Manulife US REIT's (SGX:BTOU) income available for distribution to unitholders was down 40% year over year in the first half of 2024 to $22.9 million from $37.9 million, according to a filing with the Singapore Exchange on Monday.
Earnings per unit came in at $0.0089 compared with loss per unit of $0.1394 in the comparable period.
Net property income was down 23% to $42.8 million from $55.4 million. This was largely due to lower rental and recoveries income from higher vacancies, doubled down by higher property operating expenses, the company said.
Shares of the REIT were down nearly 4% in recent trading.
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