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ELITE UK REIT 1H 2026 Financial Results 7 August 2026 Lindsay House Dundee , Scotland
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Results Highlights Section I Bridgend Jobcentre Bridgend, Wales
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2 (1) As at 30 Jun 2026. (2) Pro forma includes effects of divestment of four assets in Wales in Jul 2026, and acquisition of five new properties in Aug 2026. (3) Operational assets excluding Lindsay House, Dundee and Cambria House, Cardiff which are earmarked for asset repositioning into purpose-built student accommodation assets. (4) Under a full repairing and insuring lease, commonly known as triple net lease, the responsibility for the repair of the external and internal parts as well as the structure of the property is placed with the tenant for occupied assets. Stock Code: MXNU, MENU | Market Cap: £200.5 million (1) Freehold, Virtual Freehold and Long Leasehold 100% 99.9% Portfolio Occupancy (3) 7.1 years Weighted Average Lease to Expiry Scotland 25 North West 24 North East 11 Yorkshire & Humber 11 Wales 17 Midlands 16 South West 12 East 9 London 10 South East 13 148 assets UK REIT Listed in Singapore £488.8 million Portfolio Valuation As at 30 June 2026 (Pro forma) (2) Scotland North West Yorkshire & Humber Midlands East South West South East Wales North East London Full Repairing & Insuring Leases (4) Triple Net
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3 1H 2026 Key Highlights • One of the longest WALE amongst S-REITs, backed by a freehold-centric portfolio • Early entry into £24.3 million new lease agreements and acquisition of new properties reduce portfolio expiries • Mainly driven by new lease agreements, repositioning and asset management initiatives and portfolio management Revenue 34.6% • Effective capital management and interest rate optimisation have contributed to improvement in gearing ▼ 12.9%pts since end 2023 Long WALE NAV per Unit Net Gearing • Revenue increase from three new properties acquired in June 2025 • High occupancy rate of 99.9% as at 30 Jun 2026 (1) New Properties DPU £2.61 (1) Operational assets excluding Lindsay House, Dundee and Cambria House, Cardiff which are earmarked for asset repositioning into purpose-built student accommodation assets. (2) Pro forma includes effects of divestment of four assets in Wales in Jul 2026, and acquisition of five new properties in Aug 2026. (3) 1H 2025 DPU adjusted based on weighted average Units in Issue of 611.7 million units as of 30 Jun 2026 and payout ratio of 95%. (4) Elite UK REIT as at 30 Jun 2025; SGX Chartbook 1Q 2026; UK Gilts, MAS T-Bills and average 12-months fixed deposit rate from local banks as at 28 July 2026. As at 30 Jun 2026 7.1 years vs 2.4 years as at 31 Dec 2026 As at 30 Jun 2026 (Pro Forma)(2) £18.9million ▲ 0.8% yoy 1H 2026 1.55 9.8% 6.4% 4.1% 1.7% 1.2% Elite UK REIT DPU SREIT Sector DPU 1y UK Gilts MAS 1y T-Bills Fixed Deposits ▲ 3.3% yoy (constant units in issue)(3) ▲ 0.6% yoy, ▲ 4.0% hoh pencemillion Rental from New Properties £0.44 As at 30 Jun 2026 ▲ 10% ytd • Unitholders approve proposed acquisition of five properties leased to the UK government • 61% of rental have annually compounded CPI-linked rent reviews of a minimum of 1% and a maximum of 5% Elite UK REIT Yield vs other yield instruments (4)
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4 8,703 9,183 9,271 9,712 9,591 10,0631.33 1.40 1.47 1.54 1.49 1.55 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 Distributable Income (£‘000) Distribution per Unit (“DPU”) (pence) Declares a 3-year high DPU of 1.55 pence in 1H 2026, representing a distribution yield of 9.8%(1) (1) Based on a closing price of 31.5 pence as at 30 June 2026 and an annualised distribution of 3.10 pence (2) Includes advanced distribution of 1.44 pence declared in connection with the Private Placement completed on 16 June 2026. Net Gearing Ratio (%) 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 30 Jun 26 47.5% 41.4% 42.5% 40.7% 40.7% 34.6% (2)
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5 Strong momentum underpinned by major lease regear, portfolio reconstitution, and value creation initiatives Partially Fund Challand House Pontefract, Yorkshire & Humber Bridgend Jobcentre Bridgend, Wales Penhaligon House St Austell, South West Griffin House Wigan, North West Queensway House East Kilbride, Scotland Year-to-date portfolio reconstitution Ladywell House Edinburgh, Scotland High Street Swansea, Wales Windsor Road Neath, Wales Oldway House Swansea, Wales Station Road Port Talbot, Wales Ongoing value creation from asset repositioning £31.9 million Sales Considerations Purchase Consideration £9.3 million Peel Park Blackpool, North West Lindsay House Dundee, Scotland Valuation as at 28 Feb 2026 £2.1 million ✓ Planning consent received ✓ Strip-out works completed and main contractor appointed for conversion works into PBSA ✓ Target completion before 2027 Academic Year 97.0% Improved lease maturity profile after lease regear in Feb 2026 33.0% 28.8% 38.2% 2.4 years 7.1 years As at 31 Dec 2025 As at 30 Jun 2026 (Pro Forma) 2036 and beyond (Long term) 2030 to 2035 (Mid term) 2026 to 2029 (Near term) Valuation as at 28 Feb 2026 £44.0 million ✓ Planning consent received ✓ Permitted development of a data centre building on an approximately 20-acre plot ✓ Represents a monetisation opportunity in the near term ▲ 82% since 31 Dec 2023 ▲ 64% since 31 Dec 2023
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Pound sterling- denominated UK pure-play exposure Tax-efficient structure On par with other UK REITs Government-backed cashflow AA-rated sovereign credit strength Natural Hedge Assets, debts & distributions are all in Pound sterling AA Strategically located Town centre locations near amenities and key transport nodes Resilient tenants >99% leased to UK government tenants, led by the Department of Work & Pensions Boots on the Ground Asset managers based in the same time zone as assets Strong Support >40% units held by substantial unitholders and sponsors( 2) Best-in-class fee structure Based on distributable income & DPU growth, paid in cash since 2023 Proven Track Record REIT management, real estate, and corporate finance Unique Capital Structure Specialist Asset & Lease Features Aligned & Experienced Leadership Rent Collection Used to reduce debt and optimise financial costs Freehold Almost all assets are freehold or virtual freehold properties 6 A high-yield and long-lease portfolio with counter-cyclical rental income from the UK government (1) (1) Nearly all leases are signed with the Ministry of Housing, Communities and Local Government, which is a Crown Body. (2) Our Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate.
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Financial Performance Section II Challand House Pontefract, Yorkshire & Humber
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Financial Performance (1) Excludes effect of straight-line rent adjustments. (2) Net property income excluding one-off dilapidation settlement. (3) Based on payout ratio of 95%. At 100% payout ratio, the DPU for 1H 2026 and 1H 2025 are 1.64 pence and 1.62 pence respectively. (4) Includes advanced distribution of 1.44 pence declared in connection with the Private Placement completed on 16 June 2026 (“advanced distribution”). (5) 1H 2025 DPU adjusted based on weighted average Units in Issue of 611.7 million units as of 30 June 2026 and payout ratio of 95%. Underlying property performance continues to strengthen 8 £’000 1H 2026 1H 2025 YoY Change Commentary Revenue(1) 18,856 18,701 ▲ 0.8% • Revenue growth was primarily driven by acquisitions completed in FY2025 • Adjusted NPI grew by 5%, reflecting underlying operating performance after normalising for one-off dilapidation settlements recognised in 1H 2025 • Distributable income and DPU benefitted from proactive capital management, including interest cost savings from interest rate optimisation, and lower vacancy- related costs Net Property Income (“NPI”)(1) 18,040 18,662 ▼3.3% Adjusted NPI(2) 18,040 17,173 ▲ 5.0% Distributable Income 10,063 9,712 ▲ 3.6% DPU (pence)(3) 1.55(4) 1.54 ▲ 0.6% Adjusted DPU (pence) 1.55(4) 1.50(5) ▲ 3.3%
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Capital Management Capital Structure 30 Jun 2026 31 Dec 2025 Commentary Total Assets £467.6m £444.0m • Net gearing reduced to 34.6%, down from its peak in 2023, reflecting continued balance sheet strengthening • Gearing is expected to trend towards the middle of the 35–40% range as acquisition debt is drawn in Q3 2026 • Interest coverage ratio remains strong and stable, supported by a well-hedged debt profile with 99% of borrowings on fixed rates • Limited exposure to floating interest rates: further rate movements are expected to have only a minimal impact on distributable income (5) Total Liabilities £188.0m £202.3m Total Debt £162.4m £189.6m Net assets £279.6m £241.7m NAV per Unit £0.44(1) £0.40 Net Gearing Ratio(2) 34.6% 40.7% Borrowing Cost 4.7%(3) 4.7% Interest Rate Fixed 99% 85% Interest Coverage Ratio(4) 2.6x 2.6x (1) Excluding the effect of advanced distribution, NAV per Unit would be £0.45. (2) Aggregate Leverage calculated as per the Property Funds Appendix would be 34.8% and 42.8% as of 30 Jun 2026 and 31 Dec 2025, respectively. (3) Based on SONIA of 3.7318 (as of 30 June 26). (4) A 5% decrease in EBITDA can result in an Interest Coverage Ratio of 2.5x; a 10% decrease in EBITDA can result in an Interest Coverage Ratio of 2.4x. (5) A 100 bps change in floating rates only has negligible impact on distributable income but a 0.6% impact to DPU, while ICR remains at 2.6x. A 100 bps change in floating rates and fixed rates has a £0.6m impact to distributable income, a 5.7% impact to DPU, which ICR becomes 2.4x. 9 Reduced leverage and disciplined debt management build resilience
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Managing Interest Rate Risk 10 Delivering DPU stability through defensive interest rate risk management • Notwithstanding the REIT has no refinancing requirements until 2027, the Manager is proactively engaging lenders to manage the next debt maturity ✓ Lenders’ consent for extension option obtained for £132.3m debt ✓ Early discussions with lenders for £77.9m debt has also commenced • The recent DWP lease regear, which has extended WALE and enhanced income visibility for the REIT, further supports discussions with lenders on refinancing and debt extension initiatives 62.9 97.3 15.0 2.2 12.8 35.0 7.0 2026 2027 2028 2029 2030 Term Loan Facilities Revolving Credit Facilities Undrawn facilities Drawn Term Loan Facilities Term Loan Facilities Drawn Revolving Credit Facilities Rents received three months in advance 1 Excess cash and prepaid rents used to reduce revolving credit facilities 2 Debt is redrawn only when required for working capital or distribution payments 3 Debt Optimisation in Action Debt Maturity Profile (£m) LENDERS’ CONSENT FOR 2-YEAR EXTENSION OBTAINED NEW LOAN(1) REFINANCING DISCUSSIONS IN PROGRESS Undrawn Revolving Credit Facilities (1) New loan to be drawn for the acquisition of five new government-leased properties.
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Portfolio Management Section III Cyppa Court Chippenham, South West
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92.3 93.9 98.6 99.9 99.9 Occupancy Rate (%)(1) Longer Leases, Higher Occupancy, Valuation Growth 12 4.2 3.3 2.4 6.7 7.1 WALE (years) 412.5 416.2 424.6 460.2 488.8 Valuation (£'m) ✓ Valuation rises to £488.8 million, 15% or £64.2 million higher than as at 31 Dec 2025. ✓ WALE rises to 7.1 years on a pro forma basis as at 30 June 2026, after securing new inflation-linked lease agreements with the UK government and acquisition of five new government-leased properties. ✓ Portfolio occupancy increases to 99.9%, after year-to-date portfolio reconstitution activities. (1) Operational assets excluding Lindsay House, Dundee and Cambria House, Cardiff which are earmarked for asset repositioning into purpose-built student accommodation assets. (2) Pro forma includes effects of divestment of four assets in Wales in Jul 2026, and acquisition of five new properties in Aug 2026. Portfolio Highlights 31 Dec 2023 31 Dec 2024 31 Dec 2025 30 Jun 2026 30 Jun 2026 Pro Forma(2)
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13 (1) Leases are signed with The Secretary of State for Housing, Communities and Local Government of the United Kingdom, a Crown Body. (2) Queensway House, East Kilbride, Challand House, Pontefract, and Bridgend Jobcentre, Bridgend, which together represent 61.1% of New Properties' Annual Rent, benefit from annually compounded CPI-linked rent reviews of a minimum of 1% and a maximum of 5%. LONDON LIVERPOOL GLASGOW MANCHESTER CARDIFF PLYMOUTH BRISTOL EDINBURGH 1 2 4 LEEDS 5 3 The New Properties – UK Government Leased Essential services operated by HMRC & DWP Property Lease Expiry(1) Valuation by: Purchase Consideration Annual RentCBRE Colliers Queensway House 1 Apr 2047 £19.0m £21.0m £19.3m £1.25m Griffin House 23 Jun 2029 £6.1m £5.6m £5.6m £0.77m Penhaligon House 2 Apr 2031 £2.6m £2.9m £2.7m £0.24m Challand House 31 Mar 2038 £2.3m £2.4m £2.3m £0.18m Bridgend Jobcentre 31 Mar 2037 £2.0m £2.0m £2.0m £0.17m Total £32.0m £33.9m £31.9m £2.61m(2) 1 2 3 4 5 East Kilbride Glasgow Scotland Pontefract West Yorkshire Yorkshire & Humber Bridgend Cardiff Central Region Wales St Austell Cornwall South West England Wigan Greater Manchester North West England UK’s largest public service department, integral in supporting the UK’s social fabric Following completion of proposed acquisition, DWP’s contribution to GRI reduces to ~89.9% from 92.3% Responsible for collecting taxes, administering customs laws, and managing key benefits and allowances Following completion of proposed acquisition, HMRC will be a new tenant contributing ~3.1% of GRI
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Planning application for student housing asset approved 14 University of Dundee Dundee City Council Overgate Mall V&A Museum of Design Dundee Station Tay River Bridge N St Andrews 14miles Edinburgh 62 miles Caird Hall City Square Dundee & Angus College Future city campus site Abertay University LINDSAY HOUSE 2027 Estimated completion academic year 2027 3-7 minutes Walk to leading universities 170 beds 3.3x Estimated Student to Bed Ratio(1) Lindsay House, Dundee (1) With a combined full-time student population of approximately 15,050 at Abertay University and the University of Dundee in the 2023/2024 academic year, the market’s estimated 4,620 existing PBSA beds represent a student-to-bed ratio of around 3.3 times. EdinburghGlasgow St Andrews Dundee 25 mins 14 miles 75 mins 62 miles 100 mins 80 miles Valuation as at 28 Feb 2026 £2.1m ▲ 64% since 31 Dec 2023 Ninewells Hospital and Medical School 2.3 miles
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Lindsay House, Dundee Redevelopment works in progress – timing and budget on track PLANNING APPROVED Removal of existing flooring, ceiling tiles, partitions, all interior services and some extensive roof top plant equipment in preparation for main works Strip-out Works Completed £19.4 million conversion of Lindsay House Dundee into 170-bed PBSA Main Contractor Appointed 15 Opening Date Sep 2027 Renderings are for illustrative purposes only. Final finishes and furnishings may vary.
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London Cambria House, Cardiff Pre-planning consultation completed and positive 16 Source: Google Earth PRE-PLANNING Bristol Birmingham Cardiff 134 mins 116 miles 180 mins 150 miles 60 mins 43 miles 1 minute Walk to Cardiff University 350 beds Estimated PBSA scale 45,690 Full-time students in Cardiff major universities 6.5x Estimated Student to Bed Ratio for Premium PBSA <10 years Source: Higher Education Statistics Authority. AY2023/2024. Holland House Hotel Cambria University Healthcare Sciences Cambria University Healthcare Sciences University of South Wales Utilita Arena Principality Stadium Cardiff University Engineering Physics & Astronomy Cardiff University Main Campus Cardiff Queen Street Station Cardiff City Hall Capitol Cardiff Shopping Centre St David’s Dewi Sant Mall CAMBRIA HOUSE
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Potential Data Centre Development Site Site for a Low Emission + Low Latency Data Centre in Blackpool UK London Blackpool Dublin Liverpool Manchester LOCATION • Permitted development of a data centre building on an approximately 20-acre plot beside existing DWP buildings • 3 miles to Blackpool town centre and 45 mins drive to Manchester • Benefits from subsea cables that connects Blackpool to Dublin and extending to Europe and North America 120 MVA POWER SECURED • Secured 120 MVA power supply for hyperscale + artificial intelligence-enabled capacity data centre • Reviewing brokerage agency proposals • Represents a monetisation opportunity in the near term CeltixConnect-2 High-capacity data cable operational since 2022 17 PLANNING APPROVED Valuation as at 28 Feb 2026 £44.0m ▲ 82% since 31 Dec 2023
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Summary Section IV Beecroft Road Cannock, Midlands
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Secure Income + Growth Potential Government- leased Student Housing Built-to-Rent Residential Government Workspaces Jobcentres 19 Living Sector Defensive Cashflow: Multi-sector and focused market exposure to the UK ✓ Resilient cashflow underpinned by secure government leases ✓ Positioned to capitalise on the sustained growth of the living sector, supported by strong demand fundamentals and structural undersupply ✓ Prime city-centre assets with good connectivity to transportation hubs and urban amenities ✓ Various potential alternative uses are available for the assets, depending on the real estate market conditions and economic dynamics of the submarkets Relet Reposition Market Viability Strategy Alignment Scale of Opportunity Risk & Returns Repositioning Considerations
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20 Key Priorities + Management Guidance 20 Regear Progress and complete remaining DWP lease regears relating to assets with 2028 lease maturities Reposition Lindsay House, Dundee ● Cambria House, Cardiff Peel Park, Blackpool ● and other asset opportunities Reconstitute Divest + Reinvest into accretive opportunities in line with investment strategy and long-term objectives Reinvigorate Trading + Liquidity Analyst Coverage ● Index Inclusion Investor Outreach Refinance + Optimise Capital Disciplined, balanced approach backed by diversified funding sources and staggered debt maturities Elite UK REIT’s long WALE portfolio generates certain, secure and stable government-backed income 99% of interest rate exposure are fixed with well-rated banks over the next 12 months Elite UK REIT continues to pursue selective value-add Living Sector repositioning opportunities within its portfolio Manager seeks yield-accretive growth for REIT through assets with strong risk profiles in line with investment strategy barring any material adverse developments and based on current market conditions with potential opportunities to recycle select assets FY2026 distribution per unit is expected to rise steadily, underpinned by recent acquisitions and the progressive execution of asset repositioning initiatives • Expect limited first-order impact from higher utility costs due to triple-net leases, with tenant bearing occupational costs • Cautious of macroeconomic conditions that could influence capital markets and investment sentiments DISTRIBUTION YIELD (1) (1) Based on the current Elite UK REIT unit price of £0.315, and such yields may vary accordingly for investors who purchase units in the secondary market at a price higher or lower than such price. 9.8% Net gearing is likely to trend towards the 35 – 40% target range as capital is deployed into AEIs, supported by active portfolio management
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Appendix Section V Peel Park Blackpool, North West
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(1) Pro forma as at 30 June 2026 includes effects of divestment of four assets in Wales in Jul 2026, and acquisition of five new properties in Aug 2026. (2) Source: Gov.UK. Department for Work & Pensions. DWP benefits statistics Feb 2025. (3) Source: Gov.UK. Department for Work & Pensions. DWP annual report and accounts 2024 to 2025. (4) Source: DWP: workforce management information Feb 2025. 22 88%(1) Front of House 24m(2) Claimants Served £291b(3) Benefits Disbursed 84k(4) Staff Mission-critical Social Infrastructure Key Occupier: Department for Work and Pensions (DWP) Others 89.8%3.1% 2.0% 0.7% 0.3% 0.6% 1.3% Tenant Mix by Gross Rental Income, Pro Forma (1) • Enable people to get into work and to get on at work, ensuring employment opportunity for all • Tackle child poverty and hardship, ensuring financial security for all • Shape the pensions system to serve the interests of savers and pensioners, ensuring decent, secure retirement incomes for all • Pursue a just, equal and inclusive society, ensuring independence and control for all disabled people • Deliver high quality, efficient services, ensuring that people are treated with dignity and respect 1 2 3 4 5 DWP’s Goals 2.3%
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This announcement is for information only and does not constitute or form part of an offer, invitation or solicitation of any This announcement is for information only and does not constitute or form part of an offer, invitation or solicitation of any offer to purchase or subscribe for units in Elite UK REIT (“Units”) in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses, property expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view on future events. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither the Manager nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of Elite UK REIT is not indicative of future performance. The listing of the Units on the Singapore Exchange Securities Trading Limited (“SGX-ST”) does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by Elite UK REIT, the Manager or any of their respective affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The Unitholders have no right to request the Manager to redeem or purchase their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This announcement should be read in conjunction with accompanying disclosure materials, including but not limited to the unaudited or audited financial statements of Elite UK REIT. Disclaimer
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For enquiries, please contact: Elite UK REIT Management Pte. Ltd. +65 6955 9999 pearl.lam@eliteukreit.com 3 Church Street, #09-03 Samsung Hub, Singapore 049483 www.eliteukreit.com WebsiteLinkedIn Email Alerts