Units in Manulife US REIT (MUST) closed 3.9 US cents lower, nearly 43% down, at 5.2 US cents on Nov 30, a day after its management unveiled a long-awaited debt structuring plan to reduce gearing.

DBS Group Research analysts Rachel Tan and Derek Tan have turned cautious after hearing MUST’s plan to resolve its debt, particularly the “hefty price” of the interest on the sponsor’s loan.