Notes to the Financial Statements For the financial year ended 31 December 2025 13. LEASES As a lessee The Group is required to pay land rent, whether annually or on an upfront land premium basis to JTC Corporation, CapitaLand Singapore (BP&C) Pte Ltd and Port of Brisbane Pty Ltd for properties in its portfolio. The annual land rent payable is based on market land rent for the relevant year of the lease term or on the contractual agreement for such leases. Set out below are the carrying amounts of lease liabilities and the movements during the year: Lease liabilities for leasehold land Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 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) – Accretion of interest 33,760 31,469 6,965 6,964 Payments (24,418) (23,290) (8,395) (8,181) Effect of interest and payments borne by tenants (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 Current 56,443 11,660 37,327 4,002 Non-current 569,565 597,173 95,488 131,063 At 31 December 626,008 608,833 132,815 135,065 The current lease liabilities are inclusive of liabilities directly attributable to investment properties held for divestment amounting to $38.9 million (2024: $1.0 million). The following are the amounts recognised in the Statement of Total Return: Group 2025 2024 $’000 $’000 Change in fair value of right-of-use of leasehold land 9,342 8,179 Finance costs on lease liabilities for leasehold land (33,760) (31,469) Net amount recognised in Statement of Total Return (24,418) (23,290) 184 ESR-REIT ANNUAL REPORT 2025
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