187 ANNUAL REPORT 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 11 LOANS AND BORROWINGS Nominal interest rate per annum Maturity Group 2025 2024 US$’000 US$’000 Secured loans and borrowings Amount repayable within one year: SOFR Term Loan 1 (“TL1”) USD SOFR + Margin December 2025 – 50,000 St. Lucie West Mortgage Loan 3.42% February 2028 801 702 Upland Square Mortgage Loan 3.62% November 2026 41,000 – 41,801 50,702 Amount repayable after one year: SOFR Term Loan 2 (“TL2”) USD SOFR + Margin December 2026 – 60,000 SOFR Term Loan 3 (“TL3”) USD SOFR + Margin March 2027 – 90,000 SOFR Revolving Credit Facility (“RCF”) USD SOFR + Margin November 2027 9,000 – SOFR Term Loan 1 (“TL1”) USD SOFR + Margin November 2027 50,000 – SOFR Term Loan 2 (“TL2”) USD SOFR + Margin March 2029 150,000 – Arundel Plaza Mortgage Loan 6.40% March 2029 22,000 22,000 St. Lucie West Mortgage Loan 3.42% February 2028 38,552 39,298 Upland Square Mortgage Loan 3.62% November 2026 – 41,000 269,552 252,298 Less: Unamortised upfront debt-related transaction costs (4,886) (3,155) 264,666 249,143 Total secured loans and borrowings 306,467 299,845 Upfront debt-related transaction costs are amortised over the life of loans and borrowings. Certain subsidiaries of the Group entered into certain loan agreements for an aggregate floating rate term loan and revolving credit facility (collectively TL1, TL2, TL3 and RCF, the “SOFR Term Loan Facilities”). In November 2025, UHREIT completed an early refinancing for an aggregate floating rate term loan principal amount of US$250.0 million (2024: US$200.0 million) and US$100.0 million (2024: US$50.0 million) credit revolver facility. The SOFR Term Loan Facilities are secured by, amongst other collateral: • A perfected first priority lien over the shares of the borrowers and their subsidiaries (existing and future but excluding the subsidiaries that own properties securing the St. Lucie West Mortgage Loan, Arundel Plaza Mortgage Loan and Upland Square Mortgage Loan). • Assignments of certain bank accounts. • Subordination of an inter-company loan within the Group.
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