Manulife US Real Estate Investment Trust (BTOU) Fair Value & Analysis
Real Estate · SG · Market cap $94.2M
Fair value as of: Jul 4, 2026
From 15 valuation models · updated today
Share price −3.6% over the past month.
Price vs Fair Value (12 months)
12‑month range $0.0520 – $0.0870 · fair‑value band $0.0784 – $0.1076 · the $0.0530 price screens below the $0.0954 fair value. As of Jul 4, 2026.
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Manulife US Real Estate Investment Trust (BTOU) currently trades at $0.0530, while our model-based Fair Value estimate is $0.0954 — implying the stock looks roughly 80.0% undervalued today. We read business quality at 38/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.
Over the trailing twelve months, Manulife US Real Estate Investment Trust generated revenue of $114M at a net margin of -77.0%. Revenue declined 33.8% year over year. It earns a return on equity of -22.7%. Net debt stands at $517M. Fundamentals as of Jul 4, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 4, 2026. TTM = trailing twelve months.
About the company
Manulife US Real Estate Investment Trust is the first pure-play U.S. office REIT listed in Asia. It is a Singapore-listed REIT with the investment strategy of principally investing, directly or indirectly, in income-producing real estate in the United States (U.S.) and Canada, as well as real estate-related assets. As at 31 March 2026, 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. Manulife US Real Estate Investment Trust was established on March 27, 2015 and incorporated in 2015 in Singapore.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Manulife US Real Estate Investment Trust reported revenue of $114M in FY2025 versus $185M in FY2021, a compound −11.4%/yr. Reported net income was −$87.7M in FY2025.
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Similar stocks
6 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 4, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €8.74 | -43% |
| BXP, Inc BXP | $64.70 | $45.52 | -30% |
| Alexandria Real Estate Equities, Inc A1RE34 | R$65.59 | R$10.30 | -84% |
| Vornado Realty Trust VNORP | $51.75 | $47.22 | -9% |
| Gecina GECFF | $87.89 | $118.75 | +35% |
| Hudson Pacific Properties, Inc HPP | $14.40 | $13.33 | -7% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.