Manulife US REIT - Annual Report 2020

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2020 Group Note 2020 2019 US$’000 US$’000 Gross revenue 16 194,312 177,853 Property operating expenses 17 (78,475) (67,077) Net property income 115,837 110,776 Interest income 166 473 Manager’s base fee (8,897) (8,334) Manager’s performance fee − (1,360) Trustee’s fee (288) (269) Other trust expenses 18 (2,646) (2,460) Finance expenses 19 (29,739) (26,180) Net income before tax and fair value changes 74,433 72,646 Net fair value change in derivatives (11,897) (1,088) Net fair value change in investment properties 7 (128,519) (13,512) Net (loss)/income for the year before tax (65,983) 58,046 Tax income/(expense) 20 22,699 (10,481) Net (loss)/income for the year attributable to Unitholders (43,284) 47,565 Earnings per Unit (“EPU”) (US cents) Basic and diluted EPU 21 (2.75) 3.40 The accompanying notes form an integral part of the financial statements. 121 ANNUAL REPORT 2020