Manulife Us Reit · SGX:BTOU
Manulife Us Reit — FY2025 Earnings Presentation
40 slides from Manulife Us Reit's earnings presentation, Mar 18, 2026
Slide 1: FY 2025 Financial Results
FY 2025 Financial Results 18 March 2026
Slide 2: Important Notice
This presentation shall be read in conjunction with the Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) financial results announcement dated 18 March 2026 published on SGXNet. This presentation is for information purposes only and does not constitute or form part of an offer,
Slide 3: Content
Content 01 Highlights 02 Financial Performance 03 Portfolio Performance 04 Market Overview 05 Outlook & Strategy 06 Appendix
Slide 4: Highlights
Phipps, Atlanta 01 Highlights
Slide 5: Highlights of FY 2025
Highlights of FY 2025 67.7% 4.5 years 407k sq ft Portfolio Occupancy Portfolio WALE Leases Executed 3Q 2025: 68.2% 3Q 2025: 4.5 years 11.5% of Portfolio NLA 58.0% -1.6% 4.58% Aggregate Leverage(1) Portfolio Valuation Change Weighted Average Interest Rate 3Q 2025: 56.2% 31 Dec 2025: US$913.8m vs 31 D
Slide 6: Financial Performance
Centerpointe, Virginia 02 Financial Performance
Slide 7: FY 2025 financial snapshot
FY 2025 financial snapshot FY YoY change in DI mainly due to: FY 2025 FY 2024 Change Change (US$18.9m) decrease in NPI arising from the disposal of US$’000 US$’000 US$’000 (%) Capitol in Oct 2024, Plaza in Feb 2025 and Peachtree in May 2025 Gross Revenue 113,914 167,582 (53,668) (32.0) (US$7.8m)
Slide 8: Same-store portfolio NPI performance
Same-store portfolio NPI performance NPI decline largely driven by: NPI (US$ m) Variance Variance • Lower committed occupancy (67.7% as at 31 Dec Property FY 2025 FY 2024 (US$ m) (%) 2025 vs 73.6% as at 31 Dec 2024), with higher vacancies mainly at Diablo and Figueroa as a result of Tranche 3 23.8 2
Slide 9: Financial position
Financial position • Investment properties declined YoY mainly due to sale of Plaza and Peachtree; same-store portfolio valuation dipped slightly by 1.6% (see slide 14 for details) • US$186.0m of debt repaid in FY 2025 using proceeds from sale of Plaza (US$40.0m) and Peachtree (US$121.0m) as well as
Slide 10: Financial snapshot
Financial snapshot • Extension of temporary relaxation of financial covenants provides MUST more time and means to meet Minimum Sale Target and lower aggregate leverage As at As at Financial Debt profile as at 31 Dec 2025 (US$ m) Key financial indicators 31 Dec 2025 30 Sep 2025 covenants(1) Trust-le
Slide 11: Interest rate management
Interest rate management • 74.6% of loans remain hedged/fixed as at 31 Dec 2025 • MUST targets to maintain a hedge ratio of 50% - 80% and will continue to closely monitor the interest rate landscape, taking into account loan maturities and debt repayments to determine the most appropriate hedging st
Slide 12: Interest coverage ratio sensitivity
Interest coverage ratio sensitivity • Loan facilities have financial covenants Excluding As at based on cash interest basis (Bank ICR)(1), MAS ICR Sponsor-Lender 31 Dec 2025 which is required to be at least 1.5x under Exit Premium MRA until 31 Dec 2026 12 months trailing 1.7x 1.9x • As at 31 Dec 202
Slide 13: Portfolio Performance
Michelson, Irvine Portfolio 03 Performance
Slide 14: MUST's valuations rebound in 4 out of 7 assets
MUST’s valuations rebound in 4 out of 7 assets • Nominal change in portfolio weighted average discount rates (-12 bps) and weighted average terminal capitalisation rates (+4 bps), reflecting signs of stabilisation and varying degrees of improvement in leasing fundamentals across certain U.S. office
Slide 15: Leasing performance
Leasing performance • Portfolio occupancy of 67.7% (3Q 2025: 68.2%) Breakdown of leases by NLA(3) (%) • Signed ~407k sq ft of leases in FY 2025 7.2 26.1 o Gross rents averaged ~US$45 psf, vs market average of US$44 psf(1) o >70% of leases signed in FY 2025 had no tenant improvement (TI) allowances 4
Slide 16: Strategic leasing to optimise capital
Strategic leasing to optimise capital Proactive marketing Pursue accretive Leverage our continues to result Respond to all new, leases with low TIs, competitive advantage, in ~1.0m sq ft of renewal and and those that avoid commodity leasing pipeline expansion generate higher net leasing, structure (
Slide 17: Strategic leasing highlight
Strategic leasing highlight Penn Washington, D.C. • Secured two-year lease renewal with 5th largest tenant, US Treasury • Substantially retained its ~120,000 sq ft space • Renewed at existing rent, which is in line with other U.S. Government Services Administration leases signed in the market • No T
Slide 18: Lease expiry profile; portfolio WALE of 4.5 years
Lease expiry profile; portfolio WALE of 4.5 years • Low lease expiries in 2026 (103k sq ft) Lease expiry profile as at 31 Dec 2025 (%) Centerpointe 0.2% Phipps 0.2% Figueroa 0.2% Penn 5.3% Exchange 1.5% Centerpointe 5.1% Michelson 1.0% Exchange 2.2% Diablo 1.6% Figueroa 0.6% Michelson 1.0% 29.8 27.5
Slide 19: Top tenants: renewed/expanded since 2023
Top 10 tenants: 7 renewed/expanded since 2023 Lease NLA % of Trade sector by GRI (%) Top 10 tenants Sector Property expiry (sq ft) GRI The William Finance and Insurance (18.3%) 1 Retail Trade Phipps Jul 2035 209,040 8.4 Carter Co. Legal (15.3%) Finance and 2 Hyundai Capital Michelson Apr 2030 132,19
Slide 20: Market Overview
Exchange, New Jersey Market 04 Overview Phipps, Atlanta
Slide 21: Broad recovery emerging; headwinds for some submarkets
Broad recovery emerging; headwinds for some submarkets Miami MUST’s markets Peaking Falling Other markets • Atlanta is well positioned in the Rising phase phase Phase, indicating improving leasing activity and fundamentals Rising Bottoming • Other MUST markets are clustered in phase phase the Bottom
Slide 22: Outlook & Strategy
Irvine, Michelson Outlook & 05 Strategy
Slide 23: Phases and strategy to Growth
Phases and strategy to Growth Recapitalisation Plan(1) Growth and Value Up Plan(2) Stabilisation Recovery Growth Maximise returns from disposition proceeds through acquisitions, reinvestment in existing assets and/or repayment of debt Ca Risk Management sk ent pit al Capital Markets i em • Prioritis
Slide 24: Growth and Value Up Plan approved by unitholders in Dec 2025
Growth and Value Up Plan(1) approved by unitholders in Dec 2025 The goal of the Growth and Value Up Plan is to revitalise MUST’s portfolio to improve diversification and long-term value creation • Broadened investment mandate to principally invest, directly or indirectly, in income- producing real e
Slide 25: 2026 Key priorities
2026 Key priorities Execute the Growth and Value Up Plan • Divestment strategy on track • Utilise sales proceeds to repay loans maturing in 2026 and 2027 Achieve Minimum Sale Target by 30 Jun 2026 • Evaluate investment opportunities • Lower aggregate leverage and improve ICR by year-end Execute furt
Slide 26: Thank You
Thank You Our Sustainability Pillars Follow us on Building Resilience Reducing environmental impact of our properties and supporting the transition to a net zero economy Manulife US Real Estate Subscribe for Management Pte. Ltd. (Company registration no. Email Alerts 201503253R) People First 8 Cross
Slide 27: Appendix
06 Appendix
Slide 28: Frequently asked questions
Frequently asked questions 1. Under what specific financial conditions (e.g. Bank ICR levels or gearing thresholds) will the Manager commit to a partial resumption of distributions? The Manager appreciates how important distributions are to Unitholders and for the growth of MUST, but first, we have
Slide 29: Frequently asked questions
Frequently asked questions 2. With the new Disposition Mandate effective from 1 January 2026, what specific measures are being taken to ensure that asset sales are not conducted at "fire-sale" prices that permanently erode unitholder equity? Furthermore, how is the Manager protecting the remaining "
Slide 30: 2H 2025 financial snapshot
2H 2025 financial snapshot 2H 2025 2H 2024 Change Change US$’000 US$’000 US$’000 % Gross Revenue 53,549 80,842 (27,293) (33.8) Same-store Gross Revenue (1) 53,549 59,265 (5,716) (9.6) Net Property Income (NPI) 23,012 37,075 (14,063) (37.9) Same-store NPI (1) 23,012 27,267 (4,255) (15.6) Income Avail
Slide 31: U.S. economic indicators
U.S. economic indicators MUST continues to monitor policies from the U.S. government administration and the potential impacts on return-to-office mandates, tariffs, immigration policies, tax policies, etc. GDP growth (%)(1) Unemployment Rate (%)(2) Consumer Price Index (%)(3) Fed Funds Rate(%)(5) 4.
Slide 32: U.S. office: Leasing picks up; positive recovery outlook
U.S. office: Leasing picks up; positive recovery outlook 4Q 2025 U.S. office market statistics Gross leasing activity All Leasing 80,000,000 55.1m sq ft 8.1m sq ft 70,000,000 +4.4% QoQ Leasing volume Net Absorption 60,000,000 (+4.4% QoQ) (3Q: 6.1m sq ft) 50,000,000 40,000,000 30,000,000 20.1% US$15.
Slide 33: MUST's office markets insights
MUST’s office markets insights New Jersey (Hudson Waterfront): Vacancy rates remain much higher than broader metro area due to consolidation that has occurred since outset of the pandemic. Overall vacancy rates will remain somewhat elevated as tenants flock to amenitised Class A stock. Washington, D
Slide 34: MUST's submarkets: leasing indicators continue to stabilise
MUST’s submarkets: leasing indicators continue to stabilise Leasing volume picked up, lease terms held steady Rents continue to improve 5.0 75.0 $35 Leasing volume (million sq ft) 70.0 Lease term (months) 4.0 65.0 $30 3.0 60.0 2.0 55.0 50.0 $25 1.0 45.0 0.0 40.0 $20 2019 2020 2021 2022 2023 2024 202
Slide 35: U.S. office real estate activities
U.S. office real estate activities • A promising signal in 2025 was a sustained improvement in capital markets liquidity: each of the 20.0%(1) past seven quarters has seen investment volume increase year-over-year, and total transaction 4Q 2025 vacancy activity grew by 35% in 2025. U.S. office emplo
Slide 36: No new competitive supply in MUST's markets
No new competitive supply in MUST’s markets Gross Last 12 New Net RBA Asking Net Months Projected 12 Properties Vacancy Delivery Delivery Markets (m sq Rent Per Absorption Rent Months Rent Under (%) (‘000 sq Year ft) Sq Ft (‘000 sq ft) Growth(1) Growth(1) (%) Construction ft) (US$) (%) (‘000 sq ft)(
Slide 37: Portfolio overview
Portfolio overview Valuation US$0.9b(1) NLA 3.5m sq ft Occupancy 67.7% WALE 4.5 years Total 96 tenants Figueroa Michelson Exchange Penn Phipps Centerpointe Diablo Location Los Angeles Irvine Jersey City Washington, D.C. Atlanta Virginia Tempe Property Type Class A Trophy Class A Class A Trophy Class
Slide 38: 2025 Sustainability highlights
2025 Sustainability highlights Building Resilience People First Driving Sustainable Growth GRESB real estate Nurturing our talent Green financing assessment 54 hours per employee US$442m green/sustainability-linked 5 Star, score of 90 (Target: 30 hours per employee) loans (75.5% of total borrowings)
Slide 39: Strong and committed Sponsor
Strong and committed Sponsor Global Real Estate AUM of US$19.6b(1) Other Assets, 2% Credit Portfolio, 4% Office, 43% • Part of a leading Canada-based financial services group with principal operations in Asia, Canada and the U.S. Ground rent, 2% Market Retail, 3% Value • Operates as John Hancock in
Slide 40: Additional disclaimer
Additional disclaimer CoStarPS does not purport that the CoStarPS Materials herein are comprehensive, and, while they are believed to be accurate, the CoStarPS Materials are not guaranteed to be free from error, omission or misstatement. CoStarPS has no obligation to update any of the CoStarPS Mater