Notes to the Financial Statements For the financial year ended 31 December 2025 17. NON-CONTROLLING INTEREST (CONT’D) The following summarised financial information for Tuas South Avenue LLP (formerly known as LSLV Project 5 Pte. Ltd. and its subsidiary) is prepared in accordance with FRS, modified for fair value adjustments on acquisition and differences in the Group’s accounting policies. Tuas South Avenue LLP (formerly known as LSLV Project 5 Pte. Ltd. and its subsidiary) 2025 2024(1) $’000 $’000 Gross revenue 58,360 4,985 Total return for the year/period 34,004 30,596 Attributable to NCI: – Total return for the year/period 16,662 14,992 Non-current assets 915,790 906,097 Current assets 9,363 43,181 Non-current liabilities (776,207) (813,639) Current liabilities (7,097) (20,118) Net assets 141,849 115,521 Net assets attributable to NCI 69,506 56,605 Cash flows from operating activities 47,674 6,581 Cash flows used in investing activities (405) – Cash flows used in financing activities (79,132) (530) Net (decrease)/increase in cash and cash equivalents (31,863) 6,051 Dividends paid to NCI (3,761) – (1) The FY2024 information relating to Tuas South Avenue LLP (formerly known as LSLV Project 5 Pte. Ltd. and its subsidiary) is only for the period from 29 November 2024 to 31 December 2024. 18. UNITS IN ISSUE Group and Trust 2025 2024 Number of units Number of units ‘000 ‘000 Units in issue: At 1 January 8,049,164 7,689,164 Changes in the number of Units prior to Unit consolidation – Management fees paid in Units 30,202 48,563 – Preferential offering – 289,180 – Partial consideration paid in Units pursuant to acquisition of subsidiaries – 39,612 – Acquisition fees paid in Units – 28,566 – Unit buy-back (50,300) (45,921) Effect of Unit consolidation (7,226,151) – Changes in the number of Units post Unit consolidation – Management fees paid in Units 2,959 – – Unit buy-back (839) – Total issued Units at 31 December 805,035 8,049,164 193 ESR-REIT ANNUAL REPORT 2025
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