NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 13 UNITS IN ISSUE AND TO BE ISSUED (CONT’D) Each Unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the Trust Deed and included the right to: • receive income and other distributions attributable to the Units held; • participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust; and • attend all Unitholders’ meetings. The Trustee or the Manager convenes a meeting or unless not less than 50 Unitholders or Unitholders representing not less than 10% of the total Units issued give written request for a meeting to be convened. A Unitholder has no equitable or proprietary interest in the underlying asset of the Group and is not entitled to the transfer to it of any asset (or any part thereof) or of any real estate or interest in any asset and the real estate-related assets (or any part thereof) of the Group. A Unitholder’s liability is limited to the amount paid or payable for any Units. The provisions of the Trust Deed provide that no Unitholders will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that liabilities of the Trust exceed its assets. As disclosed under Distribution Statement, the Trust has halted distributions to Unitholders since 2023. Further to the granting of the MRA Concessions, the lenders have required Manulife US REIT to keep half-yearly distributions to Unitholders suspended until the later of the achievement of the Reinstatement Conditions and the period during which the Bank ICR relaxation remains in effect. 14 NET ASSET VALUE PER UNIT Note Group Trust 2025 2024 2025 2024 Net asset value per Unit is based on: – Net assets (US$’000) 342,979 430,632 342,814 430,378 – Total Units issued and to be issued at 31 December (’000) 13 1,835,124 1,835,124 1,835,124 1,835,124 / 135 / MANULIFE US REIT
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