FROM LEFT MUSHTAQUE ALI Chief Financial Officer JOHN CASASANTE Chief Executive Officer and Chief Investment Officer IN CONVERSATION WITH MANAGEMENT Q1 What are some of MUST’s significant achievements in 2025? A John: Our key priority was to meet the obligations of the MRA. Despite tariff-driven uncertainty and continued challenges in the U.S. office sector which hampered our progress along the way, we completed the sale of two properties – Plaza in February and Peachtree in May. Coupled with the sale of Capitol in October 2024, we raised a total of US$273.1 million. This enabled us to meet 83% of the Minimum Sale Target of US$328.7 million under the MRA, leaving a balance of US$55.6 million. Using net proceeds and cash retained on our balance sheet, we repaid approximately US$317 million of debt. We have announced the potential sale of another asset, Figueroa, in March 2026, and anticipate completion of the sale by 2Q20261. In the second half of 2025, we spent a considerable amount of time and energy putting together the Growth and Value Up Plan and negotiating with lenders on the MRA Concessions. We are grateful that our Unitholders have voted in favour of the Disposition and Acquisition Mandates, and lenders have also approved the MRA Concessions – namely a six-month extension of the asset disposal deadline as well as an extension of the temporary relaxation of the unencumbered gearing and Bank ICR covenants. The mandates will enable us to diversify our portfolio beyond the U.S. office sector into assets such as industrial, living sector and retail, both in the U.S. and Canada, while the concessions granted by lenders will give us more time to achieve the Minimum Sale Target. 1 The buyer's signing of the purchase and sale agreement is subject to an approval process. If approved, the sale is expected to be completed by 2Q2026. / 9 / MANULIFE US REIT
RkJQdWJsaXNoZXIy NTM2MDQ5