OPERATIONAL REVIEW Legal 16.1 Finance and Insurance 14.7 Retail Trade 9.9 Real Estate 7.3 Administrative and Support Services 7.0 Information 7.0 Public Administration 6.4 Grant Giving 4.4 Health Care 4.3 Arts, Entertainment, and Recreation 3.3 Transportation and Warehousing 3.2 Advertising 3.0 Professional, Scientific, and Technical Services 2.9 Consulting 2.4 Accounting 2.4 Other 5.8 Average rental escalation across portfolio in FY2024 2.3% p.a. WELL-DIVERSIFIED TENANT MIX The portfolio continues to enjoy a well-diversified tenant roster with ~20 trade sectors represented. The top three largest trades – Legal, Finance and Insurance, and Retail Trade – made up approximately 40.7% of the portfolio’s GRI as at end December 2024. PASSING RENT AND PORTFOLIO RENTAL ESCALATIONS BY GRI The portfolio’s average passing rent as at 31 December 2024 and expiring rents in 2025 are US$43.35 psf and US$36.68 psf, respectively. Average in-place rents continue to be below the market average. Note: Amounts may not sum up to 100.0% due to rounding Trade Sector by GRI (%) 69.0% Annual escalations of 2.6% p.a. 25.7% Mid-term/periodic escalations 5.3% No escalations (88% govt leases) 2025 2027 2029 2026 2028 2030 and beyond 31 Dec 2024 expiries Net lettable area (NLA) Gross rental income (GRI) 42.1 14.6 14.4 16.6 7.7 4.6 42.7 14.7 17.4 14.0 7.1 4.1 9.5 7.1 9.9 4.1 Lease expiry profile as at 31 Dec 2024(%) TRADE SECTORS OF LEASES SIGNED IN 2024 Of the leases signed during 2024, more than 15 different trade sectors were represented, including the portfolio’s largest sectors, Information, Retail Trade, and Real Estate. The new leases, renewals and tenant expansions executed in FY2024 had a WALE by NLA of 7.0 years and accounted for 16.2% of GRI. For the leases executed and commenced in FY2024, totalling ~542,000 sq ft, the WALE was 7.4 years. 2024 Leasing Trade Sector by GRI (%) Information 22.0 Retail Trade 19.6 Real Estate 15.2 Public Administration 11.4 Finance and Insurance 8.0 Manufacturing 7.7 Health Care 3.9 Arts, Entertainment, and Recreation 3.5 Education 2.6 Legal 1.5 Transportation and Warehousing 1.4 Accommodation and Food Services 1.1 Advertising 1.1 Consulting 0.5 Architecture & Engineering 0.5 26 | MANULIFE US REIT
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