ABOUT MANULIFE US REIT Manulife US Real Estate Investment Trust (MUST or the REIT) is a Singapore listed REIT managed by Manulife US Real Estate Management Pte. Ltd. (the Manager). MUST was established with the investment strategy primarily focused on investing, either directly or indirectly, in a portfolio of income-producing office real estate in key U.S. markets, as well as in real estate-related assets. The Manager is a wholly-owned subsidiary of The Manufacturers Life Insurance Company (the Sponsor), which is part of the Manulife Group (the Group). John Hancock Life Insurance Company (U.S.) (JHUSA) is the appointed property manager1 (the Property Manager) for the properties, while Manulife Investment Management Private Market (US) LLC is the appointed asset manager (the Asset Manager) for the properties. Employee-related information provided in this report refers solely to the employees of the Manager located in Singapore and the U.S. REPORTING SCOPE AND PERIOD This is the eighth annual Sustainability Report for MUST. It showcases the REIT's sustainability approach, initiatives and performance for the financial period from 1 January to 31 December 2024 (Reporting Period), providing comparative data for the same period in 2022 and 2023. As at 31 December 2024, the REIT's portfolio comprises nine2 freehold office properties that are strategically situated in prime locations of key U.S. cities. MUST adopts the Operational Control Approach, as defined by the Greenhouse Gas (GHG) Protocol Corporate Standard, to determine organisational boundaries. REPORTING STANDARDS AND GUIDELINES This report is prepared in accordance with the revised Global Reporting Initiative (GRI) Universal Standards 2021. The GRI Standards have been selected as it is an internationally recognised standard for sustainability reporting and is relevant to the REIT's operations. ABOUT THIS REPORT This report takes into account GRI G4 Construction & Real Estate Sector Supplement (CRESS) guidelines and has incorporated elements from the United Nations Sustainable Development Goals (SDGs). The Manager understands that the GRI Sector Standard for the real estate industry is under phase development and will continue to monitor until it is released for companies’ disclosure. For details on the relevant references, please refer to the GRI Content Index on our Sustainability webpage (https://www.manulifeusreit. sg/sustainability-overview). This report complies with the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Manual Rules 711A and 711B and also adheres to the Task Force for Climate-Related Financial Disclosures (TCFD) framework. This report is recommended to be read together with the Annual Report 2024 for a more comprehensive view of the Manager's sustainability efforts. In line with the announcement by Singapore Exchange Regulation (SGX RegCo) in September 2024, the Manager will be enhancing its climaterelated disclosures to incorporate the climate-related requirements in the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB). In this report, we have begun expanding our disclosures, where relevant, to transition towards alignment and with full compliance to the ISSB Standards. Other key gaps that require more time and effort will be addressed progressively in our future reports. The report is written with reference to the Sustainability Accounting Standards Board (SASB) Standards and the report contains disclosures recommended in the Real Estate sector standard. The SASB real estate disclosure index and TCFD recommendations table can be found after the ESG Performance Data Summary. INTERNAL REVIEW AND EXTERNAL ASSURANCE The Manager acknowledges that internal review and external assurance increase stakeholder confidence in the accuracy and reliability of the sustainability information disclosed. The Manager has relied on internal checks over sustainability disclosures, in line with existing internal review frameworks. Additionally, the Board and the Manager have 1 Since 2021, JHUSA has outsourced its property management services to third-party property managers. Reference to Property Managers in this report refers to the third-party property managers. 2 On 28 October 2024 (U.S. time), MUST completed the divestment of Capitol, over which the Manager had operational control of until the point of divestment. In alignment with MUST’s internal management procedures, ESG performance data related to Capitol has been excluded for 2024. 66 | MANULIFE US REIT
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