JANUARY 2025 • Announced portfolio valuation decline of 9.3% in FY2024 with signs of stabilisation in some submarkets, while other submarkets continued to face leasing challenges FEBRUARY 2025 • Income available for distribution of US$38.3 million for FY2024 mainly due to lower rental and recoveries income from higher vacancies, lower lease termination income, and divestments of Tanasbourne, Park Place and Capitol • Sold Plaza for net consideration of ~US$40 million MARCH 2025 • Paid down US$40.0 million (~20%) of MUST's 2026 debts NOVEMBER 2024 • Fully repaid US$130.7 million outstanding debts due in 2025; announced target to repay 2026 debts of US$203.9 million by June 2025 JANUARY 2024 • Announced portfolio valuation decline of 8.0% (vs 30 June 2023) largely due to higher discount and terminal capitalisation rates and weak leasing activity across MUST's submarkets MARCH 2024 • Paid down US$50.0 million in debt FEBRUARY 2024 • Distributable income of US$74.3 million for FY2023 due to lower rental and recoveries income, higher finance costs, and divestments of Tanasbourne and Park Place APRIL 2024 • Held in-person Annual General Meeting (AGM) on 18 April 2024 OCTOBER 2024 • Sold Capitol for net consideration of ~US$110 million • Retained highest rating and recognition in GRESB1: � Real Estate Assessment: 5 Star for the seventh year � Public Disclosure: ‘A’ grade, 2nd out of 10 U.S. office peers JUNE 2024 • Appointments of Mr John Casasante as Chief Executive Officer and Chief Investment Officer and Mr Mushtaque Ali as Chief Financial Officer effective from 30 June 2024 AUGUST 2024 • 1H2024 income available for distribution of US$22.9 million; selected assets marketed for sale amid ongoing discussions with off-market buyers • Ranked 11th among 43 REITs and Business Trusts in the Singapore Governance and Transparency Index (SGTI) 2024, up from 16th place in 2023 1 The GRESB Real Estate Assessment is a global standard for ESG benchmarking based on sustainability performance and best practices, while the Public Disclosure focuses on the transparency of listed real estate companies and REITs regarding their ESG commitments. ANNUAL REPORT 2024 | 15
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