Slides
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2 November 2026 3Q 2026 Business Update Queensway House East Kilbride, Scotland
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Wyvern House Bedford, East Introduction Section I
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2 (1) As at 30 Sep 2026. (2) Excluding Lindsay House, Dundee and Cambria House, Cardiff which are earmarked for asset repositioning into purpose-built student accommodation assets. (3) 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: £213.9 million (1) Freehold, Virtual Freehold and Long Leasehold 100% 99.9% Portfolio Occupancy (2) 6.8 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 Sep 2026 Scotland North West Yorkshire & Humber Midlands East South West South East Wales North East London Full Repairing & Insuring Leases (3) Triple Net
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Secure Income + Growth Potential Government- leased Student Housing Built-to-Rent Residential Government Workspaces Jobcentres 3 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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Glasgow Benefits Centre Glasgow, Scotland Financial Performance Section II
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Financial Performance (1) Excludes effect of straight-line rent adjustments. (2) Net property income excluding non-recurring dilapidation settlement Core NPI grew 5.2%, driving higher distributable income 5 9M 2026 (£’000) 9M 2025 (£’000) YoY Change Revenue(1) 28,544 28,340 ▲ 0.7 % Net Property Income (“NPI”)(1) 27,263 27,417 ▼ 0.6% Core NPI(2) 27,263 25,927 ▲ 5.2% Distributable Income 15,559 14,846 ▲ 4.8% • Stable revenue performance, reflecting active portfolio management through strategic acquisitions and divestments • Core NPI grew 5.2%, excluding non-recurring dilapidation settlements recognised in 9M 2025 • Distributable income increased 4.8%, driven by finance cost savings, acquisitions and lower vacancy costs 13,599 13,977 14,846 15,559 9M 2023 9M 2024 9M 2025 9M 2026 Distributable Income (£‘000)
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Capital Management Capital Structure 30 Sep 2026 31 Dec 2025 Total Assets £506.8m £444.0m Total Liabilities £211.9m £202.3m Total Debt £195.3m £189.6m Net assets £294.8m £241.7m NAV per Unit £0.44 £0.40 Net Gearing Ratio(1) 38.0% 40.7% Borrowing Cost 4.7% 4.7% Interest Rate Fixed 80% 85% Interest Coverage Ratio(2) 2.7x 2.6x (1) Aggregate Leverage calculated as per the Property Funds Appendix would be 38.6% and 42.8% as of 30 Sep 2026 and 31 Dec 2025, respectively. (2) A 5% decrease in EBITDA can result in an Interest Coverage Ratio of 2.6x; a 10% decrease in EBITDA can result in an Interest Coverage Ratio of 2.5x. A 100 bps change in floating rates has a £0.3m impact to distributable income, a 2.0% impact to DPU, which ICR becomes 2.6x. A 100 bps change in floating rates and fixed rates has a £1.5m impact to distributable income, a 9.7% impact to DPU, which ICR becomes 2.3x. 6 Reduced leverage and disciplined debt management build resilience 61.6 95.4 15.0 5.5 12.8 5.0 9.5 22.2 2.0 2026 2027 2028 2029 2030 Term Loan Facilities Revolving Credit Facilities Undrawn Facilities Drawn Term Loan Facilities Term Loan Facilities Drawn Revolving Credit Facilities Debt Maturity Profile (£m) LENDERS’ CONSENT FOR 2-YEAR EXTENSION OBTAINED REFINANCING DISCUSSIONS IN PROGRESS Undrawn Revolving Credit Facilities • Net gearing reduced to 38.0%, down 2.7 percentage points and within the target range of 35 – 40% • NAV per Unit increased 10.0% to 44 pence, reflecting a stronger balance sheet • Interest coverage ratio improved to 2.7x, with borrowing costs remaining stable at 4.7% • Proactive engagement with lenders ahead of the next debt maturity SUSTAINABILITY LINKED LOAN SUSTAINABILITY LINKED LOAN ISLAMIC + SUSTAINABILITY FINANCING
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Crown Buildings Bridgend, Wales Portfolio Performance Section III
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92.3 93.9 98.6 99.9 99.9 Occupancy Rate (%)(1) Longer Leases, Higher Occupancy, Valuation Growth 8 4.2 3.3 2.4 6.7 6.8 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 6.8 years as at 30 Sep 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. Portfolio Highlights 31 Dec 2023 31 Dec 2024 31 Dec 2025 30 Jun 2026 30 Sep 2026
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9 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 6.8 years As at 31 Dec 2025 As at 30 Sep 2026 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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10 (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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Lindsay House, Dundee Redevelopment works in progress – timing and budget on track 11 Nov 2023. Pre-planning application Apr 2025. Planning submission Jul 2025. Planning approval Nov 2025. Commenced internal strip-out works Jun 2026. Commenced construction Dec 2026. Show flat opening Jun 2027. Practical completion Sep 2027. Opening ROOF WORKS
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£19.4 million conversion of Lindsay House into 170-bed PBSA 12 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 Lindsay House, Dundee 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 Renderings are for illustrative purposes only. Final finishes and furnishings may vary. 2027 Expected completion academic year 2027 170 beds 3-7 minutes Walk to leading universities 3.3x Estimated Student to Bed Ratio(1) (1) With a combined full-time student population of approximately 15,050 at Abertay University and the University of Dundee in the 2024/2025 academic year, the market’s estimated 4,770 existing PBSA beds represent a student-to-bed ratio of around 3.2 times. Source: Higher Education Statistics Authority, AY2024/2025.
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13 Key Priorities + Management Guidance 13 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 80% 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 closing price of £0.320/unit for Elite UK REIT on 30 Sep 2026. Yields may vary accordingly for investors who purchase units in the secondary market at a price higher or lower than such price. 9.7% Net gearing is likely to stay within the 35 – 40% target range as capital is deployed into asset enhancement initiatives, supported by active portfolio management
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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