FINANCIAL REVIEW Capital Management The Manager continues to maintain a proactive and prudent capital management approach, limiting Capex to essential spending while working on executing its Recapitalisation Plan. MUST completed the divestments of Plaza and Peachtree in 2025, bringing the cumulative net proceeds raised from divestments since 2024 to US$273.1 million, approximately 83% of the Minimum Sale Target under the MRA. Utilising the net proceeds from divestments and available cash, the REIT repaid US$186.0 million of debt during the year. On 23 December 2025, the following concessions (MRA Concessions) were granted by MUST’s lenders: (i) an extension of the disposal deadline from 31 December 2025 to 30 June 2026 (Disposal Deadline); and (ii) an extension of the temporary relaxation of the financial covenants as follows: (a) the Unencumbered Gearing being not more than 80% (compared to 60%) from 31 December 2025 to 30 June 2026 and (b) the Bank ICR being no less than 1.5 times (compared to 2.0 times) from 31 December 2025 to 31 December 2026 Further to the granting of the MRA Concessions, the lenders have required MUST 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. Looking ahead, the Manager will remain focused on executing further asset divestments under the Disposition Mandate to meet the Minimum Sale Target by the Disposal Deadline, as well as acquisitions in line with the Acquisition Mandate, both of which will enable MUST to deleverage on a going forward basis. Debt Maturity Profile As at 31 December 2025, the total gross outstanding debt of MUST was US$559.0 million with an aggregate leverage of 58.4%, a decrease from 60.8% as at 31 December 2024, mainly due to the impact of debt repayments during the year with net divestment proceeds and available cash. The Property Funds Appendix states that the aggregate leverage limit is not considered to be breached if exceeding the limit is due to circumstances beyond the control of the Manager. As a decline in the valuation of investment properties has resulted in the aggregate leverage of MUST exceeding 50.0%, there is no breach of the aggregate leverage limit as defined by the Property Funds Appendix. However, the Manager will not be able to incur additional1 indebtedness. Accordingly, MUST would have to fund Capex, TI allowances and leasing costs with available cash, cash from operations and through proceeds from further dispositions. MUST’s debt maturity profile remains well-staggered with a weighted average debt maturity of approximately 2.3 years as at 31 December 2025. The next upcoming debt maturity of US$35.6 million is due in July 2026, and this will be repaid with net proceeds from further divestments. As at 31 December 2025, 74.6% of the gross borrowings have fixed rates or have been hedged with derivative financial instruments, which reduces short-term interest rate risk. MUST targets to maintain an optimal hedge ratio of 50% to 80% as it repays debt with proceeds from the expected sale of assets in line with the Recapitalisation Plan. Over the next four years, there is no more than 38.7% of debt maturing in any year. The fair value of the derivatives represents 0.9% of the net assets of MUST as at 31 December 2025. Debt Maturity Profile as at 31 December 2025 (US$ m) 2029 137.0 2028 216.2 2027 170.3 2026 35.6 Trust-level term loan Sponsor-lender loan 1 The Manager has obtained a waiver from this requirement under the Property Funds Appendix in relation to the Acquisition Mandate. Please refer to the announcement dated 11 December 2025 for further information. Note: Percentages may not sum to 100% due to rounding % of total debt 6.4% 30.5% 38.7% 24.5% / 22 / EXPANDING HORIZONS
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