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
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