Manulife US REIT's Fifth-Largest Tenant to Terminate Lease Early, Pays Fee of US$4 Mil

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Manulife US REIT's Fifth-Largest Tenant to Terminate Lease Early, Pays Fee of US$4 Mil

Jovi Ho2023-06-08

The manager of Manulife US REIT (MUST) has announced that its fifth-largest tenant by gross rental income (GRI) has exercised an early termination of its lease at 500 Plaza Drive, also known as Plaza,...

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tungleh
·2023-06-08
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","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTOU.SI":"宏利美国房地产投资信托"},"translate_title":"宏利美国产业信讬第五大租户提前终止租约，支付美国400万元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTOU.SI":0.9},"content_text":"The manager of Manulife US REIT (MUST) has announced that its fifth-largest tenant by gross rental income (GRI) has exercised an early termination of its lease at 500 Plaza Drive, also known as Plaza, in New Jersey.According to a bourse filing on June 7, MUST’s tenant, The Children’s Place, has exercised its early termination rights for the leases expiring May 31, 2029 and will vacate its 197,949 sq ft of space on May 31, 2024. The tenant contributes 3.3% of MUST’s overall gross rental income. The leases include a one-time early termination option, which the tenant has chosen to exercise, says the manager. 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","content":"<html><head></head><body><p>The manager of Manulife US REIT (MUST) has announced that its fifth-largest tenant by gross rental income (GRI) has exercised an early termination of its lease at 500 Plaza Drive, also known as Plaza, in New Jersey.</p><p>According to a bourse filing on June 7, MUST’s tenant, The Children’s Place, has exercised its early termination rights for the leases expiring May 31, 2029 and will vacate its 197,949 sq ft of space on May 31, 2024. </p><p>The tenant contributes 3.3% of MUST’s overall gross rental income. </p><p>The leases include a one-time early termination option, which the tenant has chosen to exercise, says the manager. The tenant is obligated to pay rent until May 31, 2024 and has paid a termination fee of approximately US$4 million ($5.38 million). </p><p>The manager says it is currently working to secure new leases to fill the space occupied by the tenant. The tenant’s current rental is below the passing rents at the 11-storey property by approximately 16%, and market rents by approximately 21%. </p><p>Assuming that the lease was terminated on Jan 1, 2022, the pro-forma impact on MUST’s distribution per unit (DPU) on the loss of revenue for FY2022 would be a reduction in DPU before retention from 4.97 US cents to 4.62 US cents. </p><p>Units in Manulife US REIT fell nearly 2% on Thursday morning. </p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee219bd97acba48221522c483646f00e\" tg-width=\"921\" tg-height=\"611\"/></p><p></p></body></html>","source":"edge_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Manulife US REIT's Fifth-Largest Tenant to Terminate Lease Early, Pays Fee of US$4 Mil</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nManulife US REIT's Fifth-Largest Tenant to Terminate Lease Early, Pays Fee of US$4 Mil\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-06-08 10:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/reits/manulife-us-reits-fifth-largest-tenant-terminate-lease-early-pays-fee-us4-mil?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Jovi Ho</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The manager of Manulife US REIT (MUST) has announced that its fifth-largest tenant by gross rental income (GRI) has exercised an early termination of its lease at 500 Plaza Drive, also known as Plaza,...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/manulife-us-reits-fifth-largest-tenant-terminate-lease-early-pays-fee-us4-mil?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BTOU.SI":"宏利美国房地产投资信托"},"source_url":"https://www.theedgesingapore.com/news/reits/manulife-us-reits-fifth-largest-tenant-terminate-lease-early-pays-fee-us4-mil?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2341078338","content_text":"The manager of Manulife US REIT (MUST) has announced that its fifth-largest tenant by gross rental income (GRI) has exercised an early termination of its lease at 500 Plaza Drive, also known as Plaza, in New Jersey.According to a bourse filing on June 7, MUST’s tenant, The Children’s Place, has exercised its early termination rights for the leases expiring May 31, 2029 and will vacate its 197,949 sq ft of space on May 31, 2024. The tenant contributes 3.3% of MUST’s overall gross rental income. The leases include a one-time early termination option, which the tenant has chosen to exercise, says the manager. The tenant is obligated to pay rent until May 31, 2024 and has paid a termination fee of approximately US$4 million ($5.38 million). The manager says it is currently working to secure new leases to fill the space occupied by the tenant. The tenant’s current rental is below the passing rents at the 11-storey property by approximately 16%, and market rents by approximately 21%. Assuming that the lease was terminated on Jan 1, 2022, the pro-forma impact on MUST’s distribution per unit (DPU) on the loss of revenue for FY2022 would be a reduction in DPU before retention from 4.97 US cents to 4.62 US cents. Units in Manulife US REIT fell nearly 2% on Thursday morning.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}