Group Trust 2025 2024 2025 2024 Note $’000 $’000 $’000 $’000 Assets Non-current assets Investment properties 4 5,013,226 5,548,674 920,927 1,287,655 Investments in subsidiaries 5 – – 1,737,556 1,854,809 Investment in a joint venture 6 39,265 39,806 39,265 39,806 Investments at fair value through profit or loss (“FVTPL”) 7 260,990 261,576 77,201 71,567 Loans to subsidiaries 8 – – 823,233 798,887 Derivative financial instruments 9 2,225 1,283 1,700 1,283 5,315,706 5,851,339 3,599,882 4,054,007 Current assets Trade and other receivables 10 22,875 60,455 62,444 45,355 Derivative financial instruments 9 366 1,929 366 288 Cash and bank balances 11 60,289 83,945 8,189 8,834 83,530 146,329 70,999 54,477 Investment properties held for divestment 4 465,600 9,732 365,035 9,732 549,130 156,061 436,034 64,209 Total assets 5,864,836 6,007,400 4,035,916 4,118,216 Liabilities Current liabilities Trade and other payables 12 96,620 122,387 37,927 39,975 Lease liabilities for leasehold land 13 17,589 10,650 1,739 2,992 Interest-bearing borrowings 14 640,874 30,234 554,689 – Derivative financial instruments 9 470 1,407 470 1,407 Amount due to non-controlling interests 15 73,136 76,742 – – 828,689 241,420 594,825 44,374 Liabilities directly attributable to investment properties held for divestment 13 38,854 1,010 35,588 1,010 867,543 242,430 630,413 45,384 Non-current liabilities Trade and other payables 12 46,958 42,576 18,425 17,311 Lease liabilities for leasehold land 13 569,565 597,173 95,488 131,063 Interest-bearing borrowings 14 1,583,688 2,223,766 759,319 1,305,499 Derivative financial instruments 9 13,245 2,874 9,538 2,433 Deferred tax liabilities 24 9,478 8,026 4,342 3,455 Amount due to non-controlling interests 15 193,066 214,879 – – 2,416,000 3,089,294 887,112 1,459,761 Total liabilities 3,283,543 3,331,724 1,517,525 1,505,145 Net assets 2,581,293 2,675,676 2,518,391 2,613,071 Represented by: Unitholders’ funds 2,055,640 2,213,895 2,062,244 2,207,895 Perpetual securities holders’ funds 16 456,147 405,176 456,147 405,176 Non-controlling interest 17 69,506 56,605 – – 2,581,293 2,675,676 2,518,391 2,613,071 Units in issue (’000)(1) 18 805,035 804,916 805,035 804,916 Net asset value per Unit ($)(1) 2.55 2.75 2.56 2.74 (1) Comparative figures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison Statements of Financial Position As at 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 125 ESR-REIT ANNUAL REPORT 2025
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