Loading...

Manulife US Real Estate Investment Trust

SGX:BTOU
Snowflake Description

Acceptable track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BTOU
SGX
$1B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Manulife US Real Estate Investment Trust (“Manulife US REIT”) is the first pure-play U.S. The last earnings update was 17 days ago. More info.


Add to Portfolio Compare Print
BTOU Share Price and Events
7 Day Returns
1.2%
SGX:BTOU
-1.8%
SG REITs
0.4%
SG Market
1 Year Returns
-6.5%
SGX:BTOU
2.6%
SG REITs
-5.9%
SG Market
BTOU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Manulife US Real Estate Investment Trust (BTOU) 1.2% 1.2% 6.1% -6.5% - -
SG REITs -1.8% 0.9% 4.9% 2.6% 14.4% 11.9%
SG Market 0.4% 3.3% 4.1% -5.9% 8.8% -2.5%
1 Year Return vs Industry and Market
  • BTOU underperformed the REITs industry which returned 2.6% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Manulife US Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Manulife US Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Manulife US Real Estate Investment Trust.

SGX:BTOU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:BTOU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.54 (1 + (1- 17%) (59.92%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.872 * 5.96%)
7.5%

Discounted Cash Flow Calculation for SGX:BTOU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Manulife US Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:BTOU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 90.66 Analyst x1 84.33
2020 80.94 Analyst x1 70.04
2021 83.07 Analyst x1 66.87
2022 85.18 Analyst x1 63.78
2023 84.76 Est @ -0.49% 59.04
2024 85.06 Est @ 0.35% 55.12
2025 85.86 Est @ 0.94% 51.75
2026 87.01 Est @ 1.35% 48.79
2027 88.43 Est @ 1.63% 46.12
2028 90.05 Est @ 1.83% 43.69
Present value of next 10 years cash flows $589.54
SGX:BTOU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $90.05 × (1 + 2.3%) ÷ (7.5% – 2.3%)
$1,772.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,772.65 ÷ (1 + 7.5%)10
$860.07
SGX:BTOU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $589.54 + $860.07
$1,449.61
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,449.61 / 1,280.11
$1.13
SGX:BTOU Discount to Share Price
Calculation Result
Value per share (USD) From above. $1.13
Current discount Discount to share price of $0.87
= -1 x ($0.87 - $1.13) / $1.13
23.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Manulife US Real Estate Investment Trust is available for.
Intrinsic value
23%
Share price is $0.87 vs Future cash flow value of $1.13
Current Discount Checks
For Manulife US Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Manulife US Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Manulife US Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Manulife US Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Manulife US Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BTOU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.06
SGX:BTOU Share Price ** SGX (2019-04-18) in USD $0.87
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.09x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Manulife US Real Estate Investment Trust.

SGX:BTOU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:BTOU Share Price ÷ EPS (both in USD)

= 0.87 ÷ 0.06

15.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Manulife US Real Estate Investment Trust is overvalued based on earnings compared to the SG REITs industry average.
  • Manulife US Real Estate Investment Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Manulife US Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:BTOU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
4.9%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 1.45x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

SGX:BTOU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.81x ÷ 4.9%

3.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Manulife US Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Manulife US Real Estate Investment Trust's assets?
Raw Data
SGX:BTOU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.83
SGX:BTOU Share Price * SGX (2019-04-18) in USD $0.87
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:BTOU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:BTOU Share Price ÷ Book Value per Share (both in USD)

= 0.87 ÷ 0.83

1.04x

* Primary Listing of Manulife US Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Manulife US Real Estate Investment Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Manulife US Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Manulife US Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Manulife US Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Manulife US Real Estate Investment Trust expected to grow at an attractive rate?
  • Manulife US Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Manulife US Real Estate Investment Trust's earnings growth is positive but not above the Singapore market average.
  • Manulife US Real Estate Investment Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:BTOU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:BTOU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 4.9%
SGX:BTOU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.4%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.3%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:BTOU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BTOU Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 167 70 1
2021-12-31 170 80 75 5
2020-12-31 166 86 88 6
2019-12-31 161 82 70 6
SGX:BTOU Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 145 63 65
2018-09-30 133 63 63
2018-06-30 116 55 59
2018-03-31 103 47 61
2017-12-31 92 44 58
2017-09-30 116 46 94
2016-12-31 81 19 89

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Manulife US Real Estate Investment Trust's earnings are expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
  • Manulife US Real Estate Investment Trust's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:BTOU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Manulife US Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BTOU Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.05 0.05 0.05 1.00
2021-12-31 0.07 0.11 0.05 4.00
2020-12-31 0.07 0.11 0.05 5.00
2019-12-31 0.10 0.26 0.05 5.00
SGX:BTOU Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.06
2018-09-30 0.05
2018-06-30 0.06
2018-03-31 0.07
2017-12-31 0.06
2017-09-30 0.14
2016-12-31 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Manulife US Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Manulife US Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Manulife US Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Manulife US Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Manulife US Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Manulife US Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Manulife US Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (11.3% vs 7.5%)
  • Manulife US Real Estate Investment Trust's earnings growth has exceeded the SG REITs industry average in the past year (11.3% vs 5.9%).
Earnings and Revenue History
Manulife US Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Manulife US Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BTOU Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 144.55 64.52 2.24
2018-09-30 133.32 62.95 2.50
2018-06-30 115.98 58.76 2.24
2018-03-31 103.36 60.99 2.00
2017-12-31 92.04 57.96 1.81
2017-09-30 116.03 93.89 2.17
2016-12-31 81.45 88.58 1.53
2015-12-31 70.95 25.97 1.75
2014-12-31 59.11 43.12
2013-12-31 57.34 54.66
2012-12-31 39.86 24.25

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Manulife US Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Manulife US Real Estate Investment Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • Manulife US Real Estate Investment Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Manulife US Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Manulife US Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Manulife US Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Manulife US Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Manulife US Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Manulife US Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Manulife US Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Manulife US Real Estate Investment Trust Company Filings, last reported 3 months ago.

SGX:BTOU Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,064.06 667.30 54.09
2018-09-30 1,040.61 658.58 37.70
2018-06-30 1,056.35 658.29 48.92
2018-03-31 839.39 458.69 35.29
2017-12-31 852.11 458.94 49.67
2017-09-30 626.79 334.40 35.20
2016-12-31 547.01 294.59 38.43
2015-12-31 490.29 294.41 24.57
2014-12-31
2013-12-31
2012-12-31
  • Manulife US Real Estate Investment Trust's level of debt (62.7%) compared to net worth is high (greater than 40%).
  • Unable to establish if Manulife US Real Estate Investment Trust's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (9.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.3x coverage).
X
Financial health checks
We assess Manulife US Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Manulife US Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Manulife US Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.4%
Current annual income from Manulife US Real Estate Investment Trust dividends. Estimated to be 7% next year.
If you bought $2,000 of Manulife US Real Estate Investment Trust shares you are expected to receive $128 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Manulife US Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.51%).
  • Manulife US Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.43%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:BTOU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:BTOU Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.06 2.00
2021-12-31 0.06 5.00
2020-12-31 0.06 6.00
2019-12-31 0.06 5.00
SGX:BTOU Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-11 0.056 6.517
2018-11-05 0.051 6.418
2018-08-06 0.051 6.292
2018-04-05 0.051 5.754
2018-02-05 0.051 5.597
2017-11-02 0.064 6.931
2017-08-08 0.064 6.890
2017-02-13 0.056 6.387
2016-11-07 0.040 4.803

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Manulife US Real Estate Investment Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Manulife US Real Estate Investment Trust only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Manulife US Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Manulife US Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Manulife US Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Manulife US Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Manulife US Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jill Smith
AGE 64
CEO Bio

Ms. Jillian Avis Kathryn Smith, also known as Jill, serves as Chief Executive Officer of Manulife US Real Estate Management Pte. Ltd., the manager of Manulife US Real Estate Investment Trust. Ms. Smith serves as the Vice President of Investment Operations at Manulife Asset Management. Ms. Smith also serves as a Managing Director at Rothschild Asset Management. She is a Senior Financial Executive and Investment Professional with over 30 years’ experience in the investment management industry in Asia and Europe. She has extensive experience in portfolio management, business development and sales and marketing. During her career, she has managed Asian and Japanese equity strategies for unit trusts, pension funds and other institutional portfolios. She has held several senior executive positions with Manulife Asset Management. Prior to joining the Manager, she served as Senior Managing Director, Chief Executive Officer and Chief Investment Officer for Manulife Asset Management Singapore (MAMS). She previously served as Head of ASEAN Investment Operations with Manulife Asset Management Asia. Ms. Smith worked in London for 17 years before moving to Singapore in 1993. Prior to joining Manulife Asset Management in 2007, she served as Head of Operations for Western Asset Management (Singapore) from 2004 to 2007. Ms. Smith also served as Head of Marketing and Sales for Lazard Investors (London) and Managing Director of Lazard Investors (Singapore) and at Rothschild Asset Management (Singapore) from 1994 to 2004. Previously, she served as the Head of the Singapore Operations at Western Asset Management Co. Ms. Smith served as Director of Manulife Asset Management (Malaysia), the Manulife Advanced Fund SPC and Cayman Islands Monetary Authority. Ms. Smith holds a Bachelor of Arts degree in Sociology and a Post-graduate Certificate of Education, both from Durham University, UK.

CEO Compensation
  • Insufficient data for Jill to compare compensation growth.
  • Insufficient data for Jill to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Manulife US Real Estate Investment Trust management team in years:

1.9
Average Tenure
44
Average Age
  • The average tenure for the Manulife US Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Jill Smith

TITLE
Chief Executive Officer of Manulife US Real Estate Management Pte. Ltd.
AGE
64

Jagjit Singh Obhan

TITLE
Chief Financial Officer of Manulife US Real Estate Management Pte. Ltd.
AGE
44

Jennifer Schillaci

TITLE
Chief Investment Officer of Manulife US Real Estate Management Pte. Ltd.
AGE
37
TENURE
1.3 yrs

Caroline Fong

TITLE
Head of Investor Relations - Manulife US Real Estate Management Pte. Ltd

Daphne Chua

TITLE
Head of Compliance - Manulife US Real Estate Management Pte. Ltd.

Victor Lai

TITLE
Company Secretary of Manulife US Real Estate Management Pte Ltd
TENURE
2.7 yrs

Chia Choong

TITLE
Financial Controller of Manulife US Real Estate Mgmt. Pte Ltd

Gwendolin Lee

TITLE
Company Secretary of Manulife US Real Estate Management Pte Ltd
TENURE
1.9 yrs
Board of Directors Tenure

Average tenure and age of the Manulife US Real Estate Investment Trust board of directors in years:

3.8
Average Tenure
63
Average Age
  • The tenure for the Manulife US Real Estate Investment Trust board of directors is about average.
Board of Directors

Tsun-Yan Hsieh

TITLE
Chairman of the Board of Manulife US Real Estate Management Pte. Ltd.
COMPENSATION
$85K
AGE
65

Davy Lau

TITLE
Lead Independent Director of Manulife US Real Estate Management Pte. Ltd.
COMPENSATION
$80K
AGE
63

Chew Thim Ho

TITLE
Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.
COMPENSATION
$85K
AGE
67
TENURE
3.8 yrs

Veronica Julia McCann

TITLE
Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.
COMPENSATION
$85K
AGE
58
TENURE
3.8 yrs

Michael Dommermuth

TITLE
Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.
AGE
56
TENURE
4.1 yrs

Steven Choo

TITLE
Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.
COMPENSATION
$46K
AGE
66
TENURE
1.8 yrs

Steve Blewitt

TITLE
Non-Executive Director
AGE
58
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Feb 19 Buy PPM America, Inc Company 07. Feb 19 07. Feb 19 579,200 $0.85 $493,189
29. Nov 18 Sell Manulife US Real Estate Management Pte. Ltd Company 29. Nov 18 29. Nov 18 -2,405,314 $0.58 $-1,404,266
29. Nov 18 Buy Manulife US Real Estate Management Pte. Ltd Company 29. Nov 18 29. Nov 18 2,405,314 $0.58 $1,404,266
29. Nov 18 Buy Manulife Financial Corporation Company 29. Nov 18 29. Nov 18 2,405,314 $0.58 $1,404,266
27. Aug 18 Sell Manulife US Real Estate Management Pte. Ltd Company 27. Aug 18 27. Aug 18 -1,908,367 $0.86 $-1,650,356
30. May 18 Sell Manulife US Real Estate Management Pte. Ltd Company 30. May 18 30. May 18 -1,689,003 $0.69 $-1,167,160
X
Management checks
We assess Manulife US Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Manulife US Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Will Manulife US Real Estate Investment Trust (SGX:BTOU) Continue To Underperform Its Industry?

With an ROE of 5.6%, Manulife US Real Estate Investment Trust (SGX:BTOU) returned in-line to its own industry which delivered 6.6% over the past year. … But what is more interesting is whether BTOU can sustain or improve on this level of return. … View our latest analysis for Manulife US Real Estate Investment Trust

Simply Wall St -

Company Info

Description

Manulife US Real Estate Investment Trust (“Manulife US REIT”) is the first pure-play U.S. office REIT listed in Asia. It is a Singapore REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States (“U.S.”), as well as real estate-related assets. Manulife US REIT’s portfolio comprises seven prime, freehold and Trophy or Class A quality office properties strategically located in Los Angeles; Irvine, Orange County; Atlanta; New Jersey; and Washington D.C. The current portfolio valued at US$1.7 billion, has an aggregate Net Lettable Area of 3.7 million sq ft and an occupancy rate of 96.7% as at 31 December 2018.

Details
Name: Manulife US Real Estate Investment Trust
BTOU
Exchange: SGX
Founded:
$1,113,699,506
1,280,114,375
Website: http://www.manulifeusreit.sg
Address: Manulife US Real Estate Investment Trust
No. 16-03, Manulife Tower,
8 Cross Street,
Singapore,
048424,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX BTOU Units Singapore Exchange SG USD 20. May 2016
Number of employees
Current staff
Staff numbers
17
Manulife US Real Estate Investment Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 13:04
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/27
Last earnings filing: 2019/04/01
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.