Manulife US REIT - Annual Report 2021

MANULIFE US REIT 148 Description of Property Tenure of Land Occupancy Rates 1 as at 31 December 2021 Occupancy Rates 1 as at 31 December 2020 Fair Value as at 31 December 2021 Fair Value as at 31 December 2020 Percentage of Total Net Assets as at 31 December 2021 Percentage of Total Net Assets as at 31 December 2020 % % US$’000 US$’000 % % Group Commercial Office Properties Figueroa Freehold 88.6 93.0 315,200 320,000 26.5 27.6 Michelson Freehold 87.2 84.4 317,000 319,000 26.7 27.6 Peachtree Freehold 90.8 90.4 212,900 203,100 17.9 17.5 Plaza Freehold 96.7 96.7 106,000 114,600 8.9 9.9 Exchange Freehold 97.7 94.8 324,000 333,000 27.2 28.8 Penn Freehold 93.8 99.2 177,300 176,500 15.0 15.3 Phipps Freehold 2 94.5 100.0 216,000 212,100 18.2 18.3 Centerpointe Freehold 91.6 91.7 112,700 118,500 9.5 10.2 Capitol Freehold 88.3 93.3 197,000 196,000 16.6 16.9 Tanasbourne Freehold 100.0 − 34,400 − 2.9 − Park Place Freehold 100.0 − 106,900 − 9.0 − Diablo Freehold 85.7 − 65,000 − 5.5 − Investment properties 2,184,400 1,992,800 183.9 172.1 Other assets and liabilities (net) (996,684) (834,912) (83.9) (72.1) Net assets 1,187,716 1,157,888 100.0 100.0 1 Based on committed leases. 2 Phipps was subject to a so-called “bonds for title” arrangement under which fee simple title to Phipps is owned by the Development Authority of Fulton County (“Development Authority”), which leased Phipps to Hancock S-REIT ATL Phipps LLC (“ATL Phipps”) as a way to reduce the real estate taxes payable on Phipps for a specified period. Under this arrangement, no money changed hands for the lease. The lease between the Development Authority and ATL Phipps expired pursuant to its terms on 31 December 2020, and ATL Phipps acquired fee simple title to Phipps from the Development Authority in July 2021. Pursuant to the transfer of such fee interest, ATL Phipps holds a fee interest in the property and has commenced paying the full amount of real estate taxes on Phipps, which means that Phipps will be assessed in a manner and amount consistent with similar commercial office buildings in the taxing area. Statement of Portfolio As at 31 December 2021 The accompanying notes form an integral part of the financial statements.