24 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to the related party information disclosed elsewhere in the financial statements, the following significant related party transactions were carried out at terms agreed between the parties during the financial years: Group 2024 2023 US$’000 US$’000 Rental received/receivable from a related party 667 686 Disposal of investment properties to a related party (Note 6) − 132,200 Unsecured loan extended by the Sponsor (Note 9) − 137,000 Interest expense paid/payable pursuant to the Sponsor-Lender Loan 10,117 276 Manager’s divestment fee paid/payable 556 − Manager’s base fee paid/payable 4,251 7,833 Property manager’s management fee paid/payable 4,241 5,044 Trustee’s fee paid/payable1 233 298 Leasing fees to a related party 551 489 Construction supervision fees to a related party 750 427 Reimbursements to a related party 3,970 4,144 Settlement of liabilities including withholding taxes 587 174 1 Including fees incurred in connection with the divestments during the year (Note 6) and the costs incurred in relation to the Master Restructuring Agreement (Note 9), which has been included as part of the loss on disposal of investment properties and unamortised transaction costs respectively. As disclosed in Note 1(a), the divestment fee accruing to the Manager in relation to the disposal of investment properties to a related party (Note 6) was waived during the year ended 31 December 2023. 25 FINANCIAL RATIOS Group 2024 2023 % % Ratio of expenses to weighted average net assets1 – including performance component of the Manager’s management fees 1.17 1.31 – excluding performance component of the Manager’s management fees 1.17 1.31 Portfolio turnover rate2 − − 1 The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses, finance expenses, net foreign exchange differences and income tax expense. The Group did not incur any performance fee for the period ended 31 December 2024 and 31 December 2023. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value in accordance with the formulae stated in the CIS Code. 190 | MANULIFE US REIT NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
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