood at 4.3 years. A total WALE of 10.6 years of leases were signed in the 1QFY2024 and some 207,000 sq ft of leases were executed, representing some 4.1% of portfolio net lettable area (NLA).
The manager of Manulife US REIT (MUST) has reported an occupancy rate of 78.7% in its business update for the 1QFY2024 ended March 31. Down from 84.4% at the end of 2023, the lower occupancy rate is likely due to TCW’s lease expiry at Figueroa. TCW occupies a space of some 189,000 sq ft.
The REIT has seen other leasing activities take place as at April 30, including the renewal of The Children’s Place at the Plaza, measuring 120,000 sq ft for a lease tenure of 13 years.
