Group 2025 2024 Note $’000 $’000 Gross revenue 19 445,984 370,504 Property expenses 20 (117,305) (108,850) Net property income 328,679 261,654 Income from investments at FVTPL 7,074 7,803 Management fees 21 (22,791) (20,724) Trust expenses 22 (7,161) (7,674) Borrowing costs, net 23 (84,919) (68,885) Finance costs on lease liabilities for leasehold land 13 (33,760) (31,469) Net income 187,122 140,705 Foreign exchange gain 300 4,151 Change in fair value of investments at FVTPL (3,065) (26,796) Change in fair value of financial derivatives (10,055) (6,559) Change in fair value of investment properties 4 (125,097) (220,180) Change in fair value of right-of-use of leasehold land 13 9,342 8,179 Share of results of joint venture 6 3,001 2,842 Total return/(loss) for the year before income tax 61,548 (97,658) Income tax expense 24 (7,818) (9,956) Total return/(loss) for the year after income tax 53,730 (107,614) Attributable to: Unitholders of the Trust and perpetual securities holders 31,657 (127,779) Non-controlling interests 22,073 20,165 Total return/(loss) for the year 53,730 (107,614) Earnings per Unit (cents)(1) Basic and diluted 25 0.697 (19.140) Distribution per Unit (cents)(1) 25 21.914 21.190 (1) Comparative figures are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison Statement of Total Return For the financial year ended 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 126 ESR-REIT ANNUAL REPORT 2025
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