NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 7 INVESTMENT IN SUBSIDIARIES Trust 2025 2024 US$’000 US$’000 Unquoted equity investment, at cost 1,674,901 1,847,351 Impairment losses (785,815) (719,294) 889,086 1,128,057 During the year, the Trust has assessed the carrying amount of the investments in subsidiaries following indicators of impairment mainly from a decrease in fair value of investment properties held by subsidiaries, and recognised an impairment loss of US$66.5 million (2024: US$152.1 million) on its investment in subsidiaries. The recoverable amounts of the subsidiaries were assessed based on fair value less costs to sell, estimated based on the net assets of the subsidiaries which approximates their fair values as at the reporting date. The fair value measurement was categorised as level 3 on the fair value hierarchy, and the information on the fair value of the investment properties held by the subsidiaries that the recoverable amounts are based on is provided in Note 6. Details of the key subsidiaries of the Trust are as follows: Name of subsidiaries Country of incorporation Principal activities Effective equity interest held 2025 2024 % % Direct subsidiaries Manulife US REIT Alpha (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 2 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 3 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 5 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 6 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 7 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 8 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 9 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Manulife US REIT Beta 10 (Singapore) Pte. Ltd.1 Singapore Investment holding 100 100 Indirect subsidiaries Hancock S-REIT Parent Corp.2 United States Investment holding 100 100 Hancock S-REIT LA Corp.2 United States Property owner 100 100 Hancock S-REIT Irvine Corp.2 United States Property owner 100 100 Hancock S-REIT ATL LLC2 United States Property owner 100 100 / 126 / EXPANDING HORIZONS
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