310 STRATEGICALLY ADVANCING ADDITIONAL INFORMATION (B) RATIO OF TOTAL OPERATING EXPENSES TO NET ASSET VALUE The CIS Code requires that the total operating expenses (including all fees and charges paid to the Manager and interested parties) be disclosed in both absolute terms and as a percentage of the net asset value of the Trust as at the end of the financial year. The total operating expenses of ESR-REIT, including all fees and charges paid to the Manager and interested parties, to the net asset value is as follows: 2024 2023 Total operating expenses, including all fees, charges and reimbursables paid to the Manager and interested parties ($’000) 149,590 164,954 Net asset value ($’000) 2,213,895 2,463,150 Percentage of total operating expenses to net asset value (%) 6.8 6.7 (C) USE OF PROCEEDS RAISED FROM OFFERINGS PURSUANT TO CHAPTER 8 OF THE LISTING MANUAL Gross proceeds of S$299.7 million raised pursuant to the private placement of 454,545,000 new units completed on 27 February 2023 and the pro rata and non-renounceable preferential offering of 460,766,519 new units completed on 28 April 2023 (together, the “2023 Equity Fund Raising”) has been used in the following manner: Intended Use of Proceeds Amount Allocated1 Aggregate Amount Utilised To Date Remaining Proceeds Pending Utilisation ($ million) ($ million) ($ million) To fund any future potential acquisitions and finance any redevelopment or asset enhancement initiatives of the properties owned by ESR-REIT 295.0 7.3 287.7 To pay for fees and expenses, including professional fees and expenses, incurred or to be incurred by ESR-REIT in connection with the 2023 Equity Fund Raising 4.7 4.7 – Total 299.7 12.0 287.7 Note: (1) The difference in the amount allocated for the use of proceeds in the above table and the announcement dated 16 February 2023 titled “Launch of Equity Fund Raising to raise Gross Proceeds of not less than approximately S$300.0 million” is due to lower fees and expenses incurred by ESR-REIT in connection with the 2023 Equity Fund Raising. The unutilised proceeds, amounting to approximately S$2.3 million, that was allocated for fees and expenses in connection with the 2023 Equity Fund Raising has been reallocated to be used to fund any future potential acquisitions and finance any redevelopment or asset enhancement initiatives of the properties owned by ESR-REIT. Save as disclosed in Note (1) above, the use of proceeds from the 2023 Equity Fund Raising set out above is in accordance with the stated use and in accordance with the percentage of the gross proceeds of the 2023 Equity Fund Raising allocated to such use as set out in the announcement dated 16 February 2023 titled “Launch of Equity Fund Raising to raise Gross Proceeds of not less than approximately S$300.0 million”.
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