Financial Review and Capital Management Net Income Other trust expenses remained relatively consistent compared to the prior financial year. Finance costs for FY2025 amounted to US$18.5 million, a decrease of US$0.3 million, or 1.8%, compared to FY2024. This reduction was primarily due to lower borrowings following the repayment of debt using proceeds from the divestments. The decrease was partially offset by one-off accelerated amortisation of upfront debt fees following the refinancing of the SOFR Term Loan Facilities. Net fair value gain on investment properties for FY2025, after taking into account capital expenditure and tenant improvements incurred during the year, was US$1.8 million. A fair value loss of US$1.4 million on derivatives was recorded in FY2025, reflecting movements in interest rates during the respective periods. As a result, net income before tax for FY2025 was US$25.1 million, representing a decrease of 29.0% compared to FY2024. Tax expense for FY2025 was US$4.3 million, 19.1% lower than FY2024, primarily due to lower deferred tax liabilities recognised on the fair value gain in investment properties. After accounting for the above, net income for FY2025 was US$20.9 million, a decrease of 30.7% from FY2024. Investment Properties As at 31 December 2025, the portfolio valuation increased by 3.8%2 compared to the previous year. Since its IPO, UHREIT’s portfolio valuation has risen steadily on a likefor like basis each year, supported by UHREIT’s resilient asset classes. Year 2021 2022 2023 2024 2025 Change in Valuation (y-o-y)2 +3.7% +1.3% +4.7% +2.9% +3.8% Net Asset Value (“NAV”) per Unit As at 31 December 2025, NAV per Unit was US$0.73 (31 December 2024: US$0.75). Excluding the DPU of 2.30 US cents, for the period from 1 July 2025 to 31 December 2025, the adjusted NAV per Unit was US$0.71 (31 December 2024: US$0.73). 2 On a like-for-like basis, excluding properties acquired and divested in the respective financial year. 30 UNITED HAMPSHIRE US REIT
RkJQdWJsaXNoZXIy NTM2MDQ5