Operations Review Trade Sector Mix The Grocery & Necessity properties generate income that comes from a well-diversified tenant mix comprising supermarkets, home improvement stores, warehouse clubs, restaurants and other necessity retailers that serve the U.S. consumer. A large percentage of the tenants have adopted omnichannel strategies, with physical stores playing a central role in the shopping experience and providing consumers with flexible fulfillment options. Examples of omnichannel shopping offerings include in-store shopping and BOPIS (Buy Online and Pickup In Store). The convenience of the physical store enables same-day order fulfillment, allowing customers to pick up their purchases either in-store or curbside, where goods are delivered directly to their vehicles. Additionally, there are also third-party shopping services available to facilitate purchases from their local stores and deliver the orders within two hours. UHREIT has a total of 239 tenants as at 31 December 2025 and majority (over 58%4) of the tenants are providing essential good and services5. % of NLA % of GRI4 2026 2028 2030 2027 2029 Beyond 2030 8.9 11.4 7.9 9.4 5.9 5.6 3.3 2.9 58.6 57.8 15.4 12.9 Portfolio Lease Expiry Profile (%) (as at 31 December 2025) Trade Sector Mix (By GRI6) Grocery & Wholesale 36.1% Consumer Goods 14.2% Food & Beverage 9.0% Consumer Services 8.7% Discounter/Outlet 8.2% Self-Storage 7.1% Fitness 6.1% Home Improvement 5.7% Financial Services 2.4% Others 1.1% Auto Supply 0.7% Dental Services 0.7% Top 10 Tenants Focused on the leading anchors in growing sectors and tenants with strong underlying financial and operating performance, our top 10 tenants included some of the largest grocers, wholesalers, home improvement retailers and discounters in the U.S. Tenant Trade Sector % of GRI4 1 BJ's Wholesale Club Holdings, Inc Grocery and Wholesale 10.7% 2 Ahold Delhaize / Stop & Shop Grocery and Wholesale 8.4% 3 Wakefern Food Corporation / ShopRite Grocery and Wholesale 8.2% 4 LA Fitness Fitness 5.5% 5 Home Depot USA, Inc Home Improvement 3.9% 6 Food Bazaar Supermarket Grocery and Wholesale 3.0% 7 Price Chopper Supermarkets Grocery and Wholesale 3.0% 8 Walmart Inc. Grocery and Wholesale 2.8% 9 Publix Super Markets Inc. Grocery and Wholesale 2.8% 10 Dick’s Sporting Goods Consumer Goods 2.3% Total 50.6% 5 Based on the definition of “Essential Retail Businesses” by the State of New Jersey. 6 Based on gross rental income for the month of December 2025. 35 ANNUAL REPORT 2025
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