Manulife US REIT FY2020 Financial Results

Manulife US REIT

Manulife US REIT has released its FY2020 financial results on 8th February 2021. Gross revenue and distributable income rose 9.3% to US$194 million and 6.8% to US$89.0 million respectively.

However, despite the increase in distributable income, full year distribution per unit (DPU) fell 5.4% to 5.64 cents. A DPU of 2.59 cents was declared which will be paid on 30th March 2021.

Net property income increased 4.6% to US$116.0 million mainly due to the contributions from Centerpointe and Capitol acquired in 2019. The increase was partially offset by lower carpark income, lower rental income due to higher vacancies in Michelson and Peachtree and Provision for expected credit losses on trade receivables.

Financial Summary

Below is the full year 2020 versus 2019 financial results.

Gross Revenue 194,312 177,853 9.3%
Net Property Income 115,837 110,776 4.6%
Distributable Income 88,967 83,341 6.8%
Distribution Per Unit (“DPU”) (US cents) 5.64 5.96 (5.4%)


Overall occupancy stood at 93.4% which is above the U.S. Class A office average of 84%.

Manulife US REIT Occupancy 31 Dec 2020

The Weighted Average Lease Expiry (WALE) is 5.3 years. The good news here is that there is minimal lease expiries in 2021.

Manulife US REIT Lease Expiry 31 Dec 2020


Gearing stood at 41.0% which is well below the Monetary Authority of Singapore (MAS) limit of 50%. Weighted Average Debt Maturity stood at 2.3 years.

According to what was shared from the presentation slides, there is still US$115.0 total undrawn committed facilities.

Manulife US REIT Debt Maturity Profile 31 Dec 2020

Current Dividend Yield

Based on the current share price of US$0.72 and FY20 full year DPU of 5.64 cents, this translate to a current dividend yield of 7.83%.

Sounds attractive?


In my opinion, the manager has performed well by keeping its occupancy high and with minimal leases expiring in 2021, the REIT should remain rather stable throughout the year.

The catalyst for Manulife US REIT to perform will be the recovery of the US economy from COVID-19. With Joe Biden taking over as President, he is in progress of delivering 150 m vaccines in 100 days. With more people back to work means more office space will be taken up.

Prior to the release of Manulife US REIT financial results, I have been making small purchases of Manulife US REIT over the past few months given the attractive dividend yield.

I still remember I wrote about why I did not subscribe to Manulife US REIT IPO in 2016. But I ended up buying Manulife US REIT in 2019 as the REIT has proven itself over the years to be resilient and the dividend yield has been rather stable.

Dash PET Insurance Savings Plan

Dash PET Insurance Savings Plan

Dash PET is the second insurance savings plan offered by Etiqa Insurance that earns a crediting interest rate and is only eligible to Dash users. The insurance savings plan is similar to Dash EasyEarn whereby there is no monthly fees, no regular top ups required and no lock in period. You can start saving from just S$50 up to S$30,000.

The name “Dash PET” sounds like an insurance plan for pets but its not. PET stands for Protect, Earn and Transact. The selling point of Dash PET is that you can transfer money from your Dash Wallet to Dash PET and vice versa.

One downside is that once you signed up for Dash PET, the debit card/credit card top up feature will be disabled for your Dash wallet. This is because as you’re able to use Dash wallet to top up your Dash PET account, they need to disable the credit/debit card top up feature because Dash PET is an insurance plan of which its premium may only be added using non-credit/debit card modes.

Protect (Insurance Benefits)

The insurance plan provide life protection of 105% of your account value and COVID-19 financial assistance benefit. In the event of death during the policy term, 105% of your Account Value will be paid as the death benefit and the policy ends.

You might be wondering what is the COVID-19 financial assistance benefit?

All Etiqa life insured will receive the following coverage upon diagnosis of COVID-19:

  • Hospitalisation Benefit for up to 10 days, up to S$100 per day;
  • Intensive Care Unit (ICU) Benefit for up to 5 days, up to S$200 per day; and
  • Lump sum Death Benefit of S$50,000.


You earn 1.7% p.a. on your first S$10,000 and 1.2% p.a. for above S$10,000.

For the first S$10,000 Account Value: Guaranteed 1% p.a. + 0.7% p.a. bonus for the first policy year.

For above first S$10,000 Account Value: 1% p.a. guaranteed + 0.2% p.a. bonus for the first policy year.

You need to maintain a daily average of S$50 to earn interest. The maximum allowed is S$30,000.


There is no lock-in period or monthly commitment.

Since this is Chinese New Year, this is one place to put your Ang Bao money!