Notes to the Financial Statements For the financial year ended 31 December 2025 20. PROPERTY EXPENSES Group 2025 2024 $’000 $’000 Property Manager’s fees paid and payable in: – cash 15,541 13,510 – Units(1) 3,064 2,940 18,605 16,450 Property tax 36,711 33,433 Repair and maintenance expenses 23,649 21,745 Other property operating expenses 38,340 37,222 117,305 108,850 (1) Includes approximately $0.8 million (2024: $0.7 million) paid to the Property Manager subsequent to the reporting date by way of an issuance of 0.3 million (2024: 2.9 million(2)) new Units to the Property Manager at an issue price of $2.6870 (2024: $0.2551(2)) per Unit for financial year ended 31 December 2025. (2) Prior to the 10:1 Unit consolidation completed on 5 May 2025. 21. MANAGEMENT FEES Group 2025 2024 $’000 $’000 Base fees paid and payable in: – cash 10,529 9,264 – Units(1) 12,262 11,460 22,791 20,724 (1) Includes approximately $3.0 million (2024: $3.0 million) paid to the Manager subsequent to the reporting date by way of an issuance of 1.1 million (2024: 11.6 million(2)) new Units to the Manager at an issue price of $2.6870 (2024: $0.2551(2)) per Unit for financial year ended 31 December 2025. (2) Prior to the 10:1 Unit consolidation completed on 5 May 2025. There was no Performance Fee payable for the financial year as the Trust did not outperform the initial Highest DPU Threshold for the financial year ended 31 December 2025. Please refer to Note 1B(b) for further details on the Performance Fee structure. 22. TRUST EXPENSES Group 2025 2024 $’000 $’000 Auditor’s remuneration: – audit fees 707 662 – non-audit fees 250 239 Trustee’s fees 871 905 Valuation fees 311 240 Professional fees 1,302 1,838 Other expenses(1) 3,720 3,790 7,161 7,674 (1) Other expenses comprise investor relations costs, compliance costs, listing fees, non-claimable input GST and other non-property related expenses. 196 ESR-REIT ANNUAL REPORT 2025
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