Notes to the Financial Statements For the financial year ended 31 December 2025 4. INVESTMENT PROPERTIES Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Investment properties, at valuation At 1 January 4,949,573 4,094,940 1,162,322 1,160,200 Additions through acquisition of subsidiaries(1) – 849,294 – – Acquisition of investment property(2) – 336,035 – – Capital expenditure incurred 47,856 32,362 14,625 25,611 Disposal of investment properties (16,494) (90,572) (16,494) – Change in fair value during the year(3) (111,844) (219,017) (7,306) (23,489) Effect of movement in exchange rates (16,273) (53,469) – – At 31 December 4,852,818 4,949,573 1,153,147 1,162,322 Investment properties (non-current) 4,426,072 4,940,851 823,700 1,153,600 Investment properties held for divestment (current) 426,746 8,722 329,447 8,722 At 31 December 4,852,818 4,949,573 1,153,147 1,162,322 Right-of-use assets At 1 January 608,833 592,045 135,065 132,090 Re-measurement due to change in lease rates 5,556 (8,100) 1,987 4,471 Recognition due to additions through acquisition of subsidiaries – 37,289 – – De-recognition due to disposal of investment properties (2,680) – (2,680) – Change in fair value due to accretion of interest 33,760 31,469 6,965 6,964 Change in fair value due to lease payment (24,418) (23,290) (8,395) (8,181) Change in fair value due to interest and lease payments borne by tenants(4) (127) (279) (127) (279) Effect of movement in exchange rates 5,084 (20,301) – – At 31 December 626,008 608,833 132,815 135,065 Right-of-use assets (non-current) 587,154 607,823 97,227 134,055 Right-of-use assets attributable to investment properties held for divestment (current) 38,854 1,010 35,588 1,010 At 31 December 626,008 608,833 132,815 135,065 Investment properties (including right-of-use assets) (non‑current) 5,013,226 5,548,674 920,927 1,287,655 Investment properties held for divestment (including right-of-use assets) (current) 465,600 9,732 365,035 9,732 At 31 December 5,478,826 5,558,406 1,285,962 1,297,387 (1) The additions through the acquisition of subsidiaries in FY2024 included acquisition fee of $4.3 million paid to the Manager (Note 29). (2) The acquisition costs of the investment property in FY2024 included acquisition fee of $3.3 million paid to the Manager (Note 29). (3) The fair value loss of $111.8 million (2024: $219.0 million), together with adjustments for acquisition transaction costs and the effect of lease incentives and marketing fee amortisation of $13.3 million (2024: $1.2 million), aggregate to $125.1 million (2024: $220.2 million) as disclosed in the Statement of Total Return. (4) The change in fair value of right-of-use of leasehold land has been adjusted for the effect of interest and lease payments borne by tenants of $0.1 million (2024: $0.3 million) as disclosed in Note 13. 172 ESR-REIT ANNUAL REPORT 2025
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