ESR-REIT Annual Report 2024 49 Portfolio Occupancy The portfolio occupancy remains stable at 92.3% with the Singapore portfolio and Australia portfolio occupancy above the JTC average and National Occupancy respectively. The Australia portfolio maintained its occupancy at 100.0% as at 31 December 2024. 1Q2024 2Q2024 3Q2024 4Q2024 Singapore Occupancy (%) 88.5 88.3 88.1 89.8 JTC Average (%) 88.7 89.0 89.0 89.0 Australia Occupancy (%) 100.0 100.0 100.0 100.0 Australia National Occupancy (%) 98.5 98.0 97.5 97.5 Japan Occupancy (%) 100.0 100.0 100.0 95.7 Portfolio Occupancy (%) 91.7 91.4 91.3 92.3 Breakdown of Single-tenanted and Multi-tenanted Buildings The Manager aims to achieve a healthy mix of multi-tenanted buildings (“MTB”) and single-tenanted buildings (“STB”) in the portfolio through proactive asset and lease management strategies. MTBs provide tenant diversification while STBs, with longer leases and built-in rental escalations, generate yield stability. Proactive portfolio rebalancing over the years have increased ESR-REIT’s exposure to MTBs and STBs, currently constituting 73.3% and 26.7% of the portfolio respectively based on rental income as at 31 December 2024, and 68.8% and 31.2% of the portfolio respectively based on valuation as at 31 December 2024. This provides potential upside for the contracted rents in MTBs to revert to market rates upon lease expiry. Single-tenanted vs Multi-tenanted Buildings 26.7% Single-tenanted 73.3% Multi-tenanted by Gross Rental Income 31.2% Single-tenanted 68.8% Multi-tenanted by Valuation Well-Diversified Portfolio ESR-REIT manages a well-diversified portfolio of industrial properties, comprising Business Parks, HighSpecifications Industrial, Logistics and General Industrial properties. Collectively, New Economy assets of Logistics and High-Specifications Industrial account for 70.2% of the portfolio by gross rental income6 and 73.8% by valuation. With limited potential supply in the near future, ESR-REIT is well-positioned to capture the growing demand in the Logistics and High-Specifications Industrial sectors. Asset Class 15.0% 22.9% Business Park High-Specifications Industrial 14.8% General Industrial 47.3% Logistics by Gross Rental Income 12.9% 14.8% Business Park High-Specifications Industrial 13.3% General Industrial 59.0% Logistics by Valuation 6 Gross Rental Income is calculated on a straight-line basis.
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