---
title: "Manulife US Real Estate Investment Trust (BTOU.SG)"
type: "Symbol"
locale: "en"
url: "https://longbridge.com/en/quote/BTOU.SG.md"
symbol: "BTOU.SG"
name: "Manulife US Real Estate Investment Trust"
industry: "Equity Real Estate Investment Trusts (REITs)"
datetime: "2026-05-20T13:50:03.715Z"
locales:
  - [en](https://longbridge.com/en/quote/BTOU.SG.md)
  - [zh-CN](https://longbridge.com/zh-CN/quote/BTOU.SG.md)
  - [zh-HK](https://longbridge.com/zh-HK/quote/BTOU.SG.md)
---

# Manulife US Real Estate Investment Trust (BTOU.SG)

## Company Overview

Manulife US Real Estate Investment Trust (Manulife US REIT or MUST) is the first pure-play U.S. office REIT listed in Asia. It is a Singapore-listed 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. As at 30 June 2025, MUST’s portfolio comprised seven freehold office properties in Arizona, California, Georgia, New Jersey, Virginia and Washington D.C., with an aggregate net lettable area of 3.5 million sq ft.

| Item | Detail |
|------|--------|
| Industry | Equity Real Estate Investment Trusts (REITs) |
| Exchange | SG Market |
| Website | [www.manulifeusreit.sg](https://www.manulifeusreit.sg) |

## Key Drivers
> *AI-analyzed key factors driving this stock's performance*


## Longbridge Financial Score™: D
> *Longbridge Financial Score™ — Proprietary multi-factor rating model by Longbridge*
> Updated: 2026-05-20T04:30:13.000Z

**Overall: D (0.79)**

**Industry**: Equity Real Estate Investment Trusts (REITs)

| Metric | Value |
|--------|-------|
| Industry Ranking | 39 / 42 |
| Industry Median | C |
| Industry Average | C |

- **Style**: Value - Stocks where the company's main business is in a mature stage.
- **Scale**: Small - The company's operation has a high degree of growth and volatility, making it easy to achieve high investment returns.

**Multi Score**: D

#### Style Score Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | -32.02% |  |
| Net Profit YoY | 50.76% |  |
| P/B Ratio | 0.29 |  |
| Dividend Ratio | 0.00% |  |

#### Size Score Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Market Cap | 127582979.77 |  |
| Revenue | 146083313.60 |  |

#### Multi Score Score: D

| Indicator | Value | Rating |
|-----------|-------|--------|
| ROE | -22.66% | E |
| Profit Margin | -76.95% | E |
| Gross Margin | 44.19% | B |
| Revenue YoY | -32.02% | E |
| Net Profit YoY | 50.76% | B |
| Total Assets YoY | -21.90% | E |
| Net Assets YoY | -20.35% | E |
| Cash Flow Margin | -34.96% | E |
| OCF YoY | -32.02% | E |
| Turnover | 0.10 | E |
| Gearing Ratio | 64.14% | D |

```chart-data:radar
{
  "title": "Longbridge Financial Score - Manulife US Real Estate Investment Trust",
  "chart_type": "radar",
  "dimensions": [
    {
      "name": "Style Score",
      "grade": "",
      "indicators": [
        {
          "name": "Revenue YoY",
          "value": "-32.02%",
          "rating": ""
        },
        {
          "name": "Net Profit YoY",
          "value": "50.76%",
          "rating": ""
        },
        {
          "name": "P/B Ratio",
          "value": "0.29",
          "rating": ""
        },
        {
          "name": "Dividend Ratio",
          "value": "0.00%",
          "rating": ""
        }
      ]
    },
    {
      "name": "Size Score",
      "grade": "",
      "indicators": [
        {
          "name": "Market Cap",
          "value": "127582979.77",
          "rating": ""
        },
        {
          "name": "Revenue",
          "value": "146083313.60",
          "rating": ""
        }
      ]
    },
    {
      "name": "Multi Score",
      "grade": "D",
      "indicators": [
        {
          "name": "ROE",
          "value": "-22.66%",
          "rating": "E"
        },
        {
          "name": "Profit Margin",
          "value": "-76.95%",
          "rating": "E"
        },
        {
          "name": "Gross Margin",
          "value": "44.19%",
          "rating": "B"
        },
        {
          "name": "Revenue YoY",
          "value": "-32.02%",
          "rating": "E"
        },
        {
          "name": "Net Profit YoY",
          "value": "50.76%",
          "rating": "B"
        },
        {
          "name": "Total Assets YoY",
          "value": "-21.90%",
          "rating": "E"
        },
        {
          "name": "Net Assets YoY",
          "value": "-20.35%",
          "rating": "E"
        },
        {
          "name": "Cash Flow Margin",
          "value": "-34.96%",
          "rating": "E"
        },
        {
          "name": "OCF YoY",
          "value": "-32.02%",
          "rating": "E"
        },
        {
          "name": "Turnover",
          "value": "0.10",
          "rating": "E"
        },
        {
          "name": "Gearing Ratio",
          "value": "64.14%",
          "rating": "D"
        }
      ]
    }
  ]
}
```

## Valuation Analysis

| Metric | Current | Industry Ranking | High | Median | Low |
|--------|---------|-----------------|------|--------|-----|
| PE (TTM) | -1.11 | 33/42 | - | - | - |
| PB | 0.28 | 3/42 | 0.36 | 0.32 | 0.28 |
| PS (TTM) | 0.86 | 2/42 | 0.97 | 0.92 | 0.72 |
| Dividend Yield | 0.00% | - | - | - | - |

## Peer Comparison

| Rank | Name | Profit | Growth | Operation | Security | Cash | Rating |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 01 | Keppel DC Reit (AJBU.SG) | A | B | E | A | C | B |
| 02 | CapLand IntCom T (C38U.SG) | B | C | E | B | C | C |
| 03 | CapLand Ascendas REIT (A17U.SG) | B | C | E | C | C | C |
| 04 | Mapletree PanAsia Com Tr (N2IU.SG) | B | D | E | B | C | C |
| 05 | Mapletree Log Tr (M44U.SG) | B | D | E | C | C | C |

## Institutional View

### Analyst Rating Distribution

> As of 2026-05-05T16:00:00.000Z

Total Analysts: **3**

| Rating | Count | Percentage |
|--------|-------|-----------| 
| Buy | 1 | 33% |
| Hold | 2 | 67% |

### Target Price Forecast

| Metric | Price |
|--------|-------|
| Current Price | 0.06 |
| Highest Target | 0.10 |
| Lowest Target | 0.06 |

## References

- [Company Overview — Profile, executives, shareholders, business breakdown](https://longbridge.com/en/quote/BTOU.SG/overview.md)
- [Financial Reports — Income, balance sheet, cash flow, dividends](https://longbridge.com/en/quote/BTOU.SG/norm.md)
- [Related News](https://longbridge.com/en/quote/BTOU.SG/news.md)

---

> **Disclaimer: This article is for reference only and does not constitute any investment advice.**