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General

  1. What is Manulife US REIT's investment mandate?

    Manulife US REIT ("MUST" or the "REIT") 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.

  2. Who is the Manager and Sponsor?

    Manulife US Real Estate Management Pte. Ltd. (the "Manager") is an indirect wholly-owned subsidiary of The Manufacturers Life Insurance Company (the "Sponsor"). The Manager's key objectives are to provide Unitholders with regular and stable distributions and to achieve long-term growth in DPU and NAV per Unit, while maintaining an appropriate capital structure.

  3. What are the stock symbols of Manulife US REIT?
    ISIN Code SG1CI1000004
    SGX Counter Code BTOU
    Bloomberg MUST SP Equity
    Reuters MANU.SI
  4. What are the restrictions on the ownership of Manulife US REIT units?

    To ensure that the underlying Parent U.S. REIT qualify for favourable tax treatment under the U.S. Portfolio Interest Exemption rule, all Unitholders are prohibited from directly or indirectly owning in excess of 9.8% of the outstanding Units ("Unit Ownership Limit") in Manulife US REIT, subject to any increase or waiver pursuant to the terms of Manulife US REIT's Trust Deed and on the written recommendation of the Manager.

  5. Why is the Sponsor holding less than 9.8% of the outstanding Units?

    In order to be exempted from 30% U.S. withholding tax, the Sponsor holds less than 9.8% to comply with the following US tax rules:

    • Closely Held Rule: No more than 50% of its outstanding shares can be owned by five or fewer individuals; and
    • Portfolio Interest Exemption Rule: Each Unitholder in the REIT is required to hold less than 10% of the units in the REIT in order for payment of interest to the Shareholder Loan SPVs to qualify as "portfolio interest" and for exemption from US withholding tax in respect of such Unitholder.
  6. What are the Manager's fees payable by Manulife US REIT?
    • Base Fee: 10.0% per annum of the REIT's annual distributable income (calculated before accounting for the base fee and the performance fee)
    • Performance Fee: 25.0% per annum of the difference in DPU in a financial period with the DPU in the preceding financial period (calculated before accounting for the performance fee, but after accounting for the base fee in each financial period), multiplied by the weighted average number of Units in issue for such financial period. The performance fee is payable if the DPU in any financial period exceeds the DPU in the preceding financial period.
    • Acquisition Fee: 0.75% of the acquisition price of any real estate purchased, whether directly or indirectly through one or more subsidiaries, by the REIT (pro-rated if applicable to the proportion of the REIT's interest in the real estate acquired) from related parties and 1.0% of the acquisition price for all other cases (or such lower percentage as may be determined by the Manager in its absolute discretion).
    • Divestment Fee: 0.5% (or such lower percentage as may be determined by the Manager in its absolute discretion) of the sale price of any real estate sold or divested, whether directly or indirectly through one or more subsidiaries, by the REIT (pro-rated if applicable to the proportion of the REIT's interest in the real estate sold or divested).
  7. Where can I find historical financial information of MUST?

    Please refer to the Financials section for historical financial information. More information can be found in the REIT's annual reports under the Publications section.

  8. Where can I find portfolio information of Manulife US REIT?

    Please refer to the Portfolio section for detailed information of all properties. Property videos can also be found on this page.

  9. Can I invest in Manulife US REIT with funds from my Supplementary Retirement Scheme (SRS) or Central Provident Fund (CPF)?

    You can invest in Manulife US REIT with funds from your SRS account through DBS Bank, OCBC Bank and UOB Bank. Manulife US REIT is currently not included under the CPF Investment Scheme.

Distribution and Tax Information

  1. What is the distribution policy of Manulife US REIT?

    MUST's distribution policy is to distribute at least 90.0% of its distributable income and distributions are paid on a semi-annual basis in which the Manager determines the actual level of distribution.

  2. Is the distributable income from Manulife US REIT subject to tax?

    For listed securities which derive income in the U.S., the U.S. Internal Revenue Service ("IRS") requires certain documentation from the ultimate beneficial owner to ensure the appropriate level of withholding tax is deducted.

    Unitholders are subject to a maximum withholding tax rate of 30% on income they derive from U.S. investments. Hence, Unitholders must comply with certain documentation requirements in order to be exempted from certain withholding tax under the United States Internal Revenue Code of 1986, as amended (the "IRC"), including under the United States Foreign Account Tax Compliance Act ("FATCA").

    Please refer to the Tax Info section to download the Investor Pack, which includes the (1) Form W-8BEN and (2) Currency Election Form. Please complete both forms and mail them to our Unit Registrar.

    Forms should be mailed to Boardroom Corporate & Advisory Services Pte Ltd, 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623.

  3. How do I fill in the Form W-8BEN (non U.S-person)?

    You are only required to fill in these two parts:
    Part 1
    Line 1 (Full Name), Line 2 (Country of Citizenship), Line 3 (Address) and Line 6 (NRIC or Passport no.); and

    Part 3
    Please sign your signature and write your full name below your signature under "Print name of signer", as well as the date you completed this form.

  4. How long will the Form W-8BEN/W-9 be valid for?

    Forms W-8BEN or W-9 submitted to Manulife US REIT will be valid for the year they are signed and for the next three calendar years. For example, a Form W-8BEN signed on 20 April 2018 remains valid through 31 December 2021.

  5. Do I need to submit a new Form W-8BEN if I previously submitted one when I bought other U.S shares?

    You will need to submit a duly completed Form W-8BEN for Manulife US REIT, as the Form W-8BEN you have previously submitted to the brokerage firm for buying into U.S. shares cannot be used for Manulife US REIT.

  6. Why am I taxed on my distributions when I have filled up the Form W-8 BEN?

    This could be because your form is not successfully validated by the U.S. tax authorities or in the case of a joint account; one of the Unitholders did not fill up the form.

  7. How do I update my new address?

    Please call CDP directly at 6535 7511 to update your address and submit a new Form W-8BEN stating your new address to Boardroom at 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623. Kindly note that no cancellation or countersign is allowed on the form.

  8. What is the distribution currency of Manulife US REIT?

    By default, distribution payments for all Unitholders are made in SGD. If you would like to receive your distribution payments in USD, you can do so by filling up the Currency Election Form.

  9. Do I need to have a USD bank account if I elect to receive my distributions in USD?

    If you elect to receive your distributions in USD, payment will be made out in cheque (and mailed to your address registered with CDP). For cheques deposited into a SGD account, distributions will be converted based on the bank's internal exchange rate.

  10. I'm staying overseas at the moment, it might take a long time for my forms to reach you so can I email my completed forms to you?

    Yes, please email the completed forms to usreitinquiry@manulifeusreit.sg.

  11. I've submitted the forms, why did I still receive the reminder letter?

    The reminder letter is auto-generated. Kindly ignore it if you have already submitted your forms to Boardroom or Manulife US REIT.