KEY EVENTS The Manager’s foremost focus in 2025 was fulfilling the requirements of its MRA with lenders, while charting a forward path for the REIT towards recovery and growth. Beyond maximising returns from property dispositions, this also includes broadening its investment mandate to target higheryielding assets in the industrial, living and retail sectors that require lower Capex than office and offer more resilient growth prospects. During the year, the Manager completed the sale of two properties, Plaza in New Jersey and Peachtree in Atlanta, for aggregate net proceeds of US$163.6 million combined. This, along with US$25.0 million of cash, was used to repay debt, leaving only US$35.6 million of loans maturing in 2026, with the remaining loans due from 2027 to 2029. The Manager received Unitholders’ approval for two key mandates at the Extraordinary General Meeting (EGM) on 16 December 2025. These mandates were the Disposition Mandate, which allows the sale of up to three existing properties to raise no more than US$350 million, and the Acquisition Mandate, which permits the purchase of one or more properties and investments outside the office sector, capped at US$600 million1. At the same time, lenders granted MUST the MRA Concessions, namely, a six-month extension of the deadline to meet the Minimum Sale Target of US$328.7 million until 30 June 2026, and a temporary relaxation of the unencumbered gearing covenant and bank interest coverage ratio covenant. This, together with the approved mandates, will not only provide MUST time and flexibility to meet the MRA requirements, but will also enable the Manager to calibrate a diversified portfolio that enhances cash flow stability against market volatility and increases long-term returns for Unitholders. Acquisitions at lower leverage ratios will also enable MUST to reduce its aggregate leverage, while improving its cash flows and credit profile. Recovery Growth Stabilisation 1 Please refer to the circular dated 1 December 2025 for further details on the terms of the Disposition Mandate and Acquisition Mandate. Peachtree During the year, the Manager completed the sale of two properties— Plaza in New Jersey and Peachtree in Atlanta. / 12 / EXPANDING HORIZONS
RkJQdWJsaXNoZXIy NTM2MDQ5