Manulife US REIT - Annual Report 2020

Portfolio FY2020 FY2019 FY2018 Assets under Management (AUM) (US$ billion) 2.0 2.1 1.7 WALE by Net Lettable Area (NLA) (years) 5.3 5.9 5.8 Occupancy rate (%) 93.4 95.8 96.7 FY2020 Distributions Manulife US REIT’s distribution policy is to distribute at least 90.0% of its annual distributable income on a semi-annual basis. Since IPO, MUST has distributed 100.0% of its distributable income. Financial Period DPU (US cents) Payment Date Tax-exempt Income 1 Capital 2 1 Jan 2020 to 30 Jun 2020 1.99 1.06 25 Sep 2020 1 Jul 2020 to 31 Dec 2020 2.15 0.44 30 Mar 2021 1 Tax-exempt income distribution is exempt from Singapore income tax in the hands of all Unitholders. 2 Capital distribution represents a return of capital to Unitholders for Singapore income tax purpose and is therefore not subject to income tax. For Unitholders who are liable to Singapore income tax on profits from sale of Manulife US REIT Units, the amount of capital distribution will be applied to reduce the cost base of their Manulife US REIT Units for Singapore income tax purpose. Weighted Average Lease Expiry (WALE) by NLA (years) Occupancy Rate (%) Gearing Ratio (%) 2018 2019 2020 2018 2019 2020 2018 2019 2020 5.8 96.7 37.2 5.9 95.8 37.7 5.3 93.4 41.0 5.3 years 93.4 % Distribution per Unit (DPU) (US cents) Distributable Income (US$ million) Net Property Income (NPI) (US$ million) 2018 2019 2020 2018 2019 2020 2018 2019 2020 5.57 71.0 90.7 5.96 83.3 110.8 5.64 89.0 115.8 US$ US$ million million US cents 5.64 89.0 115.8 41.0 % Key Financial Indicators FY2020 FY2019 FY2018 Gross borrowings (US$ million) 856.5 816.9 670.8 Gearing ratio (%) 41.0 37.7 37.2 Weighted average cost of debt (%) 3.18 3.37 3.27 Weighted average debt maturity (years) 2.3 2.8 2.7 Interest coverage ratio (times) 3.5 3.8 4.2 Market capitalisation (US$ billion) 1.2 1.6 1.0 2 MANULIFE US REIT FY2020 FINANCIAL AND PORTFOLIO HIGHLIGHTS