189 ANNUAL REPORT 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 11 LOANS AND BORROWINGS (CONT’D) Sensitivity analysis on the impact of changes in EBITDA (1) and weighted average interest rate on UHREIT’s ICR: ICR (2) (times) For the financial year ended 31 December 2025 2.4 a) 10% decrease in the EBITDA 2.1 b) 100 basis point increase in the weighted average interest rate 2.0 Footnotes: (1) EBITDA is computed as the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) as defined in Appendix 6 of the Code on Collective Investment Schemes revised on 28 November 2024. (2) ICR is computed based on the definition set out in Appendix 6 of the Code on Collective Investment Schemes revised on 28 November 2024. 12 PREFERRED SHARES The preferred units are issued by indirect subsidiaries of the Trust, and they rank senior to all units of the indirect subsidiaries. Each holder of the preferred units is entitled to receive cumulative preferential cash dividends (recorded as finance costs) at a rate of 12.5% per annum per preferred unit plus all accrued and unpaid dividends which is payable annually in arrears. The preferred units are not convertible into, or exchangeable for, any other property or securities of the subsidiaries. The Board of Directors of the subsidiaries may, in its sole and absolute discretion, cause the subsidiaries to redeem units of the preferred units at US$1,000 per unit plus all accrued and unpaid dividends. 13 DERIVATIVE FINANCIAL INSTRUMENTS Group 2025 2024 Maturity Assets/ (liabilities) Maturity Assets/ (liabilities) US$’000 US$’000 Floored interest rate swaps - Current December 2026 (236) – – - Non-current – – December 2026 1,121 (236) 1,121 Derivative financial instruments as a percentage of Group’s net assets 0.05% 0.25%
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