Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Unitholders’ Funds Balance at beginning of the year 2,213,895 2,463,150 2,207,895 2,453,351 Operations Total return/(loss) for the year after tax attributable to Unitholders and perpetual securities holders 31,657 (127,779) 48,407 (154,049) Less: Amount reserved for distribution to perpetual securities holders (26,055) (20,277) (26,055) (20,277) Net increase/(decrease) in net assets resulting from operations 5,602 (148,056) 22,352 (174,326) Movement in foreign currency translation reserve 4,146 (30,069) – – Unitholders’ transactions Management fees paid in Units 15,231 14,167 15,231 14,167 Preferential offering – 88,200 – 88,200 Unit buy-back (13,615) (12,908) (13,615) (12,908) Acquisition fees paid in Units – 7,552 – 7,552 Partial consideration paid in Units pursuant to the acquisition of subsidiaries – 12,082 – 12,082 Equity issue costs pursuant to: (Note 26) – Preferential offering – (166) – (166) – Perpetual securities (1,665) (2,596) (1,665) (2,596) – Unit buy-back (33) (37) (33) (37) Distributions to Unitholders (167,921) (177,424) (167,921) (177,424) Net decrease in Unitholders’ funds resulting from Unitholders’ transactions (168,003) (71,130) (168,003) (71,130) Balance at end of the year 2,055,640 2,213,895 2,062,244 2,207,895 Perpetual Securities Holders’ Funds Balance at beginning of the year 405,176 302,128 405,176 302,128 Issue of perpetual securities 125,000 100,000 125,000 100,000 Redemption of perpetual securities (75,250) – (75,250) – Amount reserved for distribution to perpetual securities holders 26,055 20,277 26,055 20,277 Distributions to perpetual securities holders (24,834) (17,229) (24,834) (17,229) Balance at end of the year 456,147 405,176 456,147 405,176 Non-controlling Interest Balance at beginning of the year 56,605 – – – Acquisition of subsidiaries with non-controlling interest – 41,613 – – Total return attributable to non-controlling interest 16,662 14,992 – – Distribution to non-controlling interest (3,761) – – – Balance at end of the year 69,506 56,605 – – Total 2,581,293 2,675,676 2,518,391 2,613,071 Statements of Movements in Unitholders’ Funds For the financial year ended 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 129 ESR-REIT ANNUAL REPORT 2025
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