Group 2025 2024 $’000 $’000 Total return/(loss) after income tax, before distribution for the year 31,657 (127,779) Add: Distribution adjustments (Note A) 143,226 297,156 174,883 169,377 Amount reserved for distribution to perpetual securities holders (26,055) (20,277) Net income available for distribution to Unitholders 148,828 149,100 Total amount available for distribution comprising: – Taxable income 148,828 149,100 – Tax-exempt income 9,843 3,393 – Capital distribution 17,405 11,571 176,076 164,064 Less: Distributions (Note B) (90,145) (86,231) Net amount available for distribution to Unitholders as at 31 December 85,931 77,833 Note A – Distribution adjustments Non-tax deductible/(chargeable) items and other adjustments: Management fees paid/payable in Units 12,262 11,460 Property Manager’s fees paid/payable in Units 3,064 2,940 Trustee’s fees 652 665 Financing related costs, including amortisation of debt related costs 11,484 11,538 Unrealised foreign exchange loss/(gain) 25 (4,155) Change in fair value of investments at FVTPL 3,065 26,796 Change in fair value of investment properties 125,097 220,180 Change in fair value of financial derivatives 10,055 6,559 Legal and professional fees 386 91 Adjustment for straight-line rent and lease incentives (10,087) (1,824) Miscellaneous expenses 1,751 5,173 Share of results of joint venture (3,001) (2,842) Distributable income from joint venture 5,573 4,214 Deferred tax expense 2,772 4,272 Non-controlling interests share of non-tax deductible items 2,248 15,409 Rollover adjustments from prior years (6,426) 1,461 Tax interest adjustments 943 359 Net tax adjustments for income from subsidiaries and investments at FVTPL (16,637) (5,140) Net effect of distribution adjustments 143,226 297,156 Distribution Statement For the financial year ended 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 127 ESR-REIT ANNUAL REPORT 2025
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