The manager of Manulife US REIT (MUST) has reported a portfolio occupancy of 91.7% for the 1QFY2022 ended March, higher than the US class A average occupancy of around 83%.
As at March 31, the REIT’s weighted average lease expiry (WALE) stood at 5.0 years with some 68,000 sq ft in leases executed.
Rental reversion stood at a positive 3.9% during the quarter as well.
As at March 31, MUST reported a weighted average debt maturity of 2.6 years with gearing of 42.8% and interest coverage of 3.4x.
In its business update, MUST charted the “slow and bumpy” return to the office for US employees.
As at March 2, the occupancy rate of offices stood at 38.0% as the world sees a return to the office, up from the 17.5% occupancy in December. The lower occupancy was due to the surge in the Omicron variant.
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Previously in August, occupancy levels stood at another low of 31.3% due to a surge in the Delta variant.
Manulife REIT closed 1 cent lower or 1.6% down at 61.5 US cents on May 6.
