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MUST highlighted one of the reason is the high maintenance CAPEX due to its age. It is built in 1985. If this is true, it is only the third oldest in the portfolio and signals the possibility of high cash outflow of MUST. Only two of MUST 9 buildings are much younger than Plaza. The rest of its office are built in 1987-1991 range.
https://links.sgx.com/FileOpen/Manulife%...eID=833599
Based on latest year cash flow, MUST operating cashflow equals to its CAPEX + interest expense as of now. This means if the REIT has to continue upkeeping its portfolio, there will be no cashflow left for unitholders. Anyone buying with hopes of the REIT resuming distribution will be in for a long time. Further disposition has to happen at a time when the REIT has falling vacancy due to its portfolio situated in democrat states which has high corporate taxes with company HQ leaving for Florida and the rest of the red states.
The US treasury is also downsizing its lease (or was it leaving) Penn based on one of the SGX older announcements i read. This means it will be left with an old building with low vacancy
This is a REIT that is primed to be stripped apart as its end game
https://links.sgx.com/FileOpen/Manulife%...eID=833599
Based on latest year cash flow, MUST operating cashflow equals to its CAPEX + interest expense as of now. This means if the REIT has to continue upkeeping its portfolio, there will be no cashflow left for unitholders. Anyone buying with hopes of the REIT resuming distribution will be in for a long time. Further disposition has to happen at a time when the REIT has falling vacancy due to its portfolio situated in democrat states which has high corporate taxes with company HQ leaving for Florida and the rest of the red states.
The US treasury is also downsizing its lease (or was it leaving) Penn based on one of the SGX older announcements i read. This means it will be left with an old building with low vacancy
This is a REIT that is primed to be stripped apart as its end game