Manulife US Real Estate Investment Trust : FY 2021 Factsheet

About Manulife US REIT	As at 31 Dec 2021

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-producing office real estate in key markets in the United States ("U.S."), as well as real estate-related assets. MUST'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, New York Stock Exchange, Hong Kong Stock Exchange and Philippine Stock Exchange.

Quality Portfolio Across the U.S.

(1) As at 31 Dec 2021

Portfolio Summary

Net Lettable Area (NLA)	: 5.4 m sq ft
WALE (by NLA)	: 5.1 years
Occupancy	: 92.3%
Land Tenure	: 100% freehold
(1) For the period 1 Jan 2021 to 31 Dec 2021

AUM:

US$2.2 b1

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Stock Information as at 31 Dec 2021

SGX Code	: BTOU
Bloomberg Code	: MUST:SP
Market Capitalisation	: US$1.2 b
Free Float	: 91.5%
Avg Daily Trading Volume (Units)1
: 2,740,827
Unit Price (Closing)	: US$0.670

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

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

Debt Profile

Weighted Average Interest Rate	: 2.82%
Weighted Average Debt Maturity	: 2.4 years
Portfolio Unencumbered	: 70.4%
Gearing1	: 42.8%
Fixed Rate Loans	: 86.5%
Interest Coverage2	: 3.4 times
Green or Sustainability-Linked Loans3	: 45.1%

1. Based on gross borrowings as percentage of total assets
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 Code on Collective Investment Schemes issued by the Monetary Authority of Singapore
3. As at Jan 2022

Lease Expiry Profile		Gross Rental Income by Trade Sector

1. CoStar Market Analysis & Forecast as at Jan 2022

Portfolio Overview

										1	Park		1
	Figueroa	Michelson	Peachtree	Plaza	Exchange	Penn	Phipps	Centerpointe	Capitol	Diablo	Place1	Tanasbourne
Location	Los	Irvine	Atlanta	Secaucus	Jersey City	Washington,	Atlanta	Virginia	Sacramento	Tempe	Chandler	Hillsboro
Angeles	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
	1991	2007	1991	1985	1988	1964	2010	1987 / 1989	1992	1980 -	2019	1986 - 1995
Completion Date
1998
NLA (sq ft)	715,024	533,567	558,835	466,496	737,207	278,063	475,778	420,421	500,661	354,434	274,700	132,851
WALE by NLA	3.2	5.3	4.4	6.1	4.9	4.9	6.9	5.1	5.0	4.6	7.9	4.9
(years)
Occupancy (%)	88.6	87.2	90.8	96.7	97.7	93.8	94.5	91.6	88.3	85.7	100.0	100.0
Property Value	315.2	317.0	212.9	106.0	324.0	177.3	216.0	112.7	197.0	65.0	106.9	34.4
(US$ m)

Data as at 31 Dec 2021

1. Based on time specified appraisals completed by JLL during acquisition on 18 Dec 2021

U.S. GDP Growth (%) (YoY)							U.S. Office Net Absorption (m sf) & Occupancy (%)
												40.0		89.3													90.0
													89.2	89.2	90.3	89.1									89.5
												30.0					88.9
											6.9					20.7		88.2	87.6	20.5			89.0
											20.0	14.7	18.1	15.4				14.7
															13.4 11.714.0
														14.8	14.3	13.1			11.6	14.8		88.5
												10.08.5
									2.9			10.8		5.4	8.8						4.3		88.0
									2.1
2.5	1.6	2.2	1.7	2.4	2.6	1.6	2.3			0.0															87.5
				2019	2019	2019	2019	2020 2020 2020 2020	2021	2021	2021	2021
												-10.0	87.0
-0.3											Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
																						-15.5		86.5
												-20.0							-6.1
																					86.8			86.0
												-30.0												86.3 86.2 86.2
																		-28.1	-31.0		85.5
												-40.0
																										85.0
																							-41.1
-2.8									-3.5		-50.0														84.5
															Net Absorption			Completion		Occupancy Rate
Source: U.S. Department of Commerce, Bureau of Economic Analysis
					(1)	Source: CoStar Market Analysis & Forecast Reports for Class A & B Office

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