Notes to the Financial Statements For the financial year ended 31 December 2025 1. GENERAL ESR-REIT (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust deed dated 31 March 2006 (as amended) entered into between ESR-REIT Management (S) Limited (the “Manager”) and Perpetual (Asia) Limited (the “Trustee”), and is governed by the laws of the Republic of Singapore (“Trust Deed”). On 31 March 2006, ESR-REIT was declared as an authorised unit trust scheme under the Trustees Act 1967. The Trustee is under a duty to take into custody and hold the assets of the Trust and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). On 25 July 2006, ESR-REIT was admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”). On 3 April 2006, ESR-REIT was included under the Central Provident Fund (“CPF”) Investment Scheme. The financial statements of the Group as at and for the year ended 31 December 2025 comprise the Trust and its subsidiaries. The principal activity of ESR-REIT is to invest in a diversified portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and long-term capital growth. The principal activities of the subsidiaries and joint venture are set out in Note 5 and Note 6 to the financial statements. The Trustee, Perpetual (Asia) Limited (the “Viva Trust Trustee”), in its capacity as the trustee of Viva Trust and Perpetual (Asia) Limited (the “ALOG Trust Trustee”), in its capacity as the trustee of ALOG Trust, have entered into several service agreements in relation to the management of ESR-REIT, Viva Trust and ALOG Trust and their property operations. The fee structures for these services are as follows: (A) Trustee’s fees The Trust Pursuant to the Trust Deed, the Trustee’s fees shall not exceed 0.1% per annum of the value of the deposited property of ESR-REIT, excluding out-of-pocket expenses and GST. The actual fee payable will be determined between the Manager and the Trustee from time to time. The Trustee’s fee is presently charged on a scaled basis of up to 0.015% per annum of the value of the Group’s deposited property, subject to there being no double counting of fees where the Trustee has already received a fee from a sub-trust in its capacity as the trustee of the relevant sub-trust. Viva Trust Pursuant to the trust deed entered into by the Manager and the Viva Trust Trustee, the fees of the Viva Trust Trustee shall not exceed 0.1% per annum of the value of the deposited property of Viva Trust, excluding out-of-pocket expenses and GST. The actual fee payable will be determined between the Manager and the Viva Trust Trustee from time to time. The Viva Trust Trustee’s fee is presently charged on a scaled basis of up to 0.015% per annum of the value of the deposited property of Viva Trust, subject to a minimum fee of $15,000 per month. ALOG Trust Pursuant to the trust deed entered into by the Manager and the ALOG Trust Trustee, the fees of the ALOG Trust Trustee shall not exceed 0.1% per annum of the value of the deposited property of ALOG Trust, excluding out-of-pocket expenses and GST. The actual fee payable will be determined between the Manager and the ALOG Trust Trustee from time to time. The ALOG Trust Trustee’s fee is presently charged at 0.015% per annum of the value of the deposited property of ALOG Trust, subject to a minimum fee of $15,000 per month. 155 ESR-REIT ANNUAL REPORT 2025
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