ESR REIT 9A4U

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Financials

ESR-REIT Annual Report 2025

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Statements of Financial Position

37 metrics

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Statements of Financial Position from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	2025Trust	2024Trust	Source
Assets — Non-current assets
Investment properties$’000	5,013,226	5,548,674	920,927	1,287,655	PDF p. 127
Investments in subsidiaries$’000	–	–	1,737,556	1,854,809	PDF p. 127
Investment in a joint venture$’000	39,265	39,806	39,265	39,806	PDF p. 127
Investments at fair value through profit or loss (“FVTPL”)$’000	260,990	261,576	77,201	71,567	PDF p. 127
Loans to subsidiaries$’000	–	–	823,233	798,887	PDF p. 127
Derivative financial instruments$’000	2,225	1,283	1,700	1,283	PDF p. 127
Assets — Non-current assets subtotal
Subtotal$’000	5,315,706	5,851,339	3,599,882	4,054,007	PDF p. 127
Assets — Current assets
Trade and other receivables$’000	22,875	60,455	62,444	45,355	PDF p. 127
Derivative financial instruments$’000	366	1,929	366	288	PDF p. 127
Cash and bank balances$’000	60,289	83,945	8,189	8,834	PDF p. 127
Assets — Current assets subtotal
Subtotal$’000	83,530	146,329	70,999	54,477	PDF p. 127
Assets
Investment properties held for divestment$’000	465,600	9,732	365,035	9,732	PDF p. 127
Assets subtotal
Subtotal$’000	549,130	156,061	436,034	64,209	PDF p. 127
Assets
Total assets$’000	5,864,836	6,007,400	4,035,916	4,118,216	PDF p. 127
Liabilities — Current liabilities
Trade and other payables$’000	96,620	122,387	37,927	39,975	PDF p. 127
Lease liabilities for leasehold land$’000	17,589	10,650	1,739	2,992	PDF p. 127
Interest-bearing borrowings$’000	640,874	30,234	554,689	–	PDF p. 127
Derivative financial instruments$’000	470	1,407	470	1,407	PDF p. 127
Amount due to non-controlling interests$’000	73,136	76,742	–	–	PDF p. 127
Liabilities — Current liabilities subtotal
Subtotal$’000	828,689	241,420	594,825	44,374	PDF p. 127
Liabilities
Liabilities directly attributable to investment properties held for divestment$’000	38,854	1,010	35,588	1,010	PDF p. 127
Subtotal$’000	867,543	242,430	630,413	45,384	PDF p. 127
Liabilities — Non-current liabilities
Trade and other payables$’000	46,958	42,576	18,425	17,311	PDF p. 127
Lease liabilities for leasehold land$’000	569,565	597,173	95,488	131,063	PDF p. 127
Interest-bearing borrowings$’000	1,583,688	2,223,766	759,319	1,305,499	PDF p. 127
Derivative financial instruments$’000	13,245	2,874	9,538	2,433	PDF p. 127
Deferred tax liabilities$’000	9,478	8,026	4,342	3,455	PDF p. 127
Amount due to non-controlling interests$’000	193,066	214,879	–	–	PDF p. 127
Liabilities — Non-current liabilities subtotal
Subtotal$’000	2,416,000	3,089,294	887,112	1,459,761	PDF p. 127
Liabilities
Total liabilities$’000	3,283,543	3,331,724	1,517,525	1,505,145	PDF p. 127
Net assets$’000	2,581,293	2,675,676	2,518,391	2,613,071	PDF p. 127
Represented by
Unitholders’ funds$’000	2,055,640	2,213,895	2,062,244	2,207,895	PDF p. 127
Perpetual securities holders’ funds$’000	456,147	405,176	456,147	405,176	PDF p. 127
Non-controlling interest$’000	69,506	56,605	–	–	PDF p. 127
Represented by subtotal
Subtotal$’000	2,581,293	2,675,676	2,518,391	2,613,071	PDF p. 127
Units in issue (’000)(1)units (’000)	805,035	804,916	805,035	804,916	PDF p. 127
Net asset value per Unit ($)(1)$ per Unit	2.55	2.75	2.56	2.74	PDF p. 127

Definitions & sources

Original report: PDF p. 127 ↗

(1) Comparative figures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Statement of Total Return

23 metrics

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Statement of Total Return from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Gross revenue$’000	445,984	370,504	PDF p. 128
Property expenses$’000	(117,305)	(108,850)	PDF p. 128
Net property income$’000	328,679	261,654	PDF p. 128
Income from investments at FVTPL$’000	7,074	7,803	PDF p. 128
Management fees$’000	(22,791)	(20,724)	PDF p. 128
Trust expenses$’000	(7,161)	(7,674)	PDF p. 128
Borrowing costs, net$’000	(84,919)	(68,885)	PDF p. 128
Finance costs on lease liabilities for leasehold land$’000	(33,760)	(31,469)	PDF p. 128
Net income$’000	187,122	140,705	PDF p. 128
Foreign exchange gain$’000	300	4,151	PDF p. 128
Change in fair value of investments at FVTPL$’000	(3,065)	(26,796)	PDF p. 128
Change in fair value of financial derivatives$’000	(10,055)	(6,559)	PDF p. 128
Change in fair value of investment properties$’000	(125,097)	(220,180)	PDF p. 128
Change in fair value of right-of-use of leasehold land$’000	9,342	8,179	PDF p. 128
Share of results of joint venture$’000	3,001	2,842	PDF p. 128
Total return/(loss) for the year before income tax$’000	61,548	(97,658)	PDF p. 128
Income tax expense$’000	(7,818)	(9,956)	PDF p. 128
Total return/(loss) for the year after income tax$’000	53,730	(107,614)	PDF p. 128
Attributable to
Unitholders of the Trust and perpetual securities holders$’000	31,657	(127,779)	PDF p. 128
Non-controlling interests$’000	22,073	20,165	PDF p. 128
Total return/(loss) for the year$’000	53,730	(107,614)	PDF p. 128
Earnings per Unit
Basic and dilutedcents per Unit	0.697	(19.140)	PDF p. 128
Distribution per Unit (cents)(1)cents per Unit	21.914	21.190	PDF p. 128

Definitions & sources

Original report: PDF p. 128 ↗

(1) Comparative figures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Statements of Movements in Unitholders’ Funds

28 metrics

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Statements of Movements in Unitholders’ Funds from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	2025Trust	2024Trust	Source
Unitholders’ Funds
Balance at beginning of the year$’000	2,213,895	2,463,150	2,207,895	2,453,351	PDF p. 131
Operations
Total return/(loss) for the year after tax attributable to Unitholders and perpetual securities holders$’000	31,657	(127,779)	48,407	(154,049)	PDF p. 131
Less: Amount reserved for distribution to perpetual securities holders$’000	(26,055)	(20,277)	(26,055)	(20,277)	PDF p. 131
Net increase/(decrease) in net assets resulting from operations$’000	5,602	(148,056)	22,352	(174,326)	PDF p. 131
Movement in foreign currency translation reserve$’000	4,146	(30,069)	–	–	PDF p. 131
Unitholders’ transactions
Management fees paid in Units$’000	15,231	14,167	15,231	14,167	PDF p. 131
Preferential offering$’000	–	88,200	–	88,200	PDF p. 131
Unit buy-back$’000	(13,615)	(12,908)	(13,615)	(12,908)	PDF p. 131
Acquisition fees paid in Units$’000	–	7,552	–	7,552	PDF p. 131
Partial consideration paid in Units pursuant to the acquisition of subsidiaries$’000	–	12,082	–	12,082	PDF p. 131
Equity issue costs pursuant to: (Note 26)
– Preferential offering$’000	–	(166)	–	(166)	PDF p. 131
– Perpetual securities$’000	(1,665)	(2,596)	(1,665)	(2,596)	PDF p. 131
– Unit buy-back$’000	(33)	(37)	(33)	(37)	PDF p. 131
Unitholders’ transactions
Distributions to Unitholders$’000	(167,921)	(177,424)	(167,921)	(177,424)	PDF p. 131
Net decrease in Unitholders’ funds resulting from Unitholders’ transactions$’000	(168,003)	(71,130)	(168,003)	(71,130)	PDF p. 131
Unitholders’ Funds
Balance at end of the year$’000	2,055,640	2,213,895	2,062,244	2,207,895	PDF p. 131
Perpetual Securities Holders’ Funds
Balance at beginning of the year$’000	405,176	302,128	405,176	302,128	PDF p. 131
Issue of perpetual securities$’000	125,000	100,000	125,000	100,000	PDF p. 131
Redemption of perpetual securities$’000	(75,250)	–	(75,250)	–	PDF p. 131
Amount reserved for distribution to perpetual securities holders$’000	26,055	20,277	26,055	20,277	PDF p. 131
Distributions to perpetual securities holders$’000	(24,834)	(17,229)	(24,834)	(17,229)	PDF p. 131
Balance at end of the year$’000	456,147	405,176	456,147	405,176	PDF p. 131
Non-controlling Interest
Balance at beginning of the year$’000	56,605	–	–	–	PDF p. 131
Acquisition of subsidiaries with non-controlling interest$’000	–	41,613	–	–	PDF p. 131
Total return attributable to non-controlling interest$’000	16,662	14,992	–	–	PDF p. 131
Distribution to non-controlling interest$’000	(3,761)	–	–	–	PDF p. 131
Balance at end of the year$’000	69,506	56,605	–	–	PDF p. 131
Movements in Unitholders’ Funds
Total$’000	2,581,293	2,675,676	2,518,391	2,613,071	PDF p. 131

Definitions & sources

Original report: PDF p. 131 ↗

FY2025 REIT ratios and per-Unit measures

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FY2025 REIT ratios and per-Unit measures from ESR-REIT Annual Report 2025
Metric / unit	2025Group FY2025	2024Group FY2024	Source
Capital Management
Aggregate leverage ratio%	43.4	42.8	PDF p. 222
Interest coverage ratiox	2.5	2.5	PDF p. 222
Financial Statements
Earnings per Unit (cents)(1) — Basic and dilutedcents	0.697	(19.140)	PDF p. 128
Distribution per Unit (cents)(1)cents	21.914	21.190	PDF p. 128

Definitions & sources

Original report: PDF p. 222 ↗ PDF p. 128 ↗

Page 222 footnote 1: The aggregate leverage ratio includes ESR-REIT’s 49.0% share of the borrowings and total assets of PTC LLP, but excludes the effects arising from the adoption of FRS 116 Leases.

Page 222 footnote 2: The interest coverage ratio is calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding the effects arising from the adoption of FRS 116 Leases and the effects of any fair value changes in financial instruments and investment properties, and foreign exchange translation) (“EBITDA”), by the trailing 12 months interest expense (excluding the effects arising from the adoption of FRS 116 Leases) and borrowing-related fees (including amortisation of debt-related transaction costs) and distributions on perpetual securities.

The financial statements report Group values; no separate company values are included in these selected per-Unit rows. Page 128 footnote 1: Comparative figures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Consolidated Statement of Cash Flows — operating and investing activities

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Consolidated Statement of Cash Flows — operating and investing activities from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Total return/(loss) before income tax for the year$’000	61,548	(97,658)	PDF p. 155
Adjustments for
Unrealised foreign exchange loss/(gain)$’000	25	(4,155)	PDF p. 155
Borrowing costs, net$’000	84,919	68,885	PDF p. 155
Management fees paid/payable in Units$’000	12,262	11,460	PDF p. 155
Property Manager’s fees paid/payable in Units$’000	3,064	2,940	PDF p. 155
Share of results of joint venture$’000	(3,001)	(2,842)	PDF p. 155
Finance costs on lease liabilities for leasehold land$’000	33,760	31,469	PDF p. 155
Income from investments at FVTPL$’000	(7,074)	(7,803)	PDF p. 155
Change in fair value of financial derivatives$’000	10,055	6,559	PDF p. 155
Change in fair value of investment properties$’000	125,097	220,180	PDF p. 155
Change in fair value of right-of-use of leasehold land$’000	(9,342)	(8,179)	PDF p. 155
Change in fair value of investments at FVTPL$’000	3,065	26,796	PDF p. 155
Cash flows from operating activities
Operating income before working capital changes$’000	314,378	247,652	PDF p. 155
Changes in working capital
Trade and other receivables$’000	37,103	(34,550)	PDF p. 155
Trade and other payables$’000	(51,716)	62,579	PDF p. 155
Cash flows from operating activities
Cash generated from operating activities$’000	299,765	275,681	PDF p. 155
Income tax paid$’000	(5,604)	(4,769)	PDF p. 155
Net cash generated from operating activities$’000	294,161	270,912	PDF p. 155
Cash flows from investing activities
Interest received$’000	528	979	PDF p. 155
Capital expenditure on investment properties$’000	(46,105)	(26,197)	PDF p. 155
Acquisition of an investment property$’000	–	(332,767)	PDF p. 155
Proceeds from disposal of investment properties$’000	16,678	92,755	PDF p. 155
Dividend received from joint venture$’000	3,542	4,269	PDF p. 155
Income from investments at FVTPL$’000	7,024	7,873	PDF p. 155
Acquisition of subsidiaries, net of cash acquired (Note 5)$’000	(8,881)	(175,856)	PDF p. 155
Payment for acquisition related transaction costs$’000	–	(9,294)	PDF p. 155
Net cash used in investing activities$’000	(27,214)	(438,238)	PDF p. 155

Definitions & sources

Original report: PDF p. 155 ↗

The statement continues from physical page 155 to physical page 156; the latter prints page number 154.

Consolidated Statement of Cash Flows — financing activities and cash reconciliation

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Consolidated Statement of Cash Flows — financing activities and cash reconciliation from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from financing activities
Proceeds from issuance of new Units$’000	–	88,200	PDF p. 156
Proceeds from issuance of perpetual securities$’000	125,000	100,000	PDF p. 156
Payment for unit buy-back$’000	(13,615)	(12,908)	PDF p. 156
Redemption of perpetual securities$’000	(75,250)	–	PDF p. 156
Issue costs for perpetual securities paid$’000	(1,683)	(2,497)	PDF p. 156
Equity issue costs paid$’000	(33)	(203)	PDF p. 156
Finance costs paid$’000	(81,342)	(67,083)	PDF p. 156
Proceeds from borrowings$’000	432,921	1,386,550	PDF p. 156
Repayment of borrowings$’000	(449,789)	(1,059,900)	PDF p. 156
Distributions paid to Unitholders$’000	(167,921)	(177,424)	PDF p. 156
Distributions paid to perpetual securities holders$’000	(24,834)	(17,229)	PDF p. 156
Distributions paid to non-controlling interests$’000	(8,245)	(3,651)	PDF p. 156
Payment of interest portion of lease liabilities for leasehold land$’000	(20,595)	(19,859)	PDF p. 156
Payment of principal portion of lease liabilities for leasehold land$’000	(3,823)	(3,431)	PDF p. 156
Movement in restricted cash$’000	(630)	(10,155)	PDF p. 156
Net cash (used in)/generated from financing activities$’000	(289,839)	200,410	PDF p. 156
Cash flows
Net (decrease)/increase in cash and cash equivalents$’000	(22,892)	33,084	PDF p. 156
Cash and cash equivalents at 1 January$’000	70,214	38,409	PDF p. 156
Effect of exchange rate fluctuations on cash held$’000	(1,394)	(1,279)	PDF p. 156
Cash and cash equivalents at 31 December (Note 11)$’000	45,928	70,214	PDF p. 156

Definitions & sources

Original report: PDF p. 156 ↗

The statement continues from physical page 155 to physical page 156; the latter prints page number 154.

Note 11 (PDF p. 184): Group cash and bank balances include restricted cash. In SGD thousands, 2025: 60,289 less 14,361 = cash-flow cash equivalents 45,928; 2024: 83,945 less 13,731 = 70,214. Restricted cash comprises bank-agreement reserves mainly for interest, capital expenditure and property expenses. Trust cash-flow amounts are not printed in this reconciliation.

Half-Yearly Distribution per Unit — FY2023

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Half-Yearly Distribution per Unit — FY2023 from ESR-REIT Annual Report 2025
Metric / unit	20231 January to 30 June (1H)	20231 July to 31 December (2H)	2023Total DPU for the year	Source
Half Yearly DPU
FY2023cents per Unit	13.780	11.860	25.640	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Footnote 2: Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Half-Yearly Distribution per Unit — FY2024

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Half-Yearly Distribution per Unit — FY2024 from ESR-REIT Annual Report 2025
Metric / unit	20241 January to 30 June (1H)	20241 July to 31 December (2H)	2024Total DPU for the year	Source
Half Yearly DPU
FY2024cents per Unit	11.220	9.970	21.190	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Footnote 2: Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Half-Yearly Distribution per Unit — FY2025

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Half-Yearly Distribution per Unit — FY2025 from ESR-REIT Annual Report 2025
Metric / unit	20251 January to 30 June (1H)	20251 July to 31 December (2H)	2025Total DPU for the year	Source
Half Yearly DPU
FY2025cents per Unit	11.239	10.675	21.914	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Footnote 2: Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Five-Year Financial Highlights — financial position, ratios, capital management and trading statistics

25 metrics

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Five-Year Financial Highlights — financial position, ratios, capital management and trading statistics from ESR-REIT Annual Report 2025
Metric / unit	2021FY2021	2022FY2022	2023FY2023	2024FY2024	2025FY2025	Source
Gross RevenueS$ million	241.3	343.2	386.4	370.5	446.0	PDF p. 25
Net Property IncomeS$ million	173.3	244.2	273.2	261.7	328.7	PDF p. 25
Total AssetsS$ million	3,329.8	5,654.2	5,106.3	6,007.4	5,864.8	PDF p. 25
Amount Available for Distribution to UnitholdersS$ million	114.4	177.1	192.7	164.1	176.1	PDF p. 25
DPUcents	29.870	30.000	25.640	21.190	21.914	PDF p. 25
NAV per UnitS$	3.96	3.64	3.20	2.75	2.55	PDF p. 25
Financial Position
Total AssetsS$ million	3,329.8	5,654.2	5,106.3	6,007.4	5,864.8	PDF p. 25
Total Net BorrowingsS$ million	1,190.9	2,076.1	1,555.9	2,254.0	2,224.6	PDF p. 25
Unitholders’ FundsS$ million	1,598.0	2,444.7	2,463.2	2,213.9	2,055.6	PDF p. 25
Key Financial Ratios
Debt to Total Assets%	40.0	41.8	35.7	42.8	43.4	PDF p. 25
Weighted Average All-in Cost of Debt (p.a.)%	3.3	3.7	3.9	3.8	3.4	PDF p. 25
Interest Coverage Ratiotimes	3.0	2.8	2.5	2.5	2.5	PDF p. 25
Capital Management
Total Loan Facilities AvailableS$ million	1,462.4	2,413.4	1,847.1	2,505.5	2,397.1	PDF p. 25
Gross BorrowingsS$ million	1,199.5	2,093.0	1,566.2	2,269.7	2,236.1	PDF p. 25
Perpetual Securities IssuedS$ million	150.0	400.0	300.0	400.0	449.8	PDF p. 25
Units in Issuemillion units	403.0	671.9	768.9	804.9	805.0	PDF p. 25
Market CapitalisationS$ million	1,934.5	2,486.1	2,460.5	2,052.5	2,181.6	PDF p. 25
Trading Statistics for the Financial Year
Opening PriceS$	4.050	4.800	3.700	3.200	2.550	PDF p. 25
Highest PriceS$	5.100	4.850	3.850	3.250	2.920	PDF p. 25
Lowest PriceS$	3.750	3.200	2.500	2.500	2.000	PDF p. 25
Closing PriceS$	4.800	3.700	3.200	2.550	2.710	PDF p. 25
Volume Weighted Average PriceS$	4.460	3.970	3.180	2.857	2.500	PDF p. 25
Total Volume Tradedmillion Units	246.1	254.4	269.6	291.7	307.4	PDF p. 25
Average Daily Trading Volumemillion Units	1.0	1.0	1.1	1.2	1.2	PDF p. 25
Total Return%	30.0	-16.8	-6.5	-13.7	15.1	PDF p. 25

Definitions & sources

Original report: PDF p. 25 ↗

Footnote 2: Comparative figures for FY2021 to FY2024 are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison.

Footnote 3 defines Interest Coverage Ratio as trailing 12-month EBITDA (with stated exclusions) divided by trailing 12-month interest expense, including debt-related transaction cost amortisation and distributions to perpetual securities, but excluding lease-liability finance costs.

Footnote 4: Market capitalisation is computed based on closing price and Units in issue at year-end.

Footnote 5: FY2025 and FY2021–FY2024 figures for specified trading measures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025.

Footnote 6: Total Return is calculated from unit-price change including reinvested distributions.

Numerical values on physical page 25 were read from the 300-dpi original-page render and checked against Tesseract 5.5 OCR word boxes. The PDF text layer visibly loses or splits digits in a number of FY2025 values; exact native-text row quotes are preserved and image-derived values/coordinates are in page25-visual-bridge.json.

Distribution Statement and Note A distribution adjustments

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Distribution Statement and Note A distribution adjustments from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Distribution Statement
Total return/(loss) after income tax, before distribution for the year$’000	31,657	(127,779)	PDF p. 129
Add: Distribution adjustments (Note A)$’000	143,226	297,156	PDF p. 129
Distribution adjustments subtotal
Subtotal$’000	174,883	169,377	PDF p. 129
Distribution Statement
Amount reserved for distribution to perpetual securities holders$’000	(26,055)	(20,277)	PDF p. 129
Net income available for distribution to Unitholders$’000	148,828	149,100	PDF p. 129
Total amount available for distribution comprising
Taxable income$’000	148,828	149,100	PDF p. 129
Tax-exempt income$’000	9,843	3,393	PDF p. 129
Capital distribution$’000	17,405	11,571	PDF p. 129
Total amount available for distribution
Subtotal$’000	176,076	164,064	PDF p. 129
Distribution Statement
Less: Distributions (Note B)$’000	(90,145)	(86,231)	PDF p. 129
Net amount available for distribution to Unitholders as at 31 December$’000	85,931	77,833	PDF p. 129
Note A – Distribution adjustments
Management fees paid/payable in Units$’000	12,262	11,460	PDF p. 129
Property Manager’s fees paid/payable in Units$’000	3,064	2,940	PDF p. 129
Trustee’s fees$’000	652	665	PDF p. 129
Financing related costs, including amortisation of debt related costs$’000	11,484	11,538	PDF p. 129
Unrealised foreign exchange loss/(gain)$’000	25	(4,155)	PDF p. 129
Change in fair value of investments at FVTPL$’000	3,065	26,796	PDF p. 129
Change in fair value of investment properties$’000	125,097	220,180	PDF p. 129
Change in fair value of financial derivatives$’000	10,055	6,559	PDF p. 129
Legal and professional fees$’000	386	91	PDF p. 129
Adjustment for straight-line rent and lease incentives$’000	(10,087)	(1,824)	PDF p. 129
Miscellaneous expenses$’000	1,751	5,173	PDF p. 129
Share of results of joint venture$’000	(3,001)	(2,842)	PDF p. 129
Distributable income from joint venture$’000	5,573	4,214	PDF p. 129
Deferred tax expense$’000	2,772	4,272	PDF p. 129
Non-controlling interests share of non-tax deductible items$’000	2,248	15,409	PDF p. 129
Rollover adjustments from prior years$’000	(6,426)	1,461	PDF p. 129
Tax interest adjustments$’000	943	359	PDF p. 129
Net tax adjustments for income from subsidiaries and investments at FVTPL$’000	(16,637)	(5,140)	PDF p. 129
Net effect of distribution adjustments$’000	143,226	297,156	PDF p. 129

Definitions & sources

Original report: PDF p. 129 ↗

The source prints an unlabeled subtotal after distribution adjustments and another unlabeled total available distribution; original_label is empty for those rows.

Footnotes and explanatory text are preserved in source-notes.json.

Note B distributions to Unitholders during the financial year

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Note B distributions to Unitholders during the financial year from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Note B – Distributions to Unitholders during the financial year
Distribution of 11.239 cents per Unit for the period from 1/1/2025 to 30/6/2025$’000	90,145	–	PDF p. 130 Label p. 130
Distribution of 1.122 cents per Unit for the period from 1/1/2024 to 30/6/2024$’000	–	86,231	PDF p. 130 Label p. 130
Subtotal$’000	90,145	86,231	PDF p. 130
Distribution of 0.195 cents per Consideration Unit for the period from 29/11/2024 to 31/12/2024$’000	77	–	PDF p. 130 Label p. 130
Distribution of 0.275 cents per Unit for the period from 11/11/2024 to 31/12/2024$’000	22,027	–	PDF p. 130 Label p. 130
Distribution of 0.722 cents per Unit for the period from 1/7/2024 to 10/11/2024$’000	55,672	–	PDF p. 130 Label p. 130
Distribution of 1.186 cents per Unit for the period from 1/7/2023 to 31/12/2023$’000	–	91,193	PDF p. 130 Label p. 130
Total distributions to Unitholders during the financial year$’000	167,921	177,424	PDF p. 130

Definitions & sources

Original report: PDF p. 130 ↗

Distribution-rate labels are in cents per Unit/Consideration Unit, while reported statement values are in $’000. Footnote 1 says distributions for respective periods from 1 July 2023 to 31 December 2024 use the unit count before the 10:1 consolidation. Footnote 2 describes Consideration Units issued for the acquisition of 20 Tuas South Avenue 14.

Investment property portfolio — Group — Occupancy rate — physical pages 132–133

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Investment property portfolio — Group — Occupancy rate — physical pages 132–133 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
16 INTERNATIONAL BUSINESS PARK%	100	100	PDF p. 133 Label p. 132
750 – 750E CHAI CHEE ROAD%	70	73	PDF p. 133 Label p. 132
6/8 CHANGI BUSINESS PARK AVENUE 1%	74	71	PDF p. 133 Label p. 132
Group investment property portfolio; Hotel and convention centre components; hotel component at 2 Changi Business Park Avenue 1 with carrying amount S$97.3 million held for divestment
2/4 CHANGI BUSINESS PARK AVENUE 1%	16	100	PDF p. 133 Label p. 132

Definitions & sources

Original report: PDF p. 133 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

2/4 CHANGI BUSINESS PARK AVENUE 1: Hotel and convention centre components; hotel component at 2 Changi Business Park Avenue 1 with carrying amount S$97.3 million held for divestment (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 132–133

5 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 132–133 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
16 INTERNATIONAL BUSINESS PARKS$ thousand	26,500	27,700	PDF p. 133 Label p. 132
750 – 750E CHAI CHEE ROADS$ thousand	133,400	162,500	PDF p. 133 Label p. 132
6/8 CHANGI BUSINESS PARK AVENUE 1S$ thousand	317,900	332,000	PDF p. 133 Label p. 132
Group investment property portfolio; Hotel and convention centre components; hotel component at 2 Changi Business Park Avenue 1 with carrying amount S$97.3 million held for divestment
2/4 CHANGI BUSINESS PARK AVENUE 1S$ thousand	101,300	115,000	PDF p. 133 Label p. 132
Group investment property portfolio; Independent valuation
Total Business Park PropertiesS$ thousand	579,100	637,200	PDF p. 133 Label p. 132

Definitions & sources

Original report: PDF p. 133 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 132–133

5 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 132–133 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
16 INTERNATIONAL BUSINESS PARK%	1.29	1.25	PDF p. 133 Label p. 132
750 – 750E CHAI CHEE ROAD%	6.49	7.34	PDF p. 133 Label p. 132
6/8 CHANGI BUSINESS PARK AVENUE 1%	15.46	15.00	PDF p. 133 Label p. 132
Group investment property portfolio; Hotel and convention centre components; hotel component at 2 Changi Business Park Avenue 1 with carrying amount S$97.3 million held for divestment
2/4 CHANGI BUSINESS PARK AVENUE 1%	4.93	5.19	PDF p. 133 Label p. 132
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Total Business Park Properties%	28.17	28.78	PDF p. 133 Label p. 132

Definitions & sources

Original report: PDF p. 133 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Occupancy rate — physical pages 134–135

9 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 134–135 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Held for divestment as at reporting date
21/23 UBI ROAD 1%	94	93	PDF p. 135 Label p. 134
Group investment property portfolio; Occupancy rate
11 CHANG CHARN ROAD%	61	63	PDF p. 135 Label p. 134
12 ANG MO KIO STREET 65%	92	92	PDF p. 135 Label p. 134
16 TAI SENG STREET%	50	82	PDF p. 135 Label p. 134
30 MARSILING INDUSTRIAL ESTATE ROAD 8%	56	78	PDF p. 135 Label p. 134
19 TAI SENG AVENUE%	95	95	PDF p. 135 Label p. 134
21B SENOKO LOOP%	100	100	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 20% non-controlling interest
7000 & 7002 ANG MO KIO AVENUE 5%	84	82	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 49% non-controlling interest
20 & 20A TUAS SOUTH AVENUE 14%	98	100	PDF p. 135 Label p. 134

Definitions & sources

Original report: PDF p. 135 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

21/23 UBI ROAD 1: Held for divestment as at reporting date (source status definitions: physical page154).

7000 & 7002 ANG MO KIO AVENUE 5: Values shown on 100% basis including 20% non-controlling interest (source status definitions: physical page154).

20 & 20A TUAS SOUTH AVENUE 14: Values shown on 100% basis including 49% non-controlling interest (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 134–135

10 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 134–135 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Held for divestment as at reporting date
21/23 UBI ROAD 1S$ thousand	41,700	40,000	PDF p. 135 Label p. 134
Group investment property portfolio; Independent valuation
11 CHANG CHARN ROADS$ thousand	36,000	33,800	PDF p. 135 Label p. 134
12 ANG MO KIO STREET 65S$ thousand	32,600	32,600	PDF p. 135 Label p. 134
16 TAI SENG STREETS$ thousand	109,000	94,800	PDF p. 135 Label p. 134
30 MARSILING INDUSTRIAL ESTATE ROAD 8S$ thousand	48,400	49,200	PDF p. 135 Label p. 134
19 TAI SENG AVENUES$ thousand	51,900	51,800	PDF p. 135 Label p. 134
21B SENOKO LOOPS$ thousand	58,500	58,000	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 20% non-controlling interest
7000 & 7002 ANG MO KIO AVENUE 5S$ thousand	378,500	371,600	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 49% non-controlling interest
20 & 20A TUAS SOUTH AVENUE 14S$ thousand	875,800	868,600	PDF p. 135 Label p. 134
Group investment property portfolio; Independent valuation
Industrial PropertiesS$ thousand	1,632,400	1,600,400	PDF p. 135 Label p. 134

Definitions & sources

Original report: PDF p. 135 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

21/23 UBI ROAD 1: Held for divestment as at reporting date (source status definitions: physical page154).

7000 & 7002 ANG MO KIO AVENUE 5: Values shown on 100% basis including 20% non-controlling interest (source status definitions: physical page154).

20 & 20A TUAS SOUTH AVENUE 14: Values shown on 100% basis including 49% non-controlling interest (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 134–135

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 134–135 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Held for divestment as at reporting date
21/23 UBI ROAD 1%	2.03	1.81	PDF p. 135 Label p. 134
Group investment property portfolio; Percentage of net assets attributable to Unitholders
11 CHANG CHARN ROAD%	1.75	1.53	PDF p. 135 Label p. 134
12 ANG MO KIO STREET 65%	1.59	1.47	PDF p. 135 Label p. 134
16 TAI SENG STREET%	5.30	4.28	PDF p. 135 Label p. 134
30 MARSILING INDUSTRIAL ESTATE ROAD 8%	2.35	2.22	PDF p. 135 Label p. 134
19 TAI SENG AVENUE%	2.52	2.34	PDF p. 135 Label p. 134
21B SENOKO LOOP%	2.85	2.62	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 20% non-controlling interest
7000 & 7002 ANG MO KIO AVENUE 5%	18.41	16.78	PDF p. 135 Label p. 134
Group investment property portfolio; Values shown on 100% basis including 49% non-controlling interest
20 & 20A TUAS SOUTH AVENUE 14%	42.60	39.23	PDF p. 135 Label p. 134
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Industrial Properties%	79.40	72.28	PDF p. 135 Label p. 134

Definitions & sources

Original report: PDF p. 135 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

21/23 UBI ROAD 1: Held for divestment as at reporting date (source status definitions: physical page154).

7000 & 7002 ANG MO KIO AVENUE 5: Values shown on 100% basis including 20% non-controlling interest (source status definitions: physical page154).

20 & 20A TUAS SOUTH AVENUE 14: Values shown on 100% basis including 49% non-controlling interest (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 136–137

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Investment property portfolio — Group — Occupancy rate — physical pages 136–137 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Divested during the financial year; comparative source row retained
1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROAD%	–	100	PDF p. 137 Label p. 136
Group investment property portfolio; Occupancy rate
25 CHANGI SOUTH AVENUE 2%	100	100	PDF p. 137 Label p. 136
160 KALLANG WAY%	21	15	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
24 JURONG PORT ROAD%	95	96	PDF p. 137 Label p. 136
Group investment property portfolio; Occupancy rate
15 GREENWICH DRIVE%	100	100	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
46A TANJONG PENJURU%	80	80	PDF p. 137 Label p. 136
Group investment property portfolio; Occupancy rate
30 PIONEER ROAD%	100	100	PDF p. 137 Label p. 136
COMMODITY HUB%	95	91	PDF p. 137 Label p. 136
Group investment property portfolio; Decommissioned for redevelopment
COLD CENTRE%	–	–	PDF p. 137 Label p. 136
Group investment property portfolio; Occupancy rate
SCHENKER MEGAHUB%	100	100	PDF p. 137 Label p. 136
CHANGI DISTRICENTRE 1%	92	92	PDF p. 137 Label p. 136
AIR MARKET LOGISTICS CENTRE%	100	100	PDF p. 137 Label p. 136
GUL LOGISCENTRE%	100	100	PDF p. 137 Label p. 136
DHL SUPPLY CHAIN ADVANCED REGIONAL CENTRE%	100	100	PDF p. 137 Label p. 136

Definitions & sources

Original report: PDF p. 137 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROAD: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

24 JURONG PORT ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

46A TANJONG PENJURU: Held for divestment as at reporting date (source status definitions: physical page154).

COLD CENTRE: Decommissioned for redevelopment (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 136–137

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Investment property portfolio — Group — Independent valuation — physical pages 136–137 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Divested during the financial year; comparative source row retained
1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROADS$ thousand	–	6,600	PDF p. 137 Label p. 136
Group investment property portfolio; Independent valuation
25 CHANGI SOUTH AVENUE 2S$ thousand	12,600	13,000	PDF p. 137 Label p. 136
160 KALLANG WAYS$ thousand	18,000	21,200	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
24 JURONG PORT ROADS$ thousand	66,792	70,300	PDF p. 137 Label p. 136
Group investment property portfolio; Independent valuation
15 GREENWICH DRIVES$ thousand	87,000	89,000	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
46A TANJONG PENJURUS$ thousand	111,498	109,000	PDF p. 137 Label p. 136
Group investment property portfolio; Independent valuation
30 PIONEER ROADS$ thousand	32,500	34,000	PDF p. 137 Label p. 136
COMMODITY HUBS$ thousand	209,500	227,700	PDF p. 137 Label p. 136
Group investment property portfolio; Decommissioned for redevelopment
COLD CENTRES$ thousand	38,300	40,000	PDF p. 137 Label p. 136
Group investment property portfolio; Independent valuation
SCHENKER MEGAHUBS$ thousand	101,000	100,000	PDF p. 137 Label p. 136
CHANGI DISTRICENTRE 1S$ thousand	96,000	96,000	PDF p. 137 Label p. 136
AIR MARKET LOGISTICS CENTRES$ thousand	12,500	12,500	PDF p. 137 Label p. 136
GUL LOGISCENTRES$ thousand	21,800	24,200	PDF p. 137 Label p. 136
DHL SUPPLY CHAIN ADVANCED REGIONAL CENTRES$ thousand	163,000	163,000	PDF p. 137 Label p. 136
Total Logistics PropertiesS$ thousand	970,490	1,006,500	PDF p. 137 Label p. 136

Definitions & sources

Original report: PDF p. 137 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROAD: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

24 JURONG PORT ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

46A TANJONG PENJURU: Held for divestment as at reporting date (source status definitions: physical page154).

COLD CENTRE: Decommissioned for redevelopment (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 136–137

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 136–137 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Divested during the financial year; comparative source row retained
1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROAD%	–	0.30	PDF p. 137 Label p. 136
Group investment property portfolio; Percentage of net assets attributable to Unitholders
25 CHANGI SOUTH AVENUE 2%	0.61	0.59	PDF p. 137 Label p. 136
160 KALLANG WAY%	0.88	0.96	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
24 JURONG PORT ROAD%	3.25	3.18	PDF p. 137 Label p. 136
Group investment property portfolio; Percentage of net assets attributable to Unitholders
15 GREENWICH DRIVE%	4.23	4.02	PDF p. 137 Label p. 136
Group investment property portfolio; Held for divestment as at reporting date
46A TANJONG PENJURU%	5.42	4.92	PDF p. 137 Label p. 136
Group investment property portfolio; Percentage of net assets attributable to Unitholders
30 PIONEER ROAD%	1.58	1.54	PDF p. 137 Label p. 136
COMMODITY HUB%	10.19	10.29	PDF p. 137 Label p. 136
Group investment property portfolio; Decommissioned for redevelopment
COLD CENTRE%	1.86	1.81	PDF p. 137 Label p. 136
Group investment property portfolio; Percentage of net assets attributable to Unitholders
SCHENKER MEGAHUB%	4.91	4.52	PDF p. 137 Label p. 136
CHANGI DISTRICENTRE 1%	4.67	4.34	PDF p. 137 Label p. 136
AIR MARKET LOGISTICS CENTRE%	0.61	0.56	PDF p. 137 Label p. 136
GUL LOGISCENTRE%	1.06	1.09	PDF p. 137 Label p. 136
DHL SUPPLY CHAIN ADVANCED REGIONAL CENTRE%	7.93	7.36	PDF p. 137 Label p. 136
Total Logistics Properties%	47.20	45.48	PDF p. 137 Label p. 136

Definitions & sources

Original report: PDF p. 137 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

1 THIRD LOK YANG ROAD AND 4 FOURTH LOK YANG ROAD: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

24 JURONG PORT ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

46A TANJONG PENJURU: Held for divestment as at reporting date (source status definitions: physical page154).

COLD CENTRE: Decommissioned for redevelopment (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 138–139

8 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 138–139 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
30 TEBAN GARDENS CRESCENT%	100	71	PDF p. 139 Label p. 138
128 JOO SENG ROAD%	96	96	PDF p. 139 Label p. 138
130 JOO SENG ROAD%	94	94	PDF p. 139 Label p. 138
136 JOO SENG ROAD%	100	100	PDF p. 139 Label p. 138
Group investment property portfolio; Divested during the financial year; comparative source row retained
79 TUAS SOUTH STREET 5%	–	100	PDF p. 139 Label p. 138
Group investment property portfolio; Occupancy rate
31 TUAS AVENUE 11%	100	100	PDF p. 139 Label p. 138
1/2 CHANGI NORTH STREET 2%	100	100	PDF p. 139 Label p. 138
9 TUAS VIEW CRESCENT%	100	100	PDF p. 139 Label p. 138

Definitions & sources

Original report: PDF p. 139 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

79 TUAS SOUTH STREET 5: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 138–139

9 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 138–139 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
30 TEBAN GARDENS CRESCENTS$ thousand	20,000	23,800	PDF p. 139 Label p. 138
128 JOO SENG ROADS$ thousand	14,000	14,000	PDF p. 139 Label p. 138
130 JOO SENG ROADS$ thousand	17,800	17,800	PDF p. 139 Label p. 138
136 JOO SENG ROADS$ thousand	14,000	13,700	PDF p. 139 Label p. 138
Group investment property portfolio; Divested during the financial year; comparative source row retained
79 TUAS SOUTH STREET 5S$ thousand	–	8,722	PDF p. 139 Label p. 138
Group investment property portfolio; Independent valuation
31 TUAS AVENUE 11S$ thousand	11,500	11,300	PDF p. 139 Label p. 138
1/2 CHANGI NORTH STREET 2S$ thousand	24,100	23,300	PDF p. 139 Label p. 138
9 TUAS VIEW CRESCENTS$ thousand	11,500	11,300	PDF p. 139 Label p. 138
Balance carried forwardS$ thousand	112,900	123,922	PDF p. 139 Label p. 138

Definitions & sources

Original report: PDF p. 139 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

79 TUAS SOUTH STREET 5: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 138–139

9 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 138–139 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
30 TEBAN GARDENS CRESCENT%	0.97	1.08	PDF p. 139 Label p. 138
128 JOO SENG ROAD%	0.68	0.63	PDF p. 139 Label p. 138
130 JOO SENG ROAD%	0.87	0.80	PDF p. 139 Label p. 138
136 JOO SENG ROAD%	0.68	0.62	PDF p. 139 Label p. 138
Group investment property portfolio; Divested during the financial year; comparative source row retained
79 TUAS SOUTH STREET 5%	–	0.39	PDF p. 139 Label p. 138
Group investment property portfolio; Percentage of net assets attributable to Unitholders
31 TUAS AVENUE 11%	0.56	0.51	PDF p. 139 Label p. 138
1/2 CHANGI NORTH STREET 2%	1.17	1.05	PDF p. 139 Label p. 138
9 TUAS VIEW CRESCENT%	0.56	0.51	PDF p. 139 Label p. 138
Balance carried forward%	5.49	5.59	PDF p. 139 Label p. 138

Definitions & sources

Original report: PDF p. 139 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

79 TUAS SOUTH STREET 5: Divested during the financial year; comparative source row retained (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 140–141

6 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 140–141 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
31 CHANGI SOUTH AVENUE 2%	100	100	PDF p. 141 Label p. 140
54 SERANGOON NORTH AVENUE 4%	73	73	PDF p. 141 Label p. 140
Group investment property portfolio; Held for divestment as at reporting date
60 TUAS SOUTH STREET 1%	100	100	PDF p. 141 Label p. 140
Group investment property portfolio; Occupancy rate
5/7 GUL STREET 1%	69	63	PDF p. 141 Label p. 140
28 WOODLANDS LOOP%	100	100	PDF p. 141 Label p. 140
25 PIONEER CRESCENT%	100	100	PDF p. 141 Label p. 140

Definitions & sources

Original report: PDF p. 141 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

60 TUAS SOUTH STREET 1: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 140–141

8 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 140–141 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
Balance brought forwardS$ thousand	112,900	123,922	PDF p. 141 Label p. 140
31 CHANGI SOUTH AVENUE 2S$ thousand	12,900	12,800	PDF p. 141 Label p. 140
54 SERANGOON NORTH AVENUE 4S$ thousand	18,700	18,500	PDF p. 141 Label p. 140
Group investment property portfolio; Held for divestment as at reporting date
60 TUAS SOUTH STREET 1S$ thousand	3,410	3,600	PDF p. 141 Label p. 140
Group investment property portfolio; Independent valuation
5/7 GUL STREET 1S$ thousand	8,700	9,300	PDF p. 141 Label p. 140
28 WOODLANDS LOOPS$ thousand	20,700	20,000	PDF p. 141 Label p. 140
25 PIONEER CRESCENTS$ thousand	19,700	17,800	PDF p. 141 Label p. 140
Balance carried forwardS$ thousand	197,010	205,922	PDF p. 141 Label p. 140

Definitions & sources

Original report: PDF p. 141 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

60 TUAS SOUTH STREET 1: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 140–141

8 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 140–141 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance brought forward%	5.49	5.59	PDF p. 141 Label p. 140
31 CHANGI SOUTH AVENUE 2%	0.63	0.58	PDF p. 141 Label p. 140
54 SERANGOON NORTH AVENUE 4%	0.91	0.84	PDF p. 141 Label p. 140
Group investment property portfolio; Held for divestment as at reporting date
60 TUAS SOUTH STREET 1%	0.17	0.16	PDF p. 141 Label p. 140
Group investment property portfolio; Percentage of net assets attributable to Unitholders
5/7 GUL STREET 1%	0.42	0.42	PDF p. 141 Label p. 140
28 WOODLANDS LOOP%	1.01	0.90	PDF p. 141 Label p. 140
25 PIONEER CRESCENT%	0.96	0.80	PDF p. 141 Label p. 140
Balance carried forward%	9.59	9.29	PDF p. 141 Label p. 140

Definitions & sources

Original report: PDF p. 141 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

60 TUAS SOUTH STREET 1: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 142–143

7 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 142–143 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
11 WOODLANDS WALK%	100	0	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
43 TUAS VIEW CIRCUIT%	100	100	PDF p. 143 Label p. 142
13 JALAN TERUSAN%	100	100	PDF p. 143 Label p. 142
Group investment property portfolio; Occupancy rate
160A GUL CIRCLE%	35	100	PDF p. 143 Label p. 142
3 TUAS SOUTH AVENUE 4%	100	100	PDF p. 143 Label p. 142
8 TUAS SOUTH LANE%	80	93	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
120 PIONEER ROAD%	89	86	PDF p. 143 Label p. 142

Definitions & sources

Original report: PDF p. 143 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

43 TUAS VIEW CIRCUIT: Held for divestment as at reporting date (source status definitions: physical page154).

13 JALAN TERUSAN: Held for divestment as at reporting date (source status definitions: physical page154).

120 PIONEER ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 142–143

9 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 142–143 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
Balance brought forwardS$ thousand	197,010	205,922	PDF p. 143 Label p. 142
11 WOODLANDS WALKS$ thousand	15,800	17,600	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
43 TUAS VIEW CIRCUITS$ thousand	14,814	15,600	PDF p. 143 Label p. 142
13 JALAN TERUSANS$ thousand	16,383	17,700	PDF p. 143 Label p. 142
Group investment property portfolio; Independent valuation
160A GUL CIRCLES$ thousand	12,600	13,000	PDF p. 143 Label p. 142
3 TUAS SOUTH AVENUE 4S$ thousand	49,800	47,200	PDF p. 143 Label p. 142
8 TUAS SOUTH LANES$ thousand	98,900	98,800	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
120 PIONEER ROADS$ thousand	33,440	34,100	PDF p. 143 Label p. 142
Group investment property portfolio; Independent valuation
Balance carried forwardS$ thousand	438,747	449,922	PDF p. 143 Label p. 142

Definitions & sources

Original report: PDF p. 143 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

43 TUAS VIEW CIRCUIT: Held for divestment as at reporting date (source status definitions: physical page154).

13 JALAN TERUSAN: Held for divestment as at reporting date (source status definitions: physical page154).

120 PIONEER ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 142–143

9 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 142–143 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance brought forward%	9.59	9.29	PDF p. 143 Label p. 142
11 WOODLANDS WALK%	0.77	0.79	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
43 TUAS VIEW CIRCUIT%	0.72	0.70	PDF p. 143 Label p. 142
13 JALAN TERUSAN%	0.80	0.80	PDF p. 143 Label p. 142
Group investment property portfolio; Percentage of net assets attributable to Unitholders
160A GUL CIRCLE%	0.61	0.59	PDF p. 143 Label p. 142
3 TUAS SOUTH AVENUE 4%	2.42	2.13	PDF p. 143 Label p. 142
8 TUAS SOUTH LANE%	4.81	4.46	PDF p. 143 Label p. 142
Group investment property portfolio; Held for divestment as at reporting date
120 PIONEER ROAD%	1.63	1.54	PDF p. 143 Label p. 142
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance carried forward%	21.35	20.30	PDF p. 143 Label p. 142

Definitions & sources

Original report: PDF p. 143 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

43 TUAS VIEW CIRCUIT: Held for divestment as at reporting date (source status definitions: physical page154).

13 JALAN TERUSAN: Held for divestment as at reporting date (source status definitions: physical page154).

120 PIONEER ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 144–145

5 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 144–145 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
511/513 YISHUN INDUSTRIAL PARK A%	100	100	PDF p. 145 Label p. 144
Group investment property portfolio; Held for divestment as at reporting date
86/88 INTERNATIONAL ROAD%	100	100	PDF p. 145 Label p. 144
Group investment property portfolio; Occupancy rate
11 UBI ROAD 1%	100	100	PDF p. 145 Label p. 144
29 TAI SENG STREET%	100	100	PDF p. 145 Label p. 144
11 LORONG 3 TOA PAYOH%	75	69	PDF p. 145 Label p. 144

Definitions & sources

Original report: PDF p. 145 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

86/88 INTERNATIONAL ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Independent valuation — physical pages 144–145

8 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 144–145 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
Balance brought forwardS$ thousand	438,747	449,922	PDF p. 145 Label p. 144
511/513 YISHUN INDUSTRIAL PARK AS$ thousand	24,400	24,400	PDF p. 145 Label p. 144
Group investment property portfolio; Held for divestment as at reporting date
86/88 INTERNATIONAL ROADS$ thousand	41,409	42,800	PDF p. 145 Label p. 144
Group investment property portfolio; Independent valuation
11 UBI ROAD 1S$ thousand	63,300	82,100	PDF p. 145 Label p. 144
29 TAI SENG STREETS$ thousand	32,900	28,100	PDF p. 145 Label p. 144
11 LORONG 3 TOA PAYOHS$ thousand	19,900	28,600	PDF p. 145 Label p. 144
Total General Industrial PropertiesS$ thousand	620,656	655,922	PDF p. 145 Label p. 144
Total Singapore investment propertiesS$ thousand	3,802,646	3,900,022	PDF p. 145 Label p. 144

Definitions & sources

Original report: PDF p. 145 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

86/88 INTERNATIONAL ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 144–145

8 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 144–145 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance brought forward%	21.35	20.30	PDF p. 145 Label p. 144
511/513 YISHUN INDUSTRIAL PARK A%	1.19	1.10	PDF p. 145 Label p. 144
Group investment property portfolio; Held for divestment as at reporting date
86/88 INTERNATIONAL ROAD%	2.01	1.93	PDF p. 145 Label p. 144
Group investment property portfolio; Percentage of net assets attributable to Unitholders
11 UBI ROAD 1%	3.08	3.71	PDF p. 145 Label p. 144
29 TAI SENG STREET%	1.60	1.27	PDF p. 145 Label p. 144
11 LORONG 3 TOA PAYOH%	0.97	1.29	PDF p. 145 Label p. 144
Total General Industrial Properties%	30.20	29.60	PDF p. 145 Label p. 144
Total Singapore investment properties%	184.97	176.14	PDF p. 145 Label p. 144

Definitions & sources

Original report: PDF p. 145 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

86/88 INTERNATIONAL ROAD: Held for divestment as at reporting date (source status definitions: physical page154).

Investment property portfolio — Group — Occupancy rate — physical pages 146–147

7 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 146–147 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
127 ORCHARD ROAD, CHESTER HILL, NEW SOUTH WALES%	100	100	PDF p. 147 Label p. 146
16 – 28 TRANSPORT DRIVE, SOMERTON, VICTORIA%	100	100	PDF p. 147 Label p. 146
203 VIKING DRIVE, WACOL, QUEENSLAND%	100	100	PDF p. 147 Label p. 146
223 VIKING DRIVE, WACOL, QUEENSLAND%	100	100	PDF p. 147 Label p. 146
76-90 LINK DRIVE, CAMPBELLFIELD, VICTORIA%	100	100	PDF p. 147 Label p. 146
67-93 NATIONAL BOULEVARD, CAMPBELLFIELD, VICTORIA%	100	100	PDF p. 147 Label p. 146
41-51 MILLS ROAD, BRAESIDE, VICTORIA%	100	100	PDF p. 147 Label p. 146

Definitions & sources

Original report: PDF p. 147 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Independent valuation — physical pages 146–147

8 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 146–147 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
127 ORCHARD ROAD, CHESTER HILL, NEW SOUTH WALESS$ thousand	72,207	68,245	PDF p. 147 Label p. 146
16 – 28 TRANSPORT DRIVE, SOMERTON, VICTORIAS$ thousand	32,020	31,622	PDF p. 147 Label p. 146
203 VIKING DRIVE, WACOL, QUEENSLANDS$ thousand	31,591	28,655	PDF p. 147 Label p. 146
223 VIKING DRIVE, WACOL, QUEENSLANDS$ thousand	18,052	14,412	PDF p. 147 Label p. 146
76-90 LINK DRIVE, CAMPBELLFIELD, VICTORIAS$ thousand	15,473	16,362	PDF p. 147 Label p. 146
67-93 NATIONAL BOULEVARD, CAMPBELLFIELD, VICTORIAS$ thousand	37,823	37,132	PDF p. 147 Label p. 146
41-51 MILLS ROAD, BRAESIDE, VICTORIAS$ thousand	41,261	38,574	PDF p. 147 Label p. 146
Balance carried forwardS$ thousand	248,427	235,002	PDF p. 147 Label p. 146

Definitions & sources

Original report: PDF p. 147 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 146–147

8 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 146–147 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
127 ORCHARD ROAD, CHESTER HILL, NEW SOUTH WALES%	3.51	3.08	PDF p. 147 Label p. 146
16 – 28 TRANSPORT DRIVE, SOMERTON, VICTORIA%	1.56	1.43	PDF p. 147 Label p. 146
203 VIKING DRIVE, WACOL, QUEENSLAND%	1.54	1.29	PDF p. 147 Label p. 146
223 VIKING DRIVE, WACOL, QUEENSLAND%	0.88	0.65	PDF p. 147 Label p. 146
76-90 LINK DRIVE, CAMPBELLFIELD, VICTORIA%	0.75	0.74	PDF p. 147 Label p. 146
67-93 NATIONAL BOULEVARD, CAMPBELLFIELD, VICTORIA%	1.84	1.68	PDF p. 147 Label p. 146
41-51 MILLS ROAD, BRAESIDE, VICTORIA%	2.01	1.74	PDF p. 147 Label p. 146
Balance carried forward%	12.09	10.61	PDF p. 147 Label p. 146

Definitions & sources

Original report: PDF p. 147 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Occupancy rate — physical pages 148–149

7 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 148–149 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
151-155 WOODLANDS DRIVE, BRAESIDE, VICTORIA%	100	100	PDF p. 149 Label p. 148
41-45 HYDRIVE CLOSE, DANDENONG SOUTH, VICTORIA%	100	100	PDF p. 149 Label p. 148
16-24 WILLIAM ANGLISS DRIVE, LAVERTON NORTH, VICTORIA%	100	100	PDF p. 149 Label p. 148
217-225 BOUNDARY ROAD, LAVERTON NORTH, VICTORIA%	100	100	PDF p. 149 Label p. 148
196 VIKING DRIVE, WACOL, QUEENSLAND%	100	100	PDF p. 149 Label p. 148
11-19 KELLAR STREET, BERRINBA, QUEENSLAND%	100	100	PDF p. 149 Label p. 148
47 LOGISTICS PLACE, LARAPINTA, QUEENSLAND%	100	100	PDF p. 149 Label p. 148

Definitions & sources

Original report: PDF p. 149 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Independent valuation — physical pages 148–149

9 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 148–149 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
Balance brought forwardS$ thousand	248,427	235,002	PDF p. 149 Label p. 148
151-155 WOODLANDS DRIVE, BRAESIDE, VICTORIAS$ thousand	23,639	22,551	PDF p. 149 Label p. 148
41-45 HYDRIVE CLOSE, DANDENONG SOUTH, VICTORIAS$ thousand	16,333	15,938	PDF p. 149 Label p. 148
16-24 WILLIAM ANGLISS DRIVE, LAVERTON NORTH, VICTORIAS$ thousand	24,929	26,027	PDF p. 149 Label p. 148
217-225 BOUNDARY ROAD, LAVERTON NORTH, VICTORIAS$ thousand	32,235	32,978	PDF p. 149 Label p. 148
196 VIKING DRIVE, WACOL, QUEENSLANDS$ thousand	18,310	21,533	PDF p. 149 Label p. 148
11-19 KELLAR STREET, BERRINBA, QUEENSLANDS$ thousand	16,762	15,061	PDF p. 149 Label p. 148
47 LOGISTICS PLACE, LARAPINTA, QUEENSLANDS$ thousand	17,837	15,849	PDF p. 149 Label p. 148
Balance carried forwardS$ thousand	398,472	384,939	PDF p. 149 Label p. 148

Definitions & sources

Original report: PDF p. 149 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 148–149

9 metrics

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Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 148–149 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance brought forward%	12.09	10.61	PDF p. 149 Label p. 148
151-155 WOODLANDS DRIVE, BRAESIDE, VICTORIA%	1.15	1.02	PDF p. 149 Label p. 148
41-45 HYDRIVE CLOSE, DANDENONG SOUTH, VICTORIA%	0.79	0.72	PDF p. 149 Label p. 148
16-24 WILLIAM ANGLISS DRIVE, LAVERTON NORTH, VICTORIA%	1.21	1.18	PDF p. 149 Label p. 148
217-225 BOUNDARY ROAD, LAVERTON NORTH, VICTORIA%	1.57	1.49	PDF p. 149 Label p. 148
196 VIKING DRIVE, WACOL, QUEENSLAND%	0.89	0.97	PDF p. 149 Label p. 148
11-19 KELLAR STREET, BERRINBA, QUEENSLAND%	0.82	0.68	PDF p. 149 Label p. 148
47 LOGISTICS PLACE, LARAPINTA, QUEENSLAND%	0.87	0.72	PDF p. 149 Label p. 148
Balance carried forward%	19.39	17.39	PDF p. 149 Label p. 148

Definitions & sources

Original report: PDF p. 149 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Occupancy rate — physical pages 150–151

6 metrics

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Investment property portfolio — Group — Occupancy rate — physical pages 150–151 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Occupancy rate	2024Group; Occupancy rate	Source
Group investment property portfolio; Occupancy rate
21 CURLEW STREET (HERON), PORT OF BRISBANE, QUEENSLAND%	100	100	PDF p. 151 Label p. 150
8 CURLEW STREET, PORT OF BRISBANE, QUEENSLAND%	100	100	PDF p. 151 Label p. 150
53 PEREGRINE DRIVE, PORT OF BRISBANE, QUEENSLAND%	100	100	PDF p. 151 Label p. 150
1-5 BISHOP AND 2-6 BISHOP DRIVE, PORT OF BRISBANE, QUEENSLAND%	100	100	PDF p. 151 Label p. 150
ESR SAKURA DISTRIBUTION CENTRE%	100	100	PDF p. 151 Label p. 150
ESR YATOMI KISOSAKI DISTRIBUTION CENTRE%	85	93	PDF p. 151 Label p. 150

Definitions & sources

Original report: PDF p. 151 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Independent valuation — physical pages 150–151

12 metrics

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Investment property portfolio — Group — Independent valuation — physical pages 150–151 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Independent valuation	2024Group; Independent valuation	Source
Group investment property portfolio; Independent valuation
Balance brought forwardS$ thousand	398,472	384,939	PDF p. 151 Label p. 150
21 CURLEW STREET (HERON), PORT OF BRISBANE, QUEENSLANDS$ thousand	52,436	51,290	PDF p. 151 Label p. 150
8 CURLEW STREET, PORT OF BRISBANE, QUEENSLANDS$ thousand	42,121	42,092	PDF p. 151 Label p. 150
53 PEREGRINE DRIVE, PORT OF BRISBANE, QUEENSLANDS$ thousand	23,639	24,818	PDF p. 151 Label p. 150
1-5 BISHOP AND 2-6 BISHOP DRIVE, PORT OF BRISBANE, QUEENSLANDS$ thousand	57,810	47,221	PDF p. 151 Label p. 150
Total Logistics PropertiesS$ thousand	574,478	550,360	PDF p. 151 Label p. 150
Total Australia investment propertiesS$ thousand	574,478	550,360	PDF p. 151 Label p. 150
ESR SAKURA DISTRIBUTION CENTRES$ thousand	153,901	161,755	PDF p. 151 Label p. 150
ESR YATOMI KISOSAKI DISTRIBUTION CENTRES$ thousand	321,793	337,436	PDF p. 151 Label p. 150
Total Logistics PropertiesS$ thousand	475,694	499,191	PDF p. 151 Label p. 150
Total Japan investment propertiesS$ thousand	475,694	499,191	PDF p. 151 Label p. 150
Total Group’s investment propertiesS$ thousand	4,852,818	4,949,573	PDF p. 151 Label p. 150

Definitions & sources

Original report: PDF p. 151 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 150–151

12 metrics

Units appear below each metric. Scroll to compare years

Investment property portfolio — Group — Percentage of net assets attributable to Unitholders — physical pages 150–151 from ESR-REIT Annual Report 2025
Metric / unit	2025Group; Percentage of net assets attributable to Unitholders	2024Group; Percentage of net assets attributable to Unitholders	Source
Group investment property portfolio; Percentage of net assets attributable to Unitholders
Balance brought forward%	19.39	17.39	PDF p. 151 Label p. 150
21 CURLEW STREET (HERON), PORT OF BRISBANE, QUEENSLAND%	2.55	2.32	PDF p. 151 Label p. 150
8 CURLEW STREET, PORT OF BRISBANE, QUEENSLAND%	2.05	1.90	PDF p. 151 Label p. 150
53 PEREGRINE DRIVE, PORT OF BRISBANE, QUEENSLAND%	1.15	1.12	PDF p. 151 Label p. 150
1-5 BISHOP AND 2-6 BISHOP DRIVE, PORT OF BRISBANE, QUEENSLAND%	2.81	2.13	PDF p. 151 Label p. 150
Total Logistics Properties%	27.95	24.86	PDF p. 151 Label p. 150
Total Australia investment properties%	27.95	24.86	PDF p. 151 Label p. 150
ESR SAKURA DISTRIBUTION CENTRE%	7.49	7.31	PDF p. 151 Label p. 150
ESR YATOMI KISOSAKI DISTRIBUTION CENTRE%	15.65	15.24	PDF p. 151 Label p. 150
Total Logistics Properties%	23.14	22.55	PDF p. 151 Label p. 150
Total Japan investment properties%	23.14	22.55	PDF p. 151 Label p. 150
Total Group’s investment properties%	236.06	223.55	PDF p. 151 Label p. 150

Definitions & sources

Original report: PDF p. 151 ↗

Names are printed on the preceding physical page; values align at the same vertical position on the facing page. Both source pages are retained.

Source subtotal rows without occupancy cells are not assigned an invented occupancy rate. Repeated balance-forward and category subtotal figures remain as printed.

Property status symbols and tenure/address details remain in original source evidence; their scope is subject to final source-footnote review.

Investment properties — Trust — net assets — amounts

5 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Trust — net assets — amounts from ESR-REIT Annual Report 2025
Metric / unit	2025Trust	2024Trust	Source
Trust; net assets
Investment properties, at valuation (Note 4)S$ thousand	1,153,147	1,162,322	PDF p. 152
Other assets and liabilities (net)S$ thousand	1,365,244	1,450,749	PDF p. 152
Net assets of the TrustS$ thousand	2,518,391	2,613,071	PDF p. 152
Perpetual securities holders’ fundsS$ thousand	(456,147)	(405,176)	PDF p. 152
Net assets attributable to Unitholders’ fundsS$ thousand	2,062,244	2,207,895	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Investment properties — Trust — net assets — percentages

5 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Trust — net assets — percentages from ESR-REIT Annual Report 2025
Metric / unit	2025Trust	2024Trust	Source
Trust; net assets
Investment properties, at valuation (Note 4)%	55.92	52.64	PDF p. 152
Other assets and liabilities (net)%	66.20	65.71	PDF p. 152
Net assets of the Trust%	122.12	118.35	PDF p. 152
Perpetual securities holders’ funds%	(22.12)	(18.35)	PDF p. 152
Net assets attributable to Unitholders’ funds%	100.00	100.00	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Investment properties — Group — net assets — amounts

6 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Group — net assets — amounts from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Group; net assets
Investment properties, at valuation (Note 4)S$ thousand	4,852,818	4,949,573	PDF p. 152
Other assets and liabilities (net)S$ thousand	(2,271,525)	(2,273,897)	PDF p. 152
Net assets of the GroupS$ thousand	2,581,293	2,675,676	PDF p. 152
Perpetual securities holders’ fundsS$ thousand	(456,147)	(405,176)	PDF p. 152
Non-controlling interestS$ thousand	(69,506)	(56,605)	PDF p. 152
Net assets attributable to Unitholders’ fundsS$ thousand	2,055,640	2,213,895	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Investment properties — Group — net assets — percentages

6 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Group — net assets — percentages from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Group; net assets
Investment properties, at valuation (Note 4)%	236.06	223.55	PDF p. 152
Other assets and liabilities (net)%	(110.49)	(102.69)	PDF p. 152
Net assets of the Group%	125.57	120.86	PDF p. 152
Perpetual securities holders’ funds%	(22.19)	(18.30)	PDF p. 152
Non-controlling interest%	(3.38)	(2.56)	PDF p. 152
Net assets attributable to Unitholders’ funds%	100.00	100.00	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Investment properties — Trust — valuation reconciliation — amounts

4 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Trust — valuation reconciliation — amounts from ESR-REIT Annual Report 2025
Metric / unit	2025Trust	2024Trust	Source
Trust; valuation reconciliation
Investment properties (non-current)S$ thousand	920,927	1,287,655	PDF p. 152
Investment properties held for divestment (current)S$ thousand	365,035	9,732	PDF p. 152
Less: Right-of-use assets (Note 4)S$ thousand	(132,815)	(135,065)	PDF p. 152
Total investment properties, at valuationS$ thousand	1,153,147	1,162,322	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Investment properties — Group — valuation reconciliation — amounts

4 metrics

Units appear below each metric. Scroll to compare years

Investment properties — Group — valuation reconciliation — amounts from ESR-REIT Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Group; valuation reconciliation
Investment properties (non-current)S$ thousand	5,013,226	5,548,674	PDF p. 152
Investment properties held for divestment (current)S$ thousand	465,600	9,732	PDF p. 152
Less: Right-of-use assets (Note 4)S$ thousand	(626,008)	(608,833)	PDF p. 152
Total investment properties, at valuationS$ thousand	4,852,818	4,949,573	PDF p. 152

Definitions & sources

Original report: PDF p. 152 ↗

Original physical page152; valuations exclude right-of-use assets. Net assets include the source adjustments for perpetual securities and non-controlling interests where applicable.

Where the money comes from

Segment information

By geography

Segment reporting by geography - year ended/as at 31 December 17 lines

Segment reporting by geography - year ended/as at 31 December
Item / unit	2025Singapore	2025Australia	2025Japan	2025Total	2024Singapore	2024Australia	2024Japan	2024Total	Source
Segment Results
Gross revenue$'000	370,164	53,768	22,052	445,984	305,737	54,869	9,898	370,504	PDF p. 223 PDF p. 224
Property expenses$'000	(101,706)	(11,441)	(4,158)	(117,305)	(96,331)	(10,926)	(1,593)	(108,850)	PDF p. 223 PDF p. 224
Net property income$'000	268,458	42,327	17,894	328,679	209,406	43,943	8,305	261,654	PDF p. 223 PDF p. 224
Share of results of joint venture$'000	3,001	–	–	3,001	2,842	–	–	2,842	PDF p. 223 PDF p. 224
Income from investments at FVTPL$'000	–	7,074	–	7,074	–	7,803	–	7,803	PDF p. 223 PDF p. 224
Change in fair value of investments at FVTPL$'000	–	(3,065)	–	(3,065)	–	(26,796)	–	(26,796)	PDF p. 223 PDF p. 224
Change in fair value of investment properties$'000	(136,817)	11,131	589	(125,097)	(198,573)	(33,938)	12,331	(220,180)	PDF p. 223 PDF p. 224
Change in fair value of right-of-use of leasehold land$'000	2,939	6,403	–	9,342	1,195	6,984	–	8,179	PDF p. 223 PDF p. 224
Finance costs on lease liabilities for leasehold land$'000	(14,019)	(19,741)	–	(33,760)	(11,940)	(19,529)	–	(31,469)	PDF p. 223 PDF p. 224
Segment results subtotal (no printed label)$'000	123,562	44,129	18,483	186,174	2,930	(21,533)	20,636	2,033	PDF p. 223 PDF p. 224
Segment assets
Investment properties (including right-of-use assets and investment properties held for divestment)$'000	4,067,520	935,612	475,694	5,478,826					PDF p. 223
Investment in joint venture$'000	39,265	–	–	39,265	39,806	–	–	39,806	PDF p. 223 PDF p. 224
Investments at FVTPL$'000	–	260,990	–	260,990	–	261,576	–	261,576	PDF p. 223 PDF p. 224
Others$'000	44,195	11,563	27,406	83,164	85,619	8,716	50,065	144,400	PDF p. 223 PDF p. 224
Segment assets subtotal (no printed label)$'000	4,150,980	1,208,165	503,100	5,862,245	4,296,664	1,158,268	549,256	6,004,188	PDF p. 223 PDF p. 224
Segment liabilities
Segment liabilities$'000	668,260	365,791	11,215	1,045,266	720,882	343,194	9,367	1,073,443	PDF p. 223 PDF p. 224
Segment assets
Investment properties (including right-of-use assets and investment property held for divestment)$'000					4,171,239	887,976	499,191	5,558,406	PDF p. 224

Notes

Geographical segments Singapore, Australia, Japan; all are in industrial property investment, the only business segment. Segment performance measured by Net Property Income. Interest income and finance expenses are not allocated to segments.

Rows under Unallocated amounts and unallocated assets/liabilities, and consolidated totals, print a single value in the Total column only.

Footnotes (printed on page 224): (1) Unallocated assets consist of derivative financial assets. (2) Unallocated liabilities consist of derivative financial liabilities and interest-bearing borrowings.

(1) Unallocated assets consist of derivative financial assets.

(2) Unallocated liabilities consist of derivative financial liabilities and interest-bearing borrowings.

Debt

Borrowings

Liquidity risk: contractual undiscounted maturities of debt and lease liabilities - Group

Liquidity risk: contractual undiscounted maturities of debt and lease liabilities - Group — Group
Item / unit	2025Within 1 year $'000	2025Between 2 to 5 years $'000	2025More than 5 years $'000	2025Total $'000	Source
Group 2025
Term loan facilities$'000	(391,042)	(1,552,377)	–	(1,943,419)	PDF p. 215
Revolving credit facilities$'000	(172,753)	–	–	(172,753)	PDF p. 215
Medium term notes$'000	(131,500)	(111,397)	–	(242,897)	PDF p. 215
Lease liabilities$'000	(32,225)	(170,563)	(1,273,502)	(1,476,290)	PDF p. 215

Notes

Contractual undiscounted repayment obligations. 2024 Group comparatives: Term loan facilities (106,804) (2,109,094) – (2,215,898); Revolving credit facilities (5,847) (158,130) – (163,977); Medium term notes (3,250) (128,250) – (131,500); Lease liabilities (34,342) (172,696) (1,230,000) (1,437,038) - see separate table.

Liquidity risk: contractual undiscounted maturities - Group 2024 comparatives

Liquidity risk: contractual undiscounted maturities - Group 2024 comparatives — Group
Item / unit	2024Within 1 year $'000	2024Between 2 to 5 years $'000	2024More than 5 years $'000	2024Total $'000	Source
Group 2024
Term loan facilities$'000	(106,804)	(2,109,094)	–	(2,215,898)	PDF p. 215
Revolving credit facilities$'000	(5,847)	(158,130)	–	(163,977)	PDF p. 215
Medium term notes$'000	(3,250)	(128,250)	–	(131,500)	PDF p. 215
Lease liabilities$'000	(34,342)	(172,696)	(1,230,000)	(1,437,038)	PDF p. 215

Notes

Contractual undiscounted repayment obligations.

Liquidity risk: contractual undiscounted maturities - Trust

Liquidity risk: contractual undiscounted maturities - Trust — Trust
Item / unit	2025Within 1 year $'000	2025Between 2 to 5 years $'000	2025More than 5 years $'000	2025Total $'000	2024Within 1 year $'000	2024Between 2 to 5 years $'000	2024More than 5 years $'000	2024Total $'000	Source
Trust
Term loan facilities$'000	(276,435)	(683,252)	–	(959,687)	(39,250)	(1,086,055)	–	(1,125,305)	PDF p. 216
Revolving credit facilities$'000	(172,753)	–	–	(172,753)	(5,847)	(158,130)	–	(163,977)	PDF p. 216
Medium term notes$'000	(131,500)	(111,397)	–	(242,897)	(3,250)	(128,250)	–	(131,500)	PDF p. 216
Lease liabilities$'000	(15,344)	(50,860)	(177,512)	(243,716)	(9,333)	(57,798)	(185,881)	(253,012)	PDF p. 216

Notes

Contractual undiscounted repayment obligations.

Debt maturity profile as at 31 December 2025 (% of debt expiring)

Debt maturity profile as at 31 December 2025 (% of debt expiring)
Item / unit	20252026	20252027	20252028	20252029	20252030	Source
Debt Maturity Profile (expiry year columns)
% of Debt Expiring%	28.7	24.7	24.2	17.9	4.5	PDF p. 60

Notes

Presented in SGD with exchange rate of AUD/SGD: 0.85961 and JPY/SGD: 0.00823. Chart is in S$ million; stacked bar values by type are printed without clear series attribution so are not extracted. Unsecured term loan facilities and unsecured revolving credit facilities make up 62.4% of total debt and secured term loans make up 27.5% of total debt, while MTNs make up the remaining 10.1%. WADE 2.0 years.

Borrowing notes 4 tables

Interest-bearing borrowings (current and non-current), Group and Trust

Interest-bearing borrowings (current and non-current), Group and Trust
Item / unit	2025Group, $'000	2024Group, $'000	2025Trust, $'000	2024Trust, $'000	Source
Current liabilities
Unsecured SGD loans$'000	371,720	–	371,720	–	PDF p. 187
Unsecured SGD fixed rate notes$'000	125,000	–	125,000	–	PDF p. 187
Secured Japanese Yen (“JPY”) loans$'000	86,415	30,275	–	–	PDF p. 187
Unsecured JPY loans$'000	58,433	–	58,433	–	PDF p. 187
Unamortised loan transaction costs$'000	(694)	(41)	(464)	–	PDF p. 187
Current liabilities total (unlabelled subtotal)$'000	640,874	30,234	554,689	–	PDF p. 187
Non-current liabilities
Secured SGD loans$'000	341,500	341,500	–	–	PDF p. 187
Unsecured SGD loans$'000	485,000	941,390	485,000	941,390	PDF p. 187
Unsecured Australian dollar (“AUD”) loans$'000	352,870	348,010	52,006	51,290	PDF p. 187
Secured JPY loans$'000	187,644	288,045	–	–	PDF p. 187
Unsecured JPY loans$'000	127,565	195,490	127,565	195,490	PDF p. 187
Unsecured SGD fixed rate notes$'000	100,000	125,000	100,000	125,000	PDF p. 187
Unamortised loan transaction costs$'000	(10,891)	(15,669)	(5,252)	(7,671)	PDF p. 187
Non-current liabilities total (unlabelled subtotal)$'000	1,583,688	2,223,766	759,319	1,305,499	PDF p. 187
Total
Total interest-bearing borrowings$'000	2,224,562	2,254,000	1,314,008	1,305,499	PDF p. 187

Lease liabilities for leasehold land (current / non-current)

Lease liabilities for leasehold land (current / non-current)
Item / unit	2025Group, $'000	2024Group, $'000	2025Trust, $'000	2024Trust, $'000	Source
Lease liabilities
Current$'000	56,443	11,660	37,327	4,002	PDF p. 186
Non-current$'000	569,565	597,173	95,488	131,063	PDF p. 186
At 31 December$'000	626,008	608,833	132,815	135,065	PDF p. 186

Notes

The current lease liabilities are inclusive of liabilities directly attributable to investment properties held for divestment amounting to $38.9 million (2024: $1.0 million).

Debt breakdown by currency and by type as at 31 December 2025 (Total Debt S$2,236.1 million)

Debt breakdown by currency and by type as at 31 December 2025 (Total Debt S$2,236.1 million)
Item / unit	2025% of total debt, 31 December 2025	Source
By Currency
SGD Denominated%	63.6	PDF p. 60
AUD Denominated%	15.8	PDF p. 60
JPY Denominated%	20.6	PDF p. 60
By Type
Unsecured RCF%	7.7	PDF p. 60
Unsecured Notes%	10.1	PDF p. 60

Notes

Other by-type items (Unsecured Term Loans 54.7%, Secured Term Loans 27.5%) are printed with wrapped labels in the same chart legend.

Key financial indicators - debt

Key financial indicators - debt
Item / unit	2025As at 31 December 2025	2024As at 31 December 2024	Source
Key Financial Indicators
Total Gross Debt (S$ million)S$ million	2,236.1	2,269.7	PDF p. 59
Debt to Total Assets (%)1%	43.4	42.8	PDF p. 59
Weighted Average All-in Cost of Debt (%) p.a.% p.a.	3.35	3.84	PDF p. 59
Weighted Average Debt Expiry (“WADE”) (years)years	2.0	2.8	PDF p. 59
Interest Rate Exposure Fixed (%)%	68.4	74.8	PDF p. 59
Undrawn Available Committed Facilities (S$ million)S$ million	160.9	235.8	PDF p. 59

Notes

1 Includes ESR-REIT’s 49.0% share of the borrowings and total assets of PTC Logistics Hub LLP, but excludes the effects arising from the adoption of FRS 116 Leases.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Distribution Policy	ESR-REIT’s distribution policy is to distribute at least 90% of its annual distributable income, comprising income from the letting of its properties after deduction of allowable expenses.	ESR-REIT	PDF p. 172
Distribution policy	The Group's distribution policy is to distribute at least 90% of its annual distributable income to Unitholders, comprising income from letting of its properties after deduction of allowable expenses. The actual level of distribution will be determined at the Manager's discretion. Distributions are made on a semi-annual basis at the discretion of the Manager.	Group	PDF p. 172

Dividends declared and proposed

Item	Value	Period / scope	Source
Distribution per Unit (cents)(1)	21.914 cents per Unit	Group, FY2025	PDF p. 202
Distribution per Unit (cents)(1)	21.190 cents per Unit	Group, FY2024 comparative (adjusted for 10:1 Unit consolidation)	PDF p. 202
Core DPU	21.440 cents	Group, FY2025	PDF p. 22

Payout

Item	Value	Period / scope	Source
Amount available for distribution to Unitholders	176,076 $'000	Group, 2025	PDF p. 202

Extracted from ESR-REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.

REIT, bank & sector ratios

Key metrics

REIT metrics

Item	Value	Period / scope	Source
Aggregate leverage ratio(1)	43.4%	Group, as at 31 December 2025; comparative 31 December 2024: 42.8% · As at 2025-12-31	PDF p. 222
Interest coverage ratio(2)	2.5x	Group, as at 31 December 2025; comparative 31 December 2024: 2.5x · As at 2025-12-31	PDF p. 222
Weighted Average All-in Cost of Debt (%) p.a.	3.35 % p.a.	As at 31 December 2025; comparative 31 December 2024: 3.84 · As at 2025-12-31	PDF p. 59
Interest Rate Exposure Fixed (%)	68.4%	As at 31 December 2025; comparative 31 December 2024: 74.8 · As at 2025-12-31	PDF p. 59
Weighted Average Debt Expiry (“WADE”) (years)	2.0 years	As at 31 December 2025; comparative 31 December 2024: 2.8 · As at 2025-12-31	PDF p. 59
Portfolio Occupancy (%)	91.1%	As at 31 December 2025; comparative 31 December 2024: 92.3 · As at 2025-12-31	PDF p. 50
portfolio weighted average lease expiry (“WALE”) (by gross rental income)	4.4 years	Portfolio, as at 31 December 2025 · As at 2025-12-31	PDF p. 53
weighted average lease expiry (“WALE”)	4.4 years, up from 4.2 years	FY2025 vs previous year (FY2024)	PDF p. 15
Portfolio Valuation (S$ million)	4,858.6 S$ million	As at 31 December 2025; comparative 31 December 2024: 4,950.6 · As at 2025-12-31	PDF p. 50
Net Asset Value (“NAV”) per Unit (S$)	2.55 S$	As at 31 December 2025; comparative 31 December 2024: 2.754 (variance (7.3)%) · As at 2025-12-31	PDF p. 58
Core DPU	21.440 Singapore cents	FY2025; comparative FY2024: 19.9302 (adjusted)	PDF p. 15
Total DPU	21.914 Singapore cents	FY2025; comparative FY2024: 21.1902 (adjusted)	PDF p. 15

Extracted from ESR-REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Ernst & Young LLP	Ernst & Young LLP	Group and Trust, FY2025	PDF p. 126
engagement partner	Low Yen Mei	Group and Trust, FY2025	PDF p. 126
Opinion	present fairly, in all material respects	Group and Trust, FY2025	PDF p. 122

Key audit matters

Item	Value	Period / scope	Source
Valuation of investment properties held either directly or through joint venture and investments at fair value through profit or loss	The valuation of investment properties is considered a key audit matter because it requires significant judgement in the determination of the appropriate valuation methodology and the assumptions and estimates that are to be applied in the valuation.	Group, as at 31 December 2025	PDF p. 123

Extracted from ESR-REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow ESR-REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

The audited report discloses a Group cash flow statement, Group total return and distribution statements, Group/Trust statements of financial position and Group/Trust movement statements; it does not present a Trust total-return or Trust cash-flow statement.

The six key financial series shown as charts on physical page 24 are transcribed in full as a detailed 5-year table on physical page 25; the page 24 bar charts were independently checked against render/bboxes.

Property-level occupancy, independent valuation and net-asset percentages from physical pages 132–152 are included in these tables; printed subtotal occupancy blanks are not inferred. Lease and valuation notes remain preserved in original source evidence.

Physical page 25 contains garbled text-layer numeric tokens; all 125 five-year values were checked against an original PDF render actually viewed by root, with the image hash and original units/footnotes retained.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.