NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 11 PREFERRED UNITS Group 2025 2024 US$’000 US$’000 As at 1 January 822 904 Redemption (net of transaction costs) (163) (82) 31 December 659 822 In connection with the divestments of Plaza and Peachtree, Hancock S-REIT SECA LLC, which held the Plaza property, and Hancock S-REIT ATL LLC, which held the Peachtree property, redeemed all outstanding preferred units held by the preferred unitholders on 10 March 2025 and 11 June 2025 respectively. The total cash paid for the redemption of approximately US$0.2 million was funded from internal resources. In connection with the divestment of Capitol, Hancock S-REIT Sacramento LLC, which held the Capitol property, redeemed all outstanding preferred units held by the preferred unitholders on 21 November 2024 and the total cash paid for the redemption of approximately US$0.1 million was funded from internal resources. The preferred units are issued by indirect subsidiaries of the Trust with a par value of US$0.01 per preferred unit, and they rank senior to all units of the indirect subsidiaries. Each holder of the preferred units is entitled to receive cumulative preferential cash dividends (recorded as finance expense) at a rate 12.0% per annum per preferred unit plus all accrued and unpaid dividends which is payable annually in arrears. The preferred units are not convertible into, or exchangeable for, any other property or securities of the subsidiaries. The Board of Directors of the subsidiaries may, in its sole and absolute discretion, cause the subsidiaries to redeem units of the preferred units at US$1,000 per unit plus all accrued and unpaid dividends. The preferred units have been classified as financial liabilities in accordance with IAS 32. 12 DEFERRED TAX LIABILITIES Group 2025 2024 US$’000 US$’000 Investment properties 3,629 − At 31 December 2023 Disposal Statement of Comprehensive Income (Note 19) At 31 December 2024 Disposal Statement of Comprehensive Income (Note 19) At 31 December 2025 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Deferred tax liabilities Investment properties – Change in fair value of investment properties (85,514) 6,058 (14,422) (93,878) 18,037 (8,199) (84,040) – Tax depreciation 86,291 (6,058) 13,645 93,878 (18,037) 11,828 87,669 777 − (777) − − 3,629 3,629 / 133 / MANULIFE US REIT
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