Manulife Us Reit · SGX:BTOU
Manulife Us Reit — H1 2026 Earnings Presentation
31 slides from Manulife Us Reit's earnings presentation, Aug 6, 2026
Slide 1: 1H 2026 Financial Results
1H 2026 FINANCIAL RESULTS 6 August 2026
Slide 2: Important Notice
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 6 August 2026 published on SGXNet. This presentation is for information purposes only and does not constitute or form
Slide 3: Contents
Contents 01 Highlights 02 Financial Performance 03 Portfolio Performance 04 Strategy and Key Priorities 05 Appendix 3
Slide 4: Highlights
US REIT HIGHLIGHTS {){ Manulife
Slide 5: 1H 2026 highlights
1H 2026 highlights Figueroa sale completed, sale target achieved • Net proceeds of US$82.4m used to fully repay 2026 debt and partially repay 2027 debt, with ~US$10.0m retained for CapEx, which helped to improve MUST’s financial ratios • ~US$389m of debt has been repaid since Nov 2024 • Minimum Sale
Slide 6: Financial Performance
FINANCIAL PERFORMANCE {){ Manulife US REIT
Slide 7: 1H 2026 financial snapshot
1H 2026 financial snapshot 1H 2026 1H 2025 Change Change (US$ m) (US$ m) (US$ m) (%) 1H YoY decrease in DI by US$3.2m mainly due to: Gross Revenue 51.9 60.4 (8.5) (14.0) (US$6.2m) decrease in cash NPI arising from Same-store Gross divestments of Figueroa, Peachtree and Plaza 46.0 46.4 (0.4) (0.9)
Slide 8: Same-store portfolio Cash NPI performance
Same-store portfolio Cash NPI(1) performance Cash NPI (US$ m) Variance Variance Property 1H 2026 1H 2025 (US$ m) (%) Tranche 3 13.6 12.2 1.4 11 Cash NPI increase largely driven by: • Higher rental and recoveries income at Phipps arising Michelson 8.5 8.3 0.2 3 from the new leases which commenced dur
Slide 9: Financial position
Financial position • Net proceeds from Figueroa sale used to fully repay 2026 debt (~US$35.6m) and partially repay 2027 debt (~US$36.8m), with ~US$10.0m retained for CapEx • Improved cash position through prudent cash management, to support leasing and growth opportunities As at As at As at 30 Jun 2
Slide 10: Debt profile and key financial indicators
Debt profile and key financial indicators • No debt due in 2026, ~US$133.4m due in 2027 • Aggregate leverage declined by ~400 bps following sale of Figueroa As at As at Financial Debt profile as at 30 Jun 2026 (US$ m) Key financial indicators 30 Jun 2026 31 Mar 2026 covenants(1) Trust-level term loa
Slide 11: Interest rate management
Interest rate management • 34.3% of loans remain hedged/fixed as at 30 Jun 2026, due to expiry of a US$250m interest rate swap in Apr 2026 • MUST’s policy is to maintain a hedge ratio of 50% - 80% subject to market conditions, and will continue to closely monitor the interest rate landscape, taking
Slide 12: Interest coverage ratio sensitivity
Interest coverage ratio sensitivity • Loan facilities are subject to financial Excluding covenants based on cash interest basis As at MAS ICR Sponsor-Lender (Bank ICR)(1), which is required to be at least 30 Jun 2026 Exit Premium 1.5x under MRA until 31 Dec 2026 • As at 30 Jun 2026, MUST’s Bank ICR
Slide 13: Portfolio Performance
PORTFOLIO PERFORMANCE Portfolio 03 Performance 13
Slide 14: 1H 2026 leasing performance
1H 2026 leasing performance • Portfolio occupancy 70.4%, vs 67.6% in 1Q 2026 Breakdown of leases by NLA(1) (%) • Sale of Figueroa which was ~45% occupied 1.1 • Offset by early termination by tenant at 5.7 93.2 Centerpointe who returned ~70k sq ft of underutilised space and paid US$4.4m to be recogni
Slide 15: Strategic leasing to optimise capital
Strategic leasing to optimise capital Pursue accretive Proactive marketing Respond to all new, Leverage our leases with low TIs, has generated competitive advantage, renewal and and those that leasing pipeline of avoid commodity expansion generate higher net ~0.7m sq ft (~24% leasing, structure oppo
Slide 16: Lease expiry profile; portfolio WALE of 4.4 years
Lease expiry profile; portfolio WALE of 4.4 years Trade sector by GRI (%) Lease expiry profile as at 30 Jun 2026 (%) Finance and Insurance (21.0%) Retail Trade (11.6%) Real Estate (9.7%) Centerpointe 0.4% Phipps 0.2% Legal (9.1%) Exchange 1.2% Penn 6.3% Public Administration (8.9%) Grant Giving (6.6
Slide 17: 7 of top 10 tenants renewed since 2023, 4.8 years WALE
7 of top 10 tenants renewed since 2023, 4.8 years WALE NLA % of Top 10 tenants Sector Property Lease expiry (sq ft) GRI 1 The William Carter Co. Retail Trade Phipps Jul 2035 209,040 10.1 2 Hyundai Capital Finance and Insurance Michelson Apr 2030 140,214 9.0 3 United Nations Grant Giving Penn Dec 202
Slide 18: Strategy and Key Priorities
STRATEGY AND KEY PRIORITIES Outlook & 05 Strategy 18
Slide 19: 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 Risk Management Capital Markets • Prioritised debt maturities and
Slide 20: 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 21: 2026-2027 Key priorities
2026-2027 Key priorities Meet Completed sale of Figueroa on 9 Jun 2026 (U.S. time) Minimum Utilised proceeds to mainly repay outstanding loans due in 2026 and partially repay loans due Sale Target in 2027; US$10m retained for CapEx • Reinstatement to initial loan facility agreements by December
Slide 22: Thank You
THANK YOU Subscribe for Connect with Email Alerts us on Manulife US Real Estate Management For enquiries, please contact: Pte. Ltd. Ms Wylyn Liu (Company registration no. 201503253R) 8 Cross Street, #16-03 Manulife Tower, Head of Investor Relations Singapore 048424 wylyn_liu@manulifeusreit.sg https:
Slide 23: Appendix
APPENDIX Outlook & 05 Strategy 23
Slide 24: MUST's submarkets: leasing indicators continue to stabilise
MUST’s submarkets: leasing indicators continue to stabilise Leasing volume rebounds, lease terms rise steadily 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 20
Slide 25: U.S. office: Leasing activity gaining momentum
U.S. office: Leasing activity gaining momentum 2Q 2026 U.S. office market statistics Gross leasing activity 80 55.1m sq ft 11.2m sq ft 70 +1.9% QoQ Leasing volume Net Absorption 60 (+1.9% QoQ) (1Q: 3.5m sq ft) 50 million sq ft 40 30 20.1% US$14.8b 20 Vacancy Transaction volume 10 (0 bps QoQ) (+21.5%
Slide 26: U.S. office real estate activities
U.S. office real estate activities Office-using employment +58,000 in 2Q 2026, driven by Quarterly completions <2m sq ft in 2026 (2025: 6m sq ft); Professional Services and Government, while Finance inventory declined 56 bps YoY, while conversions outpaced and Information continue to marginally decl
Slide 27: No new competitive supply in MUST's markets
No new competitive supply in MUST’s markets Gross Last 12 New Net RBA Asking Net Months Projected 12 Properties Vacancy Delivery Delivery Markets (m sq Rent Per Absorption Rent Months Rent Under (%) (‘000 sq Year ft) Sq Ft (‘000 sq ft) Growth(1) Growth(1) (%) Construction ft) (US$) (%) (‘000 sq ft)(
Slide 28: 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 29: Portfolio overview
Portfolio overview Valuation US$0.8b(1) NLA 2.8m sq ft Occupancy 70.4% WALE 4.4 years Total tenants 78 Michelson Exchange Penn Phipps Centerpointe Diablo Location Irvine Jersey City Washington, D.C. Atlanta Virginia Tempe Property Type Trophy Class A Class A Trophy Class A Class B Completion Year 20
Slide 30: Strong and committed Sponsor
Strong and committed Sponsor • Part of a leading Canada-based financial services group with principal operations in Asia, Canada and the U.S. • Operates as John Hancock in the U.S. and as Manulife in other parts of the world, providing a wide range of financial protection and wealth management produ
Slide 31: Important Notice
Important Notice 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 Materials