Broker Name: PSPL

Date of Report: (Date not explicitly stated in the document; inferred to be post-November 2025 based on mentioned data.)

Excerpt from PSPL report.

Report Summary

• Elite UK REIT is undergoing lease regearing, with around 95.7% of leases expiring in 2028 expected to be partially regeared by 1Q26, and about one-third of portfolio leases set for renewal by then at least at CPI-linked rates.
• The REIT is repositioning Lindsay House to PBSA with stabilisation targeted before September 2027, is considering potential acquisitions, and is currently trading at a high dividend yield with a recommendation downgrade to ACCUMULATE due to recent share price performance.

Above is an excerpt from a report by PSPL. Clients of PSPL can be the first to access the full report from the PSPL website: https://www.phillip.com.sg