NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 12 DEFERRED TAX LIABILITIES (CONT'D) Deferred income tax assets are recognised for changes in fair value of investment properties carried forward to the extent that realisation of the related tax benefits through future taxable profits is probable. As at 31 December 2025, the Group had unrecognised deferred tax assets of US$131.9 million (2024: US$149.7 million) arising from changes in fair value of investment properties at the end of the financial year which can be carried forward and used to offset against future fair value changes subject to meeting certain requirements. 13 UNITS IN ISSUE AND TO BE ISSUED Group and Trust 2025 2024 No of Units ’000 US$’000 No of Units ’000 US$’000 As at 1 January / 31 December Units in issue 1,776,565 1,227,728 1,776,565 1,227,728 Units to be issued Manager’s base fee payable in Units 35,541 7,985 35,541 7,985 Property Manager’s management fees payable in Units 23,018 5,132 23,018 5,132 58,559 13,117 58,559 13,117 Total Units issued and to be issued 1,835,124 1,240,845 1,835,124 1,240,845 For the financial years ended 31 December 2025 and 31 December 2024, • The Manager deferred the issuance of units in Manulife US REIT in relation to the Manager’s base fee and the Property Manager’s management fee for the periods from 1 July 2022 to 31 December 2022 (“2H 2022”) and 1 January 2023 to 30 June 2023 (“1H 2023”) to a date where the Manager is satisfied that such issuance would be in compliance with the unit ownership limit of 9.8% prescribed in the Trust Deed. • There are 21,859,395 Units to be issued in satisfaction of the Manager’s base fee and Property Manager’s management fee for 2H 2022 based on the volume weighted average price for the last 10 Business Days immediately preceding 31 December 2022 of US$0.3118, and 36,699,067 Units to be issued in satisfaction of the Manager’s base fee and Property Manager’s management fee for 1H 2023 based on the volume weighted average price for the last 10 Business Days immediately preceding 30 June 2023 of US$0.1717. Actual Units from payment of property management fees may be different as it will be based on the higher of (i) volume weighted average price for last 10 Business Days immediately preceding 31 December 2022 and 30 June 2023 respectively, or (ii) the closing price on the day of issuance of Units in payment of property management fees. / 134 / EXPANDING HORIZONS
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