Notes to the Financial Statements For the financial year ended 31 December 2025 13. LEASES (CONT’D) As a lessor The Group’s investment properties are leased to tenants under operating leases. The remaining lease terms of the leases range from less than one year to 18 years. Certain leases include a fixed annual rental escalation clause to enable upward revision of the rental charge on an annual basis. Rental income recognised by the Group during the year is disclosed in Note 19. Future minimum rental receivable under non-cancellable operating leases as at 31 December are as follows: Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Receivable: – Within 1 year 345,730 385,827 76,025 84,271 – After 1 year but within 5 years 762,779 678,301 138,156 121,331 – After 5 years 758,603 739,463 130,305 127,339 1,867,112 1,803,591 344,486 332,941 14. INTEREST-BEARING BORROWINGS Group Trust 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Current liabilities Unsecured SGD loans 371,720 – 371,720 – Unsecured SGD fixed rate notes 125,000 – 125,000 – Secured Japanese Yen (“JPY”) loans 86,415 30,275 – – Unsecured JPY loans 58,433 – 58,433 – Unamortised loan transaction costs (694) (41) (464) – 640,874 30,234 554,689 – Non-current liabilities Secured SGD loans 341,500 341,500 – – Unsecured SGD loans 485,000 941,390 485,000 941,390 Unsecured Australian dollar (“AUD”) loans 352,870 348,010 52,006 51,290 Secured JPY loans 187,644 288,045 – – Unsecured JPY loans 127,565 195,490 127,565 195,490 Unsecured SGD fixed rate notes 100,000 125,000 100,000 125,000 Unamortised loan transaction costs (10,891) (15,669) (5,252) (7,671) 1,583,688 2,223,766 759,319 1,305,499 Total interest-bearing borrowings 2,224,562 2,254,000 1,314,008 1,305,499 185 ESR-REIT ANNUAL REPORT 2025
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