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
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