Notes to the Financial Statements For the financial year ended 31 December 2025 5. INVESTMENTS IN SUBSIDIARIES (CONT’D) Composition of the Group (cont’d) Details of the subsidiaries are as follows: (cont’d) Name of subsidiary Principal activities Country of incorporation Effective equity interest held by the Group 2025 2024 % % (II) Indirect Subsidiaries (cont’d) Larapinta Property Asset Trust(3) Property investment Australia 100 100 ALOG-LAIV Trust(3) Investment holding Australia 100 100 ESR-REIT TMK1(4) Property investment Japan 100 100 ESR-REIT TMK2(4) Property investment Japan 100 100 ESR-REIT GK1(4) Investment holding Japan 100 100 (1) There is no statutory requirement for the financial statements of ESR-REIT MTN Pte. Ltd. to be audited. (2) Audited by Ernst & Young LLP, Singapore. (3) Audited by Ernst & Young LLP, Singapore for Group consolidation purpose. (4) Audited by a member firm of EY Global. (5) LSLV Project 5 Pte. Ltd. and Tuas South Avenue Pte. Ltd. were amalgamated on 10 February 2025 and subsequently converted to Tuas South Avenue LLP on 8 July 2025. (6) The indirect subsidiaries were wound up in June 2025. Put option for 20% interest in 7000 AMK LLP As part of the acquisition in 2017, ESR-REIT granted a put option to Ho Lee Properties Pte Ltd (“HLP”), the owner of the remaining 20% interest in 7000 AMK LLP, that provides HLP with the right to require ESR-REIT to purchase its 20% interest in 7000 AMK LLP at a price of no less than $60.0 million (the “Put Option”). As the Put Option contains an obligation for ESR-REIT to purchase the remaining 20% interest in 7000 AMK LLP, the 20% non-controlling interest in 7000 AMK LLP has been accounted for by the Group as a financial liability (see Note 15). On 30 December 2024, the Put Option was further extended until 30 June 2026 or such later date as may be agreed by the parties. As at 31 December 2025, the Put Option remains unexercised and HLP’s 20% share of the results of 7000 AMK LLP has been allocated to non-controlling interest, which has been accounted for and classified as a current liability. Upon the exercise of the Put Option, the amount recognised as financial liability at that date will be extinguished by the payment made by ESR-REIT to HLP. 176 ESR-REIT ANNUAL REPORT 2025
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