1 US$3.8 million was retained for general corporate and working capital purposes in 2H2022 and the distribution amount to Unitholders of MUST (Unitholders) for FY2022 was US$84.1 million. 2 MUST has halted distributions to Unitholders since 2023 pursuant to the Recapitalisation Plan, MRA and MRA Concessions. For more information on the MRA Concessions and the Growth and Value Up Plan, please refer to the circular to Unitholders dated 1 December 2025, as well as the announcements dated 11 December 2025, 15 December 2025 and 24 December 2025, respectively. 3 Based on income available for distribution divided by the number of units in issue as at end of each year. 4 Based on DPU paid. 5 Excluding the Sponsor-lender loan exit premium. Including the Sponsor-lender loan exit premium, the weighted average cost of debt would be approximately 5.25% for FY2025 (FY2024: 5.03%). 6 Reinstatement Conditions are as follows: (i) consolidated total liabilities to consolidated deposited properties (as defined in the MRA) being no more than 50%; (ii) minimum interest coverage ratio of 1.5 times; and (iii) there being no default continuing for at least one full financial quarter after Manulife US REIT delivers its financial statement, evidencing compliance with (i) and (ii). Key Financial Indicators FY2025 FY2024 FY2023 FY2022 FY2021 Gross borrowings (US$ million) 559.0 745.0 925.7 1,032.7 975.0 Aggregate leverage (%) 58.4 60.8 58.3 48.8 42.8 Weighted average cost of debt (%) 4.585 4.535 4.15 3.74 2.82 Weighted average debt maturity (years) 2.3 2.9 3.3 2.8 2.4 Interest coverage ratio (ICR) (times) 1.7 1.7 2.4 3.1 3.4 Market capitalisation (US$ million) 126.1 158.1 142.1 533.0 1,175.3 Portfolio FY2025 FY2024 FY2023 FY2022 FY2021 Assets under Management (AUM) (US$ billion) 0.9 1.1 1.4 1.9 2.2 Occupancy rate (%) 67.7 73.6 84.4 88.0 92.3 Distribution Halt Manulife US REIT’s distribution policy is to distribute at least 90.0% of its annual distributable income on a semiannual basis. Pursuant to the recapitalisation plan set out in the circular to Unitholders dated 29 November 2023 (Recapitalisation Plan) and the entry into the master restructuring agreement (Master Restructuring Agreement or MRA), Manulife US REIT halted distributions to Unitholders since 2023. On 23 December 2025, the lenders of the existing facilities granted certain concessions which include an extension of the disposal deadline and an extension of the temporary relaxation of the financial covenants (collectively, the MRA Concessions). Further to the granting of the MRA Concessions, the lenders have required Manulife US REIT to keep half-yearly distributions to Unitholders suspended until the later of the achievement of the Reinstatement Conditions6 and the period during which the bank interest coverage ratio (Bank ICR) relaxation remains in effect. Net Property Income (NPI) (US$ million) Aggregate Leverage (%) Income Available for Distribution (US$ million) Income Available for Distribution/Distribution per Unit2 (US cents) Occupancy Rate (%) Weighted Average Lease Expiry (WALE) by net lettable area (NLA) (years) 53.2 58.4 25.5 1.443 67.7 4.5 FY2025 FINANCIAL & PORTFOLIO HIGHLIGHTS FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 53.2 25.5 67.7 58.4 4.5 79.9 60.8 38.3 73.6 2.153 1.443 5.0 114.6 58.3 74.3 84.4 4.183 5.0 113.2 48.8 87.91 88.0 4.754 4.7 109.5 42.8 85.6 92.3 5.334 5.1 / 6 / EXPANDING HORIZONS
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