Operations Review Grocery & Necessity Properties There are 20 Grocery & Necessity properties with a total NLA of approximately 3.4 million sq ft and representing 92.9% of the total portfolio by property value. These Grocery & Necessity properties are equipped with large car parks and common areas. The single-storey, open-air centers provide a conducive shopping environment for consumers while also supporting in-store and curbside pickup. This aligns with the omnichannel strategies adopted by the majority of the tenants who have achieved success in today’s competitive retail environment. The number of lease renewals executed demonstrates the strength of UHREIT’s properties and the continued demand by the U.S. consumer. Committed Occupancy By NLA (%) As at 31 December 2025 As at 31 December 2024 Garden City Square – BJ’s Wholesale Club 100% 100% Garden City Square – LA Fitness 100% 100% Albany – Supermarket2 - 100% Albany ShopRite – Gas Station 100% 100% Price Chopper Plaza 100% 100% Wallkill Price Chopper 94.2% 94.2% Hudson Valley Plaza 94.9% 94.9% Wallington ShopRite 100% 100% Piscataway Plaza 100% 100% Towne Crossing 98.1% 98.1% Lawnside Commons 100% 100% St. Lucie West 98.3% 96.5% Arundel Plaza 100% 100% Parkway Crossing 100% 97.9% BJ’s Quincy 100% 100% Fairhaven Plaza 96.6% 100% Lynncroft Center 98.4% 98.4% Colonial Square 89.7% 90.6% Penrose Plaza 96.4% 93.6% Upland Square 97.8% 100% Dover Marketplace3 96.1% N.A Total 97.7% 97.5% Stable Cash Flow From Long Leases And High Occupancy The Grocery & Necessity portfolio maintains a high committed occupancy rate of 97.7% as at 31 December 2025. It also benefits from a long WALE of 7.7 years4 by Gross Rental Income (“GRI”), including forward committed leases. In addition, the majority of the leases are triple-net, with tenants responsible for their pro-rata share of all real estate taxes, building insurance and common area maintenance expenses. In FY2025, 30 leases totalling 422,032 sq ft were executed, representing 12.3% of the total NLA of the Grocery & Necessity portfolio. These comprised new leases, early extensions and renewals from expiring leases. For new leases signed in FY2025, the WALE based on the lease commencement is 9.4 years by GRI and accounts for 2.3% of the total GRI. UHREIT has a high tenant retention rate of 90% since its IPO, with minimal lease expiration over the next four years. 4 Based on gross rental income of Grocery & Necessity Properties for the month of December 2025. 34 UNITED HAMPSHIRE US REIT
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