ManulifeReit USD BTOU
Financials
Expanding Horizons Annual Report 2025
Explore the statements
19 tablesStatements of Financial Position
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS$’000 | 47,745 | 65,243 | 27,334 | 45,641 | PDF p. 102 |
| Asset held for saleUS$’000 | 85,703 | 43,700 | − | − | PDF p. 102 |
| PrepaymentsUS$’000 | 1,339 | 1,990 | 26 | 165 | PDF p. 102 |
| Trade and other receivablesUS$’000 | 2,839 | 5,569 | 112 | 183 | PDF p. 102 |
| Financial derivativesUS$’000 | 3,091 | 2,706 | 3,091 | 2,706 | PDF p. 102 |
| Current assets subtotal | |||||
| SubtotalUS$’000 | 140,717 | 119,208 | 30,563 | 48,695 | PDF p. 102 |
| Non-current assets | |||||
| Investment propertiesUS$’000 | 815,700 | 1,093,500 | − | − | PDF p. 102 |
| Investment in subsidiariesUS$’000 | − | − | 889,086 | 1,128,057 | PDF p. 102 |
| Financial derivativesUS$’000 | − | 11,956 | − | 11,956 | PDF p. 102 |
| Non-current assets subtotal | |||||
| SubtotalUS$’000 | 815,700 | 1,105,456 | 889,086 | 1,140,013 | PDF p. 102 |
| Assets | |||||
| Total assetsUS$’000 | 956,417 | 1,224,664 | 919,649 | 1,188,708 | PDF p. 102 |
| Current liabilities | |||||
| Trade and other payablesUS$’000 | 32,325 | 32,860 | 12,054 | 12,378 | PDF p. 102 |
| Loans and borrowingsUS$’000 | 35,469 | − | 35,469 | − | PDF p. 102 |
| Security depositsUS$’000 | 569 | 728 | − | − | PDF p. 102 |
| Rent received in advanceUS$’000 | 5,927 | 6,459 | − | − | PDF p. 102 |
| Current liabilities subtotal | |||||
| SubtotalUS$’000 | 74,290 | 40,047 | 47,523 | 12,378 | PDF p. 102 |
| Non-current liabilities | |||||
| Trade and other payablesUS$’000 | 3,291 | 3,949 | − | − | PDF p. 102 |
| Loans and borrowingsUS$’000 | 529,217 | 745,952 | 529,217 | 745,952 | PDF p. 102 |
| Financial derivativesUS$’000 | 95 | − | 95 | − | PDF p. 102 |
| Security depositsUS$’000 | 2,257 | 3,262 | − | − | PDF p. 102 |
| Preferred unitsUS$’000 | 659 | 822 | − | − | PDF p. 102 |
| Deferred tax liabilitiesUS$’000 | 3,629 | − | − | − | PDF p. 102 |
| Non-current liabilities subtotal | |||||
| SubtotalUS$’000 | 539,148 | 753,985 | 529,312 | 745,952 | PDF p. 102 |
| Liabilities | |||||
| Total liabilitiesUS$’000 | 613,438 | 794,032 | 576,835 | 758,330 | PDF p. 102 |
| Equity | |||||
| Net assets attributable to UnitholdersUS$’000 | 342,979 | 430,632 | 342,814 | 430,378 | PDF p. 102 |
| Represented by | |||||
| Unitholders’ fundUS$’000 | 342,979 | 430,632 | 342,814 | 430,378 | PDF p. 102 |
| Net assets attributable to UnitholdersUS$’000 | 342,979 | 430,632 | 342,814 | 430,378 | PDF p. 102 |
| Per Unit information | |||||
| Units in issue and to be issued (’000)’000 Units | 1,835,124 | 1,835,124 | 1,835,124 | 1,835,124 | PDF p. 102 |
| Net asset value per Unit (US$) attributable to UnitholdersUS$ per Unit | 0.19 | 0.23 | 0.19 | 0.23 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
Consolidated Statement of Comprehensive Income
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Gross revenueUS$’000 | 113,914 | 167,582 | PDF p. 103 |
| Expenses | |||
| Property operating expensesUS$’000 | (60,736) | (87,708) | PDF p. 103 |
| Income | |||
| Net property incomeUS$’000 | 53,178 | 79,874 | PDF p. 103 |
| Interest incomeUS$’000 | 1,385 | 3,277 | PDF p. 103 |
| Expenses | |||
| Manager’s base feeUS$’000 | (2,838) | (4,251) | PDF p. 103 |
| Trustee’s feeUS$’000 | (180) | (226) | PDF p. 103 |
| Other trust expensesUS$’000 | (2,008) | (2,546) | PDF p. 103 |
| Finance expensesUS$’000 | (34,608) | (48,099) | PDF p. 103 |
| Income | |||
| Net income before tax and fair value changesUS$’000 | 14,929 | 28,029 | PDF p. 103 |
| Fair value changes | |||
| Net fair value change in derivativesUS$’000 | (11,666) | (16,577) | PDF p. 103 |
| Net fair value change in investment propertiesUS$’000 | (83,515) | (187,936) | PDF p. 103 |
| Income | |||
| Loss on disposal of investment propertiesUS$’000 | (3,323) | (1,618) | PDF p. 103 |
| Net loss for the year before taxUS$’000 | (83,575) | (178,102) | PDF p. 103 |
| Tax | |||
| Tax (expense)/incomeUS$’000 | (4,078) | 99 | PDF p. 103 |
| Income | |||
| Net loss for the year attributable to UnitholdersUS$’000 | (87,653) | (178,003) | PDF p. 103 |
| Earnings per Unit (“EPU”) | |||
| Basic and diluted EPUUS cents per Unit | (4.78) | (9.70) | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
Statements of Changes in Unitholders’ Funds — Group FY2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Units in issue and to be issued | 2025Group; Accumulated losses | 2025Group; Total | Source |
|---|---|---|---|---|
| Group; Opening balance | ||||
| At 1 January 2025US$’000 | 1,240,845 | (810,213) | 430,632 | PDF p. 105 |
| Group; Operations | ||||
| Net loss for the yearUS$’000 | − | (87,653) | (87,653) | PDF p. 105 |
| Net decrease in net assets resulting from operationsUS$’000 | − | (87,653) | (87,653) | PDF p. 105 |
| Group; Closing balance | ||||
| At 31 December 2025US$’000 | 1,240,845 | (897,866) | 342,979 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The printed statement presents the Group and Trust blocks separately, each with three columns: Units in issue and to be issued, Accumulated losses, and Total (all US$’000). Within each block, rows show the stated opening or closing date; 2025 operations and closing balance; and comparative 2024 opening, operations and closing balance. No non-controlling interest schedule is shown. The accompanying notes form an integral part of the financial statements.
Statements of Changes in Unitholders’ Funds — Group FY2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Units in issue and to be issued | 2024Group; Accumulated losses | 2024Group; Total | Source |
|---|---|---|---|---|
| Group; Opening balance | ||||
| At 1 January 2024US$’000 | 1,240,845 | (632,210) | 608,635 | PDF p. 105 |
| Group; Operations | ||||
| Net loss for the yearUS$’000 | − | (178,003) | (178,003) | PDF p. 105 |
| Net decrease in net assets resulting from operationsUS$’000 | − | (178,003) | (178,003) | PDF p. 105 |
| Group; Closing balance | ||||
| At 31 December 2024US$’000 | 1,240,845 | (810,213) | 430,632 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The printed statement presents the Group and Trust blocks separately, each with three columns: Units in issue and to be issued, Accumulated losses, and Total (all US$’000). Within each block, rows show the stated opening or closing date; 2025 operations and closing balance; and comparative 2024 opening, operations and closing balance. No non-controlling interest schedule is shown. The accompanying notes form an integral part of the financial statements.
Statements of Changes in Unitholders’ Funds — Trust FY2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; Units in issue and to be issued | 2025Trust; Accumulated losses | 2025Trust; Total | Source |
|---|---|---|---|---|
| Trust; Opening balance | ||||
| At 1 January 2025US$’000 | 1,240,845 | (810,467) | 430,378 | PDF p. 105 |
| Trust; Operations | ||||
| Net loss for the yearUS$’000 | − | (87,564) | (87,564) | PDF p. 105 |
| Net decrease in net assets resulting from operationsUS$’000 | − | (87,564) | (87,564) | PDF p. 105 |
| Trust; Closing balance | ||||
| At 31 December 2025US$’000 | 1,240,845 | (898,031) | 342,814 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The printed statement presents the Group and Trust blocks separately, each with three columns: Units in issue and to be issued, Accumulated losses, and Total (all US$’000). Within each block, rows show the stated opening or closing date; 2025 operations and closing balance; and comparative 2024 opening, operations and closing balance. No non-controlling interest schedule is shown. The accompanying notes form an integral part of the financial statements.
Statements of Changes in Unitholders’ Funds — Trust FY2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; Units in issue and to be issued | 2024Trust; Accumulated losses | 2024Trust; Total | Source |
|---|---|---|---|---|
| Trust; Opening balance | ||||
| At 1 January 2024US$’000 | 1,240,845 | (632,517) | 608,328 | PDF p. 105 |
| Trust; Operations | ||||
| Net loss for the yearUS$’000 | − | (177,950) | (177,950) | PDF p. 105 |
| Net decrease in net assets resulting from operationsUS$’000 | − | (177,950) | (177,950) | PDF p. 105 |
| Trust; Closing balance | ||||
| At 31 December 2024US$’000 | 1,240,845 | (810,467) | 430,378 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The printed statement presents the Group and Trust blocks separately, each with three columns: Units in issue and to be issued, Accumulated losses, and Total (all US$’000). Within each block, rows show the stated opening or closing date; 2025 operations and closing balance; and comparative 2024 opening, operations and closing balance. No non-controlling interest schedule is shown. The accompanying notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net loss for the year before taxUS$’000 | (83,575) | (178,102) | PDF p. 106 |
| Cash flows from operating activities; Adjustments for | |||
| AmortisationUS$’000 | 10,070 | 8,985 | PDF p. 106 |
| Net change in provision for expected credit lossesUS$’000 | 291 | 594 | PDF p. 106 |
| Interest incomeUS$’000 | (1,385) | (3,277) | PDF p. 106 |
| Finance expensesUS$’000 | 34,608 | 48,099 | PDF p. 106 |
| Net fair value change in derivativesUS$’000 | 11,666 | 16,577 | PDF p. 106 |
| Net fair value change in investment propertiesUS$’000 | 83,515 | 187,936 | PDF p. 106 |
| Loss on disposal of investment propertiesUS$’000 | 3,323 | 1,618 | PDF p. 106 |
| Net unrealised foreign exchange (gains)/lossesUS$’000 | (70) | 48 | PDF p. 106 |
| Cash flows from operating activities | |||
| Operating income before working capital changesUS$’000 | 58,443 | 82,478 | PDF p. 106 |
| Cash flows from operating activities; Changes in working capital | |||
| Trade and other receivablesUS$’000 | 2,439 | 7,763 | PDF p. 106 |
| PrepaymentsUS$’000 | 651 | 143 | PDF p. 106 |
| Financial derivativesUS$’000 | − | 2,027 | PDF p. 106 |
| Trade and other payablesUS$’000 | 742 | 1,014 | PDF p. 106 |
| Security depositsUS$’000 | (129) | (385) | PDF p. 106 |
| Rent received in advanceUS$’000 | (478) | (3,068) | PDF p. 106 |
| Cash flows from operating activities | |||
| Cash from operating activitiesUS$’000 | 61,668 | 89,972 | PDF p. 106 |
| Tax paidUS$’000 | (540) | (1,090) | PDF p. 106 |
| Interest paidUS$’000 | (30,484) | (40,378) | PDF p. 106 |
| Net cash from operating activitiesUS$’000 | 30,644 | 48,504 | PDF p. 106 |
| Cash flows from investing activities | |||
| Proceeds from disposal of investment properties (net of transaction costs)US$’000 | 161,073 | 107,801 | PDF p. 106 |
| Payment for capital expenditure and other costs related to investment propertiesUS$’000 | (23,673) | (40,636) | PDF p. 106 |
| Interest receivedUS$’000 | 1,385 | 3,277 | PDF p. 106 |
| Net cash from investing activitiesUS$’000 | 138,785 | 70,442 | PDF p. 106 |
| Cash flows from financing activities | |||
| Redemption of preferred unitsUS$’000 | (230) | (115) | PDF p. 106 |
| Repayment of loans and borrowingsUS$’000 | (186,000) | (180,686) | PDF p. 106 |
| Payment of transaction costs relating to loans and borrowingsUS$’000 | (762) | − | PDF p. 106 |
| Movement in interest reserve accountsUS$’000 | 6,671 | 4,732 | PDF p. 106 |
| Net cash used in financing activitiesUS$’000 | (180,321) | (176,069) | PDF p. 106 |
| Cash and cash equivalents reconciliation | |||
| Net decrease in cash and cash equivalentsUS$’000 | (10,892) | (57,123) | PDF p. 106 |
| Cash and cash equivalents at beginning of the yearUS$’000 | 47,556 | 104,726 | PDF p. 106 |
| Effect of exchange rate fluctuations on cash held in foreign currencyUS$’000 | 65 | (47) | PDF p. 106 |
| Cash and cash equivalents at end of the yearUS$’000 | 36,729 | 47,556 | PDF p. 106 |
Definitions & sources
Original report: PDF p. 106 ↗
The accompanying notes form an integral part of the financial statements.
Distribution Statement
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution reconciliation | |||
| Amount available for distribution to Unitholders at the beginning of the yearUS$’000 | 112,608 | 74,348 | PDF p. 104 |
| Net loss for the yearUS$’000 | (87,653) | (178,003) | PDF p. 104 |
| Distribution adjustments (Note A)US$’000 | 113,195 | 216,263 | PDF p. 104 |
| Income available for distribution to Unitholders for the yearUS$’000 | 25,542 | 38,260 | PDF p. 104 |
| Amount available for distribution to Unitholders at the end of the yearUS$’000 | 138,150 | 112,608 | PDF p. 104 |
| Distributions | |||
| Distribution amount to Unitholders at the end of the year1US$’000 | − | − | PDF p. 104 |
| Per-Unit distributions | |||
| Number of Units in issue at the end of the year (’000)’000 Units | 1,776,565 | 1,776,565 | PDF p. 104 |
| Distribution per Unit1 (“DPU”) (US cents)US cents | − | − | PDF p. 104 |
| Note A — Distribution adjustments | |||
| Property related non-cash items2US$’000 | 10,070 | 8,985 | PDF p. 104 |
| Amortisation of upfront debt-related transaction costs3US$’000 | 1,372 | 1,977 | PDF p. 104 |
| Trustee’s feeUS$’000 | 180 | 226 | PDF p. 104 |
| Net fair value change in derivativesUS$’000 | 11,666 | 16,577 | PDF p. 104 |
| Net fair value change in investment propertiesUS$’000 | 83,515 | 187,936 | PDF p. 104 |
| Loss on disposal of investment propertiesUS$’000 | 3,323 | 1,618 | PDF p. 104 |
| Deferred tax expense/(income)US$’000 | 3,629 | (777) | PDF p. 104 |
| Other items4US$’000 | (560) | (279) | PDF p. 104 |
| Distribution adjustmentsUS$’000 | 113,195 | 216,263 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
1 Manulife US REIT’s distribution policy is to distribute at least 90% of its annual distributable income. The actual level of distribution will be determined at the discretion of the Board of Directors of the Manager. However, pursuant to the Recapitalisation Plan and the entry into the Master Restructuring Agreement, Manulife US REIT halted distributions to Unitholders since 2023. On 23 December 2025, the lenders of the existing facilities granted certain concessions which include an extension of the Disposal Deadline (as defined herein) and an extension of the temporary relaxation of the financial covenants (collectively, the “MRA Concessions”). Further to the granting of the MRA Concessions, the lenders have required Manulife US REIT to keep half-yearly distributions to Unitholders suspended until the later of the achievement of the Reinstatement Conditions (as defined herein) and the period during which the Bank ICR (as defined herein) relaxation remains in effect. 2 This includes straight-line rent adjustments, amortisation of tenant improvement allowance, leasing commissions and free rent incentives. 3 Upfront debt-related transaction costs and costs incurred in relation to the Master Restructuring Agreement are amortised over the remaining term of the loans and borrowings. 4 This includes non-tax deductible items and other adjustments including rent-free reimbursements. The rent-free reimbursements were in relation to the vendors of certain properties that had granted rent-free periods to certain tenants under the existing lease arrangements. As part of the terms of the acquisitions, these vendors reimbursed Manulife US REIT the free rent under existing lease arrangements and the rent-free reimbursements are applied towards the distributable income.
Statement of Portfolio — Occupancy
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; occupancy rate as at 31 December 2025 | 2024Group; occupancy rate as at 31 December 2024 | Source |
|---|---|---|---|
| Commercial office properties | |||
| Figueroa% | − | 46.6 | PDF p. 107 |
| Michelson% | 81.4 | 81.4 | PDF p. 107 |
| Peachtree2% | − | 77.0 | PDF p. 107 |
| Exchange% | 72.5 | 73.8 | PDF p. 107 |
| Penn% | 84.9 | 90.0 | PDF p. 107 |
| Phipps% | 83.7 | 80.4 | PDF p. 107 |
| Centerpointe% | 75.1 | 68.2 | PDF p. 107 |
| Diablo% | 37.8 | 98.2 | PDF p. 107 |
| Asset held for sale | |||
| Asset held for sale – Figueroa3% | 45.6 | − | PDF p. 107 |
| Asset held for sale – Plaza4% | − | 71.5 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
1 Based on committed leases.
2 The divestment of Peachtree was completed on 27 May 2025 (U.S. time).
3 On 30 March 2026, the Manager announced the proposed divestment of Figueroa and the property has been reclassified to asset held for sale at the estimated net sale consideration.
4 The Manager announced the divestment of Plaza on 20 February 2025 and the property has been reclassified to asset held for sale as at 31 December 2024. The divestment was completed on 25 February 2025 (U.S. time).
Statement of Portfolio — Fair Value and Percentage of Net Assets
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; fair value | 2024Group; fair value | 2025Group; percentage of total net assets | 2024Group; percentage of total net assets | Source |
|---|---|---|---|---|---|
| Commercial office properties | |||||
| FigueroaUS$’000; % of total net assets | − | 117,000 | − | 27.2 | PDF p. 107 |
| MichelsonUS$’000; % of total net assets | 230,400 | 219,500 | 67.2 | 51.0 | PDF p. 107 |
| Peachtree2US$’000; % of total net assets | − | 164,600 | − | 38.2 | PDF p. 107 |
| ExchangeUS$’000; % of total net assets | 191,400 | 211,600 | 55.8 | 49.1 | PDF p. 107 |
| PennUS$’000; % of total net assets | 79,800 | 79,100 | 23.3 | 18.4 | PDF p. 107 |
| PhippsUS$’000; % of total net assets | 192,500 | 180,200 | 56.1 | 41.8 | PDF p. 107 |
| CenterpointeUS$’000; % of total net assets | 76,700 | 75,900 | 22.3 | 17.6 | PDF p. 107 |
| DiabloUS$’000; % of total net assets | 44,900 | 45,600 | 13.1 | 10.6 | PDF p. 107 |
| Portfolio valuation and net assets | |||||
| Total investment propertiesUS$’000; % of total net assets | 815,700 | 1,093,500 | 237.8 | 253.9 | PDF p. 107 |
| Asset held for sale – Figueroa3US$’000; % of total net assets | 85,703 | − | 25.0 | − | PDF p. 107 |
| Asset held for sale – Plaza4US$’000; % of total net assets | − | 43,700 | − | 10.2 | PDF p. 107 |
| Other assets and liabilities (net)US$’000; % of total net assets | (558,424) | (706,568) | (162.8) | (164.1) | PDF p. 107 |
| Net assetsUS$’000; % of total net assets | 342,979 | 430,632 | 100.0 | 100.0 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Fair value columns are US$’000; percentage columns are % of total net assets.
1 Based on committed leases.
2 The divestment of Peachtree was completed on 27 May 2025 (U.S. time).
3 On 30 March 2026, the Manager announced the proposed divestment of Figueroa and the property has been reclassified to asset held for sale at the estimated net sale consideration.
4 The Manager announced the divestment of Plaza on 20 February 2025 and the property has been reclassified to asset held for sale as at 31 December 2024. The divestment was completed on 25 February 2025 (U.S. time).
FY2025 Financial & Portfolio Highlights — Key Financial Indicators
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Key Financial Indicators | ||||||
| Gross borrowings (US$ million)US$ million | 559.0 | 745.0 | 925.7 | 1,032.7 | 975.0 | PDF p. 8 |
| Aggregate leverage (%)% | 58.4 | 60.8 | 58.3 | 48.8 | 42.8 | PDF p. 8 |
| Weighted average cost of debt (%)% | 4.58 | 4.53 | 4.15 | 3.74 | 2.82 | PDF p. 8 |
| Weighted average debt maturity (years)years | 2.3 | 2.9 | 3.3 | 2.8 | 2.4 | PDF p. 8 |
| Interest coverage ratio (ICR) (times)times | 1.7 | 1.7 | 2.4 | 3.1 | 3.4 | PDF p. 8 |
| Market capitalisation (US$ million)US$ million | 126.1 | 158.1 | 142.1 | 533.0 | 1,175.3 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Weighted average cost of debt: Excluding the Sponsor-lender loan exit premium. Including the Sponsor-lender loan exit premium, the weighted average cost of debt would be approximately 5.25% for FY2025 (FY2024: 5.03%).
Interest coverage ratio is labeled ICR in the five-year highlights; the report’s definition for the financial-review ICR is: “Computed by dividing the trailing 12-month 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, borrowing-related fees and distributions on hybrid securities as set out in the Code on Collective Investment Schemes (CIS Code) issued by MAS.”
Source page 8 rendered original shows FY2025 4.58⁵ and FY2024 4.53⁵; superscript 5 is a footnote marker and excluded from the numeric values. The exact source text-layer string “4.585 4.535” is preserved in the row quote and reference chart-value-corrections artifact.
FY2025 Financial & Portfolio Highlights — Portfolio
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Portfolio | ||||||
| Assets under Management (AUM) (US$ billion)US$ billion | 0.9 | 1.1 | 1.4 | 1.9 | 2.2 | PDF p. 8 |
| Occupancy rate (%)% | 67.7 | 73.6 | 84.4 | 88.0 | 92.3 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Weighted average cost of debt: Excluding the Sponsor-lender loan exit premium. Including the Sponsor-lender loan exit premium, the weighted average cost of debt would be approximately 5.25% for FY2025 (FY2024: 5.03%).
Interest coverage ratio is labeled ICR in the five-year highlights; the report’s definition for the financial-review ICR is: “Computed by dividing the trailing 12-month 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, borrowing-related fees and distributions on hybrid securities as set out in the Code on Collective Investment Schemes (CIS Code) issued by MAS.”
FY2025 Financial & Portfolio Highlights
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| Net Property Income (NPI) (US$ million)US$ million | 53.2 | 79.9 | 114.6 | 113.2 | 109.5 | PDF p. 8 |
| Income Available for Distribution (US$ million)US$ million | 25.5 | 38.3 | 74.3 | 87.9 | 85.6 | PDF p. 8 |
| Income Available for Distribution/Distribution per Unit2 (US cents)US cents | 1.44 | 2.15 | 4.18 | 4.75 | 5.33 | PDF p. 8 |
| Aggregate Leverage (%)% | 58.4 | 60.8 | 58.3 | 48.8 | 42.8 | PDF p. 8 |
| Occupancy Rate (%)% | 67.7 | 73.6 | 84.4 | 88.0 | 92.3 | PDF p. 8 |
| Weighted Average Lease Expiry (WALE) by net lettable area (NLA) (years)years | 4.5 | 5.0 | 5.0 | 4.7 | 5.1 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
US$3.8 million was retained for general corporate and working capital purposes in 2H2022 and the distribution amount to Unitholders of MUST (Unitholders) for FY2022 was US$84.1 million.
MUST has halted distributions to Unitholders since 2023 pursuant to the Recapitalisation Plan, MRA and MRA Concessions. For more information on the MRA Concessions and the Growth and Value Up Plan, please refer to the circular to Unitholders dated 1 December 2025, as well as the announcements dated 11 December 2025, 15 December 2025 and 24 December 2025, respectively.
Based on income available for distribution divided by the number of units in issue as at end of each year.
Based on DPU paid.
Distribution policy and suspension detail: Manulife US REIT’s distribution policy is to distribute at least 90.0% of its annual distributable income on a semi-annual basis. Pursuant to the recapitalisation plan set out in the circular to Unitholders dated 29 November 2023 (Recapitalisation Plan) and the entry into the master restructuring agreement (Master Restructuring Agreement or MRA), Manulife US REIT halted distributions to Unitholders since 2023. On 23 December 2025, the lenders of the existing facilities granted certain concessions which include an extension of the disposal deadline and an extension of the temporary relaxation of the financial covenants (collectively, the MRA Concessions). Further to the granting of the MRA Concessions, the lenders have required Manulife US REIT to keep half-yearly distributions to Unitholders suspended until the later of the achievement of the Reinstatement Conditions and the period during which the bank interest coverage ratio (Bank ICR) relaxation remains in effect.
Reinstatement Conditions: (i) consolidated total liabilities to consolidated deposited properties (as defined in the MRA) being no more than 50%; (ii) minimum interest coverage ratio of 1.5 times; and (iii) there being no default continuing for at least one full financial quarter after Manulife US REIT delivers its financial statement, evidencing compliance with (i) and (ii).
Source page 8 rendered original shows distribution per Unit values 1.44³, 2.15³, 4.18³, 4.75⁴ and 5.33⁴; raised digits are footnote markers excluded from the numeric values. Exact source text-layer strings including suffix markers remain in row quotes and the reference chart-value-corrections artifact.
Financial Review — monetary indicators
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial Review | |||
| Gross revenueUS$’000 | 113,914 | 167,582 | PDF p. 22 |
| Property operating expensesUS$’000 | (60,736) | (87,708) | PDF p. 22 |
| Net property incomeUS$’000 | 53,178 | 79,874 | PDF p. 22 |
| Interest incomeUS$’000 | 1,385 | 3,277 | PDF p. 22 |
| Manager’s base feeUS$’000 | (2,838) | (4,251) | PDF p. 22 |
| Trustee’s feeUS$’000 | (180) | (226) | PDF p. 22 |
| Other trust expensesUS$’000 | (2,008) | (2,546) | PDF p. 22 |
| Finance expensesUS$’000 | (34,608) | (48,099) | PDF p. 22 |
| Net income before tax and fair value changesUS$’000 | 14,929 | 28,029 | PDF p. 22 |
| Net fair value change in derivativesUS$’000 | (11,666) | (16,577) | PDF p. 22 |
| Net fair value change in investment propertiesUS$’000 | (83,515) | (187,936) | PDF p. 22 |
| Loss on disposal of investment propertiesUS$’000 | (3,323) | (1,618) | PDF p. 22 |
| Net loss before taxUS$’000 | (83,575) | (178,102) | PDF p. 22 |
| Tax (expense)/incomeUS$’000 | (4,078) | 99 | PDF p. 22 |
| Net loss attributable to UnitholdersUS$’000 | (87,653) | (178,003) | PDF p. 22 |
| Income available for distribution to Unitholders ("DI")US$’000 | 25,542 | 38,260 | PDF p. 22 |
Definitions & sources
Original report: PDF p. 22 ↗
Financial Review footnotes: 1 Computed based on income available for distribution to Unitholders divided by the total number of Units in issue. 2 Refers to all operating expenses (including fees, charges and reimbursable costs paid/payable to the Manager and interested parties), excluding net foreign exchange gains or losses and finance expenses. 3 Net assets as at 31 December 2025 and 31 December 2024, respectively.
The report’s financial-review change values are retained as printed; the printed header labels the column “Change” with unit “%”. N.M. is preserved as printed.
Financial-review key financial indicators
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Key Financial Indicators | |||
| Gross borrowings (US$ m)US$ m | 559.0 | 745.0 | PDF p. 23 |
| Aggregate leverage1(%)% | 58.4 | 60.8 | PDF p. 23 |
| Weighted average cost of debt 2 (%)% | 4.58 | 4.53 | PDF p. 23 |
| Weighted average debt maturity (years)years | 2.3 | 2.9 | PDF p. 23 |
| Interest coverage ratio3 (times)times | 1.7 | 1.7 | PDF p. 23 |
| Unencumbered properties as % of total portfolio (%)% | 100.0 | 100.0 | PDF p. 23 |
Definitions & sources
Original report: PDF p. 23 ↗
1 Based on gross borrowings as a percentage of total assets.
2 Excluding the Sponsor-Lender loan exit premium. Including the Sponsor-Lender loan exit premium, the weighted average cost of debt would be 5.25% for FY2025 (FY2024: 5.03%).
3 Computed by dividing the trailing 12-month 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, borrowing-related fees and distributions on hybrid securities as set out in the Code on Collective Investment Schemes (CIS Code) issued by MAS.
Financial Review — DI per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial Review | |||
| DI per Unit1US cents per Unit | 1.44 | 2.15 | PDF p. 22 |
Definitions & sources
Original report: PDF p. 22 ↗
Financial Review footnotes: 1 Computed based on income available for distribution to Unitholders divided by the total number of Units in issue. 2 Refers to all operating expenses (including fees, charges and reimbursable costs paid/payable to the Manager and interested parties), excluding net foreign exchange gains or losses and finance expenses. 3 Net assets as at 31 December 2025 and 31 December 2024, respectively.
The report’s financial-review change values are retained as printed; the printed header labels the column “Change” with unit “%”. N.M. is preserved as printed.
The p22 DI per Unit row does not repeat a per-unit monetary unit; US cents per Unit is corroborated by the matching FY2025/FY2024 1.44/2.15 values and income-available-per-unit definition in the p8 highlight chart. These figures are income available per unit; paid DPU in the audited p104 distribution statement remains a printed dash.
Financial Review — Change (%) 2025 vs 2024
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|
| Financial Review | ||
| Gross revenue% | (32.0) | PDF p. 22 |
| Property operating expenses% | (30.8) | PDF p. 22 |
| Net property income% | (33.4) | PDF p. 22 |
| Interest income% | (57.7) | PDF p. 22 |
| Manager’s base fee% | (33.2) | PDF p. 22 |
| Trustee’s fee% | (20.4) | PDF p. 22 |
| Other trust expenses% | (21.1) | PDF p. 22 |
| Finance expenses% | (28.0) | PDF p. 22 |
| Net income before tax and fair value changes% | (46.7) | PDF p. 22 |
| Net fair value change in derivatives% | (29.6) | PDF p. 22 |
| Net fair value change in investment properties% | (55.6) | PDF p. 22 |
| Net loss before tax% | (53.1) | PDF p. 22 |
| Net loss attributable to Unitholders% | (50.8) | PDF p. 22 |
| Income available for distribution to Unitholders ("DI")% | (33.2) | PDF p. 22 |
Definitions & sources
Original report: PDF p. 22 ↗
The source prints “Change” with unit %; nonstandard source cells >100 and N.M. are preserved in the source-notes sidecar.
Financial Review — supplemental financial indicators
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Financial Review; Group-consistent context, though Group is not printed in this table header | 2024Financial Review; Group-consistent context, though Group is not printed in this table header | Source |
|---|---|---|---|
| Financial Review supplemental indicators | |||
| Total operating expenses² (US$’000)US$’000 | 65,791 | 94,660 | PDF p. 22 |
| Net assets³ (US$’000)US$’000 | 342,979 | 430,632 | PDF p. 22 |
| Total operating expenses as percentage of net asset value as at the end of the financial year (%)% | 19.2 | 22.0 | PDF p. 22 |
Definitions & sources
Original report: PDF p. 22 ↗
The physical p22 table prints FY2025 and FY2024, with units US$’000 for the first two rows; the third row is a percentage. The Group-consistent scope of net assets is cross-supported by the matching Group values in the p102 Statement of Financial Position; p22 itself does not print a Group/Trust label. Footnote 2: all operating expenses (including fees, charges and reimbursable costs paid/payable to the Manager and interested parties), excluding net foreign exchange gains or losses and finance expenses. Footnote 3: net assets as at 31 December 2025 and 31 December 2024, respectively.
Note4 — Cash and cash equivalents reconciliation
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Note4 Cash and cash equivalents reconciliation | |||||
| Cash at bankUS$’000 | 24,229 | 26,556 | 3,818 | 6,954 | PDF p. 122 |
| Short-term fixed depositsUS$’000 | 23,516 | 38,687 | 23,516 | 38,687 | PDF p. 122 |
| Total cash and cash equivalentsUS$’000 | 47,745 | 65,243 | 27,334 | 45,641 | PDF p. 122 |
| Less: Interest reserves1US$’000 | (11,016) | (17,687) | (11,016) | (17,687) | PDF p. 122 |
| Cash and cash equivalents per consolidated statement of cash flowsUS$’000 | 36,729 | 47,556 | 16,318 | 27,954 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
1 Pursuant to the Master Restructuring Agreement, Manulife US REIT is required to maintain interest reserve accounts comprising an interest reserve of six months for its loans and borrowings. The interest reserve accounts are cash collaterals charged in favour to the lenders and the use of the cash balance held within the interest reserve is restricted and is dedicated to funding the Group’s interest payments for loans and borrowings in Note 9.
The original note also discloses Trust cash balances after restricted interest reserves; the report does not present a separate complete Trust cash-flow statement.
Debt
Borrowings
Outstanding principal, interest rate and maturity of facilities
| Item / unit | 2025Nominal interest rate %, 2025 (2024: 1.88 – 6.33 for bank loans) | 2025Year of maturity | 2025Face value US$'000 | 2025Carrying amount US$'000 | 2024Face value US$'000 | 2024Carrying amount US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Group and Trust | |||||||
| Sponsor-Lender LoanUS$'000 (rate in %) | 7.252 | 2029 | 137,000 | 136,535 | 137,000 | 136,651 | PDF p. 131 |
Notes
1 Including the loan due to a related party. 2 Excludes amortisation of the exit premium.
Printed (2024: 1.88 – 6.33) under bank loan interest rate.
Accrual for Sponsor-Lender Loan exit premium row: carrying amount 7,945 (2025) and 3,821 (2024); face value − and –.
Total row has four values only (2025 face/carrying, 2024 face/carrying).
Liquidity risk: contractual maturities of loans and borrowings (Group and Trust)
| Item / unit | 2025Carrying amount US$'000 | 2025Contractual cash flows US$'000 | 2025Within 1 year US$'000 | 2025Within 2 to 5 years US$'000 | 2025More than 5 years US$'000 | Source |
|---|---|---|---|---|---|---|
| Group 2025 Non-derivative financial liabilities | ||||||
| Loans and borrowingsUS$'000 | 564,686 | 668,612 | 66,352 | 602,260 | − | PDF p. 143 |
Notes
Contractual cash flows include estimated interest payments. Same row values printed for Trust 2025. Group/Trust 2024: carrying 745,952; contractual 901,278; within 1 year 36,423; 2 to 5 years 864,855; more than 5 years −.
Floating-rate interest reflects market forward rates at period end.
Borrowing notes 2 tables
Loans and borrowings (Group and Trust)
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Current | |||
| Unsecured bank loansUS$'000 | 35,554 | − | PDF p. 130 |
| Less: Unamortised transaction costsUS$'000 | (85) | − | PDF p. 130 |
| Non-current | |||
| Unsecured bank loansUS$'000 | 341,962 | 608,014 | PDF p. 130 |
| Unsecured bank loan due to a related partyUS$'000 | 44,498 | − | PDF p. 130 |
| Unsecured Sponsor-Lender LoanUS$'000 | 137,000 | 137,000 | PDF p. 130 |
| Accrual for Sponsor-Lender Loan exit premiumUS$'000 | 7,945 | 3,821 | PDF p. 130 |
| Less: Unamortised transaction costsUS$'000 | (2,188) | (2,883) | PDF p. 130 |
| Non-current subtotal (unlabelled)US$'000 | 529,217 | 745,952 | PDF p. 130 |
| Total | |||
| Total loans and borrowings (unlabelled)US$'000 | 564,686 | 745,952 | PDF p. 130 |
Notes
All borrowings are unsecured; all properties unencumbered at 31 Dec 2025 and 2024.
Gross borrowings US$559.0 million (2024: US$745.0 million), aggregate leverage 58.4% (2024: 60.8%), ICR 1.7 times (2024: 1.7 times). 74.6% of gross borrowings fixed or hedged (2024: 69.4%).
Weighted average interest rate 4.58% (2024: 4.53%); weighted average debt maturity 2.3 years (2024: 2.9 years); including exit premium 5.25% (2024: 5.03%).
Sponsor-Lender Loan: US$137.0 million, six years, 7.25% paid quarterly, exit premium of up to 21.16%.
Total and non-current subtotal rows have no printed label.
Credit facilities available and utilised
| Item / unit | 2025Facility amount US$'000 | 2025Utilised US$'000 | 2024Facility amount US$'000 | 2024Utilised US$'000 | Source |
|---|---|---|---|---|---|
| Unsecured, Group and Trust | |||||
| Trust-level term loans1,3US$'000 | 665,000 | 422,014 | 850,000 | 608,014 | PDF p. 132 |
| Sponsor-Lender LoanUS$'000 | 137,000 | 137,000 | 137,000 | 137,000 | PDF p. 132 |
| Committed revolving credit facilityUS$'000 | − | − | 50,000 | − | PDF p. 132 |
| Total (unlabelled)US$'000 | 802,000 | 559,014 | 1,037,000 | 745,014 | PDF p. 132 |
Notes
3 For the Trust-level term loans, the Group entered into interest rate swaps to hedge the floating rate under certain loans drawn to a fixed rate. Please refer to Note 10.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy | MUST’s distribution policy is to distribute at least 90.0% of its distributable income and distributions are paid on a semi- annual basis in which the Manager determines the actual level of distribution. | MUST | PDF p. 91 |
| Distribution Halt | Pursuant to the Recapitalisation Plan set out in the circular to Unitholders dated 29 November 2023 and the entry into the MRA, MUST halted distributions to Unitholders till 31 December 2025. | MUST | PDF p. 91 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit1 (“DPU”) (US cents) | − | Group, FY2025 (year ended 31 December 2025) | PDF p. 104 |
| Distribution per Unit1 (“DPU”) (US cents) | − | Group, FY2024 comparative (year ended 31 December 2024) | PDF p. 104 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution amount to Unitholders at the end of the year1 | − | Group, 2025 and 2024 | PDF p. 104 |
Extracted from Expanding Horizons Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage1(%) | 58.4% | As at 31 December 2025; comparative 31 December 2024: 60.8 · As at 2025-12-31 | PDF p. 23 |
| Interest coverage ratio3 (times) | 1.7 times | As at 31 December 2025; comparative 31 December 2024: 1.7 · As at 2025-12-31 | PDF p. 23 |
| Weighted average cost of debt (%) | 4.585% | FY2025; comparative FY2024: 4.535 (five-year summary) | PDF p. 8 |
| Weighted average debt maturity (years) | 2.3 years | As at 31 December 2025; comparative FY2024: 2.9 · As at 2025-12-31 | PDF p. 23 |
| Occupancy rate (%) | 67.7% | FY2025; comparative FY2024: 73.6 | PDF p. 8 |
| top 10 tenants | 4.4 years | As at 31 December 2025; top 10 tenants only · As at 2025-12-31 | PDF p. 27 |
| Total | 913.8 US$ m | 31 December 2025; comparative 31 December 2024: 928.9; change -1.6% · As at 2025-12-31 | PDF p. 27 |
Extracted from Expanding Horizons Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group and Trust, year ended 31 December 2025 | PDF p. 101 |
| Engagement partner | Low Yen Mei | Group and Trust, year ended 31 December 2025 | PDF p. 101 |
| Auditor's report date | 31 March 2026 | Group and Trust · As at 2026-03-31 | PDF p. 101 |
| Opinion | Our opinion is not modified in respect of this matter. | Group and Trust, year ended 31 December 2025 | PDF p. 99 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern | Group, year ended 31 December 2025 | PDF p. 98 |
| Net Proceeds Target | US$328.7 million | Group, Master Restructuring Agreement dated 15 December 2023 | PDF p. 98 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties and asset held for sale | The valuation of the investment properties is significant to our audit due to the magnitude and the complexity of the valuation which is highly dependent on a range of estimates made by the external appraisers engaged by the Manager. | Group, as at 31 December 2025 · As at 2025-12-31 | PDF p. 99 |
Extracted from Expanding Horizons Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Expanding Horizons Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Financial statement amounts are USD thousands except explicit per-unit/units-count rows. Equity Units in issue and to be issued are monetary capital (US$’000), while balance-sheet and distribution unit-count rows are thousands of units. Portfolio percentages and fair values use their separately printed column units.
FY2021–FY2025 highlights retain original units and definitions. Income available per Unit for FY2023–FY2025 is not paid DPU; the source reports halted distributions since2023, and the FY2024/FY2025 audited DPU rows remain literal dashes.
The auditor draws attention to a material uncertainty related to going concern in the original report, physical PDF page98. Its original explanation is retained with the source context, alongside the financial statements and distribution-suspension footnotes.
Earlier original-report historical backfill remains incomplete.
Note4 explains the difference between balance-sheet cash and cash-flow cash: interest reserve accounts are restricted cash collateral dedicated to loan interest payments. All Group and Trust FY2025/FY2024 reconciliations are included.
The original primary Group and Trust balance sheets and equity movements, consolidated income/distribution/cash-flow statements and portfolio statement are included. Separate full Trust income and cash-flow statements are not disclosed.
Note 4 reconciles bank cash and short-term deposits with cash-flow cash after restricted interest reserves; original Group and Trust figures are kept separately. Trust reconciliation does not imply a separate Trust cash-flow statement.
Five-year highlights retain their source definitions: income available per Unit for FY2023–FY2025 is distinct from paid DPU. Distributions were halted; audited FY2024 and FY2025 DPU dashes remain literal.
All 524 quantities have distinct original positions. 59 complete numeric equations and 8 cash reconciliation equations passed; 25 equations involving literal source dashes remain non-computable.
Earlier original-report historical backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.