158 UNITED HAMPSHIRE US REIT See accompanying notes to financial statements. Group Note 2025 2024 US$’000 US$’000 Gross revenue 18 71,978 73,218 Property expenses 19 (23,027) (23,406) Net property income 48,951 49,812 Manager’s base fee (2,993) (2,832) Manager’s performance fee (493) – Trustee’s fee (98) (156) Other trust expenses 20 (2,029) (2,147) Finance costs 21 (18,543) (18,880) Finance income 554 115 Net income before tax, fair value changes and (loss)/gain on divestment of investment properties 25,349 25,912 (Loss)/gain on divestment of investment properties (684) 2,156 Fair value change in investment properties and investment property held for divestment 7 1,811 7,450 Fair value change on derivative financial instruments (1,357) (136) Net income before tax 25,119 35,382 Income tax expense 22 (4,261) (5,265) Net income after tax 20,858 30,117 Net income after tax attributable to: Unitholders 20,651 29,907 Non-controlling interests 207 210 Net income for the year 20,858 30,117 Basic and diluted earnings per Unit (US cents) 23 3.46 5.12 Consolidated Statement of Comprehensive Income For the financial year ended 31 December 2025
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