Manulife US REIT's (SGX:BTOU) distributable income fell 35% during the first half of the year to $0.0084 compared with $0.0129 a year earlier, according to a Thursday filing with the Singapore Exchange.
Income available for distribution fell 35% to $14.9 million from $22.9 million.
Net property income declined 30% to $30.2 million from $42.8 million a year earlier.
Gross revenue was down 30% year over year to $60.4 million from $86.7 million, mainly due to higher vacancies.
Portfolio occupancy came in at 68.4% on a same-store basis.
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