ANNUAL REPORT 2 0 2 5 Expanding Horizons
Manulife US Real Estate Investment Trust (MUST or the REIT) is a Singapore real estate investment trust (REIT) listed on the Singapore Exchange Securities Trading Limited (SGX-ST) since 20 May 2016. Its investment strategy is to principally invest, directly or indirectly, in income-producing real estate in the United States (U.S.) and Canada, as well as real estate-related assets. As at 31 December 2025, MUST’s portfolio comprised seven freehold office properties in Arizona, California, Georgia, New Jersey, Virginia and the Washington, D.C. metropolitan statistical area, with assets under management of US$0.9 billion. The REIT is managed by Manulife US Real Estate Management Pte. Ltd. (the Manager) which is whollyowned by the Sponsor, The Manufacturers Life Insurance Company (Manulife), part of the Manulife Group. The Sponsor’s parent company, Manulife Financial Corporation (MFC), is a leading international financial services provider that helps people make their decisions easier and lives better. It operates as John Hancock in the U.S., and Manulife elsewhere, providing financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. ABOUT MUST Mission To provide Unitholders with sustainable distributions and riskadjusted total returns Vision To create longterm value for stakeholders by building a resilient and diversified U.S. real estate portfolio
6 FY2025 Financial & Portfolio Highlights 8 Chairman’s Message 9 In Conversation with Management 12 Key Events 14 Board of Directors 17 Organisation Chart/Trust and Tax Structure 18 Management Team 20 Financial Review 23 Operational Review 26 Portfolio Overview 35 Independent Market Report 50 Investor and Media Relations 54 Enterprise Risk Management 60 Sustainability Overview 64 Corporate Governance 90 Interested Person Transactions 91 Statistics of Unitholdings 93 Financial Statements Contents / 1 / MANULIFE US REIT
/ 2 / EXPANDING HORIZONS
Path to Recovery / 3 / MANULIFE US REIT
Value-driven Strategy / 4 / EXPANDING HORIZONS
/ 5 / MANULIFE US REIT
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
Total Trading Volume in FY2025 1,119.9 m units Number of Units in Issue as at 31 December 2025 1,776.6 m units Market Capitalisation as at 31 December 2025 US$126.1 m Open (2 January 2025) US$0.089 Close (31 December 2025) US$0.071 Average Daily Trading Volume in FY2025 4.5 m units Low (9 April 2025) US$0.053 High (22 January 2025) US$0.102 Jan Mar May Jul Feb Apr Jun Aug Sep Oct Nov Dec -40% 40% 0% 20% -20% 22.7% 11.3% FTSE ST REIT Index MUST Straits Times Index -20.2% Monthly Trading Performance in 2025 Jan Mar May Jul Feb Apr Jun Aug Sep Oct Nov Dec 180 160 140 120 100 80 60 40 20 0.10 0.08 0.06 0.04 0.02 0 Unit price (US$) Total trading volume (million units) 89.8 0.095 121.4 46.6 0.063 91.0 0.068 71.7 0.073 Total Trading Volume Unit Price at the end of each month 119.9 153.9 60.9 51.1 50.1 139.5 0.066 0.076 0.076 0.072 0.076 0.071 MUST FTSE ST REIT Index Straits Times Index Relative Price Performance in 2025 (%) 124.1 0.063 0.072 Unit Price Performance / 7 / MANULIFE US REIT
CHAIRMAN’S MESSAGE Dear Unitholders, In 2025, we came within striking distance of achieving the Minimum Sale Target1 under the MRA, with the disposition of Plaza and Peachtree. This was despite persistent headwinds and the slow recovery in the U.S. office market. Historically, peak-to-trough recovery periods in the U.S. office sector have spanned approximately two years, but the current cycle since COVID-19 has exceeded that timeframe, reflecting larger market forces that may be slowing the recovery. Having made substantial progress through three asset disposals and repaid US$317 million of debt since the Recapitalisation Plan was announced in late 2023, the Manager in December 2025 announced its Growth and Value Up Plan, designed to revitalise MUST’s portfolio to improve its diversification and long-term value creation for Unitholders. This is not a new plan. Since the MRA took effect at the end of 2023, the strategy has always been to guide MUST through the phases of Stabilisation, Recovery and Growth. The MRA was intended as the first step, with the Growth and Value Up Plan constituting the next phase of the strategy. This is because focusing solely on debt repayment will not create value for Unitholders. Our objective has always been to transition to growth. Once the Minimum Sale Target is achieved, we must move beyond divesting to grow the REIT. Recapitalisation Plan Progress Since late 2023, we have adopted a four-pillar strategic framework focused on risk management, capital markets, asset level strategy and portfolio optimisation. Our primary focus has been on risk management, as MUST remains under the MRA and needs to meet the Minimum Sale Target. The sale of the two properties in 2025, along with Capitol in October 2024, has enabled us to achieve approximately 83% of the target, leaving us with a balance of US$55.6 million. Under capital markets, we are constantly considering movements in the debt and equity markets, as well as liquidity in office transactions, so as to extract the maximum value from properties that we sell. Under asset level strategy, we have been focused on strengthening asset performance with strategic leasing that maximises the REIT’s liquidity and optimises its capital. In terms of portfolio optimisation, we are focused on pursuing quality assets with higher yields versus simply paying off debt, and look forward to going on the offence as we selectively sell properties and/or invest in attractive opportunities. While we are working towards exiting the MRA, we have also presented and Unitholders have approved the Growth and Value Up Plan, which will lay the groundwork for a sustainable recovery and growth. Building for Sustainable Growth With a broadened investment mandate, we will take advantage of the cyclical nature of and dislocations in the market to actively consider diversification opportunities beyond office, especially within the industrial, living and retail sectors in the U.S. and Canada. We have a mandate to sell up to US$350 million of office assets to fund these acquisitions, as well as to repay debt and fund capital expenditure (Capex). These subsectors have historically generated higher yields and required lower Capex than office. In 2026, the Growth and Value Up Plan will strengthen our competitive edge as both a seller and buyer, while enabling a strategic pivot into more resilient asset classes that will enhance Unitholder value. We will work closely with our Sponsor, Manulife, to source for quality acquisitions through its global real estate platform and expertise. The Sponsor has both expertise and experience in the U.S. and Canada, including investment and asset management teams to source for acquisitions and manage the assets thereafter. The management team, comprising John and Mushtaque, also bring a combined 60 years of experience across the industrial, office, retail and living sectors, spanning acquisition, asset management and financial management. Appreciation I would like to thank our Unitholders for their patience and continued support, including their approval of the Growth and Value Up Plan. I am also grateful to our Board, management team and employees for their dedication, and to our Lenders and Sponsor for their steadfast support. While challenges remain, MUST is making steady progress from Stabilisation towards Recovery and Growth. With a clear strategic direction, disciplined execution, and the continued support of our stakeholders, we target to be able to resume income distribution, so as to return value to our Unitholders in a sustainable manner. Sincerely, Marc Feliciano Chairman 1 Minimum Sale Target refers to the minimum aggregate net sale proceeds of US$328.7 million to be raised pursuant to the MRA. / 8 / EXPANDING HORIZONS
FROM LEFT MUSHTAQUE ALI Chief Financial Officer JOHN CASASANTE Chief Executive Officer and Chief Investment Officer IN CONVERSATION WITH MANAGEMENT Q1 What are some of MUST’s significant achievements in 2025? A John: Our key priority was to meet the obligations of the MRA. Despite tariff-driven uncertainty and continued challenges in the U.S. office sector which hampered our progress along the way, we completed the sale of two properties – Plaza in February and Peachtree in May. Coupled with the sale of Capitol in October 2024, we raised a total of US$273.1 million. This enabled us to meet 83% of the Minimum Sale Target of US$328.7 million under the MRA, leaving a balance of US$55.6 million. Using net proceeds and cash retained on our balance sheet, we repaid approximately US$317 million of debt. We have announced the potential sale of another asset, Figueroa, in March 2026, and anticipate completion of the sale by 2Q20261. In the second half of 2025, we spent a considerable amount of time and energy putting together the Growth and Value Up Plan and negotiating with lenders on the MRA Concessions. We are grateful that our Unitholders have voted in favour of the Disposition and Acquisition Mandates, and lenders have also approved the MRA Concessions – namely a six-month extension of the asset disposal deadline as well as an extension of the temporary relaxation of the unencumbered gearing and Bank ICR covenants. The mandates will enable us to diversify our portfolio beyond the U.S. office sector into assets such as industrial, living sector and retail, both in the U.S. and Canada, while the concessions granted by lenders will give us more time to achieve the Minimum Sale Target. 1 The buyer's signing of the purchase and sale agreement is subject to an approval process. If approved, the sale is expected to be completed by 2Q2026. / 9 / MANULIFE US REIT
IN CONVERSATION WITH MANAGEMENT Our same-store portfolio valuation dipped 1.6% to US$913.8 million as at 31 December 2025, compared to US$928.9 million as at 31 December 2024. This reflects overall stabilisation and improvement across select U.S. office submarkets, and hopefully signals stronger performance going forward. Excluding Figueroa in Downtown Los Angeles which has been reclassified as an asset held for sale, portfolio valuation stayed relatively flat at US$815.7 million, compared to US$811.9 million a year ago. Q2 Why does MUST need the Growth and Value Up Plan? Why can’t the Manager work on simply improving the existing portfolio? A John: Asset level strategy remains one of the four key pillars of our strategy to growth, so we will continue to actively and strategically manage our existing portfolio to improve its returns alongside the Growth and Value Up Plan. For instance, we have continued to execute strategic leases at our portfolio to optimise the return on our capital. This strategy has enabled us to secure new leases at Phipps, Exchange, Figueroa and Centerpointe at tenant improvement (TI) allowances that are significantly below market. In fact, for leases signed with TIs in FY2025, their TI allowances averaged approximately US$43 psf, around 30% below prevailing market levels, underscoring the effectiveness of our leasing approach. However, structural challenges remain. Some office submarkets still face challenges such as high tenant concessions, while opportunities to reposition other assets can be capital intensive and complex. We have evaluated options such as converting Diablo into a data centre or industrial asset, as well as converting office properties to residential use. We continue to explore such opportunities to convert and repurpose our assets. The Growth and Value Up Plan is necessary to pave the way for us to exit the MRA and to provide a future runway for growth. The Plan, together with the MRA Concessions, gives us more time and flexibility to dispose of assets to plug the gap in the Minimum Sale Target as well as to acquire higher yielding real estate with lower Capex needs to create long-term value for Unitholders. A diversified portfolio with stronger yields will also improve our refinancing prospects. A plan comprising solely of disposing assets would not have been viable without growth and would have resulted in unintended liquidation for MUST. The Growth and Value Up Plan also helps MUST to improve its cashflows and credit profile as it acquires properties at lower leverage ratios. This will enable us to resume sustainable cash distributions to Unitholders, underpinned by a more resilient portfolio and cash position. Q3 What is your capital management strategy in view of the upcoming debt maturities and the uncertain interest rate environment in 2026? A Mushtaque: In 2025, we repaid approximately US$186 million of debts, leaving approximately US$35.6 million of loans maturing in July 2026, with the remaining loans maturing between 2027 and 2029. We expect to fully repay this outstanding amount with divestment proceeds by 30 June 2026. Any further divestments under the Disposition Mandate will provide additional flexibility to further The Growth and Value Up Plan is necessary to pave the way for us to exit the MRA and to provide a future runway for growth. The Plan, together with the MRA Concessions, gives us more time and flexibility to dispose of assets to plug the gap in the Minimum Sale Target as well as to acquire higher yielding real estate with lower Capex needs to create long-term value for Unitholders. / 10 / EXPANDING HORIZONS
pare down outstanding debt to lower our aggregate leverage and strengthen our overall balance sheet. The interest rate outlook remains uncertain due to persistent inflationary and geopolitical pressures surrounding U.S. monetary policy. U.S. Treasury yields rose significantly in early March 2026, driven by surging oil prices and heightened inflation fears amidst the Middle East conflict. As at 31 December 2025, 74.6% of our total borrowings are fixed rate or hedged loans. We will continue to closely monitor the interest rate landscape, taking into account loan maturities and debt repayments, to determine the most appropriate hedging strategy. We will also maintain our focus on strengthening portfolio quality through disciplined capital allocation. Capital will be selectively redeployed into new acquisitions and/or investment into existing assets, where the opportunities provide higher risk-adjusted returns, with the goal of creating long-term value for Unitholders. Q4 What sustainability milestones did MUST achieve in 2025, and what are the plans for the year ahead? A John: Sustainability remains a cornerstone of our strategy and continues to guide our decision-making across the portfolio. In 2025, MUST earned a 5 Star rating in the GRESB Real Estate Assessment for the eighth consecutive year and achieved an ‘A’ grade in public disclosure, ranking second among 10 U.S. office peers. We were also ranked 13th out of 42 REITs and business trusts in the 2025 Singapore Governance and Transparency Index, underscoring strong governance practices. This year, we strengthened the transparency of our sustainability reporting by aligning our disclosures with the International Sustainability Standards Board (ISSB) framework and SGX RegCo’s Roadmap for Mandatory Climate Reporting. These enhancements reinforce our commitment to operating in accordance with global best practices and regulatory expectations. We delivered meaningful progress in our environmental performance, achieving significant reductions in energy intensity and greenhouse gas (GHG) emissions intensity compared to our 2018 baseline. In addition, we reached an important milestone by publishing our first disclosure of Scope 3 GHG emissions, reflecting our progress toward more comprehensive environmental reporting. Going forward, we will continue to work on deepening our understanding of our environmental impact. Our efforts will position us for long-term resilience and sustainable growth as we diversify beyond the U.S. office sector to include other property sectors in the U.S. and Canada. Q5 What are your key priorities in 2026? A Mushtaque: Our immediate priority is to meet the Minimum Sale Target under the MRA by 30 June 2026. With the approval of the Growth and Value Up Plan by our Unitholders, we do have greater flexibility to dispose of up to US$350 million of existing properties under the Disposition Mandate. We will optimise the allocation of divestment proceeds, either to repay debt, to fund investments under the Acquisition Mandate, or for capital expenditures, tenant incentives and leasing costs. Once we are able to exit the MRA, we will prioritise resuming distributions at a sustainable level1. Another of our key priorities in 2026 is to strengthen our cash flows and credit profile through strategic diversification into industrial, living sector and retail assets. We will target acquisitions funded with the capital structure of no more than 40% debt, so as to gradually lower the REIT’s aggregate leverage. We will also tap on our Sponsor’s platform and expertise to source for the best acquisition opportunities for MUST. Embarking on our portfolio diversification into higher yielding, less capital intensive assets will enable MUST to pivot to the Recovery and Growth phases, which was always the objective of the Recapitalisation Plan from the onset. This, alongside continuing to improve the performance of our existing portfolio through strategic leasing, will constitute our strategy for 2026. 1 Pursuant to the Recapitalisation Plan and the entry into the MRA, Manulife US REIT has halted distributions to Unitholders since 2023. 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 Conditions and the period during which the Bank ICR relaxation remains in effect. / 11 / MANULIFE US REIT
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
2026 2025 January 2025 • Announced portfolio valuation decline of 9.3% in FY2024 with signs of stabilisation in some submarkets, while other submarkets continued to face leasing challenges August 2025 • Income available for distribution of US$14.9 million for 1H2025 mainly due to loss of income from the sale of Capitol, Plaza and Peachtree • Ranked 13th among 42 REITs and Business Trusts in the Singapore Governance and Transparency Index (SGTI) 2025 October 2025 • Announced 11-year new lease with Banc of California to take 40,000 sq ft at Figueroa with signage rights • Retained highest rating and recognition in GRESB2: – Real Estate Assessment: 5 Star for the eighth year – Public Disclosure: ‘A’ grade, 2nd out of 10 U.S. office peers November 2025 • Announced 24-month lease renewal signed with US Treasury at Penn, starting August 20251 December 2025 • Tabled two resolutions at the EGM for the Disposition Mandate and Acquisition Mandate, and obtained strong support from Unitholders for both resolutions March 2026 • Income available for distribution of US$25.5 million for FY2025 mainly due to divestments of Capitol, Plaza and Peachtree, as well as higher vacancies and lower lease termination income • Portfolio valuation declined 1.6% to US$913.8 million, but was relatively flat at US$815.7 million without Figueroa which is held for sale 1 Includes a termination option after 12 months. 2 The GRESB Real Estate Assessment is a global standard for ESG benchmarking based on sustainability performance and best practices, while the Public Disclosure focuses on the transparency of listed real estate companies and REITs regarding their ESG commitments. April 2025 • Held in-person Annual General Meeting (AGM) on 30 April 2025 May 2025 • Sold Peachtree for net proceeds of US$123.6 million • Secured lenders’ approval to extend deadline for the disposal of assets by six months to 31 December 2025 June - July 2025 • Partially paid down debts due in 2026, 2027 and 2028 with net proceeds from Peachtree sale and US$25.0 million of cash February 2025 • Income available for distribution of US$38.3 million for FY2024 mainly due to lower rental and recoveries income from higher vacancies, lower lease termination income, and divestments of Tanasbourne, Park Place and Capitol • Sold Plaza for net proceeds of US$40.0 million March 2025 • Paid down US$40.0 million of MUST’s 2026 debts / 13 / MANULIFE US REIT
05 04 BOARD OF DIRECTORS 01 03 Marc Lawrence Feliciano, 55 Chairman Non-Executive Director Academic and Professional Qualifications Bachelor in Business Administration (with concentration in Taxation and Finance) and Master in Professional Accounting, University of Texas at Austin, U.S. Date of First Appointment as a Director 18 September 2023 Date of Last Reappointment as a Director 20 June 2025 Length of Service as a Director (as at 31 December 2025) 2 years 3 months Board Committee Served on Nominating and Remuneration Committee (Member) Present Directorships in other Listed Companies NIL Present other Principal Commitments Global Head of Real Estate, Private Markets, Manulife Investment Management Past Directorships or Principal Commitments held over the Preceding Three Years NIL Experience Over 30 years in public and private real estate investment management in the U.S., which includes significant workout experience 02 01 / 14 / EXPANDING HORIZONS
02 03 Koh Cher Chiew Francis, 74 Independent Non-Executive Director Lead Independent Director Academic and Professional Qualifications • Doctor of Philosophy, University of New South Wales, Australia • Master of Business Administration, University of British Columbia, Canada • Bachelor of Business Administration with Honours (Second Class Honours Upper Division), University of Singapore • CGMA, Chartered Global Management Accountant (U.K., U.S.) • FCMA, Chartered Institute of Management Accountants (U.K.) • CA, Institute of Singapore Chartered Accountants Date of First Appointment as a Director 21 October 2019 Date of Last Reappointment as a Director 25 June 2024 Length of Service as a Director (as at 31 December 2025) 6 years and 2 months Board Committee Served on • Audit and Risk Committee (Chairman) • Nominating and Remuneration Committee (Member) Present Directorships in other Listed Companies NIL Present other Principal Commitments • Singapore Management University (SMU) (Emeritus Professor of Finance) • Drs Koh & Partners Pte. Ltd. (Secretary, Director) • The Singapore Chinese Girls’ School (Director) Past Directorships or Principal Commitments held over the Preceding Three Years China Taiping Insurance (Singapore) Pte. Ltd. (Director) Experience • Over 40 years of experience in investment, consulting, executive development and public service • Previously Deputy Director of Government of Singapore Investment Corporation, involved in direct investments in various countries in Asia Veronica Julia McCann, 65 Non-Independent Non-Executive Director Academic and Professional Qualifications • CIMA, University of Central London • Chartered Institute of Management Accountants, Fellow Member • Chartered Global Management Accountants, Member Date of First Appointment as a Director 17 June 2015 Date of Last Reappointment as a Director 25 June 2024 Length of Service as a Director (as at 31 December 2025) 10 years and 6 months Board Committee Served on Audit and Risk Committee (Member) Present Directorships in other Listed Companies NIL Present other Principal Commitments Advanced MedTech Holdings Pte. Ltd. (Director) Past Directorships or Principal Commitments held over the Preceding Three Years NIL Experience • Over 30 years of experience in banking and finance • Previously Chief Financial Officer Asia and Deputy Chief Executive, Singapore at Commerzbank AG / 15 / MANULIFE US REIT
BOARD OF DIRECTORS 04 05 Choo Kian Koon, 74 Independent Non-Executive Director Academic and Professional Qualifications • Bachelor of Science in Estate Management, University of Singapore • Master of Philosophy in Environmental Planning, University of Nottingham • Doctor of Philosophy (Urban Planning) with Certificate of Achievement in Urban Design, University of Washington, U.S. • Singapore Institute of Planners, Affiliate Member • Singapore Institute of Surveyors and Valuers, Fellow Date of First Appointment as a Director 9 June 2017 Date of Last Reappointment as a Director 20 June 2025 Length of Service as a Director (as at 31 December 2025) 8 years and 6 months Board Committee Served on Nominating and Remuneration Committee (Member) Present Directorships in other Listed Companies NIL Present other Principal Commitments • VestAsia Group Pte. Ltd. (Chairman and Director) • Department of Real Estate, National University of Singapore (Adjunct Associate Professor) Past Directorships or Principal Commitments held over the Preceding Three Years Pan Hong Holdings Group Ltd. (Director) Experience • Over 40 years of experience in property industry • Previously Senior Vice President at CapitaLand and supervised the establishment of CapitaLand Mall Trust and CapitaLand Commercial Trust Karen Tay Koh, 65 Independent Non-Executive Director Academic and Professional Qualifications • Bachelor of Arts, Economics, University of Cambridge, U.K. • Master of Arts, University of Cambridge, U.K. • Masters in Public Administration and International Tax Program (Certificate) Harvard University, U.S. Kennedy School & Law School Date of First Appointment as a Director 10 November 2020 Date of Last Reappointment as a Director 20 June 2025 Length of Service as a Director (as at 31 December 2025) 5 years and 1 month Board Committee Served on • Nominating and Remuneration Committee (Chairman) • Audit and Risk Committee (Member) Present Directorships in other Listed Companies Banyan Tree Holdings Limited (Director) Present other Principal Commitments • Butterfield Trust (Asia) Limited (Director) • LaSalle College of the Arts (Director) • Lernen Midco 2 Limited (Director) • K3 Venture Partners Pte. Ltd. (Director) • HSBC Bank (Singapore) Limited (Director) • BC Platforms AG (Director) • D’Amore Mckim College of Business, Northeastern University (Member of Advisor Board, Centre for Emerging Markets) • HealthCura Pte. Ltd. (Director) • Nutmeg Management Pte. Ltd. (Director) Past Directorships or Principal Commitments held over the Preceding Three Years The Red Pencil Singapore (Director and Deputy Chairman) Experience • Over 30 years of experience in public and private sector organisations, particularly in finance, healthcare, education and private equity • 19 years at the Singapore Ministry of Finance, including postings at the Inland Revenue Authority of Singapore and Monetary Authority of Singapore • Previously Deputy CEO at SingHealth and Deputy CEO at Singapore General Hospital / 16 / EXPANDING HORIZONS
ORGANISATION CHART/ TRUST AND TAX STRUCTURE 1 No single investor to hold more than 9.8% (including the Sponsor) - ‘Widely Held’ (No more than 50% of shares can be owned by five or fewer individuals) rule for REITs in U.S. 2 Each shareholder loan SPV has extended an intercompany loan to the Parent U.S. REIT. 3 Subject to 30% withholding tax. 4 Principal repayments are not subject to U.S. withholding taxes. Interest payments are not subject to U.S. withholding taxes, assuming Unitholders qualify for portfolio interest exemption and provide appropriate tax certifications, including an appropriate IRS Form W-8. 5 The U.S. Asset Manager is a subsidiary of the Sponsor. 6 Each Sub-U.S. REIT holds an individual property. 7 The Property Manager has entered into a master property management agreement with the Parent U.S. REIT and a property management agreement with each Sub-U.S. REIT. 8 As at 31 December 2025. Organisation Chart Trust and Tax Structure Dividends3 Intercompany loans Principal and interest payments4 Property management services Property management fees Ownership of Units Trustee fees Act on behalf of Unitholders Management fees Management services Distributions • Set strategic vision and formulate investment strategy • Manage MUST’s assets and liabilities • Provide recommendations to Trustee on acquisitions and divestments in accordance with investment strategy • Execute MUST’s investment and asset management strategy in accordance with strategy and guidelines issued by the Manager • Provide accounting and administrative support 100% wholly-owned 100% wholly-owned 100% wholly-owned Board of Directors Manager Unitholders1 Shareholder Loan SPVs2 Equity SPV SINGAPORE UNITED STATES Trustee Chief Executive Officer and Chief Investment Officer Audit and Risk Committee Nominating and Remuneration Committee Chief Financial Officer Chief Corporate Officer Head of Investor Relations U.S.Asset Manager5 Property Manager7 Parent U.S. REIT Sub-U.S. REITs6 Centerpointe Diablo Exchange Figueroa Michelson Penn Phipps Properties8 / 17 / MANULIFE US REIT
MANAGEMENT TEAM In his dual role as CEO and CIO, Mr John Casasante works with the Board to determine the strategy for MUST as well as with other members of the management team to execute MUST’s strategy, oversee the day-to-day management and operations of MUST, and work with the Manager’s financial, legal and compliance personnel in meeting the strategic, investment and operational objectives. He is also responsible for the design and execution of the portfolio investment strategy, as well as overseeing the U.S. asset and property management functions. Mr Casasante has over 30 years of commercial real estate experience in industrial, office, retail and multifamily. Before joining Manulife, he worked at DWS as the Regional Director, Real Estate Asset Management Alternatives and Real Estate Assets, responsible for the Western US real estate portfolio with a NAV of US$15 billion, across industrial, office and retail. He has also held senior roles at Cushman & Wakefield, and Lincoln Property Company, encompassing, asset management, leasing, acquisitions and development. He holds a Bachelor of Science degree in Business Administration, Entrepreneur Emphasis, from the University of Southern California – Los Angeles, California. Chief Executive Officer and Chief Investment Officer Mr Mushtaque Ali is the Chief Financial Officer (CFO) of MUST. He is responsible for shaping and executing MUST’s financial strategies, overseeing capital and funding management, financial risk management, and leading the treasury, tax, and finance operations. With over 27 years of experience in finance and accounting, primarily within the investment management industry, Mr Ali specialises in financial management and oversight of real estate portfolios across diverse asset classes, including office, industrial, retail and multifamily. Before joining MUST, Mr Ali served as Head of Finance, Singapore and Southeast Asia, at Manulife Investment Management. Prior to relocating to Singapore from Canada, he held global leadership roles within Manulife’s Private Markets business, including as the Head of Fund & Asset Management Finance and as Head of Private Assets Financial Reporting & Advisory, where he had financial oversight for third-party real estate, infrastructure, and other private asset funds and separately managed accounts across the U.S. and Canada. Mr Ali holds a Master of Finance from the University of Toronto. He is a Certified Public Accountant from Ontario, Canada, Chartered Accountant of Singapore as well as a Fellow of the Institute of Chartered Accountants of England & Wales. Chief Financial Officer JOHN CASASANTE MUSHTAQUE ALI / 18 / EXPANDING HORIZONS
Ms Daphne Chua is the Chief Corporate Officer and Company Secretary of the Manager. She oversees compliance, corporate secretarial and business administration matters. As the key liaison with the regulators, she is responsible for overseeing and managing regulatory filings on behalf of MUST and assisting MUST in complying with the applicable provisions of the Securities and Futures Act (SFA) and all other relevant legislations. Ms Chua has over 20 years of experience in the field of compliance working for a variety of global financial institutions with operations in Singapore. She has worked closely with various boards of directors and senior management, both in Singapore and internationally, in ensuring compliance with relevant laws and regulations, internal policies and procedures. Prior to joining the Manager in July 2015, Ms Chua held a number of compliance positions including those for J.P. Morgan Asset Management, Manulife Investment Management, Credit Suisse Private Banking and Morgan Stanley. Ms Chua holds a Bachelor of Accountancy (with a Minor in Banking & Finance) (Honours) from Nanyang Technological University, Singapore. Ms Wylyn Liu leads the investor relations (IR) and corporate communications strategy for MUST, ensuring transparent and effective dialogue between management and the investment community. She is responsible for managing relationships and fostering meaningful engagement with analysts, institutional and retail investors and the media, and also oversees the sustainability strategy for MUST. Ms Liu has over 15 years of IR experience in both large and small-cap companies across diverse industries. Prior to joining the Manager in 2022, Ms Liu was Assistant Vice President at the Manager of CapitaLand Ascendas REIT where she developed and implemented the REIT’s IR programme. She previously held IR roles at other SGX-listed companies in the shipping and media industries. Ms Liu holds a Bachelor of Business Administration (Honours) degree from the National University of Singapore. Chief Corporate Officer Mr Choong Chia Yee is the Head of Finance. He is responsible for financial and management reporting, enterprise risk management, as well as the day-to-day running of finance operations. Mr Choong has over 25 years of experience in accounting, finance, strategic planning, budgeting, tax, initial public offering, audit, regulatory reporting and compliance. Prior to joining the Manager in November 2016, Mr Choong was Vice President, Finance at Mapletree Logistics Trust and he held several senior managerial positions in CapitaLand Mall Asia. He has extensive experience with corporate entities that have widespread international operations. Mr Choong holds a professional qualification from the Chartered Institute of Management Accountants, U.K., where he is also a fellow member. He also holds the designations of Chartered Global Management Accountant, Fellow Chartered Accountant of Singapore and Chartered Accountant of Malaysia. Head of Finance Head of Investor Relations WYLYN LIU CHOONG CHIA YEE DAPHNE CHUA / 19 / MANULIFE US REIT
FY2025 US$’000 FY2024 US$’000 Change % Gross revenue 113,914 167,582 (32.0) Property operating expenses (60,736) (87,708) (30.8) Net property income 53,178 79,874 (33.4) Interest income 1,385 3,277 (57.7) Manager’s base fee (2,838) (4,251) (33.2) Trustee’s fee (180) (226) (20.4) Other trust expenses (2,008) (2,546) (21.1) Finance expenses (34,608) (48,099) (28.0) Net income before tax and fair value changes 14,929 28,029 (46.7) Net fair value change in derivatives (11,666) (16,577) (29.6) Net fair value change in investment properties (83,515) (187,936) (55.6) Loss on disposal of investment properties (3,323) (1,618) >100 Net loss before tax (83,575) (178,102) (53.1) Tax (expense)/income (4,078) 99 N.M. Net loss attributable to Unitholders (87,653) (178,003) (50.8) Income available for distribution to Unitholders ("DI") 25,542 38,260 (33.2) DI per Unit1 1.44 2.15 (33.0) FY2025 US$’000 FY2024 US$’000 Total operating expenses2 (US$’000) 65,791 94,660 Net assets3 (US$’000) 342,979 430,632 Total operating expenses as percentage of net asset value as at the end of the financial year (%) 19.2 22.0 FINANCIAL REVIEW Net Property Income Gross revenue for FY2025 decreased 32.0% from FY2024, mainly due to the divestment of Capitol in October 2024, Plaza in February 2025 and Peachtree in May 2025. In addition, revenue decreased due to higher vacancies, mainly at Diablo and Figueroa, lower recoveries income on the back of a reduction in property tax expense at Figueroa and Michelson, lower termination income, partially offset by higher revenue contributed by higher occupancy in Phipps. Property operating expenses for FY2025 decreased 30.8% from FY2024 mainly due to the divestments, in addition to a reduction in current and prior years’ property tax at Figueroa and Michelson as a result of successful tax appeals. As a result, the net property income for FY2025 was US$53.2 million, a decrease of 33.4% from FY2024. Excluding the impact of divestments, the net property income for samestore properties was US$49.3 million, approximately 13.7% lower than FY2024. Net Loss Interest income was 57.7% lower than FY2024 mainly due to lower interest rates on interest-bearing accounts and lower balances in short-term deposits. 1 Computed based on income available for distribution to Unitholders divided by the total number of Units in issue. 2 Refers to all operating expenses (including fees, charges and reimbursable costs paid/payable to the Manager and interested parties), excluding net foreign exchange gains or losses and finance expenses. 3 Net assets as at 31 December 2025 and 31 December 2024, respectively. / 20 / EXPANDING HORIZONS
Key Financial Indicators As at 31 December 2025 As at 31 December 2024 Gross borrowings (US$ m) 559.0 745.0 Aggregate leverage1(%) 58.4 60.8 Weighted average cost of debt2 (%) 4.58 4.53 Weighted average debt maturity (years) 2.3 2.9 Interest coverage ratio3 (times) 1.7 1.7 Unencumbered properties as % of total portfolio (%) 100.0 100.0 Finance expenses were lower by 28.0% mainly due to loan repayments using divestment proceeds and existing cash across FY2024 and FY2025, with total debt repayment at approximately US$316.7 million since October 2024. The absence of the one-off fee of US$2.3 million incurred in December 2024 in relation to the MRA further contributed to the year-on-year improvement. Manager's base fee decreased by 33.2% in line with the decrease in income available for distribution, while other trust expenses for FY2025 decreased 21.1% mainly from tax and legal-related expenses in addition to miscellaneous expenses. The Group recorded a net fair value loss on derivatives of US$11.7 million as a result of the movement in fair values of the interest rate swaps entered into to hedge against interest rate exposures. Net fair value loss of US$83.5 million was mainly due to a net decrease in appraised fair value of same-store properties after taking into consideration the Capex and leasing costs during the financial year, fair value loss recognised to reflect Figueroa's carrying amount at the estimated net consideration as well as the divestments of Plaza and Peachtree in 1H 2025. The loss on disposal of investment property arose from the divestments of Plaza and Peachtree as a result of the transaction costs incurred. Tax expense for FY2025 was US$4.1 million, mainly comprising deferred tax expense arising from the fair value gain and tax depreciation for Phipps, as well as withholding tax expense incurred in relation to the halting of distributions. Due to the effects of the above, MUST recorded a net loss of US$87.7 million, compared to the net loss of US$178.0 million in FY2024. Income Available For Distribution After adjusting for net fair value changes and other distribution adjustments, income available for distribution to Unitholders for FY2025 was US$25.5 million, 33.2% lower than FY2024. Pursuant to the Recapitalisation Plan and the entry into the Master Restructuring Agreement, Manulife US REIT has halted distributions to Unitholders since 2023. 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 Conditions and the period during which the Bank ICR relaxation remains in effect. Portfolio And Net Asset Value (NAV) The Manager announced the proposed divestment of Figueroa on 30 March 2026, and the property was reclassified to held for sale at the estimated net sale consideration as at 31 December 2025. Excluding Plaza and Peachtree which were divested in 2025, as well as Figueroa which was reclassified to held for sale, the valuation of the same-store properties held steady at US$815.7 million from US$811.9 million as at 31 December 2024. This was mainly due to a decrease for Exchange as a result of the lack of new leasing activity and limited comparable transactions, offset by an increase for Michelson and Phipps, where strong leasing activity, favourable economics of executed leases and proposals led to lower discount and termination capitalisation rates, higher market growth and lower static vacancy rate assumptions. The NAV and NAV per Unit decreased by 20.4% from US$430.6 million and US$0.23 as at 1 January 2025 to US$343.0 million and US$0.19 as at 31 December 2025, mainly as a result of the net fair value loss on investment properties after factoring in Capex incurred during the year. 1 Based on gross borrowings as a percentage of total assets. 2 Excluding the Sponsor-Lender loan exit premium. Including the Sponsor-Lender loan exit premium, the weighted average cost of debt would be 5.25% for FY2025 (FY2024: 5.03%). 3 Computed by dividing the trailing 12-month earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months' interest expense, borrowingrelated fees and distributions on hybrid securities as set out in the Code on Collective Investment Schemes (CIS Code) issued by MAS. / 21 / MANULIFE US REIT
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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