NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 18 FINANCE EXPENSES Group 2025 2024 US$’000 US$’000 Interest expense on loans and borrowings 28,650 39,643 Fee in relation to Master Restructuring Agreement1 − 2,280 Amortisation of upfront debt-related transaction costs 1,372 1,977 Exit premium on Sponsor-Lender Loan 4,124 3,721 Dividends on preferred units 119 151 Redemption of preferred units 67 33 Commitment and financing fees 276 294 34,608 48,099 1 The Group has recognised a fee of US$2.3 million as at 31 December 2024 as the 2024 Net Proceeds Target under the MRA had not been achieved. This was computed based on the higher of (A) a flat fee of 1% on the shortfall amount between the 2024 Net Proceeds Target and the cumulative net sale proceeds actually received, and (B) an additional interest margin payment, at a rate of 0.75% per annum on the outstanding amounts under the existing facilities as at 31 December 2024 for a period of 180 days. 19 TAX EXPENSE/(INCOME) Group 2025 2024 US$’000 US$’000 Current tax expense Income tax 99 382 Withholding tax 350 461 Overprovision in respect of previous year − (165) 449 678 Deferred tax expense/(income) Movement in temporary differences 3,629 (777) 4,078 (99) Reconciliation of effective tax rate Net loss for the year before tax (83,575) (178,102) Tax calculated using Singapore tax rate of 17% (2024: 17%) (14,208) (30,277) Effect of different tax rate and basis in foreign jurisdictions 15,701 18,692 Expenses not deductible for tax purposes 1,983 2,818 Change in unrecognised temporary differences 252 8,372 Withholding tax 350 461 Overprovision in respect of previous year − (165) 4,078 (99) / 137 / MANULIFE US REIT
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