Manulife US REIT - Annual Report 2020

Asset Enhancement Initiatives During the year, the Manager conducted various capital projects at assets across the portfolio. The most noteworthy project was the completion of the lobby refurbishment at Exchange and the commencement of an elevator We appreciate how the new lobby separates the parking foot traffic from the tenant traffic. The lit wall/ background looks incredible, it’s the first thing folks see as they exit the subway station directly across from Exchange and creates the type of envy from outsiders that our employees wear with pride as they walk into the “it” building. We also appreciate that everything was tastefully done to match the existing look and feel but with a modern flair. Kudos to the team! Quote from tenant Jackson Hewitt Exchange, Jersey City The Manager completed an extensive refurbishment to the lobby of Exchange. Approximately US$10.0 million, the Exchange project included the following: • Renovation of ceiling and installation of lighting in the lobby • New flooring, reception, signage and a new café which is due to open The successful project enhances Exchange’s competitive position in the market and puts the property in a good position emerging out of COVID-19 with a fresh and new look for existing and new tenants alike. modernisation project at Plaza. These projects aim to improve the properties competitiveness in the market and ensure best-in-class services and product offering for existing and new tenants. Before After 27 ANNUAL REPORT 2020