NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 24 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to the related party information disclosed elsewhere in the financial statements, the following significant related party transactions were carried out at terms agreed between the parties during the financial years: Group 2025 2024 US$’000 US$’000 Interest expense paid/payable to a related party1 243 − Interest expense paid/payable pursuant to the Sponsor-Lender Loan 10,052 10,117 Rental received/receivable from a related party 363 667 Manager’s divestment fee paid/payable 835 556 Manager’s base fee paid/payable 2,838 4,251 Property manager’s management fee paid/payable 3,049 4,241 Trustee’s fee paid/payable2 218 233 Leasing fees to a related party 126 551 Construction supervision fees to a related party 31 750 Reimbursements to a related party 2,594 3,970 Settlement of liabilities including withholding taxes 498 587 1 This relates to the interest expense of the loan transferred (Note 9) for the period from the date of transfer to 31 December 2025. 2 Including fees incurred in connection with the divestments during the year (Note 6) and the costs incurred in relation to the MRA Concessions (Note 9), which has been included as part of the loss on disposal of investment properties and unamortised transaction costs respectively. 25 FINANCIAL RATIOS Group 2025 2024 % % Ratio of expenses to weighted average net assets1 – including performance component of the Manager’s management fees 1.28 1.17 – excluding performance component of the Manager’s management fees 1.28 1.17 Portfolio turnover rate2 − − 1 The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses, finance expenses, net foreign exchange differences and income tax expense. The Group did not incur any performance fee for the financial year ended 31 December 2025 and 31 December 2024. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value in accordance with the formulae stated in the CIS Code. 26 SUBSEQUENT EVENTS On 30 March 2026, the Manager announced the Proposed Divestment of Figueroa. Please refer to the announcement titled “Divestment of Property Known as Figueroa Located in Los Angeles, California” dated 30 March 2026, as well as Notes 2.3 and 6 for more information on the Proposed Divestment. 27 AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE The financial statements were authorised for issue by the Manager and the Trustee on 31 March 2026. / 147 / MANULIFE US REIT
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