153 ANNUAL REPORT 2025 Report on the Audit of the Financial Statements Opinion We have audited the financial statements of United Hampshire US Real Estate Investment Trust (the “Trust”) and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Trust as at 31 December 2025, and the consolidated statement of comprehensive income, distribution statement, consolidated statement of changes in Unitholders’ funds, consolidated statement of cash flows of the Group, and the statement of changes in Unitholders’ funds of the Trust for the financial year ended 31 December 2025, portfolio statement of the Group as at 31 December 2025 and notes to the financial statements, including material accounting policy information, as set out on pages 157 to 210. In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in Unitholders’ funds of the Trust are properly drawn up in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), relevant provisions of the Trust Deed dated 18 September 2019 (as amended and restated) (the “Trust Deed”) and relevant requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore, so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Trust as at 31 December 2025, and of the consolidated statement of comprehensive income, distribution statement, consolidated statement of changes in Unitholders’ funds, consolidated statement of cash flows of the Group and the statement of changes in Unitholders’ funds of the Trust for the financial year ended 31 December 2025 and portfolio statement of the Group as at 31 December 2025. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Independent Auditor’s Report To the Unitholders of United Hampshire US Real Estate Investment Trust
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