Notes to the Financial Statements For the financial year ended 31 December 2025 18. UNITS IN ISSUE (CONT’D) On 10 February 2025, the Manager announced the proposed Unit consolidation (the “Proposed Unit Consolidation”) which involved the consolidation of every ten (10) existing Units in ESR-REIT held by Unitholders of ESR-REIT into one (1) Unit (the “Consolidated Unit”). The Proposed Unit Consolidation was approved by the Unitholders at the Extraordinary General Meeting of ESR-REIT on 23 April 2025. The Unit consolidation exercise was completed on 5 May 2025 and there were in total 802,914,454 Consolidated Units following the Unit consolidation. During the financial year ended 31 December 2025, the changes in the number of issued Units are as follows: Changes in the number of Units prior to the Unit consolidation (i) 30.2 million new Units amounting to approximately $7.6 million at issue prices ranging from $0.2463 to $0.2551 per Unit were issued as partial payment for base management fee to the Manager and property management fees to the Property Manager; and (ii) 50.3 million Units amounting to approximately $11.8 million were repurchased by way of market repurchases at unit prices ranging from $0.2099 to $0.2500 per Unit. All Units repurchased have been cancelled as at 31 December 2025. Changes in the number of Units post the Unit consolidation (i) 3.0 million new Units amounting to approximately $7.7 million at issue prices ranging from $2.3954 to $2.8190 per Unit were issued as partial payment for base management fee to the Manager and property management fees to the Property Manager; and (ii) 0.8 million Units amounting to approximately $1.8 million were repurchased by way of market repurchases at unit prices ranging from $2.1821 to $2.2173 per Unit. All Units repurchased have been cancelled as at 31 December 2025. During the financial year ended 31 December 2024, the changes in the number of issued Units are as follows: (i) 48.6 million new Units amounting to approximately $14.2 million at issue prices ranging from $0.2741 to $0.3137 per Unit as partial payment for base management fees to the Manager and property management fees to the Property Manager; (ii) 289.2 million new Units amounting to approximately $88.2 million at an issue price of $0.3050 per Unit pursuant to a preferential offering in November 2024; (iii) 39.6 million new Units amounting to approximately $12.1 million at an issue price of $0.3050 per Unit as partial consideration paid in Units pursuant to the acquisition of subsidiaries in November 2024; (iv) 16.4 million new Units amounting to approximately $4.3 million at an issue price of $0.2616 per Unit in relation to the acquisition of a 51.0% interest in 20 Tuas South Avenue 14 in December 2024; (v) 12.2 million new Units amounting to approximately $3.3 million an issue price of $0.2681 per Unit in relation to the acquisition of ESR Yatomi Kisosaki Distribution Centre in December 2024; and (vi) 45.9 million Units amounting to approximately $12.9 million were repurchased by way of market repurchases at unit prices ranging from $0.2594 to $0.3025 per Unit. All units repurchased have been cancelled as at 31 December 2024. 194 ESR-REIT ANNUAL REPORT 2025
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