Investment Properties Portfolio Statements As at 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Notes (cont’d) (46) ESR-REIT holds the remainder of a 27 year lease commencing from 30 September 2013. (47) ESR-REIT holds the remainder of a 30+30 year lease commencing from 1 May 1999. (48) ESR-REIT holds the remainder of a 30+16 year lease commencing from 1 April 2008. (49) ESR-REIT holds the remainder of a 30+28 year lease commencing from 16 February 1997. (50) ESR-REIT holds the remainder of a 29+30 year lease commencing from 1 June 1995 for 511 Yishun and 30+30 year lease commencing from 1 December 1993 for 513 Yishun. (51) ESR-REIT holds the remainder of a 30+30 year lease commencing from 16 December 1994. (52) Viva Trust holds the remainder of a 30+30 year lease commencing from 1 September 1995 for Plot 1 and 21+30 year lease commencing from 1 September 2004 for Plot 2. (53) Viva Trust holds the remainder of a 30+30 year lease commencing from 1 May 2007. (54) Viva Trust holds the remainder of a 60 year lease commencing from 16 May 1969. (55) Heron (QLD) Trust holds the remainder of a 43 year lease commencing from 21 November 2019. (56) LP Curlew Asset Trust holds the remainder of a 46 year lease commencing from 1 July 2013. (57) Peregrine (QLD) Trust holds the remainder of a 40 year lease commencing from 1 July 2019. (58) LP Bishop Asset Trust holds the remainder of a 55 year lease commencing from 1 November 2004. @ Comprising the hotel component located at 2 Changi Business Park Avenue 1 and convention centre component located at 4 Changi Business Park Avenue 1. The hotel component at 2 Changi Business Park Avenue 1 with a carrying amount of $97.3 million has been reclassified as held for divestment as at the reporting date ~ Property classified as held for divestment as at reporting date + Property divested during the financial year # Property is on 100% basis which includes a 20% non-controlling interest * Property is on 100% basis which includes a 49% non-controlling interest ^ Property has been decommissioned for redevelopment Investment properties comprise a diversified portfolio of industrial properties that are leased to external tenants. All of the leases are structured under single-tenancy or multi-tenancy and the tenancies range from 0.1 year to 18.0 years for single tenancy and from 0.1 year to 12.5 years for multi-tenancy. An independent valuation exercise was conducted for all the investment properties in December 2025 by Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Edmund Tie & Company (SEA) Pte Ltd, Savills Valuation and Professional Services (S) Pte Ltd, CBRE Pte. Ltd., Jones Lang LaSalle Property Consultants Pte Ltd, Cushman & Wakefield VHS Pte. Ltd., Jones Lang LaSalle Advisory Services Pty Ltd, Savills Japan Valuation G.K., and Colliers International Japan KK. These firms are independent valuers having appropriate professional qualifications and recent experience in the location and category of the properties being valued. The valuations for these properties were based on the direct comparison method, capitalisation approach, discounted cash flows method and residual value approach in arriving at the open market value as at the reporting date. The key assumptions used to determine the fair value of investment properties include market-corroborated capitalisation yield, terminal yield, discount rate and average growth rate. The Manager has exercised its judgement and is satisfied that the valuation methods and estimates are reflective of the current market conditions. As at 31 December 2025, the valuations adopted for investment properties amounted to $4.85 billion (2024: $4.95 billion). The net fair value loss on investment properties recognised in the Statement of Total Return is $125.1 million (2024: $220.2 million). Three investment properties (2024: Three) with a total carrying value of $1,351.5 million (2024: $1,367.8 million) are pledged as securities to secure bank loans (see Note 14). 152 ESR-REIT ANNUAL REPORT 2025
RkJQdWJsaXNoZXIy NTM2MDQ5