Manulife US REIT's distribution per unit, or DPU, for the second quarter of 2017 exceeded its IPO forecast by 7.5%.
DPU for the period was 1.58 U.S. cents, in comparison to the expected 1.47 cents DPU set in the company's prospectus before it listed in Singapore in May 2016. For the first half, meanwhile, DPU is 3.23 cents, compared to the 2.99-cent projection, according to the trust's earnings release.
Meanwhile, in a separate statement, Manulife US REIT said it will pay Aug. 31 an advanced DPU of 3.20 cents to unit holders on record as of June 28. The distribution covers the period from Jan. 1 to June 28. It, however, does not cover holders of new units that were issued in June as part of an US$80.5 million private placement.
The trust also said in another release that it entered into a loan deal with Wells Fargo Bank NA. The loan comprises an initial US$40.0 million, with a good-news facility for up to an additional US$11.6 million. The facility is secured by the company's newly acquired 500 Plaza Drive asset in New Jersey.