NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 7 INVESTMENT IN SUBSIDIARIES (CONT’D) Name of subsidiaries Country of incorporation Principal activities Effective equity interest held 2025 2024 % % Indirect subsidiaries (cont’d) Hancock S-REIT SECA LLC2 United States Property owner 100 100 Hancock S-REIT JCITY LLC2 United States Property owner 100 100 Hancock S-REIT DC 1750 LLC2 United States Property owner 100 100 Hancock S-REIT ATL Phipps LLC2 United States Property owner 100 100 Hancock S-REIT Centerpointe LLC2 United States Property owner 100 100 Hancock S-REIT Sacramento LLC3 United States Property owner – 100 Hancock S-REIT Tempe LLC2 United States Property owner 100 100 1 Audited by Ernst & Young LLP Singapore 2 Audited by a member of Ernst & Young Global Limited 3 Liquidation completed in 2025 8 TRADE AND OTHER PAYABLES Group Trust 2025 2024 2025 2024 US$’000 US$’000 US$’000 US$’000 Current Trade payables 292 893 − − Accrued expenses 25,507 23,594 8,781 7,645 Accrued capital expenditure 1,343 244 − − Property tax payable 734 2,051 − − Interest payable 2,627 4,052 2,572 3,983 Withholding tax payable 312 461 312 461 Other payables 852 786 389 289 Deferred revenue 658 779 − − 32,325 32,860 12,054 12,378 Non-current Deferred revenue 3,291 3,949 − − 35,616 36,809 12,054 12,378 As at 31 December 2025, accrued expenses include accrual for the Manager’s base fee of US$7.1 million (2024: US$4.3 million), and property management fee of US$9.8 million (2024: US$6.8 million). As at 31 December 2024, accrued expenses also included the fee payable to lenders in relation to the 2024 Net Proceeds Target of US$2.3 million. Other payables include tenant improvement payables of US$0.2 million (2024: US$0.2 million). Deferred revenue relates to fees received in relation to lease termination and amendments for certain tenants to be amortised over the remaining lease term. / 127 / MANULIFE US REIT
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