SASB REAL ESTATE SECTOR DISCLOSURE MUST supports the SASB Standards, as part of the ISSB. It helps the Manager to communicate with businesses and investors on the financial impacts of sustainability by focusing on material sustainability information. The tables below reference the Standard for Real Estate Sector as defined by SASB’s Sustainability Industry Classification System and identify how MUST has addressed the SASB Accounting Metrics and Activity Metrics for the assets within the reporting scope. Table 1: Accounting metrics Topic SASB Code Metric Unit of Measurement 2025 Energy Management IF-RE-130a.1 Energy consumption data coverage as a percentage of total floor area, by property sector Percentage (%) by floor area 100.0% IF-RE-130a.2 (1) Total energy consumed by portfolio area with data coverage, (2) percentage grid electricity and (3) percentage renewable, by property sector Gigajoules (GJ), Percentage (%) In 2025, MUST’s portfolio consumed a total energy of 165,974 GJ, with grid electricity making up 82.4% and no renewable energy was purchased. IF-RE-130a.3 Like-for-like percentage change in energy consumption for the portfolio area with data coverage, by property sector Percentage (%) LFL change in energy consumption is increased by 5.1% from 2024 to 2025. IF-RE-130a.4 Percentage of eligible portfolio that (1) has an energy rating and (2) is certified to ENERGY STAR, by property sector Percentage (%) by floor area 48.2% of the properties are certified to ENERGY STAR. IF-RE-130a.5 Description of how building energy management considerations are integrated into property investment analysis and operational strategy n/a ESG considerations including energy performance are integrated into investment processes through ongoing monitoring after acquisition. For more details on “ESG Integration In Investment Process”, please refer to page 20 in this report. Water Management IF-RE-140a.1 Water withdrawal data coverage as a percentage of (1) total floor area and (2) floor area in regions with High (40-80%) or Extremely High (>80%) Baseline Water Stress, by property sector Percentage (%) by floor area (1) 100.0%. (2) 100.0%. IF-RE-140a.2 Total water withdrawn by (1) portfolio area with data coverage and (2) percentage in regions with High (40-80%) or Extremely High (>80%) Baseline Water Stress, by property sector Thousand cubic metres (m³), Percentage (%) (1) Total water usage by MUST’s portfolio was 149,129 m3 in 2025. (2) 58.2% of total water usage was from regions with High or Extremely High Baseline Water Stress. / 45 / MANULIFE US REIT
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