Financial Performance - Gross revenue for FY2025 decreased by 6.5% YoY to S$206.5 million, while net property income (NPI) fell by 10.0% YoY to S$148.8 million, primarily due to the upfront recognition of supplementary rent from lease restructuring in FY2024 [5] - On a proforma basis, after adjusting for supplementary rent, gross revenue and NPI for FY2025 were 1.1% and 0.1% higher YoY respectively [5] - Distribution per unit (DPU) for 2H FY2025 increased by 1.8% YoY to 1.80 cents, with distributions expected on 24 September 2025 [6] Capital Management - The Manager agreed to divest Jem office for S$462.0 million, which will be used primarily to repay borrowings, reducing aggregate leverage from 42.6% to approximately 35% [3][10] - As of 30 June 2025, gross borrowings stood at S$1,664.3 million with a weighted average debt maturity of 2.6 years, and approximately 86% of total committed debt facilities were sustainability-linked [7] - The interest coverage ratio (ICR) improved to 1.6 times from 1.5 times as of 31 December 2024, with a weighted average cost of debt at 3.46% per annum [8][10] Operational Performance - The portfolio's committed occupancy rate was 92.1% as of 30 June 2025, with a well-spread lease expiry profile [9] - The retail portfolio maintained a strong occupancy rate of over 99% and achieved a positive rental reversion of 10.2% [12] - Positive rental uplift of 1.7% was recorded for commercial Building 1 and 2 in Milan, reflecting annual rental escalation [14] Portfolio Valuation - As of 30 June 2025, the portfolio valuation increased by 2.2% YoY to S$3.76 billion, supported by a positive outlook for Singapore assets [11] - The core Singapore portfolio, including Jem and 313@somerset, delivered robust operational performance in FY2025 [15]

Portfolio Overview - The company has a portfolio of 39 properties with 4.0 million sq ft of GLA and a leased occupancy of 95.4%[4] - The ground lease portfolio covers 145.5 acres with a weighted average lease term of 13.7 years[4,55] - The company's TTM NOI is $128.9 million, with Retail/Grocery contributing 63% ($81.3 million), Industrial 18% ($22.7 million), and Ground Lease 16% ($20.7 million)[26] Market Dynamics - Honolulu's household income is the highest out of all comparable markets[13] - Conservation land accounts for 48% (1,973,792 acres) and agricultural & rural land accounts for 47% (1,937,698 acres) of the state acreage[20] - Urban land only accounts for 5% (200,898 acres) of the state acreage[20] Retail Portfolio - The retail portfolio consists of 21 properties with 2.5 million GLA and a leased occupancy of 95.2%[28] - The retail portfolio's NOI is $21.6 million with an ABR PSF of $37.62 and a weighted average lease term of 6.1 years[28] - The average retail SS NOI growth since REIT conversion is 3.7%[28] Industrial Portfolio - The industrial portfolio includes 14 properties with 1.4 million GLA and a leased occupancy of 97.3%[45] - The industrial portfolio's NOI is $5.6 million with an ABR PSF of $16.79 and a weighted average lease term of 4.0 years[45] - The average industrial SS NOI growth since REIT conversion is 4.8%[45] Ground Lease Portfolio - The ground lease portfolio covers 145.5 acres and generates $5.0 million in NOI[55] - The 5-year NOI CAGR for the ground lease portfolio is 5.7% with a weighted average lease term of 13.7 years[56] Capital and Liquidity - The company has total liquidity of $324 million, including $17 million in cash and $307 million in undrawn revolver capacity[121] - Total debt is $453 million, with 97.1% at fixed rates and a weighted-average interest rate of 4.65%[121,122] Guidance - The company's full-year 2025 guidance for FFO per diluted share is $1.17 to $1.23[129] - The company's full-year 2025 guidance for CRE Same-Store NOI is 2.4% to 3.2%[129]