SPRING REIT (01426): Hua Mao Properties had an average occupancy rate of around 87% in the fourth quarter.

SPRING REIT (01426) announced that for the three months ended December 31, 2025, the average monthly rent of Huamao Property was RMB 339 per square meter, a decrease of 0.9% compared to the previous quarter, with an average occupancy rate of approximately 87%, an increase of 3 percentage points compared to the previous quarter. The occupancy rate as of December 31, 2025 was approximately 90%. The Beijing office building market remains challenging, and the team will continue to prioritize occupancy rates over rental rates. SPRING REIT completed the acquisition of 68% equity interest in Huizhou Property on September 28, 2022. For the three months ended December 31, 2025, the average monthly rent of Huizhou Property was RMB 170 per square meter, including a fixed rent of RMB 149 per square meter (third quarter of 2025: RMB 150 per square meter) and a variable rent of RMB 21 per square meter (third quarter of 2025: RMB 17 per square meter), an increase of 1.8% compared to the previous quarter, with an average occupancy rate of approximately 98%, an increase of 1 percentage point compared to the previous quarter. The total leasable area of Huizhou Property as of December 31, 2025 was 102,859 square meters. The total leasable area of this property may change from time to time due to reconfigurations to accommodate tenant needs.