Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 189 For the year ended 31 December 2021 Notes to the Financial Statements 24 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to the related party information disclosed elsewhere in the financial statements, the following significant related party transactions were carried out at terms agreed between the parties during the financial years: Group 2021 2020 US$’000 US$’000 Rental received/receivable from a related party 902 708 Manager’s acquisition fee paid 2,016 − Manager’s base fee paid/payable 8,560 8,897 Property manager’s management fee paid/payable 4,595 4,834 Trustee’s fee paid/payable 1 299 288 Leasing fees to a related party 715 167 Construction supervision fee to a related party 201 253 Reimbursements to a related party 5,767 7,148 Settlement of liabilities including withholding taxes 326 202 1 Including fees capitalised into issuance costs. 25 FINANCIAL RATIOS Group 2021 2020 % % Ratio of expenses to weighted average net assets 1 – including performance component of the Manager’s management fees 0.99 0.97 – excluding performance component of the Manager’s management fees 0.99 0.97 Portfolio turnover rate 2 − − 1 The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses, finance expenses, net foreign exchange differences and income tax expense. The Group did not incur any performance fee for the period ended 31 December 2021 and 31 December 2020. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value in accordance with the formulae stated in the CIS Code.