Manulife US REIT's (SGX:BTOU) distributable income for the second half of 2024 declined 58% to $0.0087 from $0.0205 a year earlier, a filing with the Singapore Exchange said on Thursday.
Income available for distribution declined to $15.4 million from $36.3 million a year earlier.
Net property income dropped by 34% to $37.1 million from $59.2 million a year earlier.
Gross revenue was down 26% year over year to $80.8 million from $108.5 million, mainly due to lower rental recoveries income from higher vacancies.
Shares of the REIT were down over 3% in recent trading.
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