14 NET ASSET VALUE PER UNIT Note Group Trust 2024 2023 2024 2023 Net asset value per Unit is based on: – Net assets (US$’000) 430,632 608,635 430,378 608,328 – Total Units issued and to be issued at 31 December (’000) 13 1,835,124 1,835,124 1,835,124 1,835,124 15 GROSS REVENUE Group 2024 2023 US$’000 US$’000 Rental income 90,747 120,242 Recoveries income 62,083 71,990 Car park income 13,200 13,633 Others 1,552 2,160 167,582 208,025 16 PROPERTY OPERATING EXPENSES Group 2024 2023 US$’000 US$’000 Real estate taxes 25,576 28,883 Repairs and property maintenance expenses 20,027 22,136 Utilities 10,490 10,718 Property management fees and reimbursements 13,864 14,335 Net provision for ECL 594 634 Other operating expenses 17,157 16,713 87,708 93,419 Other operating expenses include non-cash amortisation of leasing commission, insurance premiums and car park-related expenses. 178 | MANULIFE US REIT NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
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