Notes to the Financial Statements For the financial year ended 31 December 2025 18. UNITS IN ISSUE (CONT’D) Unitholders’ rights Each Unit represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the Trust Deed and include the right to: • receive income and other distributions attributable to the Units held; • participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a Unitholder has no equitable or proprietary interest in the underlying assets of the Trust and is not entitled to the transfer to it of any assets (or part thereof) or any estate or interest in any asset (or part thereof) of the Trust; • attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of not less than 50 Unitholders or one-tenth in number of Unitholders, whichever is lesser) at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed; and • one vote per Unit. The limitations on a Unitholder’s rights include the following: • a Unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions of the Trust Deed; and • a Unitholder has no right to request the Manager to redeem its Units while the Units are listed on the SGX-ST. A Unitholder’s liability is limited to the amount paid or payable for any Unit in the Trust. The provisions of the Trust Deed provide that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that the liabilities of the Trust exceed its assets. 19. GROSS REVENUE Group 2025 2024 $’000 $’000 Property rental income 408,103 341,186 Other income 37,881 29,318 445,984 370,504 195 ESR-REIT ANNUAL REPORT 2025
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