About Manulife US REIT

As at 30 Jun 2023

Manulife US Real Estate Investment Trust (Manulife US REIT) is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producingoffice real estate in key markets in the United States (U.S.), as well as real estate-relatedassets. Manulife US REIT's portfolio comprises of 11 freehold office properties strategically located in Arizona, California, Georgia, New Jersey, Virginia and Washington, D.C.

The Sponsor - The Manager of Manulife US REIT is wholly owned 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 group providing forward-thinking solutions to help people with big financial decisions. 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.

Stock information(1) as at 30 Jun 2023

SGX Code

: BTOU

Bloomberg Code

: MUST:SP

Market Capitalisation

: US$307 m

Free Float

: 90.87%

Avg Daily Trading Volume

: 5,404,954

(Units)(2)

Unit Price (Closing)

: US$0.173

  1. Source: Bloomberg
  2. For the period 1 Jan 2023 to 30 Jun 2023

Quality portfolio across the U.S.

Net Lettable Area (NLA)

: 5.3 m sq ft

WALE (by NLA)

: 4.9 years

Occupancy

: 85.1%

Land Tenure

: 100% freehold

92% green-certified(1) portfolio by NLA

'AAA' rating

5-Star rating

  1. Green certifications include LEEDTM, ENERGY STAR®, WiredScore, Fitwel® and BOMA 360 as at 31 Dec 2022.

AUM:

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Park Place, Chandler

Diablo, Tempe

Michelson, Irvine

Phipps, Atlanta

Centerpointe, Virginia

Penn, Washington, D.C.

Plaza, Secaucus

Figueroa, Los Angeles

Exchange, Jersey City

Peachtree, Atlanta

Capitol, Sacramento

This factsheet shall be read in conjunction with Manulife US REIT's latest financial results presentation. For any enquiries, please email usreitinquiry@manulifeusreit.sg.

Manulife US Real Estate Management Pte. Ltd. (Reg. No. 201503253R)

8 Cross Street, #16-03, Manulife Tower, Singapore 048424

https://www.manulifeusreit.sg

Debt profile

Weighted Avg Interest Rate

4.1%

Weighted Avg Debt Maturity

2.5 years

Portfolio Unencumbered

100.0%

Gearing

56.7%(1)

Green or Sustainability-Linked Loans

74.6%

Interest Coverage(2)

2.6 times

  1. Based on gross borrowings as a percentage of total assets. As set out in the Code on Collective Investment Schemes (CIS Code) issued by the Monetary Authority of Singapore (MAS) Appendix 6 Para 9.4, the aggregate leverage limit is not considered to be breached if due to circumstances beyond the control of the manager. If the aggregate leverage limit is exceeded as a result of a depreciation in the asset value of the property fund or any redemption units or payments made from the property fund, the Manager should not incur additional borrowings or enter into further deferred payment arrangements.
  2. Computed by dividing the trailing 12 months 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 and borrowing-related fees as set out in the CIS Code.

Lease expiry profile

Lease expiry profile as at 30 Jun 2023 (%)

Net Lettable Area (NLA)

Gross Rental Income (GRI)

48.4

50.1

15.4

13.5

14.5

14.8

8.5

6.3 6.2

7.6

7.8

7.0

2023

2024

2025

2026

2027

2028 and

beyond

Gross rental income by trade sector

Trade sector by gross rental income (GRI) (%)

Portfolio overview

Figueroa

Michelson

Peachtree

Plaza

Exchange

Penn

Phipps

Centerpointe

Capitol

Diablo

Park Place

Location

Los Angeles

Irvine

Atlanta

Secaucus

Jersey City

Washington,

Atlanta

Virginia

Sacramento

Tempe

Chandler

D.C.

Property Type

Class A

Trophy

Class A

Class A

Class A

Class A

Trophy

Class A

Class A

Class B

Class A

Completion Year

1991

2007

1991

1985

1988

1964

2010

1987/1989

1992

1980 -

2019

1998

Property Value

174.0

256.0

175.0

67.1

258.0

124.0

178.15

79.0

165.0

58.6

98.7

(US$ m)

Occupancy (%)

78.3

82.8

83.5

88.5

85.6

90.9

79.7

87.3

83.9

89.1

100.0

NLA (sq ft)

715,024

535,003

559,102

466,496

737,611

278,063

475,778

421,188

502,454

354,434

274,700

WALE by NLA

3.0

5.7

4.1

3.8

4.3

3.6

8.4

4.0

5.1

3.2

6.4

(years)

Manulife US REIT's submarkets performance

Leasing volume and lease terms

sf)

6.0

5.0

(million

4.0

volume

3.0

2.0

Leasing

1.0

0.0

2019

2020

2021

2022

Base and net effective rents

75.0$35

70.0

(mths)

$30

65.0

term

60.0

Lease

$25

55.0

50.0$20

2023

2019

2020

2021

2022

2023

Leasing Volume

Lease term

Base rents

Net effective rents

Source: JLL Research.

Note: Data includes all transactions, including deals <20,000 sf. Net effective rents (NERs) are calculated based on net average rental rates over the course of the lease term, and account for both escalations and concessions. Pre-pandemic, concessions were relatively small, so the impact of escalations drove NERs higher than base rent.

This factsheet shall be read in conjunction with Manulife US REIT's latest financial results presentation. For any enquiries, please email usreitinquiry@manulifeusreit.sg.

Manulife US Real Estate Management Pte. Ltd. (Reg. No. 201503253R)

8 Cross Street, #16-03, Manulife Tower, Singapore 048424

https://www.manulifeusreit.sg

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Disclaimer

Manulife US Real Estate Investment Trust published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 04:02:07 UTC.