ESR-REIT Annual Report 2024 305 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 32. SEGMENT REPORTING (CONTINUED) Singapore Australia Japan Total $’000 $’000 $’000 $’000 Segment Results For the year ended 31 December 2023 Gross revenue 323,760 54,983 7,607 386,350 Property expenses (100,348) (11,466) (1,377) (113,191) Net property income 223,412 43,517 6,230 273,159 Share of results of joint venture 3,876 – – 3,876 Income from investments at FVTPL – 9,215 – 9,215 Change in fair value of investments at FVTPL – (39,839) – (39,839) Change in fair value of investment properties (186,268) 13,891 5,559 (166,818) Change in fair value of right-of-use of leasehold land 710 7,975 – 8,685 Finance costs on lease liabilities for leasehold land (12,636) (19,540) – (32,176) 29,094 15,219 11,789 56,102 Unallocated amounts: – Interest income 15,651 – Borrowing costs (91,664) – Change in fair value of financial derivatives (16,346) – Foreign exchange loss (1,240) – Management fees (21,924) – Trust expenses (6,348) Total loss for the year before tax (65,769) Income tax credit 2,104 Total loss for the year after tax (63,665) Segment Assets and Liabilities As at 31 December 2023 Segment assets Investment properties (including right-of-use assets) 3,489,570 1,023,970 173,445 4,686,985 Investment in joint venture 41,233 – – 41,233 Investments at FVTPL – 300,347 – 300,347 Others 49,137 9,480 10,626 69,243 3,579,940 1,333,797 184,071 5,097,808 Unallocated assets (1) 8,501 Consolidated total assets 5,106,309 Segment liabilities 419,843 358,344 4,101 782,288 Unallocated liabilities (2) 1,558,743 Consolidated total liabilities 2,341,031 (1) Unallocated assets consist of derivative financial assets. (2) Unallocated liabilities consist of derivative financial liabilities and interest-bearing borrowings.
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