Manulife US REIT - Annual Report 2021

MANULIFE US REIT Capitol is a freehold 29-storey Class A office building located at 400 Capitol Mall, Sacramento, California, and is a 15-minute drive to Sacramento International Airport. The property is the tallest building in Sacramento, towering 423 feet high and is uniquely positioned in the CBD. It is within walking distance to Golden 1 Center, the Downtown Commons, and benefits from the exposure to the live, work, play environment of Sacramento’s Downtown Core and its growing influx of high-end residential, hotel and retail developments. TOP THREE TENANTS BY GRI (%) 11.7 Wells Fargo 10.7 WeWork 10.4 Weintraub Tobin Chediak Coleman & Gordin Capitol 400 Capitol Mall, Sacramento, CA Land Tenure Freehold Building Completion 1992 Acquisition Date 29 October 2019 Purchase Price US$198.8 million (US$397 psf) WALE by NLA 5.0 years No. of Tenants 36 36 Class A Gross Revenue (US$ million) Net Property Income (US$ million) 20.3 2021 22.5 2020 4.0 2019 1 11.9 2021 14.3 2020 2.6 2019 1 Lease Expiry Profile by NLA (%) 40.1 2027 & Beyond 6.7 2025 16.8 2026 13.1 2024 7.4 2023 15.9 2022 1 The acquisition was completed on 29 October 2019. Portfolio Overview Occupancy 88.3 % Valuation US$ 197.0 M NLA 500,661 SQ FT