170 UNITED HAMPSHIRE US REIT Notes to the Financial Statements For the financial year ended 31 December 2025 1 GENERAL (CONT’D) (e) Leasing commission (cont’d) (iii) (in relation to renewal of leases or expansion of leased premises secured by the Leasing Agent, where the tenant is not represented by a third party broker) 5.0% of the Base Rental Income of the extended lease term or the initial term of the expanded leased premises (as applicable); and (iv) (in relation to renewal of leases or expansion of leased premises secured by the Leasing Agent, where the tenant is represented by a third party broker) 2.5% of the Base Rental Income of the extended lease term or the initial term of the expanded leased premises (as applicable). In relation to Grocery & Necessity Properties where the Leasing Agent is a third party The Leasing Agent is entitled to receive, a Leasing Commission of between 4.0% to 6.5% of the Base Rental Income on the initial term of the lease, as more specifically provided in each leasing services agreement. A Leasing Commission may be payable upon a renewal term of a lease, as more specifically provided in each leasing services agreement. 2 MATERIAL ACCOUNTING POLICY INFORMATION 2.1 Basis of accounting The financial statements have been prepared in accordance with the IFRS Accounting Standards as issued by the IASB, and are drawn up in accordance with the relevant provisions of the Trust Deed and the relevant requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”). The financial statements have been prepared on historical cost basis, except as disclosed in the accounting information below. 2.2 Adoption of new and revised standards On 1 January 2025, the Group and the Trust adopted all the new and revised IFRS Accounting Standards as issued by the IASB that were effective from that date and were relevant to its operations. The Group has not early adopted any other standard, interpretation or amendment that has been issued but not yet effective (Note 31). The adoption of these new and revised IFRS Accounting Standards as issued by the IASB and interpretations did not result in material changes to the Group’s accounting policies and has no material effect on the amounts reported for the financial year ended 31 December 2025. 2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Trust and entities controlled by the Trust (“subsidiaries”). Control is achieved when the Trust: • has the power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns.
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