OPERATIONAL REVIEW Well-Diversified Tenant Mix The portfolio continues to enjoy a well-diversified tenant roster with approximately 20 trade sectors represented. The top three largest trades – Finance & Insurance, Legal, and Retail Trade – made up approximately 43.3% of the portfolio’s GRI as at 31 December 2025. 2025 Leasing Trade Sector by GRI (%) Public Administration 31.0 Real Estate 22.8 Administrative and Support Services 18.7 Finance and Insurance 14.1 Manufacturing 6.0 Arts,Entertainment, and Recreation 5.2 Legal 1.8 Accommodation and Food Services 0.4 Other - Trade Sector by GRI (%) Average Annual Rent Escalation Finance and Insurance 18.3 Legal 15.3 Retail Trade 9.6 Real Estate 8.9 Public Administration 7.7 Administrative and Support Services 6.5 Grant Giving 5.9 Information 5.4 Transportation and Warehousing 4.4 Other 17.9 Net lettable area (NLA) Gross rental income (GRI) 2026 4.4 3.9 2027 15.4 14.0 2028 18.3 20.5 2029 14.3 13.9 2030 17.8 20.1 2031 and beyond 29.8 27.5 Lease Expiry Profile as at 31 Dec 2025 (%) 5.6% No escalations (96% govt leases) 20.3% Mid-term/periodic escalations 74.2% Annual escalations of 2.6% p.a Avg 2.3% p.a. Passing Rent and Portfolio Rental Escalations by GRI The portfolio’s average passing rent as at 31 December 2025 and expiring rents in 2026 are US$47.56 psf and US$42.60 psf, respectively. Trade Sectors of Leases Signed in 2025 Of the leases signed during 2025, more than five different trade sectors were represented, mainly from Public Administration, Real Estate and Administrative and Support Services. The new leases, renewals and tenant expansions executed in FY2025 had a WALE by NLA of 3.6 years and accounted for 16.3% of GRI. For the leases executed and commenced in FY2025, totalling ~275,000 sq ft, the WALE by NLA was 3.0 years. Note: 2026 lease expiries include leases that expired on 1 Jan 2026. Note: Amounts may not sum up to 43.3% for the top three largest trades due to rounding. / 24 / EXPANDING HORIZONS
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