Notes to the Financial Statements For the financial year ended 31 December 2025 6. INVESTMENT IN A JOINT VENTURE (CONT’D) Summarised statement of comprehensive income of PTC LLP: Group 2025 2024 $’000 $’000 Revenue 17,621 17,567 Property expenses (338) (333) Other operating expenses (74) (26) Change in fair value of investment property (4,994) (2,839) Change in fair value of right-of-use of leasehold land (452) (409) Change in fair value of financial derivatives 113 (113) Net finance costs (5,751) (8,048) Profit for the year, representing total comprehensive income for the year 6,125 5,799 Proportion of the Group’s ownership 49% 49% Group’s share of profit for the year 3,001 2,842 The joint venture has no other contingent liabilities or commitments as at 31 December 2025 and 2024. PTC LLP cannot distribute its taxable profits without the consent from the joint venture partners. 7. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Unquoted equity investments, at fair value At 1 January 261,576 300,347 71,567 75,910 Change in fair values during the year (3,065) (26,796) 5,634 (4,343) Effect of movement in exchange rate 2,479 (11,975) – – At 31 December 260,990 261,576 77,201 71,567 On 14 May 2021, ESR-REIT acquired a 10.0% interest in ESR Australia Logistics Partnership (“EALP”). EALP is a private fund managed by ESR Asset Management (Australia) Pty Ltd, an indirect subsidiary of ESR Group Limited. As at 31 December 2025, EALP owns 32 income-producing properties and one property which is currently under development. Collectively, the 33 prime logistics assets (2024: 33) are located in core industrial markets of New South Wales, Victoria, Queensland and South Australia. On 22 April 2022, ESR-REIT acquired a 49.5% interest in New LAIVS Trust and a 40.0% interest in Oxford Property Fund through the merger with ALOG Trust. As at 31 December 2025, New LAIVS Trust owns four income-producing logistics properties (2024: four) located in New South Wales and Victoria, while Oxford Property Fund owns one income-producing logistics property (2024: one) in Victoria. The Group has determined that it neither has significant influence in nor control over the property funds as it does not have the ability to direct the relevant activities nor participate in the property funds’ financial and operating policy decisions. These investments are classified as financial assets measured at fair value through profit or loss. 179 ESR-REIT ANNUAL REPORT 2025
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