Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 143 Group Note 2021 2020 US$’000 US$’000 Gross revenue 15 185,099 194,312 Property operating expenses 16 (75,552) (78,475) Net property income 109,547 115,837 Interest income 21 166 Manager’s base fee (8,560) (8,897) Trustee’s fee (284) (288) Other trust expenses 17 (2,494) (2,646) Finance expenses 18 (29,145) (29,739) Net income before tax and fair value changes 69,085 74,433 Net fair value change in derivatives 13,896 (11,897) Net fair value change in investment properties 6 (42,423) (128,519) Net income/(loss) for the year before tax 40,558 (65,983) Tax (expense)/income 19 (1,145) 22,699 Net income/(loss) for the year attributable to Unitholders 39,413 (43,284) Earnings per Unit (“EPU”) (US cents) Basic and diluted EPU 20 2.46 (2.75) Consolidated Statement of Comprehensive Income For the year ended 31 December 2021 The accompanying notes form an integral part of the financial statements.