FY2025 US$’000 FY2024 US$’000 Change % Gross revenue 113,914 167,582 (32.0) Property operating expenses (60,736) (87,708) (30.8) Net property income 53,178 79,874 (33.4) Interest income 1,385 3,277 (57.7) Manager’s base fee (2,838) (4,251) (33.2) Trustee’s fee (180) (226) (20.4) Other trust expenses (2,008) (2,546) (21.1) Finance expenses (34,608) (48,099) (28.0) Net income before tax and fair value changes 14,929 28,029 (46.7) Net fair value change in derivatives (11,666) (16,577) (29.6) Net fair value change in investment properties (83,515) (187,936) (55.6) Loss on disposal of investment properties (3,323) (1,618) >100 Net loss before tax (83,575) (178,102) (53.1) Tax (expense)/income (4,078) 99 N.M. Net loss attributable to Unitholders (87,653) (178,003) (50.8) Income available for distribution to Unitholders ("DI") 25,542 38,260 (33.2) DI per Unit1 1.44 2.15 (33.0) FY2025 US$’000 FY2024 US$’000 Total operating expenses2 (US$’000) 65,791 94,660 Net assets3 (US$’000) 342,979 430,632 Total operating expenses as percentage of net asset value as at the end of the financial year (%) 19.2 22.0 FINANCIAL REVIEW Net Property Income Gross revenue for FY2025 decreased 32.0% from FY2024, mainly due to the divestment of Capitol in October 2024, Plaza in February 2025 and Peachtree in May 2025. In addition, revenue decreased due to higher vacancies, mainly at Diablo and Figueroa, lower recoveries income on the back of a reduction in property tax expense at Figueroa and Michelson, lower termination income, partially offset by higher revenue contributed by higher occupancy in Phipps. Property operating expenses for FY2025 decreased 30.8% from FY2024 mainly due to the divestments, in addition to a reduction in current and prior years’ property tax at Figueroa and Michelson as a result of successful tax appeals. As a result, the net property income for FY2025 was US$53.2 million, a decrease of 33.4% from FY2024. Excluding the impact of divestments, the net property income for samestore properties was US$49.3 million, approximately 13.7% lower than FY2024. Net Loss Interest income was 57.7% lower than FY2024 mainly due to lower interest rates on interest-bearing accounts and lower balances in short-term deposits. 1 Computed based on income available for distribution to Unitholders divided by the total number of Units in issue. 2 Refers to all operating expenses (including fees, charges and reimbursable costs paid/payable to the Manager and interested parties), excluding net foreign exchange gains or losses and finance expenses. 3 Net assets as at 31 December 2025 and 31 December 2024, respectively. / 20 / EXPANDING HORIZONS
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