Manulife US Real Estate Investment Trust : FY 2022 Factsheet

About Manulife US REIT

As of 31 Dec 2022

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 12 freehold office properties in Arizona, California, Georgia, New Jersey, Oregon, Virginia and Washington, D.C.

The Sponsor - The Manufacturers Life Insurance Company is part of a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. The Sponsor 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 products, such as life and health insurance, group retirement products, mutual funds and banking products. The Sponsor also provides asset management services to institutional customers. Manulife Financial Corporation is listed on the Toronto Stock Exchange, the New York Stock Exchange, the Hong Kong Stock Exchange and the Philippine Stock Exchange.

Quality portfolio across the U.S.

92% green-certified(1) portfolio by NLA

AUM:	Scan or click
US$1.9 b
for videos
Portfolio summary
Net Lettable Area (NLA)	: 5.5 m sq ft
WALE (by NLA)	: 4.7 years
Occupancy	: 88.0%
Land Tenure	: 100% freehold

'AA' rating

5 star, score of 92

1. Green certifications include Leadership in Energy and Environmental Design (LEEDTM), ENERGY STAR®, WiredScore, Fitwel® and BOMA 360. Includes properties not managed by Manulife US REIT.

Stock information(1) as at 31 Dec 2022

SGX Code	: BTOU
Bloomberg Code	: MUST:SP
Market Capitalisation	: US$530 m
Free Float	: 90.87%
Avg Daily Trading Volume	: 2,775,946
(Units)(2)
Unit Price (Closing)	: US$0.30

1. Source: Bloomberg
2. For the period 1 Jan 2022 to 31 Dec 2022

Peachtree, Atlanta

Exchange, Jersey City

Figueroa, Los Angeles

Diablo, Tempe

Michelson, Irvine

Plaza, Secaucus

Tanasbourne, Hillsboro

Penn, Washington, D.C.

Centerpointe, Virginia

Park Place, Chandler

Phipps, Atlanta

Capitol, Sacramento

This factsheet shall be read in conjunction with Manulife US REIT's latest financial results presentation. For any enquiries, please email [e-mail].

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	3.74%
Weighted Avg Debt Maturity	2.8 years
Portfolio Unencumbered(1)	89.2%
Gearing(2)	48.8%
Green or Sustainability-Linked Loans	64.4%
Interest Coverage(3)	3.1 times

1. Based on latest fair values as at 31 Dec 2022.
2. Based on gross borrowings as percentage of total assets.
3. 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 Code on Collective Investment Schemes issued by the Monetary Authority of Singapore.

Lease expiry profile

Lease expiry profile as at 31 Dec 2022 (%)

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	Tanasbourne
Location	Los Angeles	Irvine	Atlanta	Secaucus	Jersey City	Washington,	Atlanta	Virginia	Sacramento	Tempe	Chandler	Hillsboro
D.C.
Property Type	Class A	Trophy	Class A	Class A	Class A	Class A	Trophy	Class A	Class A	Class B	Class A	Class B
Completion	1991	2007	1991	1985	1988	1964	2010	1987/1989	1992	1980 -	2019	1986 - 1995
Year	1998
Property
211.0	292.0	205.0	92.0	290.0	156.0	210.0	101.0	190.0	63.5	103.0	33.5
Value (US$ m)
Occupancy (%)	76.3	90.7	84.7	91.1	86.2	90.9	94.5	88.1	85.4	91.1	100.0	100.0
NLA (sq ft)	715,024	534,435	559,102	466,496	737,598	278,063	475,778	422,559	501,436	354,434	274,700	132,851
WALE by NLA
3.3	4.6	4.6	5.8	4.7	4.0	5.9	4.4	5.0	3.5	6.9	3.8
(years)

Manulife US REIT's submarkets performance

Leasing volume and lease terms

sf)	6.0
5.0
(million
3.0
volume	4.0
2.0
Leasing	1.0
0.0
	2019	2020	2021	2022
				Leasing Volume			Lease term

75	(mths)
70
65	term
60
Lease
55
50

Base and net effective rents

$35

$30

$25

$20

2019	2020	2021	2022
		Base rents		Net effective rents

Source: JLL Research as at 4Q 2022

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 [e-mail].

Manulife US Real Estate Management Pte. Ltd. (Reg. No. 201503253R)	8 Cross Street, #16-03, Manulife Tower, Singapore 048424	https://www.manulifeusreit.sg