Manulife Us Reit · SGX:BTOU
Manulife Us Reit — Corporate Update (August 2025)
41 slides from Manulife Us Reit's corporate update, August 2025
Slide 1: Real Estate House View Mid-Year 2025
Real Estate House View Mid-Year 2025 August 2025 4993122 1
Slide 2: What you'll find
Real Estate House View Mid-Year 2025 What you’ll find Introduction 3 U.S. House View 6 Canada House View 22 Investment Strategy & Go-Forward 36 Notes & Disclosures 39 Manulife IM RE Research & Strategy Team VictorCalanog Cornelia Le Managing Director & Co-Head Director Erin Patterson Caroline Suarez
Slide 3: House View Introduction
Real Estate House View Mid-Year 2025 House View Introduction 3
Slide 4: Concepts Driving Market & Asset Selection Today
Real Estate House View Mid-Year 2025 Concepts Driving Market & Asset Selection Today Introduction Economic Base: Labor market DemographicShifts:Reversal of Purposeof Space:Human–centric Sustainability:Climate risk and rebalancing, look for key Pandemic trends, immigration strategy drives outperforma
Slide 5: The Investment Spectrum Is Expanding
Real Estate House View Mid-Year 2025 The Investment Spectrum Is Expanding Asset Selection Introduction Transformation in the way we use space is recategorizing commercial real estate Live Manage & Procure & Produce & Innovate • Multi-housing Optimize Secure Create • Affordable/Attainable • Self-Stor
Slide 6: U.S. House View
Real Estate House View Mid-Year 2025 U.S. House View 6
Slide 7: U.S. Macro-Economic Overview
Real Estate House View Mid-Year 2025 U.S. Macro-Economic Overview U.S. Economy -0.2% Trade policy uncertainty slows economic growth. GDP Growth • Economic signals are mixed amid heightened policy uncertainty amid resilient yet cooling labor markets, tepid inflation with mounting pressures from tarif
Slide 8: Economic Conditions are Playing out in Commercial Real Estate
Real Estate House View Mid-Year 2025 Economic Conditions are Playing out in Commercial Real Estate U.S. Economy Uncertainty GDP Momentum CPI Trajectory Labor Market Interest Rates • Net trade volatility will • The CPI trajectory is • The labor market could • Fed taking its time to obscure the true h
Slide 9: U.S. Capital Markets
Real Estate House View Mid-Year 2025 U.S. Capital Markets Capital Markets -0.2% Emerging recovery met with economic uncertainties creates pause. GDP Growth • Despite an early 2025 uptick in investment sales activity, market sentiment appears cautious amid economic uncertainties - trade policy impact
Slide 10: U.S. Credit Markets
Real Estate House View Mid-Year 2025 U.S. Credit Markets $1.5T Credit Markets Credit Mkt Size Credit markets still offer a pathway for strategic exposure to Commercial Real Estate (‘CRE’) while mitigating risk from a pervasive higher-rate environment. • Overall CRE lending activity recovered in 2024
Slide 11: U.S. Operating Fundamentals
Real Estate House View Mid-Year 2025 U.S. Operating Fundamentals Operating Fundamentals 3.7% Normalizing fundamentals face a broad range of uncertainties. Wage Growth • Just as operating fundamentals begin to normalize in most sectors, a broad range of uncertainties threatens to stall demand growth;
Slide 12: U.S. Residential Overview
Real Estate House View Mid-Year 2025 U.S. Residential Overview Live The essential nature of housing, favorable demographics, affordability issues and a chronic housing shortage support durable, long-term investment potential for the residential sector. • Demographics support a wide range of housing
Slide 13: U.S. Multifamily Fundamentals
Real Estate House View Mid-Year 2025 U.S. Multifamily Fundamentals Live Strong demand paired with supply that has passed its peak supports a turning point for fundamentals. Quarterly Supply and Demand • Supply and demand factors are strengthening after a period Net Absorption Net Delivered Vacancy (
Slide 14: U.S. Attainable/Affordable Housing Overview
Real Estate House View Mid-Year 2025 U.S. Attainable/Affordable Housing Overview Live The affordable housing crisis is intensifying with soaring home prices, high mortgage rates and record-high renter cost burdens, colliding with a drop in new construction and expiring protections. Home Price Index
Slide 15: U.S. Active Adult Overview
Real Estate House View Mid-Year 2025 U.S. Active Adult Overview Live Active adult housing sector is entering a long-term demand upswing driven by senior population growth and constrained new supply further setting the stage for occupancy strength, rent growth and delivery pressures. Senior Housing S
Slide 16: U.S. Industrial Outdoor Storage (IOS) Overview
Real Estate House View Mid-Year 2025 U.S. Industrial Outdoor Storage (IOS) Overview Manage & Optimize Brief softness amid uncertainty, but IOS remains a critical component of the supply chain. Share of U.S. Freight by Transportation Mode • IOS facilities play a key role in logistics operations as we
Slide 17: U.S. Cold Storage Overview
Real Estate House View Mid-Year 2025 U.S. Cold Storage Overview Manage & Optimize Demand favors modern inventory, of which there is little, as the pipeline thins. Cold Storage Inventory by Year Bulit • Long-term demand drivers remain intact while tariffs have a negligible direct impact. 18% Faciliti
Slide 18: U.S. Data Centers Overview
Real Estate House View Mid-Year 2025 U.S. Data Centers Overview Manage & Optimize Near record low vacancy, supply restrictions, and healthy leasing supports rising rents. Hyperscaler Cloud Business Revenue • A strong demand backdrop supports continued new Amazon Microsoft Google Alibaba YoY Growth d
Slide 19: U.S. Industrial Fundamentals
Real Estate House View Mid-Year 2025 Procure & U.S. Industrial Fundamentals Long-term structural demand drivers remain intact – growing e-commerce sales volume and a focus on supply Secure chain resilience including increased on/near-shoring – despite trade policy disruptions near-term. Quarterly Su
Slide 20: U.S. Retail Fundamentals
Real Estate House View Mid-Year 2025 Procure & U.S. Retail Fundamentals Secure Demographics and foot traffic underpin demand as retailers adjust store strategies and footprints to evolving consumer behaviors and spending patterns, though economic headwinds remain top of mind. Quarterly Supply and De
Slide 21: U.S. Office Fundamentals
Real Estate House View Mid-Year 2025 Produce & U.S. Office Fundamentals Stabilizing, but not yet widespread, office indicators are emerging five years after the pandemic onset. Create Quarterly Supply and Demand • Despite continued negative net absorption, increasing vacancy and leasing volume decli
Slide 22: Canada House View
Real Estate House View Mid-Year 2025 Canada House View 22
Slide 23: Canada Macro-Economic Overview
Real Estate House View Mid-Year 2025 Canada Macro-Economic Overview Canada Economy 1.0% Signs to the upside and downward adjustments to retaliatory tariffs may curb some of the economic decline predicted over the next 12 to 18 months GDP Growth • May 2025 marked significant progress towards the Bank
Slide 24: Macroeconomic volatility continued to fuel uncertainty
Real Estate House View Mid-Year 2025 Macroeconomic volatility continued to fuel uncertainty across various Canada Economy commercial real estate sectors GDP Momentum CPI Trajectory Labor Market Tariffs & Policy • 1Q GDP was up 2.2%, on • April CPI fell to 1.7% from • 8.8k jobs gained in May, • Gov’t
Slide 25: Canada Capital Markets
Real Estate House View Mid-Year 2025 Canada Capital Markets Capital Markets $0.4T Economic and geo-political volatility acting as push-pull forces in investor activity, emphasizing a focus on the long game. Dry Powder-CND • Near-term tariff and trade war impact is creating hesitancy in execution aft
Slide 26: Canada Operating Fundamentals
Real Estate House View Mid-Year 2025 Canada Operating Fundamentals Operating Fundamentals 4.7% Demand-side fundamentals exhibited softening heading into 2025, and volatility creeped in further during the first six months of the year with tariff impact. Wage Growth • Tariff impacts across Commercial
Slide 27: Canada Residential Overview
Real Estate House View Mid-Year 2025 Canada Residential Overview Live Across Canada’s living sector, chronic undersupply supports a long-term investment view, but near-term challenges create a complex environment in achieving a supply-demand balance • Strong demographic trends support housing absorp
Slide 28: Canada Multifamily Overview
Real Estate House View Mid-Year 2025 Canada Multifamily Overview Live Normalization in the sector will create new opportunities for investors - near-term through potential re-caps or distress, and over the medium to longer-term through entry into previously high barrier markets. Supply and Demand •
Slide 29: Canada Student Housing Overview
Real Estate House View Mid-Year 2025 Canada Student Housing Overview Live Student housing has proven its remarkable occupancy stability and rent growth during periods of economic uncertainty, though caution is warranted given policy shifts and localized factors. Student Population Growth (Top 20 Can
Slide 30: Canada Affordable/Attainable Housing Overview
Real Estate House View Mid-Year 2025 Canada Affordable/Attainable Housing Overview Live Canada’s housing affordability crisis is deepening, driven by rapid population growth, stagnant income levels and limited attainable / affordable new housing supply, exacerbated by high construction costs. G7 Pri
Slide 31: Canada Active Adult Overview
Real Estate House View Mid-Year 2025 Canada Active Adult Overview Live Driven by aging populations and shifting preferences, this sector reflects the convergence of demographic inevitability and lifestyle aspiration, offering a long-term investment opportunity. Population 60+ as a % of Total Populat
Slide 32: Canada Cold Storage Overview
Real Estate House View Mid-Year 2025 Canada Cold Storage Overview Manage & Optimize Cold storage provides a unique function in the supply chain, preserving the quality and safety of perishable goods such as food and pharmaceuticals, extending shelf life and ensuring regulatory compliance. Cold Chain
Slide 33: Canada Industrial Overview
Real Estate House View Mid-Year 2025 Procure & Canada Industrial Overview Long-term fundamentals and income resilience continue to support targeted industrial strategies, despite Secure short-term headwinds such as rising vacancy and muted rent growth. Supply and Demand • Key changes in the industri
Slide 34: Canada Retail Overview
Real Estate House View Mid-Year 2025 Procure & Canada Retail Overview Retail remains a favorable sector with growing investor confidence, though rising cap rates and softening Secure fundamentals call for selective positioning. Supply and Demand • Though retail is firmly in expansion mode, boosted b
Slide 35: Canada Office Overview
Real Estate House View Mid-Year 2025 Produce & Canada Office Overview Ongoing macroeconomic softening continues to weigh on office performance, driven by shifting occupier Create behavior, declining valuations, fading investor confidence, and the absence of clear recovery signals. Supply and Demand
Slide 36: Investment Strategy & 2025 Go-Forward
Real Estate House View Mid-Year 2025 Investment Strategy & 2025 Go-Forward 36
Slide 37: 2025: What's Next, What Matters
Real Estate House View Mid-Year 2025 2025: What’s Next, What Matters 2025 Go-Forward The remainder of the year presents a unique opportunity for investors to gain conviction and execute in select sectors, amidst a volatile macro-economic backdrop. Risks Opportunities • Economic deterioration impacts
Slide 38: 2025: What's Next, What Matters
Real Estate House View Mid-Year 2025 2025: What’s Next, What Matters 2025 Go-Forward Volatility demands proactivity in recognizing market signals and agility in execution. Canada and U.S. economic and market conditions will continue to morph in unprecedented ways, providing a blank canvas for more a
Slide 39: Appendix: Notes & Disclosures
Real Estate House View Mid-Year 2025 Appendix Notes & Disclosures 39
Slide 40: Notes & Disclosures
Notes & Disclosures Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. These risks are magnified for investments made in emergin
Slide 41: Notes & Disclosures
Notes & Disclosures Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in General Risks General investment risks related to the ownership of real property include, among others, declines in the value of real estate, neg