168 UNITED HAMPSHIRE US REIT Notes to the Financial Statements For the financial year ended 31 December 2025 1 GENERAL (CONT’D) (a) Manager’s fees (cont’d) Development Management Fee Pursuant to the Trust Deed, the Manager is entitled to receive a development management fee equivalent to 5.0% of the first US$15.0 million of the relevant project costs and 3.0% of the relevant project costs in excess of US$15.0 million, in each development project undertaken by the Manager on behalf of the Trust. The development management fee is payable in equal monthly instalments over the construction period of each development project based on the Manager’s best estimate of the total project costs and construction period and, if necessary, a final payment of the balance amount to be paid to the Manager or (as the case may be) paid by the Manager when the total project costs is finalised. There was no development management fee incurred during the financial years ended 31 December 2024 and 31 December 2025. The Trust will only undertake development activities within the limits of the Property Funds Appendix (where the total contract value of property development activities undertaken and investments in uncompleted property developments should not exceed 10.0% of its deposited property). The total contract value of property development activities may exceed 10.0% of the Trust’s deposited property (subject to maximum of 25.0% of the Trust’s deposited property) only if the additional allowance of up to 15.0% of United Hampshire US REIT’s deposited property is utilised solely for the redevelopment of an existing property that has been held by United Hampshire US REIT for at least three years and which United Hampshire US REIT will continue to hold for at least three years after the completion of the redevelopment; subject to approval of Unitholders at a general meeting for the redevelopment of the property. (b) Trustee’s fees The Trustee’s fees shall not exceed 0.015% per annum of the value of all the assets of the Group (“Deposited Property”), subject to a minimum of S$15,000 per month, excluding out-of-pocket expenses and GST. (c) Property management fees A monthly property management fee equal to a certain percentage of rent or gross revenues, as more specifically defined in each property management agreement. Property management fees are assessed on a monthly basis and payable in arrears. Under the property management agreement in respect of the properties, the Property Manager will provide property management services, construction supervision services and lease management services. The Property Manager is entitled to the following fees: In relation to Grocery & Necessity Properties where the Property Manager is the Hampshire Sponsor The Property Manager is entitled to receive a property management fee on a monthly basis and payable in arrears in cash. The property management fee is charged based on a fee range of 3.25% to 4.75% per annum of Gross Revenue of the relevant Grocery & Necessity Property, depending on the number of tenants occupying the property, as more specifically provided in each property management agreement, or US$2,500 per month, whichever is greater.
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