Manulife US Real Estate Investment Trust (MUST or the REIT) is a Singapore real estate investment trust (REIT) listed on the Singapore Exchange Securities Trading Limited (SGX-ST) since 20 May 2016. Its investment strategy is principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States (U.S.), as well as real estate-related assets. As at 31 December 2024, MUST’s portfolio comprised nine freehold office properties in Arizona, California, Georgia, New Jersey, Virginia and the Washington, D.C. metropolitan statistical area, and had assets under management of US$1.1 billion. The REIT is managed by Manulife US Real Estate Management Pte. Ltd. (the Manager) which is wholly-owned by the Sponsor, The Manufacturers Life Insurance Company (Manulife), part of the Manulife Group. The Sponsor’s parent company, Manulife Financial Corporation (MFC), is a leading international financial services provider that helps people make their decisions easier and lives better. It operates as John Hancock in the U.S., and Manulife elsewhere, providing financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. ABOUT MUST 22 Financial Review 25 Operational Review 28 Portfolio Overview 39 Independent Market Report 55 Investor and Media Relations 59 Enterprise Risk Management 65 Sustainability Report 112 Corporate Governance 137 Financial Statements 192 Interested Person Transactions 193 Statistics of Unitholdings 8 FY2024 Financial & Portfolio Highlights 10 Chairman's Message 11 In Conversation with Management 14 Key Events 16 Board of Directors 19 Organisation Chart/Trust and Tax Structure 20 Management Team CONTENTS
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