ESR-REIT Annual Report 2024 55 Change in the Number of Issued Units During FY2024, ESR-REIT issued a total of 405,920,811 new Units, arising from Units issued pursuant to the preferential offering, partial payment of management fees in Units, partial consideration paid in Units in relation to the acquisition of a 51% interest in 20 Tuas South Avenue 14, and payment of acquisition fees in Units in relation to the acquisition of ESR Yatomi Kisosaki Distribution Centre and the 51% interest in 20 Tuas South Avenue 14. ESR-REIT also repurchased a total of 45,920,600 Units by way of market acquisitions pursuant to the unit buy-back mandate approved by Unitholders. All Units repurchased have been cancelled as at 31 December 2024. A breakdown of the change in the number of issued Units during FY2024 as compared to FY2023 is as follows: FY2024 FY2023 Number of Units Number of Units Issued Units at beginning of the year 7,689,164,004 6,719,187,987 Issuance of new Units pursuant to: — Management fees paid in Units 48,562,583 49,534,207 — Distribution reinvestment plan – 14,827,791 — Private placement – 454,545,000 — Preferential offering 289,180,327 460,766,519 — Unit buy-back (45,920,600) (9,697,500) — Partial consideration paid in Units for the acquisition of subsidiaries 39,612,274 – — Acquisition fees paid in Units2 28,565,627 – Issued Units at end of the year 8,049,164,215 7,689,164,004 12.9% Business Park 25.5% High-Specifications Industrial 47.2% Logistics 14.4% General Industrial FY2024 Valuation of Properties (%) 18.1% Business Park 16.0% High-Specifications Industrial 47.5% Logistics 18.4% General Industrial FY2023 Valuation of Properties As at 31 December 2024, the total carrying value of ESRREIT’s investment properties was S$4.9 billion3 based on independent external valuations. During the year, ESR-REIT acquired ESR Yatomi Kisosaki Distribution Centre located in Japan on 15 November 2024 and 20 Tuas South Avenue 14 located in Singapore on 29 November 2024. ESR-REIT also completed the divestment of two properties, namely 182-198 Maidstone Street in Australia and 81 Tuas Bay Drive in Singapore in 2Q2024 and 4Q2024 respectively. As at 31 December 2024, 79 Tuas South Street 5 was reclassified as investment property held for divestment. 2 The acquisition fees paid in Units during FY2024 comprised (i) 16,376,146 new Units issued on 23 December 2024 at an issue price of S$0.2616 per Unit in relation to the acquisition of a 51% interest in 20 Tuas South Avenue 14; and (ii) 12,189,481 new Units issued on 23 December 2024 at an issue price of S$0.2681 per Unit in relation to the acquisition of ESR Yatomi Kisosaki Distribution Centre. 3 Includes the valuation of 7000 & 7002 Ang Mo Kio Avenue 5 on a 100% basis of which ESR-REIT holds 80% interest and the valuation of 20 & 20A Tuas South Avenue 14 on a 100% basis of which ESR-REIT holds 51% interest, but excludes the valuation of 48 Pandan Road which is held through a joint venture in which ESR-REIT holds 49% interest.
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