Financial Review and Capital Management Gross Revenue and Net Property Income Gross revenue for FY2025 was US$72.0 million, representing a decrease of US$1.2 million, or 1.7%, from US$73.2 million in FY2024. This decline was primarily attributable to the absence of contributions from Lowe’s Building and Sam’s Club Building at Hudson Valley Plaza and Albany Supermarket, which were divested in August 2024 and January 2025, respectively. Excluding the effect of these divestments, gross revenue would have increased from US$70.3 million to US$71.9 million, an increase of US$1.6 million, or 2.3%. This increase was driven by the commencement of new leases, rental escalations from existing leases, and contributions from Dover Marketplace, which was acquired in August 2025. Property expenses for FY2025 amounted to US$23.0 million, a decrease of US$0.3 million, or 1.6%, from US$23.4 million in FY2024. Net property income (“NPI”) for FY2025 declined to US$49.0 million, a decrease of US$0.9 million, or 1.7%, from US$49.8 million in FY2024. The decline was mainly due to the absence of income contributions from the divested properties. Excluding the effects of these divestments, NPI would have increased by 4.1% during the financial year. Gross Rental Income by Segment 1 Grocery & Necessity 92.9% Self-Storage 7.1% NPI by Segment 1 Grocery & Necessity 94.3% Self-Storage 5.7% New Jersey 23.6% Pennsylvania 20.4% New York 18.7% Florida 12.7% Maryland 10.1% Massachusetts 6.7% North Carolina 4.6% Virginia 3.2% Gross Rental Income by Location 1 New Jersey 24.2% Pennsylvania 21.1% New York 17.5% Florida 12.4% Maryland 9.6% Massachusetts 7.2% North Carolina 4.7% Virginia 3.3% NPI by Location 1 1 Based on FY2025 gross rental income and net property income. 29 ANNUAL REPORT 2025
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