Top 10 Tenants by GRI (%) The portfolio’s top 10 tenants have a long WALE of 4.4 years by GRI. Most of these anchor tenants include headquarters, listed companies as well as government agencies. This reflects the portfolio’s high quality and stability. As at 31 December 2025, the total number of tenants was 96, and no tenant contributed more than 8.4% of MUST's GRI. Tenant % of Portfolio GRI 1 The William Carter Co. 8.4 2 Hyundai Capital 7.4 3 United Nations 5.9 4 ACE 5.4 5 US Treasury 5.3 6 Gibson, Dunn & Crutcher, LLP 4.5 7 Amazon 4.3 8 Kuehne + Nagel 3.6 9 Quinn Emanuel 3.3 10 CoStar Group 3.3 Total % of Portfolio GRI 51.4 Note: Amounts may not sum to 51.4% for top 10 tenants table due to rounding. Portfolio Valuation Signals Stabilisation and Recovery in Most Submarkets MUST's portfolio valuation declined marginally by 1.6% to US$913.8 million as at 31 December 2025, compared to US$928.9 million a year ago. Compared to 2024, there was nominal change in portfolio weighted average discount rates (-12 basis points) and weighted average terminal capitalisation rates (+4 basis points), reflecting improved fundamentals across certain submarkets. Across MUST’s portfolio, four properties saw valuation gains while three recorded losses. Excluding Figueroa which has been classified as an asset held for sale at the estimated net sale consideration, portfolio valuation stayed relatively flat at US$815.7 million, compared to US$811.9 million a year ago. Phipps and Michelson recorded the largest valuation improvements of 6.8% and 5.0% respectively. For Phipps, new leases executed led the appraiser to assume lower discount and terminal capitalisation rates, increased market rent growth, lower static vacancy rates, and higher market rents. Michelson also saw an increase in interest by potential and existing tenants, and favourable economics of the lease proposals led the appraiser to lower the discount rate, increase market rent and reduce the free rent. MUST’s Growth and Value Up Plan With Unitholders’ support secured for MUST’s Growth and Value Up Plan, the Manager will focus on property dispositions to meet the Minimum Sale Target as well as to recycle proceeds into acquisitions for growth. Under the Disposition Mandate, the Manager is authorised to sell up to three existing properties, raising no more than US$350 million by April 2027. Proceeds will be allocated to portfolio revitalisation, debt repayment, and funding Capex, TIs and leasing costs. Property, Location Valuation 31 December 20251 (US$ m) 31 December 20241 (US$ m) Change (%) Change by Tranche2 Phipps, Atlanta 192.5 180.2 6.8 Tranche 3 (+5.8%) Michelson, Irvine 230.4 219.5 5.0 Exchange, New Jersey 191.4 211.6 -9.5 Tranche 2 (-9.5%) Centerpointe, Washington, D.C. 76.7 75.9 1.1 Tranche 1 (-5.7%) Penn, Washington, D.C. 79.8 79.1 0.9 Diablo, Tempe 44.9 45.6 -1.5 Figueroa, Los Angeles 98.1 117.0 -16.2 Total 913.8 928.9 -1.6 Total excluding Figueroa 815.7 811.9 +0.5 Under the Acquisition Mandate, the Manager may acquire one or more properties or investments outside the office sector, with a cap of US$600 million, until April 2027. It will prioritise identifying opportunities in the industrial, living, and retail sectors in the U.S. and Canada which offer higher yields, lower Capex, and more resilient growth prospects. These sectors are better aligned with evolving market dynamics, enabling the REIT to enhance Unitholder value and establish a growth trajectory moving forward. 1 Valuations by Cushman & Wakefield of Texas, Inc. 2 Refer to slide 8 of the 14 December 2023 Extraordinary General Meeting Presentation for details on the asset tranches. / 25 / MANULIFE US REIT
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