FAQs
Overview
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.
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.
| ISIN Code | SG1CI1000004 |
| SGX Counter Code | BTOU |
| Bloomberg | MUST SP Equity |
| Reuters | MANU.SI |
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.
In order to be exempted from 30% U.S. withholding tax, the Sponsor holds less than 9.8% to comply with the following U.S. 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 U.S. withholding tax in respect of such Unitholder.
- 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 spanested, 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 spanested).
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.
Please refer to the Portfolio section for detailed information of all properties. Property videos can also be found on this page.
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
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.
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, 1 Harbourfront Ave, #14-07 Keppel Bay Tower, Singapore 098632.
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, 1 Harbourfront Ave, #14-07 Keppel Bay Tower, Singapore 098632.
You are only required to fill in these two parts:
Part 1Line 1 (Full Name), Line 2 (Country of Citizenship), Line 3 (Address) and Line 6a (NRIC or Passport no.); and
Part 3Please 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.
Forms W-8BEN or W-9 submitted will be valid for the year they are signed and for the next three calendar years. For example, a Form W-8BEN signed on 31 March 2021 remains valid through 31 December 2024.
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.
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.
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 1 Harbourfront Ave, #14-07 Keppel Bay Tower, Singapore 098632. Alternatively, email a scanned copy to MUSTSRS@boardroomlimited.com. Kindly note that no cancellation or countersign is allowed on the form.
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.
CDP launched the Currency Conversion Service on 15 June 2020. This new service will enable CDP direct account holders with Direct Crediting Service (DCS) to have their foreign currency cash distribution converted into Singapore Dollar and directly credited into their DCS bank accounts. If you are a CDP Securities Account holder with DCS, and wish to receive your distributions in USD, please be reminded to opt-out of Currency Conversion Service. For more information, please visit https://www.sgx.com/cdp-goes-digital and contact Central Depository at (65) 6535 7511 or asksgx@sgx.com.
Yes, please email the completed forms to MUSTSRS@boardroomlimited.com.
The reminder letter is auto-generated. Kindly ignore it if you have already submitted your forms to Boardroom.