Financial Review and Capital Management Well-Spread Debt Maturity Profile The Group has a well-spread debt maturity profile with no immediate refinancing requirements until November 20287, mitigating near-term liquidity and funding cost risks. Adjusted Debt Maturity Profile (US$ million) Assuming exercise of loan extension options Fully Extended Debt Maturity Profile7 (US$ million) Undrawn Facilities: US$141 million Fixed Rate Mortgage Loan Term Loan & Revolving Facilities 2026 2028 2030 2027 2029 41 41 0.8 37.8 Refinancing by delayed-draw term loan 81 22 59 150 Capital Management The Manager manages the capital of the Group to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Unitholders through the optimisation of debt and net assets attributable to Unitholders, and to ensure that all other externally imposed capital requirements are complied with. The capital structure of the Group consists of debts, which include bank borrowings and net assets attributable to Unitholders comprising issued and issuable units, and reserves. Effective from 28 November 2024, the Trust and the Group are required to maintain to a minimum ICR threshold of 1.5 times and a single aggregate leverage limit of 50%. The Trust and the Group are also required to perform and disclose sensitivity analyses on the impact of changes in EBITDA and interest rates on ICR in financial results announcements and annual reports. These are in accordance with the Property Funds Appendix of the CIS Code issued by the Monetary Authority of Singapore (“MAS”). Financial and Tax Risk Management The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects of changes in the financial markets on the financial performance of the Group. Risk management is carried out by the Group under internal management policies. The management of the Group identifies, evaluates and manages financial risks and provides guidelines for overall risk management, covering specific areas, such as mitigating interest rate risks, credit risk, liquidity risks and foreign currency exchange risks. A subsidiary group of the Group has elected to be taxed as a Real Estate Investment Trust for U.S. Federal income tax purposes. This is subject to meeting certain qualification conditions over its income, asset, distribution and shareholders’ test. The Group is in compliance with the relevant qualification test for the year ended 31 December 2025 to qualify as a Real Estate Investment Trust for U.S. Federal income tax purposes. Accounting Policy The financial statements have been prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board, the applicable requirements of the CIS Code issued by the MAS and the provisions of the Trust Deed. The Group’s significant policies are discussed in more detail in the notes to the financial statements. 7 Assuming the loan extension options are fully exercised. 41.8 32 UNITED HAMPSHIRE US REIT
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