ESR-REIT Annual Report 2024 51 Portfolio Top 10 Tenants ESR-REIT’s rental income is well-spread across its portfolio of 379 tenants. The top 10 tenants account for 33.1% by gross rental income and 35.0% by net lettable area. New tenants from the newly acquired properties, ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 contributed to the list. The top lease for the new top tenant, REC Solar Pte. Ltd, has appropriate Banker’s Guarantees in place to mitigate concentration and credit risk. As at 31 December 2024, excluding REC Solar Pte. Ltd., no single tenant contributed more than 5.0% of the portfolio’s total gross rental income. The Manager will continue to diversify its tenant mix across trade sectors to mitigate concentration risk and to enhance portfolio resilience. Top 10 Tenants Trade Sector % of Gross Rental Income REC Solar Pte. Ltd. Manufacturing 9.4% 4.6% 4.0% 3.4% 2.7% 1.9% 1.9% 1.8% 1.8% 1.6% ACFS Port Logistics Pty Ltd Logistics & Warehousing DHL Supply Chain Singapore Pte Ltd Logistics & Warehousing ams-OSRAM Asia Pacific Pte. Ltd. Electronics Schenker Singapore (Pte) Ltd Logistics & Warehousing Meiban Investment Pte Ltd Manufacturing ST Engineering Synthesis Pte. Ltd. Logistics & Warehousing Venture Corporation Limited Electronics Ceva Logistics Singapore Pte Ltd Logistics & Warehousing Meiko Trans Logistics & Warehousing Portfolio Trade Sector Analysis ESR-REIT’s portfolio is well-diversified across various industries including logistics & warehousing, manufacturing, electronics, info-comm & technology, lifestyle, general & precision engineering amongst others. As at 31 December 2024, logistics & warehousing remained the largest contributor to gross rental income at 43.3% of the total portfolio. Manufacturing remained the second largest contributor at 17.2% while electronics makes up about 9.3% of portfolio gross rental income. Collectively, the top three largest trade sectors made up roughly 69.8% of the portfolio. 43.3% 17.2% 9.3% 6.7% 4.8% 4.2% 2.4% 2.3% 2.3% 1.7% 1.6% 1.4% 1.1% 0.6% 0.6% 0.5% Logistics & Warehousing Manufacturing Electronics Info-Comm & Technology Lifestyle General & Precision Engineering Others Retail Food & Beverage Data Centre Construction Hotel Research & Development Healthcare Childcare & Education Self-Storage
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