169 ANNUAL REPORT 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 1 GENERAL (CONT’D) (c) Property management fees (cont’d) In relation to Grocery & Necessity Properties where the Property Manager is neither the Hampshire Sponsor nor Extra Space Storage The Property Manager is entitled to receive 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 3.0% to 4.0% per annum of Gross Revenue of the relevant Grocery & Necessity Property, as more specifically provided in each property management agreement. In relation to Self-Storage Properties where Extra Space Storage Inc. is the Property Manager The Property Manager is entitled to receive property management fee on a monthly basis and payable in arrears in cash. The property management fee is charged based on 5.0% per annum of Gross Revenue of the relevant Self-Storage Property, subject to a cap of US$50,000 per annum. (d) Construction management fees In relation to Grocery & Necessity Properties where the Property Manager is the Hampshire Sponsor, or other third parties The Property Manager is entitled to a construction management fee in connection with any construction project for overseeing the physical construction of the property relating to any alterations, tenant improvements and/or roof replacements performed to any premises other than ordinary maintenance and repair. The fee shall be a percentage, between 3.0% to 5.0% (as more specifically provided in each property management agreement) of the cost, excluding design fees and permit costs (the “Construction Costs”), in any 12-month period, other than ordinary maintenance and repair. In relation to completed Self-Storage Properties where the Property Manager is Extra Space Storage The Property Manager is entitled to receive a construction management fee in connection with any construction project, for overseeing the physical construction of the property (including any series of related construction projects) relating to any alterations, tenant improvements and/or roof replacements performed to any premises other than ordinary maintenance and repair, equal to 7.0% of the Construction Cost, as more specifically provided in each property management agreement. (e) Leasing commission In relation to Grocery & Necessity Properties where the Hampshire Sponsor is the Leasing Agent The Leasing Agent shall be entitled to receive a leasing commission (“Leasing Commission”) payable in cash: (i) (in relation to new leases secured by the Leasing Agent, where the tenant is not represented by a third party broker), 5.0% of Base Rental Income on the initial term of the lease and 2.5% of the Base Rental Income for the option terms, subject to a maximum of two option terms; (ii) (in relation to new leases secured by the Leasing Agent, where the tenant is represented by a third party broker), 2.5% of Base Rental Income on the initial term of the lease and 2.5% of the Base Rental Income for the option terms, subject to a maximum of two option terms;
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