Manulife US REIT - Annual Report 2020

Phipps is a 19-storey Trophy office tower constructed in 2010 by the Sponsor. It has floor-to-ceiling window walls providing tenants with views in every direction. Phipps offers various facilities to its tenants, such as a farm-to-table café, a sundry shop, a fitness centre and a conference centre. There are five levels of covered parking with 1,150 parking stalls, as well as designated electric vehicle charging stations. Land Tenure Leasehold 2 Building Completion 2010 Acquisition Date 22 June 2018 Purchase Price US$205.0 million (US$431 psf) WALE by NLA 6.7 years No. of Tenants 10 TOP THREE TENANTS BY GRI (%) GROSS REVENUE (US$ MILLION) NET PROPERTY INCOME (US$ MILLION) 2018 1 2019 2020 2018 1 2019 2020 9.8 6.6 13.2 19.2 12.4 61.9 The William Carter 12.7 CoStar Group 12.6 Northwestern Mutual NLA 475,778 SQ FT Occupancy 100.0 % Valuation US$ 212.1 M LEASE EXPIRY PROFILE BY NLA (%) 2021 2022 2023 2024 2025 2026+ 5.5 0.0 17.6 3.1 60.5 13.3 Trophy 1 The acquisition was completed on 22 June 2018. 2 The property is held in a leasehold until December 2020 to provide it certain real estate tax advantages. The lease between the Development Authority of Fulton County ("Development Authority") and Hancock S-REIT ATL Phipps LLC ("ATL Phipps") expired pursuant to its terms on 31December 2020, andATL Phipps is in the process of acquiring the fee simple title to Phipps fromtheDevelopment Authority. After the transfer of such fee interest, ATL Phipps will hold a fee interest in the property instead of a leasehold interest. For more details, see footnote on `bonds for title' arrangement on page 126 of this Annual Report. 20.5 38 MANULIFE US REIT PHIPPS 3438 Peachtree Road NE, Atlanta, GA PROPERTY UNIVERSE