TRANSFORMATION INNOVATING FOR THE FUTURE In 2024, we expanded our living sector footprint with the acquisition of The Yardhouse, our first Private Rented Sector (PRS) project in Central London. Located in White City, one of Central London’s key regeneration areas, the 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units. In Japan, we also acquired another five PRS projects with a total of 696 units. Since our first foray into the living sector in 2019, we have built a sizeable PRS and Purpose-Built Student Accommodation (PBSA) portfolio. As of 31 December 2024, our global living sector portfolio has a total Gross Development Value (GDV) of $2.6 billion1, comprising around 4,600 PRS units in the UK, Japan, Australia and the US, and around 2,400 PBSA beds in the UK. By building scale in this sector, we are strengthening our recurring income, and growing a sizeable asset base that can lead to new platform initiatives. CAPITAL RECYCLING Global Asset Divestments >$600 million OPERATIONAL & UNDER DEVELOPMENT LIVING SECTOR PORTFOLIO Total GDV $2.6 billion1 PRS ~4,600 units PBSA ~2,400 beds Portfolio Occupancy >90%2 1 Excludes Morden Wharf. 2 Committed occupancy as at 31 Dec 2024. Total GDV $688 million (2,246 units) $474 million (2,368 beds) $381 million (563 units) $202 million (250 units) 26% 33% 8% 15% 18% Japan Australia US $846 million (1,505 units) UK UK
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