Presentation FY 2024 Results Announcement

Investor Presentation

Year End to 31 December 2024

Transformed balance sheet unlocks opportunities to create value

Stephen Inglis

Chief Executive Officer

Alistair Hewitt

Finance Fund Director

FY 2024: On the pathway to recovery

• • Transformed balance sheet unlocks opportunities to create value

  • - Gross borrowings reduced to £316.7m (2023: £420.8m); cash and cash equivalents £56.7m (2023: £34.5m)

  • - Net LTV 41.8% (2023: 55.1%) following successful £110.5m capital raise, supported by Bridgemere Investments

  • - £104.0m borrowings repaid

  • - Total disposals £30.8m across 18 assets

  • - CAPEX £8.2m (2023: £10.2m)

• • Resilient operational performance underpinning fully covered and growing dividend

  • - EPRA EPS 19.2pps (2023: restated 33.1pps) post share issuance and 1 for 10 share consolidation

  • - Dividend declared of 7.8p* (2023: 5.25p) fully covered and sustainable

  • - Dividend £16.9m Vs Earnings £22.7m

  • - Targeting 2.5p Q1-Q3 2025 and Q4 top - up in accordance with REIT rules

  • - EPRA NTA £340.7m (2023 £290.8m)

  • - EPRA cost ratio 17% excl. direct vacancy costs; (Incl. direct costs 45%)

• • Diversified portfolio with slowing valuation decline in H2 - Portfolio valuation £622.5m (2023: £700.7m), down 8.2% on a like-for-like basis, with a decrease of 3.1% in H2

• • New lettings 13.5% ahead of ERV supported by targeted Capex programme for value enhancing asset management

  • - EPRA occupancy remains robust at 77.5% (2023: 80.0%)

  • - Rent collection high at 98.6% (2023: 98.9%)

  • - 61 new lettings totalling £3.2m rent roll, with lettings 13.5% above 2023

  • - ERV gross annualised rent roll £60.7m (2023: £67.8m)

• • Progressing sustainability strategy to improve the quality of the portfolio - EPC C or better 82.7% (2023: 73.7%)

  - EPC B+ and exempt 57.7% (2023: 42.1%)

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* Q1' 24 1.2p. Post equity raise and 1 for 10 share consol. Q2-Q4 '24 6.6p

3

Yields (31 Dec 24)

Diversified portfolio - delivering income

• • Active occupation - back in the office 4 days a week on average

• • Current active office occupation has increased to 75.3% (Feb. 2025) from 71.4% (Feb. 2024)

• • Office average rent: remains good value £14.97 psf (2023: £14.72 psf)

• • Focus on regional properties outside M25

• • Offices 90.7% (by value) (2023: 92.1%)

  • • 63.0% - Business Parks

  • • 30.0% - In town

• • Industrial 3.7% (by value) (2023: 3.2%)

• • Retail 3.6% (by value) (2023: 3.1%)

• • Other 2.0% (by value) (2023: 1.7%)

20%

18%

16%

14%

12%

10%

11.6%

8%

6%

4%

2%

0%

Net Initial Yield

Reversionary Yield

EPRA Occupancy

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

31 Dec 24

De-risking through diversification Occupier base with blue chip tenants

• • Diversified income - large tenant mix across £622.5m of assets (2023: £700.7m)

• • Spread of assets - 126 properties (2023: 144)

• • 780 tenants (2023: 978) across 1,271 units (2023: 1,483)

• • Broad spread of tenant businesses

• • A broad geographic spread

• • The largest occupier represents only 2.8% of rent roll (2023: 2.5%)

• • Top 15 tenants represent 23.5% of the

  Group's gross rent roll (2023: 21.5%)

• • Largest single property accounts for only 2.9% of portfolio by value (2023: 2.8%)

*Other - construction, other service activities, real estate activities, registered society, water supply, sewerage, waste management and remediation activities, accommodation and food service activities, activities of extraterritorial organisations and bodies, arts, entertainment and recreation, public administration and defence; compulsory social security, activities of households as employers, charity, mining and quarrying, activities of households as employers; undifferentiated goods.

Professional, scientific and technical activities

Administrative and support service activities

Information and communication Manufacturing

Public sector

Transportation and storage

Other*

Debt facilities 31 December 2024

• • Transformed balance sheet post equity raise with manageable debt profile following £104m borrowings repaid

316,734

(104,016) 316,734

Summary

• • £50m bond repaid

• • £54m bank borrowings reduced

• • Quality lender counterparties

• • Post-capital raise Company in a good position to profile out debt maturities

• • Discussions with lenders underway

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Conservative hedging strategy

• • 100% hedged portfolio

• • 2.9 years weighted average debt duration

• • 3.4% weighted average cost of debt

*Before unamortised debt issue costs ** Based on Colliers International Property Consultants property valuations 31 December 2024

Positive office sentiment returns

• • Total return for UK offices expected to outperform

• • KPMG CEO Outlook

→ 13.0% pa over the next 5 years

→ c. 87% of CEOs more inclined to reward those employees that work from the office on a regular basis in the form of salary increases, promotions and better projects

→ Majority of respondents (64%) anticipate a full return to the office over the next three years

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ESG - Focused on delivering sustainability - good progress continues

Portfolio segmentation: from Core to Sales

Alternative use value potential greater than capex to core

Significant potential upside compared to current book values

1.0m sq. ft. of space

Pursue accretive opportunities ahead of disposals

Valuation

Occupancy (EPRA)

9

Portfolio - Segmentation

Table may not sum due to rounding.

10