The UK equivalent to ARE.

Current yield 2.29% Discount to NAV 42.3%

laire Boyle, Chair of Life Science REIT plc, commented: “As announced on 14 March 2025, the Board is currently undertaking a strategic review to consider the future of the Company and to explore all options available to maximise value
for shareholders.
The background to this decision was set out in that announcement and reflects the significant headwinds the Company has faced since IPO, including higher inflation and elevated interest rates, which have driven a fundamental slowdown in leasing activity and negatively impacted investor sentiment. Coupled with the Company’s size and low levels of liquidity, these factors have resulted in the Company’s share price trading at a significant discount to net asset value for a prolonged period of time.
The Board is confident that the Company’s assets, which are focused on the “Golden Triangle” research and development hubs of Oxford, Cambridge and London’s Knowledge Quarter, will prove attractive to a number of parties. Given the uncertainty inherent in the possible outcomes of the Strategic Review, these results have been prepared on a going concern basis with material uncertainty.
In addition, in recent weeks, the Board has successfully reached an agreement with Ironstone Asset Management (“Ironstone”), the Company’s Investment Adviser on a revision of the Investment Advisory Agreement, which will deliver
cost savings of c. £1.0 million per annum based on the December 2024 net asset value.
In the meantime, the team remains sharply focused on capturing upside from the portfolio; £1.5 million of contracted rent has been captured since the interim results in September 2024, a further £1.1 million is in solicitors’ hands, and occupier engagement is encouraging.”


STRATEGIC REVIEW
Strategic Review underway
 Commenced 14 March 2025 to explore all strategic options available to maximise value for shareholders, including a possible sale or managed wind down of the Company


FINANCIAL HIGHLIGHTS
Development and leasing progress supporting rental growth, but slower than expected
 Contracted rent for the investment portfolio increased to £15.3 million (31 December 2023: £14.0 million), with a further £0.6 million from developments, taking total contracted rent to £15.9 million
 Adjusted earnings of £5.9 million (31 December 2023: £6.7 million), impacted by higher financing costs
 Adjusted EPS of 1.7 pence per share (31 December 2023: 1.9 pence per share)
 Future dividends suspended pending the outcome of the Strategic Review
Valuations stabilising in the second half with yield expansion reducing
 Portfolio value £385.2 million (31 December 2023: £382.3 million), a £2.9 million increase on an absolute basis
o H224 like-for-like decline of 0.3% compared to a 3.8% decline in H124
 Like-for-like valuation down 4.0% driven by 30bps outward movement in the net equivalent yield (“NEY”) to 5.6%, more pronounced in H1, partially offset by like-for-like ERV growth of 13.7%
o Laboratory space down 3.7%, with ERV growth strong at 8.6%;
o Space defined as offices down 5.3%
 EPRA net tangible asset per share of 74.4 pence (31 December 2023: 79.9 pence per share); reflecting the portfolio revaluation loss (£17.4 million) and dividend payments (£7.0 million), partially offset by positive adjusted
earnings
Balance sheet:
 Loan to value at 30.4% (31 December 2023: 24.7%), with the increase driven by development progress in the year and corresponding debt drawn
 Debt fully hedged at 4.5% interest payable to March 2025 and 5.5% until September 2025


OPERATIONAL HIGHLIGHTS
Leasing activity improved, but transactions taking longer to conclude than expected:
 Five new leases commenced in 2024, adding £1.9 million to total contracted rent
 Occupancy increased to 84.4% (31 December 2023: 79.0%); like-for-like occupancy increased to 83.6% (31
December 2023: 79.0%)
 Since the interim results in September 2024, £1.5 million of new rent has been captured, compared to the target
set of £3.2 million, with a further £1.1 million in solicitors’ hands
 Current contracted rent increased to £16.5 million, including breaks exercised at Rolling Stock Yard of £0.7 million
 Cambourne repurposing project completed, delivering 8,800 sq ft of fully fitted space
 57,000 sq ft completed at Oxford Technology Park (fully let to Fortescue Zero Ltd); formal practical completion of Buildings 6 – 9 comprising 183,000 sq ft delayed to Q2 2025, but unit 6A is effectively complete and fully let.