( YTD: -26.97% | 5D: +8.33%)

15 May - Operational Updates For The 1QFY2025

• Highlights

  • Occupancy: 69.9% (4Q 2024: 73.9%)

  • Rent Reversion: -8.9% (4Q 2024: -5.1%)

  • Aggregate Leverage: 59.4% (4Q 2024: 60.8%)
    

  • 99k sq ft Leases Executed (2.4% of portfolio NLA)

  • WALE: 4.2 years for leases signed in 1Q 2025

  • Portfolio WALE: 4.8 years (4Q 2024: 5.0 years)

• Post 1Q 2025 highlights: Peachtree sale
  • Sale of Peachtree, announced 11 May 2025, for gross sale price of ~US$133.8m(1) subject to approval of lenders
  • Following Peachtree sale, ~78% of 2026 debts to be repaid
  • Improvement in financial ratios (pro forma basis as at 31 Mar 2025)
    • Aggregate leverage improves to 57.5% from 59.4%
    • Weighted average interest cost reduces to 4.04% from 4.37%
    • Weighted average debt maturity extends to 3.0 years from 2.7 years

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( YTD: -11.31% | 5D: +0.00%)

16 May - Proposed Divestment of Three Industrial Properties in Singapore

Highlights

• Unlocks value at 2.6% premium to market valuation and 22.1% increase from original investment cost
• Optimises portfolio composition and strengthens portfolio quality
• Builds significant financial firepower to seize new value-creating investment opportunities

Summary

• The Divestment Consideration represents a 2.6% premium over the independent valuations of the Properties at S$521.5 million as at 31 March 20251, and a 22.1% increase from the original investment cost of the Properties at S$438.4 million.

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( YTD: -12.60% | 5D: +2.78%)

13 May - Completion of Divestment of 1 Genting Lane

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( YTD: -6.62% | 5D: -0.78%)

15 May - Business and Operational Updates For The First Quarter Ended 31 March 2025

• Highlights
  • Obtained RM430m Sponsor Loan with more favourable terms to partially prepay offshore loan due in 2026
  • Secured 10 year RMB308m Green Loan from OCBC China at a competitive rate for onshore refinancing
• Portfolio
  • Total Outlet Sales: RMB1,247.7m (0.9% YoY)
  • Portfolio Occupancy: 98.9%
  • Weighted Average Lease Expiry (NLA): 1.7 years (as at 31 Mar 2025)
• Financials
  • EMA Rentals Income (RMB): RMB175.4m (up 1.6% YoY) due to 
    • Variable component income ▼1.2% YoY, in line with the 0.9% drop in outlet sales
    • Cushioned by annual ▲3.0% for fixed component income
  • EMA Rental Income (S$): S$32.5m (down0.2% YoY)
    • ▼0.2% YoY, mainly due to depreciation of RMB against S$ by 1.7% YoY
• Capital Management
  • Aggregate Leverage: 25.9%
  • Interest Coverage Ratio: 4.7x
  • Weighted Average Cost of Debt: 5.0% (down 0.3% QoQ)

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( YTD: -% | 5D: +%)
Halt Trading since 31 March 2023

14 May - First Quarter Results

• Highlights
  • Lower operating performance year-on-year
  • Appointed new property managers and port manager to improve operational management
  • Appeal filed against Fuyang Court’s April 2025 Judgements concerning Fuzhou E-Commerce’s unauthorised Mortgage
• Summary
  • As of 31 March 2025, the accrued overdue rent receivables owing to ECW and its subsidiaries (collectively, the “ECW Group”) by the Sponsor and its subsidiaries (collectively, the “Sponsor Group”) has exceeded RMB647.2 million (S$119.4 million) with RMB561.5 million (S$103.6 million) of the receivables represents the rent receivables under the master leases, while the balance RMB85.7 million (S$15.8 million) represents the rent receivables from other Sponsor Group entities.
    
    
  • Finance costs of S$10.8 million were S$0.9 million or 8.0% lower compared to 1Q2024 mainly due to lower loan quantum, partially offset by higher interest rate for offshore loans due to default penalty interest imposed under offshore facilities. This in turn has resulted in the increase of the blended all-in running interest rate for the quarter ended 31 March 2025 to 8.8%, from 6.8% in the corresponding period.
    
    
  • The Manager is actively exploring options to divest some or all of the Group’s properties to pare down existing facilities with cash proceeds in order to be accepted by the lenders of the Offshore Facility for a possible refinancing or restructuring.
    
    
  • At the date of this announcement, the Group has not received any offer to purchase from potential buyers, nor any notice of enforcement action from the lenders.

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( YTD: -15.79% | 5D: +2.13%)

14 May - Successful Placement Of Its Inaugural S$85 Million Green Notes

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( YTD: -6.32% | 5D: +1.14%)

14 May - 1Q2025 Operational Update

• Highlights

  • High committed occupancy for Grocery & Necessity Properties at 97.2%

  • Long WALE of 7.8 years coupled with strong tenant retention rate of 89%

  • Minimal lease rollover with only 1.8% and 3.4% expiring in 2025 and 2026 respectively

  • Self-Storage occupancy remained high at 93.6%

  • Low net aggregate leverage of 36.8% 2 provides headroom for potential acquisitions and growth initiatives

  • No refinancing requirements until November 2026

• Summary

  • As at 31 March 2025, the Grocery & Necessity portfolio recorded a high committed occupancy of 97.2% and a long weighted average lease expiry (“WALE”) of 7.8 years.
    

  • UHREIT’s lease expiry profile is well-distributed and carries minimal leasing risk, with only 1.8% of leases expiring in 2025 and 3.4%1 in 2026.

  • Such high occupancy, long WALE and minimal leasing risk collectively contribute to the stability of UHREIT’s portfolio and support its long-term growth.

  • UHREIT has no loans maturing until November 20263. As at 31 March 2025, UHREIT’s weighted average debt maturity is 2.1 years3, with 73.6% of total loans being either fixed rate loans or floating rate loans that have been hedged to fixed rates.

  • As at 31 March 2025, the weighted average interest rate and interest coverage ratio was 5.21%5 and 2.5 times respectively.

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( YTD: -17.54% | 5D: +2.92%)

13 May - 1Q2025 Key Business & Operational Updates

• Highlights

  • Leasing remains active

    • 1Q 2025 leasing volume: 132k sf (3% of net lettable area)

    • Rental Reversion: +2.6%

    • WALE: 4.3 years

  • Financials

    • Aggregate Leverage: 46.8% (US$91m Debt Headroom)

    • Undrawn committed credit facilities: US$71m

    • No debt maturing in 2025

    • Portfolio Valuation (Dec 2024) up +2.2%

    • NAV: US$0.55 per Unit (trading at 73% discount to NAV)

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The REITsavvy 2025 Q1 Review: Performance of S-REITs

Singapore REITs (S-REITs) kicked off 2025 navigating a market still adjusting to the aftershocks of past volatility. Despite a more supportive interest rate environment and early signs of economic stabilization, the sector’s recovery remained uneven through the first quarter.

At the start of the year, sentiment toward S-REITs was cautiously optimistic. The U.S. Federal Reserve had delivered another 50 basis points of rate cuts between January and March, bringing the cumulative easing cycle to 150 basis points since late 2024. Expectations were high that lower financing costs would provide immediate relief to highly leveraged REITs and unlock valuation upside across the sector.

However, as Q1 unfolded ....

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