13 UNITS IN ISSUE AND TO BE ISSUED Group and Trust 2024 2023 No of Units ’000 US$’000 No of Units ’000 US$’000 Units in issue As at 1 January / 31 December 1,776,565 1,227,728 1,776,565 1,227,728 Units to be issued Manager’s base fee payable in Units 35,541 7,985 35,541 7,985 Property Manager’s management fees payable in Units 23,018 5,132 23,018 5,132 58,559 13,117 58,559 13,117 Total Units issued and to be issued as at 31 December 1,835,124 1,240,845 1,835,124 1,240,845 For the financial years ended 31 December 2024 and 31 December 2023, • The Manager deferred the issuance of units in Manulife US REIT in relation to the Manager’s base fee and the Property Manager’s management fee for the periods from 1 July 2022 to 31 December 2022 (“2H 2022”) and 1 January 2023 to 30 June 2023 (“1H 2023”) to a date where the Manager is satisfied that such issuance would be in compliance with the unit ownership limit of 9.8% prescribed in the Trust Deed. • There are 21,859,395 Units to be issued in satisfaction of the Manager’s base fee and Property Manager’s management fee for 2H 2022 based on the volume weighted average price for the last 10 Business Days immediately preceding 31 December 2022 of US$0.3118, and 36,699,067 Units to be issued in satisfaction of the Manager’s base fee and Property Manager’s management fee for 1H 2023 based on the volume weighted average price for the last 10 Business Days immediately preceding 30 June 2023 of US$0.1717. Actual Units from payment of property management fees may be different as it will be based on the higher of (i) volume weighted average price for last 10 Business Days immediately preceding 31 December 2022 and 30 June 2023 respectively, or (ii) the closing price on the day of issuance of Units in payment of property management fees. Each Unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the Trust Deed and included the right to: • receive income and other distributions attributable to the Units held; • participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust; and • attend all Unitholders’ meetings. The Trustee or the Manager convenes a meeting or unless not less than 50 Unitholders or Unitholders representing not less than 10% of the total Units issued give written request for a meeting to be convened. A Unitholder has no equitable or proprietary interest in the underlying asset of the Group and is not entitled to the transfer to it of any asset (or any part thereof) or of any real estate or interest in any asset and the real estate-related assets (or any part thereof) of the Group. A Unitholder’s liability is limited to the amount paid or payable for any Units. The provisions of the Trust Deed provide that no Unitholders will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that liabilities of the Trust exceed its assets. As disclosed under Distribution Statement, the Trust has halted distributions to Unitholders till 31 December 2025, unless the Early Reinstatement Conditions are achieved earlier. ANNUAL REPORT 2024 | 177 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
RkJQdWJsaXNoZXIy NTkwNzg=