Notes to the Financial Statements For the financial year ended 31 December 2025 16. PERPETUAL SECURITIES In November 2017, ESR-REIT issued $150.0 million of perpetual securities (the “Series 006 Perps”). In August 2024, $74.8 million of the Series 006 Perps were exchanged to new securities issued under the Series 009 Perps (as defined below) and cancelled pursuant to terms of the exchange offer made to holders of the Series 006 Perps. The remaining $75.2 million Series 006 Perps were fully redeemed in May 2025. Upon the redemption, the Series 006 Perps were cancelled and delisted from the SGX-ST. In June 2022, ESR-REIT issued $150.0 million of perpetual securities (the “Series 008 Perps”). The key terms and conditions are as follows: • the Series 008 Perps confer a right to receive distribution at a rate of 5.5% per annum, with the first distribution rate reset falling on 9 June 2027 and subsequent resets occurring every 5 years thereafter; • distributions are payable semi-annually in arrears on a discretionary basis and are non-cumulative; • the Series 008 Perps constitute direct, unsecured and subordinated obligations of ESR-REIT and rank pari passu and without any preference among themselves and with any Parity Obligations (as defined in the conditions of the issuance) of the Trust; and • the Series 008 Perps may be redeemed at the option of ESR-REIT in whole, but not in part, on 9 June 2027 or on any distribution payment date thereafter and otherwise upon the occurrence of certain redemption events specified in the conditions of the issuance. In August 2024, ESR-REIT issued $174.8 million of perpetual securities (the “Series 009 Perps”). The Series 009 Perps comprise $74.8 million in aggregate principal amount of new securities issued as part of the exchange consideration pursuant to terms of the exchange offer made to holders of the Series 006 Perps, and $100.0 million in aggregate principal amount of additional new securities issued. The key terms and conditions are as follows: • Series 009 Perps confer a right to receive distribution at a rate of 6.0% per annum, with the first distribution rate reset falling on 20 August 2029 and subsequent resets occurring every 5 years thereafter at a rate equivalent to the prevailing five-year SORA-OIS plus the initial spread of 3.548 per cent; • the distribution will be payable semi-annually in arrears on a discretionary basis and will be non-cumulative in accordance with the terms and conditions of the Series 009 Perps; • the Series 009 Perps are redeemable at the option of ESR-REIT in whole, but not in part, on 20 August 2029 and every distribution payment date thereafter at the redemption amount, together with distribution accrued (including any arrears of distribution and any additional distribution amount) to (but excluding) the date fixed for redemption; and • the Series 009 Perps may also be redeemed upon the occurrence of certain other redemption events specified in the pricing supplement for the Series 009 Perps. 191 ESR-REIT ANNUAL REPORT 2025
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