Manulife US REIT announced a 5.4% decline in distributions per unit to 5.64 US cents in FY2020. During a results briefing, Jill Smith, CEO of MUST’s manager attributed this to provisions for expected credit loss, and a sharp reduction in car parking income. While gross revenue rose 9.3% to US$194 million in FY2020, property expenses rose 17% to US$78.5 million. Net property income (NPI) in FY2020 rose 5.6% to US$115.8 million. MUST’s 2H2020 was weaker than the first where gross revenue rose just 1.2% while property expenses rose 16.5% resulting in an 8.3% y-o-y decline in NPI to US$53.6 million.

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