Contents 01 Corporate Profile 02 2025 Highlights 12 Message to Unitholders 16 2025 Key Events 17 Trust and Tax Structure 18 Organisation Structure 18 The Sponsors and The Manager 19 Our Presence 20 Board of Directors 24 The Manager 26 U.S. Asset Manager 27 Financial Review and Capital Management 33 Operations Review 38 Property Portfolio 40 Property Summary 61 Sustainability and Climate Report 107 Investor Relations 112 Unit Price Performance 113 Corporate Governance 150 Financial Statements 211 Interested Person Transactions 212 Unitholding Statistics Corporate Information Vision: To be a leading REIT, building a legacy of value creation through purpose driven investments that benefit our stakeholders, tenants, and the communities we serve Mission: To provide regular and stable distributions to our Unitholders and create lasting value for all stakeholders through investing in best-in-class real estate, while fostering thriving community centered spaces that support our tenants’ success and growth
Corporate Profile United Hampshire US REIT (“UHREIT” or the “REIT”) is a real estate investment trust listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 12 March 2020. It was established with the principal investment strategy of investing in a diversified portfolio of stabilised income-producing (i) grocery-anchored and necessitybased retail properties (“Grocery & Necessity”), and (ii) modern, climatecontrolled self-storage facilities (“SelfStorage”), located in the United States (“U.S.”). As at 31 December 2025, UHREIT’s portfolio comprised 20 Grocery & Necessity and two Self-Storage properties that serve the nondiscretionary needs of the U.S. consumer. These properties are strategically located in the populous and affluent East Coast markets of the U.S. Cumulatively, the portfolio has a total appraised value of US$774.3 million and an aggregate Net Lettable Area (“NLA”) of 3.6 million square feet. The majority of UHREIT’s tenants provide essential goods and services to the U.S. consumer, and comprise grocers and wholesalers, warehouse clubs, home improvement stores, discount retailers and other tenants with strong omnichannel platforms. UHREIT is managed by United Hampshire US REIT Management Pte. Ltd. (the “Manager”). The Manager is jointly owned by UOB Global Capital LLC (“UOB Sponsor”), a subsidiary of United Overseas Bank Limited (“UOB”), and Hampshire U.S. Holdco, LLC, a subsidiary of The Hampshire Companies, LLC (“Hampshire Sponsor”). The UOB Sponsor is an originator and distributor of private equity, hedge funds, fixed income and real estate products, while the Hampshire Sponsor has over 60 years of experience in acquiring, developing, leasing, repositioning, managing and financing real estate. 20 Grocery & Necessity Properties 2Self-Storage Properties Total Appraised Value of US$774.3 Million Aggregate Net Lettable Area of 3.6 Million sq ft 01 ANNUAL REPORT 2025
2025 Highlights US$72.0 Million 1.7% vs FY2024 2025 2025 2025 72.0 49.0 774.3 2024 2024 2024 73.2 49.8 752.9 2023 2023 2023 72.2 50.6 763.4 2022 2022 2022 67.5 47.1 738.7 2021 2021 2021 55.2 41.9 688.5 Gross Revenue US$49.0 Million 1.7% vs FY2024 Net Property Income US$774.3 Million 3.8%1 vs FY2024 Appraised Value 1 On a like-for-like basis, excluding properties acquired and divested during the year. 02 UNITED HAMPSHIRE US REIT
2025 Highlights 2 Including floating-rate loans that have been swapped to fixed rate. 3 Trailing 12-month and excludes upfront debt related transaction costs and revolving credit facility. Distributable Income US$26.9 Million 5.7% vs FY2024 Interest Coverage Ratio 2.4 Times Aggregate Leverage 38.6% Weighted Average Interest Rate 5.01%3 Distribution Per Unit 4.39 US Cents 8.1% vs FY2024 Fixed-Rate Debt 76.2%2 Net Asset Value US$0.73 Per Unit 03 ANNUAL REPORT 2025
Resilient Portfolio Backed by Strong Tenant Partnerships UHREIT’s portfolio continues to demonstrate strong fundamentals, anchored by a high tenant retention rate of 90% since the date of its listing on the Singapore Exchange Securities Trading Limited (“IPO”), and a long Weighted Average Lease Expiry (“WALE”) of 7.7 years1, underscoring the depth of our tenant relationships and the effectiveness of our proactive asset management strategy. Since IPO, our Assets Under Management (“AUM”) have grown by 32.4%. Occupancy for our Grocery & Necessity properties remains robust. Maintained High Grocery & Necessity Committed Occupancy Of 97.7% High Tenant Retention Rate of 90% Since IPO Long WALE of 7.7 years1 1 Based on gross rental income of Grocery & Necessity properties for the month of December 2025. 04 UNITED HAMPSHIRE US REIT
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Driving Growth Through Strategic Portfolio Management The Manager adopts a proactive portfolio management approach to position UHREIT for sustainable future growth. This includes strategic capital recycling, targeted new developments, and asset enhancement initiatives. As part of our capital recycling strategy, UHREIT completed the DPU-accretive acquisition of Dover Marketplace in Pennsylvania during the financial year and announced the proposed development of a new 5,000 sq ft store on excess land at St. Lucie West, which has been pre-leased to Florida Blue on a 10-year lease. Subsequent to the financial year end, UHREIT also completed the DPU-accretive acquisition of Wallingford Fair Shopping Center, marking our inaugural entry into Connecticut. DPU-accretive Acquisition of Dover Marketplace in August 2025 at 4.8% Below Valuation Divested Albany-Supermarket in January 2025 at 4.2% Above Purchase Price DPU-accretive Acquisition of Wallingford Fair Shopping Center in January 2026 at 8.2% Below Valuation Portfolio Valuation Increased 3.8%1 From 31 December 2024 1 On a like-for-like basis, excluding properties acquired and divested during the year. 07 ANNUAL REPORT 2025
Convenience Fuels Portfolio Strength Our U.S. grocery-anchored strip centers continue to attract strong foot traffic, driven by consumer demand for convenience and accessibility. Anchored by a reliable tenant base, the portfolio remains well-positioned for sustained growth. In FY2025, UHREIT maintained strong leasing momentum with 30 leases signed while minimal leasing risk is evident, with only 2.9%1 of leases expiring in 2026. Grocery & Necessity tenants deliver robust sales, leveraging omnichannel strategies with in-store fulfilment continuing to drive a meaningful portion of customer orders. Minimal Leasing Risks with only 2.9%1 of Leases Expiring in 2026 Executed 30 Leases Amounting to 422,032 sq ft 58.8%1 of Rents Generated from Tenants In The Essential Services Sector2 1 Based on gross rental income of Grocery & Necessity Properties for the month of December 2025. 2 Based on the definition of “Essential Retail Businesses” by the State of New Jersey. 08 UNITED HAMPSHIRE US REIT
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Recognised for Governance Excellence and Community Impact UHREIT strengthened its governance credentials in 2025, climbing two positions to secure 12th place in the Singapore Governance and Transparency Index’s (“SGTI”) REITs and Business Trust category, marking the third consecutive year of improved ranking. The REIT was also awarded and shortlisted for several prestigious industry awards, further enhancing its visibility and reputation within the investment community. In the same year, UHREIT was honoured with the ‘Company of Good – 3 Hearts’ recognition by the National Volunteer and Philanthropy Center (“NVPC”), underscoring its commitment to supporting and engaging the communities it serves. Honored With ‘Company of Good – 3 Hearts’ Recognition by the NVPC in 2025 Included in SGX Fast Track Programme Since 2021 UHREIT’s FY2024 Annual Report was Recognised as the Gold Winner at the International Hermes Creative Awards 2025 for the 3rd Consecutive Year Awarded Best Sell-Side Management and Certificate of Excellence in Investor Relations by IR Impact Awards – South East Asia 2025 11 ANNUAL REPORT 2025
Message to Unitholders Dear Unitholders, On behalf of our Board of Directors (“Board”) and management, we are pleased to present UHREIT’s annual report for the financial year ended 31 December 2025 (“FY2025”). In 2025, the global economy demonstrated resilience despite ongoing geopolitical conflicts and evolving trade dynamics. Global GDP growth was estimated to be 3.3%, supported by technologyled investment and easing financial conditions as inflation continued to moderate from prior peaks1. For 2026, the International Monetary Fund in its January report projected global growth of approximately 3.3%, reflecting a cautious outlook amid rising geopolitical tensions and concerns over potential market corrections linked to reassessed productivity expectations around artificial intelligence¹. However, a prolonged conflict in the Middle East could materially affect global energy prices, market sentiment, economic growth and inflation. In the U.S., where UHREIT’s properties are located, the economy continued to demonstrate resilience. Following a robust real GDP expansion of 2.1% in 20252, the Federal Open Market Committee projects steady real GDP growth of 2.4% for 2026 and 2.3% for 20273. Inflation moderated significantly from its peak of 9.1% in June 2022 to 2.4% in February 20264. The U.S. labour market remained broadly stable in 2025, with the unemployment rate averaging approximately 4.4%5. While employment conditions remained supportive, there were signs of gradual cooling amid moderating economic growth. In 2025, the U.S. Federal Reserve (“Fed”) lowered the federal funds rate three times, bringing the target range to 3.5%–3.75%, its lowest level in the past three years. In aggregate, the Fed has reduced interest rates by 175 basis points since September 2024. U.S. consumer spending patterns continue to favour essential goods, with shoppers increasingly leveraging omnichannel options. This trend reinforces the structural advantages of grocery-anchored strip centers, which benefit from proximity, convenience, and daily-needs spending. On the supply side, strip center construction is expected to remain constrained, with projected supply growth of just 0.3% per annum from 2026 to 2030, the lowest among traditional retail sectors6. Against this backdrop, sector fundamentals remain robust, with occupancy rates sustained at approximately 95% and lease rates expected to trend higher. U.S. retailers have continued to expand their physical footprints despite nearterm macroeconomic uncertainty, while UHREIT’s anchor tenants have continued to record healthy sales. UHREIT’s two Self-Storage properties located in the New York metropolitan area recorded an increase in rental rates during the year, while occupancy moderated throughout the year. Tan Tong Hai Chairman and Independent Non-Executive Director Gerard Yuen Chief Executive Officer UHREIT has achieved like-for-like portfolio valuation growth each year since its listing in 2020. In FY2025, UHREIT’s portfolio valuation increased by 3.8%7 compared to the previous year, marking its fifth consecutive year of growth. Overall, UHREIT’s AUM have grown by 32.4% since its listing, underscoring the effectiveness of our portfolio management strategy and the resilience of its asset class. 1 International Monetary Fund, “World Economic Outlook Update”, January 2026. 2 U.S. Bureau of Economic Analysis, “Gross Domestic Product, 4th Quarter 2025 (Second Estimate)”, 13 March 2026. 3 Federal Open Market Committee,” Summary of Economic Projections”, 18 March 2026. 4 U.S. Bureau of Labor Statistics, “Consumer Price Index – February 2026”, 11 March 2026. 5 U.S. Bureau of Labor Statistics, “The Employment Situation – February 2026”, 6 March 2026. 6 Green Street, “Strip Center Outlook”, 20 January 2026. 7 On a like-for-like basis, excluding properties acquired and divested during the year. 12 UNITED HAMPSHIRE US REIT
Message to Unitholders Since our listing on 12 March 2020, UHREIT’s portfolio has demonstrated resilience across multiple market cycles. The defensive and recessionresilient characteristics of our Groceryanchored strip centers and SelfStorage properties have positioned UHREIT well to navigate challenging conditions, from the COVID-19 pandemic to the recent period of elevated inflation and interest rates, and the ongoing macroeconomic uncertainty. UHREIT has achieved like-for-like portfolio valuation growth each year since its listing in 2020. In FY2025, UHREIT’s portfolio valuation increased by 3.8%7 compared to the previous year, marking its fifth consecutive year of growth, a testament to the resiliency of its asset classes. The Manager remains committed to active portfolio management and disciplined capital recycling to drive sustainable long-term growth. Since its listing, UHREIT has completed five DPU-accretive acquisitions totalling US$201.8 million, alongside several development and asset enhancement initiatives. These investments were partially funded through a disciplined capital recycling strategy, comprising five divestments at or above appraised valuations amounting to US$115.7 million. Overall, UHREIT’s AUM have grown by 32.4% since its listing to US$774.3 million as at 31 December 2025, underscoring the effectiveness of our portfolio management strategy and the resilience of its asset class. A Resilient Portfolio Positioned for Sustained Growth UHREIT delivered strong operational and financial performance in FY2025, underpinned by a resilient and diversified portfolio across two cycle-agnostic, recession resistant asset classes. As at 31 December 2025, occupancy within the Grocery & Necessity segment remained high at 97.7%, supported by sustained leasing momentum across the portfolio. Occupancy at the SelfStorage properties stood at 88.7%, with average net rental rates trending upwards during the year. FY2025 gross revenue and net property income (“NPI”) decreased by 1.7% year-on-year (“y-o-y”), primarily due to the absence of contributions from three divested properties, the freestanding Lowe’s and Sam’s Club properties within Hudson Valley Plaza and the Albany Supermarket, which were divested in August 2024 and January 2025, respectively (“the Divestments”). Excluding the Divestments, gross revenue and NPI would have increased by 2.3% and 4.1% y-o-y, respectively. The growth was driven by the commencement of new leases, rental escalations from existing leases as well as the contribution from Dover Marketplace, which was acquired in August 2025. Total distributable income and distribution per unit for FY2025 were US$26.9 million and 4.39 US cents respectively, 5.7% and 8.1% higher y-o-y largely due to reduced finance costs resulting from lower interest rates and lower borrowings, following partial loan repayments made using proceeds from the divestments. Following the strong financial performance, UHREIT achieved its third consecutive period of DPU growth. UHREIT also posted strong total Unitholder returns of 18.0%8 in FY2025, marking three consecutive years of positive total Unitholder returns. As at 31 December 2025, UHREIT offers an attractive distribution yield of 8.5%9, 430 basis points above the U.S. Treasury yield10. Robust Performance in the Grocery & Necessity Sector The U.S. grocery-anchored strip center market continues to benefit from favourable supply–demand dynamics, with limited new retail space under development. According to Green Street, new strip center supply is projected at just 0.3% per annum, constrained by elevated construction costs that have compressed returns for prospective developers6. Against this backdrop, groceryanchored strip centers remain highly sought after, supported by resilient consumer demand for accessibility and convenience. Physical stores continue to play a critical role in retailers’ omnichannel strategies, while UHREIT’s anchor tenants have maintained healthy sales performance. Anchored by a strong roster of leading grocers, UHREIT’s Grocery & Necessity portfolio delivered solid performance in FY2025. During the year, UHREIT executed 30 new and renewal leases totalling 422,032 square feet, reflecting our ability to attract and retain high-quality tenants, including established national brands such as Walmart, HomeGoods, Dollar Tree, M&T Bank and CAVA. 8 Obtained from Bloomberg. 9 Based on FY2025 total distribution of 4.39 US cents and unit closing price of US$0.515 as at 31 December 2025. 10 Based on U.S. 10-year treasury yield as at 31 Dec 2025. 13 ANNUAL REPORT 2025
Message to Unitholders As at 31 December 2025, the portfolio maintained a long WALE of 7.7 years11. The lease expiry profile remains well staggered, with only 2.9%11 and 5.9%11 of leases due for renewal in 2026 and 2027, respectively, mitigating nearterm leasing risk. Tenant retention has remained consistently strong at 90% since UHREIT’s listing, underscoring the quality of our tenant relationships and the stability of our income base. Supported by high occupancy, long WALE and limited near-term expiries, UHREIT’s portfolio is well positioned to deliver sustainable growth and resilience. Self-Storage Sector Continues to Demonstrate Resilience UHREIT’s two Self-Storage properties, Carteret and Millburn Self-Storage, both located within the New York metropolitan area, experienced a normalisation in occupancy during the year. As at 31 December 2025, occupancy stood at 85.9% for Carteret and 91.2% for Millburn. Despite the moderation in occupancy, average net rental rates continued to trend upward, reaching US$25.9 psf as compared to US$25.6 psf in FY2024, reflecting the underlying resilience of demand in the submarket. Proactive Portfolio and Capital Management UHREIT adopts a proactive approach to portfolio management and capital recycling to enhance overall portfolio performance. During the financial year, UHREIT benefited from strong leasing momentum, alongside income contributions from new acquisitions and recent asset enhancement initiatives, each of which supported its financial performance. Following the divestment of Albany Supermarket in January 2025 for US$23.8 million, which is 4.2% above its purchase price, UHREIT successfully redeployed capital into higher-yielding assets. Two yield-accretive acquisitions were completed to further strengthen portfolio diversification and income resilience, being Dover Marketplace in Pennsylvania in August 2025 which had been acquired for US$16.4 million, 4.8% below its independent valuation, and Wallingford Fair Shopping Center in January 2026, which had been acquired for US$21.4 million, 8.2% below its independent valuation. Dover Marketplace is a freehold, groceryanchored property in Pennsylvania leased to U.S. supermarket operator Giant, with a long WALE of 9.3 years and committed occupancy of 96.1%. Wallingford Fair is another freehold, grocery-anchored asset leased to anchor tenant ShopRite, with a committed WALE of 12.5 years and committed occupancy of 100% as at 31 December 2025. Following these acquisitions, UHREIT’s portfolio has expanded to 23 properties across nine states along the U.S. Eastern Seaboard. In addition to acquisitions, UHREIT continues to unlock value through development initiatives. Construction is currently underway for a new 5,000 square foot store on excess land at St. Lucie West, pre-leased to Florida Blue on a 10-year lease. This follows the successful redevelopment at the same property in 2023, where a 63,000 square foot store was built for Academy Sports, securing a 15-year lease and enhancing the asset’s longterm income visibility. UHREIT also maintains a prudent and proactive capital management strategy to ensure a well-staggered debt maturity profile. This includes early refinancing and incremental hedging of floating-rate loans. In November 2025, UHREIT successfully upsized and extended its US$250 million secured overnight financing rate (“SOFR”) term loan and revolving credit facilities to US$350 million, including a US$100 million revolving credit facility which doubled the size of the previous revolver. UHREIT delivered strong operational and financial performance in FY2025, underpinned by a resilient and diversified portfolio across two cycleagnostic, recession resistant asset classes. The REIT achieved its third consecutive period of DPU growth. UHREIT also posted strong total Unitholder returns of 18.0%8 in FY2025, marking three consecutive years of positive total Unitholder returns. 11 Based on gross rental income of Grocery & Necessity Properties for the month of December 2025. 14 UNITED HAMPSHIRE US REIT
Message to Unitholders Following the refinancing, the weighted average debt maturity was extended from 1.6 years to 3.4 years, with no significant refinancing requirements until February 2028. The expanded facility also includes a US$50 million delayed-draw tranche available for up to 12 months, providing additional flexibility to fund potential acquisitions or refinance the Upland Square mortgage loan due in November 2026. With US$74 million, or 23.8% of total borrowings, pegged to floating SOFR rates, UHREIT has also benefitted from the lower interest rate environment. Commitment to Sustainability, Community and Strong Corporate Governance UHREIT remains committed to delivering sustainable growth and long-term value through a robust Economic, Environmental, Social and Governance (“EESG”) framework. On the environmental front, we continue to enhance energy efficiency and reduce Greenhouse Gas (“GHG”) emissions. Since FY2022, electricity consumption across the portfolio has declined y-o-y, driven largely by the progressive installation of LED lighting, now implemented across 77.3% of the properties, resulting in a 6.7% reduction in energy usage. Strong corporate governance remains a cornerstone of our strategy. In 2025, UHREIT ranked 12th out of 42 REITs and Business Trusts in the SGTI, marking our third consecutive year of improvement. We also remain in the SGX Fast Track program for our strong compliance record since 2021 and recorded no incidents of noncompliance with anti-corruption laws during the year. Our commitment to transparency and investor engagement was recognized with multiple accolades, including Gold at the International Hermes Creative Awards 2025 for the FY2024 Annual Report, as well as awarded the Best Sell-Side Management and Certificate of Excellence in Investor Relations at the IR Impact Awards – South East Asia 2025. UHREIT remains deeply committed to supporting the communities in which we operate, both in Singapore and the U.S. Since 2022, we have consistently exceeded our annual volunteer target of 100 hours. In 2025, our teams supported initiatives such as Operation Holiday and Grow It Green Morristown in the U.S., as well as Meals-on-Wheels, Food from the Heart and KidSTART Singapore locally. These efforts reflect our belief that meaningful community engagement is an integral part of creating long-term value. In recognition of these efforts, UHREIT was awarded the “Company of Good – 3 Hearts” by the NVPC. This represents the second highest-tier recognition, awarded to organisations that demonstrate a strong and sustained commitment to giving back and supporting the communities in which we operate. Looking Ahead Looking ahead, the Manager will remain agile in responding to potential challenges from global macroeconomic shifts, evolving trade dynamics and geopolitical tensions in the Middle East. Despite these uncertainties, UHREIT remains confident in its longterm growth prospects, underpinned by resilient asset performance, strong occupancy and leasing fundamentals and a supportive interest rate environment. The Manager will continue its proactive portfolio management and capital recycling initiatives to further strengthen income streams and balance sheet resilience. These include evaluating new asset enhancement initiatives and strategic development projects, accretive acquisitions, opportunistic divestments and other opportunities that create lasting value for UHREIT’s Unitholders. Acknowledgement On behalf of UHREIT, we would like to extend our sincere gratitude to our Board for their strong stewardship, counsel and guidance. We would also like to express our appreciation to the management team and all colleagues for their commitment and hard work over the past year. UHREIT is grateful for the enduring support of our sponsors, partners and tenants, who have played a key role in contributing to our shared success. Last but not least, we would also like to thank our Unitholders for their continued faith and trust in our strategy. As we look forward to the future, UHREIT remains committed to strengthening and growing its portfolio to deliver stable returns and sustainable value to all stakeholders. We look forward to new opportunities, continued progress and sustained growth in the coming year. Yours sincerely, Tan Tong Hai Chairman and Independent NonExecutive Director Gerard Yuen Chief Executive Officer 15 ANNUAL REPORT 2025
2025 Key Events • Announced 2H 2024 & FY2024 financial results on 19 February 2025. Gross revenue of US$73.2 million for full year ended 31 December 2024 was 1.4% higher y-o-y. • UHREIT’s FY2024 annual report was honoured with the Gold Award at the 2025 International Hermes Creative Awards for the 3rd consecutive year. • Announced 1Q 2025 operational updates on 14 May 2025. Gross Revenue and NPI for 1Q 2025 were US$18.1 million and US$11.7 million, respectively, underpinned by the continued resilient performance of UHREIT’s portfolio. • Participated in the Singapore REITs Symposium, engaging with retail investors to share insights on UHREIT’s strategy and key business developments. Held at the Suntec Convention Centre, the physical event attracted over 1,000 attendees. • UHREIT held its second in-person Annual General Meeting on 28 April 2025, during which all proposed resolutions were successfully approved. • Awarded Best Sell-Side Management and Certificate of Excellence In Investor Relations by IR Impact Awards – South East Asia 2025. • UHREIT was awarded the Company of Good – 3 Hearts recognition by the NVPC on 17 July 2025, acknowledging our strong commitment to corporate purpose and our positive impact at the national level. • Announced 3Q 2025 operational updates on 14 November 2025. Distributable Income for the 3Q 2025 was 15.5% higher y-o-y. • Announced completion of Enlarged US$350 Million Loan Refinancing, which extended the maturity under such loan to 2029 and Beyond. November December • Announced 1H 2025 financial results on 13 August 2025. Distribution Per Unit of 2.09 US Cents for 1H 2025 was 4.0% higher y-o-y. • Announced the DPU-accretive acquisition of Dover Marketplace, a grocery-anchored property in Pennsylvania, on 1 August 2025. The purchase consideration of approximately US$16.4 million represents an ~4.8% discount to the independent valuation of US$17.2 million. August July May April February 2025 Annual General Meeting Best Sell-Side Management Award Company of Good - 3 Hearts 16 UNITED HAMPSHIRE US REIT
Singapore Intercompany Loan Subs2 Unitholders Trustee Parent US REIT U.S. Holding LLC Property Holding LLC Singapore Sub 1 Manager U.S. Asset Manager Distributions Ownership of Units Trustee Fees Management Services Trustee Services 100.0% Ownership 100.0% Ownership 100.0% Ownership 100.0% Ownership Management Agreement Dividends Distributions Distributions Dividends Management Fees 1 Perpetual (Asia) Limited is the trustee of UHREIT. 2 There are two wholly-owned Singapore Intercompany Loan Subsidiaries extending intercompany loans to the Parent US REIT. The following diagram illustrates the relationships, among others, between UHREIT, the Manager, the Trustee1, the U.S. Asset Manager and the Unitholders as at 31 December 2025: 100.0% voting shares Distributions Interest Loan Singapore United States Trust and Tax Structure Properties 17 ANNUAL REPORT 2025
Organisation Structure The Sponsors The Sponsors of UHREIT are UOB Global Capital LLC and The Hampshire Companies, LLC. UOB Global Capital LLC (“UOB Sponsor”) UOB Global Capital LLC is an originator and distributor of private equity, hedge funds, fixed income and real estate products, and a global asset management subsidiary of United Overseas Bank Limited (“UOB”), a leading bank in Asia. UOB Global Capital LLC was founded in 1998 with US$4.3 billion in AUM as of 31 December 2025. It operates from offices in New York and Paris, with representation at UOB’s headquarters in Singapore. In this way, the firm can conduct its activities and meet investors’ needs across the Americas, Europe, the Middle East and Asia. The Hampshire Companies, LLC (“Hampshire Sponsor” or “THC”) The Hampshire Companies, LLC is a privately held, fully integrated real estate firm and real estate investment fund manager, which has over 60 years of hands-on experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate. It has a diversified investment platform and derives results from its broad experience in multiple commercial real estate asset classes, including industrial, retail, self-storage, office and multifamily. THC currently owns and/or operates a diversified portfolio of 164 properties across the U.S. totalling approximately 13.6 million square feet. THC has an AUM of approximately US$2.9 billion. THC is also the asset manager of UHREIT bringing its total regulatory and nonregulatory AUM to US$3.7 billion. Since 2008, UOB Global Capital LLC and The Hampshire Companies, LLC have jointly formed three funds with combined AUM of approximately US$1.3 billion to focus on investment opportunities in income producing real estate assets in the U.S. The Manager United Hampshire US REIT Management Pte. Ltd. is the Manager of UHREIT. The Manager is jointly owned by the UOB Sponsor and Hampshire U.S. Holdco, LLC, a subsidiary of the Hampshire Sponsor. The Manager is able to harness synergies and draw competencies from the two best-in-class management platforms of its Sponsors. The Sponsors and The Manager Chief Executive Officer Audit And Risk Committee Nominating and Remuneration Committee Board Of Directors Chief Investment Officer Chief Financial Officer Head Of Investor Relations and Sustainability Information as at 31 December 2025. 18 UNITED HAMPSHIRE US REIT
New York Maryland Pennsylvania Massachusetts North Carolina Virginia New Jersey Grocery & Necessity Properties: 6 Total NLA (sq ft): 827,809 % of Total Appraised Value: 19.6% Grocery & Necessity Properties: 2 Total NLA (sq ft): 543,680 % of Total Appraised Value: 10.2% Grocery & Necessity Properties: 3 Total NLA (sq ft): 719,363 % of Total Appraised Value: 21.6% Grocery & Necessity Properties: 2 Total NLA (sq ft): 165,445 % of Total Appraised Value: 7.0% Grocery & Necessity Property: 1 Total NLA (sq ft): 182,761 % of Total Appraised Value: 4.6% Grocery & Necessity Property: 1 Total NLA (sq ft): 168,498 % of Total Appraised Value: 3.7% Florida Grocery & Necessity Property: 1 Total NLA (sq ft): 386,846 % of Total Appraised Value: 13.8% Grocery & Necessity Properties: 4 Total NLA (sq ft): 421,411 % of Total Appraised Value: 12.4% Self-Storage Properties: 2 Total NLA (sq ft): 154,989 % of Total Appraised Value: 7.1% Our Presence 22 Properties 2Self-Storage Properties 20 Grocery & Necessity Properties 19 ANNUAL REPORT 2025
JAELLE ANG KER TJIA Independent Non-Executive Director Chua Teck Huat Bill Independent Non-Executive Director Board of Directors Wee Teng Wen Non-Independent Non-Executive Director David Tuvia Goss Non-Independent Non-Executive Director James Ernest Edwin Hanson II Non-Independent Non-Executive Director Tan Tong Hai Chairman and Independent Non-Executive Director 20 UNITED HAMPSHIRE US REIT
Board of Directors James Ernest Edwin Hanson II, 67 Non-Independent Non-Executive Director Tan Tong Hai, 62 Chairman and Independent Non-Executive Director Date of first appointment as a director 21 February 2020 Date of first appointment as a chairman (for Chairman only) 21 February 2020 Length of service as a director (as at 31 December 2025) 5 years 10 months Board committees served on - Chairman of the Nominating and Remuneration Committee - Member of the Audit and Risk Committee Present directorships in other listed companies - Taiwan Mobile Co. Ltd - Metis Energy Limited Present principal commitments - Manhattan Property Development Pte. Ltd. (Director) Past directorships or principal commitments held over the Preceding three years (1 January 2023 to 31 December 2025) - Super Sea Cable Networks Pte. Ltd. (Director) - Seax Global Pte. Ltd. (Director) - Nanyang Polytechnic (Chairman of Board of Governors) Background and working experience Mr. Tan holds directorships in Manhattan Property Development Pte. Ltd., Metis Energy Limited and Taiwan Mobile Co. Ltd. In the public sector, he served as the Chairman of Nanyang Polytechnic. Mr. Tan has extensive experience in the Telecom, Media and Technology sector. He held positions as President and Chief Executive Officer in StarHub Ltd. (2013 to 2018), and also in Singapore Computer Systems Ltd (2005 to 2008) and NASDAQ listed Pacific Internet Ltd (2001 to 2005). In 2015, Mr. Tan was conferred the prestigious IT Leader of the Year Award by Singapore Computer Society. In 2020, Mr. Tan was awarded a Public Service Medal (PBM) for his contribution to education in Singapore. In 2024, Mr. Tan was awarded a Public Service Star Medal (BBM) for his contribution to education in Singapore. Academic and professional qualifications Bachelor of Electrical Engineering (Hons), National University of Singapore Awards The Public Service Medal (PBM), 2020 The Public Service Star Medal (BBM), 2024 Date of first appointment as a director 24 May 2019 Length of service as a director (as at 31 December 2025) 6 years and 7 months Board committees served on - Member of the Nominating and Remuneration Committee Present directorships in other listed companies - Provident Financial Service, Inc. (Director) Present principal commitments - United Hampshire US Parent REIT, Inc. (Director) - Anderson Fund VII, LLC (Director) - Owl Creek Capital Corp. (Director) - The Hampshire Companies, LLC (President and CEO) - Hampshire Partners REIT VIII, Inc (Director) - The Hampshire Fund II, LLC (Director) - Hampshire Fund II, LLC (Director) - JDJ Bellas Burgers LLC (Director) - JDJ Bernards Inn, LLC (Director) - JDJ Bistro, LLC (Director) - Sonehan, LLC (Director) - Hanson Family Investments LLC (Director) - Hampshire Destination Properties LLC (Director) - Concorde Associates (Director) - DeHart Avenue Associates LP (Director) - DeHart GP LLC (Director) - Hampshire Air, LLC (Director) - Palisades Interstate Park Commission (Commissioner & President) - Ledgewood Properties Inc. Profit Sharing Plan & Trust (Trustee) Past directorships or principal commitments held over the Preceding three years (1 January 2023 to 31 December 2025) - CIMCO Fourteen LLC (Director) - FIMCO LLC (Director) - Hampshire Destination Properties LLC (Director) - Lakeland Bancorp, Inc. (Director) - JDJ Investment Associates (Director) - Lakeland Bank, Inc. (Director) - NJ Division of Investments, State Investment Council (Council Member) Background and working experience Mr. Hanson is the President and Chief Executive Officer of The Hampshire Companies, LLC, a vertically integrated real estate development and operating platform. As at 31 December 2025, The Hampshire Companies, LLC owns and operates a diversified portfolio of properties across the U.S. with an AUM in excess of US$2.9 billion. The Hampshire Companies, LLC is also the asset manager of UHREIT bringing its total regulatory and nonregulatory AUM to US$3.7 billion. Mr. Hanson oversees the operation and investment activities of The Hampshire Companies and its Funds and has over 35 years of real estate investment management and operational experience. Prior to this, he was the President of The Hampshire Companies, LLC from September 2001 to December 2003. Academic and professional qualifications - Bachelor of Arts, Hope College - Juris Doctor Degree, Vermont Law School 21 ANNUAL REPORT 2025
Board of Directors Wee Teng Wen, 45 Non-Independent Non-Executive Director David Tuvia Goss, 78 Non-Independent Non-Executive Director Date of first appointment as a director 6 June 2019 Length of service as a director (as at 31 December 2025) 6 years and 6 months Board committees served on Member of the Nominating and Remuneration Committee Present directorships in other listed companies Nil Present principal commitments - United Hampshire US Parent REIT, Inc. (Director) - UOB Capital Partners LLC (Director) - UOB Global Capital Private Limited (Director) - UOB Global Capital LLC (Director) - ACIF GP Ltd. (Director) - UOB Global Equity Sales LLC (Manager) - Teamco Management Company LLC (Manager) - UOB/HGF Real Estate Partners LLC (Manager) - UOB Eagle Rock GP LLC (Manager) - HUH Real Estate Partners, LLC (Manager) - HUH Real Estate Partners II, LLC (Manager) - United Hampshire US Holdings LLC (Manager) - United Franchise Investors GP, LLC (Director) Past directorships or principal commitments held over the preceding three years (1 January 2023 to 31 December 2025) - UOB Global Capital (Dublin) Ltd. (Director) - UOB Portfolio Advisors Pan Asia Select Fund GP, Ltd. (Director) - Asia Select Management Ltd. (Director) Background and working experience Mr. Goss is the Managing Director of UOB Global Capital LLC since September 1998. Prior to co-founding UOB Global Capital LLC in 1998, Mr. Goss was President and CEO of AIG Asset Management Services (“AIG”) in New York from March 1995, with global responsibility for AIG’s third-party asset management activities. Before joining AIG, he was Global Marketing Director for Equitilink, an Australian independent asset management company, from September 1986. Prior to joining Equitilink, he was an executive with overall management responsibilities at Bingo Cash and Carry, a wholesale distributor, from April 1982. Before Bingo Cash and Carry, he was a sales and marketing executive at Reinhold Brothers, a diamond dealer, from March 1978. Prior to Reinhold Brothers, he was a Partner at the law firm Harry Goss Attorneys from December 1972. Academic and professional qualifications Bachelor of Arts in Law and Economics and a Bachelor of Laws, University of Witwatersrand Johannesburg Date of first appointment as a director 21 February 2020 Length of service as a director (as at 31 December 2025) 5 years 10 months Board committees served on Nil Present directorships in other listed companies Nil Present principal commitments - The Lo and Behold Group Pte. Ltd. (Director) - Over Easy Pte. Ltd. (Director) - Tanjong Beach Club Pte. Ltd. (Director) - For the Love of Laundry Pte. Ltd. (Director) - TWTC Pte. Ltd. (Director) - MS15 Pte. Ltd. (Director) - Lo and Behold Hotels Pte. Ltd. (Director) - BTV Group Pte. Ltd. (Director) - The Coconut Club Pte. Ltd. (Director) - Odette Restaurant Pte. Ltd. (Director) - Esora Pte. Ltd. (Director) - Horse Devours Pte. Ltd. (Director) - Akronym Pte. Ltd. (Director) - Behold Julien Pte. Ltd. (Director) - Grain Holdings Pte. Ltd. (Director) - Claudine Pte. Ltd. (Director) - Clink Clink Pte. Ltd. (Director) - Lo and Behold Properties Pte. Ltd. (Director) - Somma Restaurant Pte. Ltd. (Director) - Fico Restaurant Pte. Ltd. (Director) - Re:Growth Pte. Ltd. (Director) - New Bahru Pte. Ltd. (Director) - Wee Investments (Pte) Limited (Alternate Director) - C.Y. Wee & Company Private Limited (Alternate Director) - Wee Foundation (Alternate Director) - CYW Portfolio Private Limited (Alternate Director) - Wee Portfolio Private Limited (Alternate Director) - Wee (MGT) Private Limited (Alternate Director) - Behold Mirko Pte. Ltd. (Director) - Dabao SPV Pte. Ltd. (Director) - Future Resonance Pte. Ltd. (Director) Past directorships or principal commitments held over the preceding three years (1 January 2023 to 31 December 2025) - The White Rabbit Pte. Ltd. (company has been struck off) (Director) - Extra Virgin Pizza Pte. Ltd. (company has been struck off) (Director) - Loof Pte. Ltd. (company has been struck off) (Director) - Cecil Street Pte. Ltd. (company has been struck off) (Director) Background and working experience Mr. Wee is the Managing Partner of The Lo & Behold Group, a Singapore-based hospitality group behind timeless, thoughtprovoking concepts like Odette, Tanjong Beach Club and New Bahru. Before founding the Group, he was a management consultant at Monitor Group in Boston. He graduated with honours from the University of Pennsylvania and is a member of the Young Presidents’ Organisation. Academic and professional qualifications Bachelor of Science in Economics, University of Pennsylvania, U.S.A. Awards Outstanding Tourism Entrepreneur (Singapore Tourism Board) 22 UNITED HAMPSHIRE US REIT
Board of Directors Date of first appointment as a director 21 February 2020 Length of service as a director (as at 31 December 2025) 5 years 10 months Board committees served on - Chairman of the Audit and Risk Committee - Member of the Nominating and Remuneration Committee Present directorships in other listed companies Nil Present principal commitments - Swan & Maclaren Group Pte. Ltd. (Director) - Newcastle Australia Institute of Higher Education Pte. Ltd. (Director) - Citibank Singapore Limited (Director) - Viva Foundation for Children with Cancer (Director) Past directorships or principal commitments held over the preceding three years (1 January 2023 to 31 December 2025) - Sunseap Group Pte. Ltd. (Director) - Green Sands Equity Inc. (Director) - Amara Holdings Limited (Director) Background and working experience Mr. Chua is currently an Independent Director of Citibank Singapore Limited. He has served on other boards in the last 25 years, such as Amara Holdings Limited, the Defence Science and Technology Agency, DSO National Laboratories, CLS AG, the holding company of CLS Bank & CLS Services Ltd, Jurong International, a subsidiary of JTC Corporation, and Singapore Technologies Electronics Ltd and Singapore Technologies Kinetics Limited, both subsidiaries of Singapore Technologies Engineering Ltd. Mr. Chua has extensive financial services experience, having worked at United Overseas Banking Group (“UOB”), Overseas Union Banking Group and Citibank NA from 1980 to 2014. He was the Managing Director and Head of Global Financial Institutions Group at UOB when he retired in 2014. He has had other senior management responsibilities at these banks ranging from Coverage, Structuring, Distribution, Risk Management and Operations in Institutional, Wholesale and Retail Banking. Academic and professional qualifications Bachelor of Arts and Bachelor of Engineering (Hons), University of Newcastle, Australia Awards - The Public Service Star, 2012 - The Public Service Medal, 2004 Date of first appointment as a director 21 February 2020 Length of service as a director (as at 31 December 2025) 5 years 10 months Board committees served on - Member of the Audit and Risk Committee - Member of the Nominating and Remuneration Committee Present directorships in other listed companies Nil Present principal commitments - Indigo Paradigm 13 Pte. Ltd. (Director) - Sky Pacific Pte. Ltd. (Director) - Singapore Land Authority (Director) - Lifelong Learning Singapore Pte. Ltd. (Director) - The Possible Capital Pte. Ltd. (Director) Past directorships or principal commitments held over the preceding three years (1 January 2023 to 31 December 2025) - The Great Room (Hong Kong) Limited (Director) - The Great Room CJC Limited - The Great Room (Australia) Pty Ltd - The Great Room CR Pty Ltd - Bare Bear Pte. Ltd. (company has been struck off) (Director) - The George Offices Pte. Ltd. (Director) - The Great Room Pte. Ltd. (Director and Chief Executive Officer) - The Great Room CT Pte. Ltd. (Director) - The Great Room RH Pte. Ltd. (Director) - The Great Room NA Pte. Ltd. (Director) - The Great Room AAIM Pte. Ltd. (Director) - The Great Room SB Pte. Ltd. (Director) - The Great Room PLQ Pte. Ltd. (Director) - The Great Room ST Pte. Ltd. (Director) - The Great Room SP Pte. Ltd. (Director) Background and working experience Ms. Ang had been a Co-Founder and CEO of The Great Room, a coworking space inspired by hospitality since January 2016. From October 2009 to January 2016, Ms. Ang was the Head of Development of Country Group Development PCL. From February to August 2009, Ms. Ang was with Credit Suisse as the Assistant Vice President of Business Development, prior to which, Ms. Ang was with Citi Private Bank as an Associate of Strategy, Mergers and Acquisition (International) from June 2006 to February 2009. Academic and professional qualifications - Bachelor of Architecture, University College London - Master of Business Administration, Imperial College London Jaelle Ang Ker Tjia, 45 Independent Non-Executive Director Chua Teck Huat Bill, 72 Independent Non-Executive Director 23 ANNUAL REPORT 2025
The Manager Gerard Yuen Wei Yi Chief Executive Officer Derek Gardella Chief Investment Officer Mr. Yuen was appointed as the Chief Executive Officer (the “CEO”) of the Manager on 1 May 2023. Prior to this, Mr. Yuen was the Chief Financial Officer of the Manager and played a pivotal role in the successful listing of UHREIT on the SGX-ST on 12 March 2020. As the CEO, Mr. Yuen works with the Board to determine the strategy for UHREIT. He is also responsible for the overall day-to-day management and operations, as well as working closely with the investment, asset management, financial, investor relations and compliance personnel to meet the strategic, investment and operational objectives of UHREIT. Mr. Yuen has more than 20 years of experience in investment banking, finance and the public sector. Prior to joining the Manager, Mr. Yuen was a Managing Director with Nomura Singapore Limited. Before that, he was with Deutsche Bank AG, Singapore Branch where he held a variety of positions within the Global Banking and Global Markets Division. Mr. Yuen started his career with the Ministry of Finance, Singapore. Mr. Yuen graduated with First Class Honours, Bachelor of Arts, Philosophy, Politics and Economics from St Edmund Hall, University of Oxford, and a Master of Science, Economics for Development from St Edmund Hall, University of Oxford. Mr. Gardella is the Chief Investment Officer (the “CIO”) and was deeply involved in UHREIT’s IPO. He works closely with the CEO and other members of the management team on corporate strategy and planning initiatives in addition to overseeing the strategic execution of the portfolio management, acquisitions and asset management activities of UHREIT. Mr. Gardella has more than 20 years of real estate experience. He joined The Hampshire Companies in 2011 and has held a diverse range of positions over the last 14 years. Mr. Gardella was a Portfolio Manager for Core-Plus and Value-Add Closed-End Institutional Real Estate Funds, and also previously served as a Director of Acquisitions and Financing where he managed a team in structuring and negotiating acquisitions and financings for a variety of property types. Prior to joining The Hampshire Companies, he spent the majority of his career with JPMorgan where he held a variety of roles in the Investment Management and Investment Banking divisions. Mr. Gardella holds a Bachelor of Science Degree from Fairfield University with a Dual Major in Finance and Information Systems, as well as a Master of Science Degree in Real Estate from New York University. He is a member of the International Council of Shopping Centers. Mr. Gardella is also a member of the adjunct faculty at New York University and Fordham University where he teaches courses focused on real estate. 24 UNITED HAMPSHIRE US REIT
The Manager Ms. Yap was appointed as the Chief Financial Officer (the “CFO”) of the Manager on 1 May 2023. Before her current appointment, Ms. Yap was the Finance Director of the Manager and played a pivotal role in the successful listing of UHREIT on the SGX-ST on 12 March 2020. As the CFO, Ms. Yap provides support to the CEO in the execution of UHREIT’s overall growth strategies, as well as oversight of the finance function. She is responsible for the formulation and execution of UHREIT’s financial strategies, capital management, financial risk management, treasury, tax and financial reporting. Ms. Yap also develops and maintains appropriate policies, procedures and processes for finance and other operational areas to ensure appropriate internal controls are in place. Ms. Yap has more than 20 years of experience in a wide spectrum of financial and accounting functions, including financial strategic planning, corporate finance, treasury, group consolidation, management and financial reporting, budgeting and compliance matters, as well as auditing function. Prior to joining the Manager, she was the Financial Controller of CashShield Pte Ltd and Leader Energy Pte Ltd, and was a Finance Director with Heptagon Micro Optics Pte Ltd. Early in her career, Ms. Yap was an external auditor with PricewaterhouseCoopers LLP and Ernst & Young LLP. Ms. Yap graduated with a professional qualification with ACCA. She is a Chartered Accountant (Singapore) and member of the Institute of Singapore Chartered Accountants and affiliate member of the Association of Chartered Certified Accountants. Ms. Wong is responsible for managing the Investor Relations, Communications and Sustainability functions of UHREIT. As the key liaison between UHREIT and the investment community, Ms. Wong nurtures relationships with institutional and retail investors, research analysts and the media, as well as facilitates two-way communication with the investment community. In addition, she works with the management team to develop and implement UHREIT’s sustainability strategy. She brings over 15 years of extensive international experience in investor relations, capital markets (buy-side), corporate banking, and has been actively involved in capital raising, M&A transactions, corporate strategy and business development. Ms. Wong has extensive international exposure to various industries and roles, having worked and lived in 6 countries over the course of her career. Prior to joining the Manager, she was the Head of Investor Relations and Capital Markets in Sasseur REIT. At Sasseur REIT, she was instrumental in profiling the REIT to be the top 5 performing SREIT in 2019. Early in her career, Ms. Wong held corporate banking positions at National Australia Bank as well as investment analyst positions at asset management firms, before heading the investor relations role at SGX Mainboard-listed oil and gas company, Falcon Energy Group Limited. Yap Soh Cheng Chief Financial Officer Wong Siew Lu, CFA, CA (Singapore) Head of Investor Relations and Sustainability 25 ANNUAL REPORT 2025
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