Manulife US REIT - Annual Report 2021

8 FY2021 Financial and Portfolio Highlights 10 Message to Unitholders 15 Organisation Chart/ Trust and Tax Structure 16 Creating Value 17 Key Events 18 Board of Directors 22 Management Team 24 Financial Review 28 Operational Review 34 Portfolio Overview 48 Independent Market Report Contents 71 Investor and Media Relations 74 Enterprise Risk Management 79 Sustainability Report 116 Corporate Governance 136 Financial Statements 191 Interested Person Transactions 192 Statistics of Unitholdings About Manulife US REIT Manulife US Real Estate Investment Trust (MUST or the REIT) is a Singapore real estate investment trust (REIT) listed on the Singapore Exchange Securities Trading Limited (SGX-ST) since 20 May 2016. I ts investment strategy is principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in keymarkets in the United States (U.S.), as well as real estate-related assets. MUST’s portfolio comprises 12 freehold office properties in Arizona, California, Georgia, New Jersey, Oregon, Virginia and Washington, D.C. metropolitan statistical area. The portfolio has a combined asset value of US$2.2 billion as at 31 December 2021. The REIT is managed by Manulife US Real Estate Management Pte. Ltd. (the Manager) which is wholly-owned by the Sponsor, The Manufacturers Life Insurance Company (Manulife), part of the Manulife Group. The Sponsor’s parent company, Manulife Financial Corporation (MFC), is a leading international financial services group providing forward- thinking solutions to help people with big financial decisions. It operates as John Hancock in the U.S., andManulife elsewhere, providing financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. MANULIFE US REIT