Group 2025 2024 US$’000 US$’000 Amount available for distribution to Unitholders at the beginning of the year 112,608 74,348 Net loss for the year (87,653) (178,003) Distribution adjustments (Note A) 113,195 216,263 Income available for distribution to Unitholders for the year 25,542 38,260 Amount available for distribution to Unitholders at the end of the year 138,150 112,608 Distribution amount to Unitholders at the end of the year1 − − Number of Units in issue at the end of the year (’000) 1,776,565 1,776,565 Distribution per Unit1 (“DPU”) (US cents) − − Note A – Distribution adjustments comprise: – Property related non-cash items2 10,070 8,985 – Amortisation of upfront debt-related transaction costs3 1,372 1,977 – Trustee’s fee 180 226 – Net fair value change in derivatives 11,666 16,577 – Net fair value change in investment properties 83,515 187,936 – Loss on disposal of investment properties 3,323 1,618 – Deferred tax expense/(income) 3,629 (777) – Other items4 (560) (279) Distribution adjustments 113,195 216,263 1 Manulife US REIT’s distribution policy is to distribute at least 90% of its annual distributable income. The actual level of distribution will be determined at the discretion of the Board of Directors of the Manager. However, pursuant to the Recapitalisation Plan and the entry into the Master Restructuring Agreement, Manulife US REIT halted distributions to Unitholders since 2023. On 23 December 2025, the lenders of the existing facilities granted certain concessions which include an extension of the Disposal Deadline (as defined herein) and an extension of the temporary relaxation of the financial covenants (collectively, the “MRA Concessions”). Further to the granting of the MRA Concessions, the lenders have required Manulife US REIT to keep half-yearly distributions to Unitholders suspended until the later of the achievement of the Reinstatement Conditions (as defined herein) and the period during which the Bank ICR (as defined herein) relaxation remains in effect. 2 This includes straight-line rent adjustments, amortisation of tenant improvement allowance, leasing commissions and free rent incentives. 3 Upfront debt-related transaction costs and costs incurred in relation to the Master Restructuring Agreement are amortised over the remaining term of the loans and borrowings. 4 This includes non-tax deductible items and other adjustments including rent-free reimbursements. The rent-free reimbursements were in relation to the vendors of certain properties that had granted rent-free periods to certain tenants under the existing lease arrangements. As part of the terms of the acquisitions, these vendors reimbursed Manulife US REIT the free rent under existing lease arrangements and the rent-free reimbursements are applied towards the distributable income. The accompanying notes form an integral part of the financial statements. DISTRIBUTION STATEMENT For the year ended 31 December 2025 / 102 / EXPANDING HORIZONS
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