20 FY2025 Key Highlights DELIVERING RESILIENT FINANCIAL PERFORMANCE AMIDST UNCERTAIN OPERATING LANDSCAPE FORTIFIED BALANCE SHEET PROVIDING A STRONG FOUNDATION FOR FUTURE GROWTH DRIVING OPERATIONAL EXCELLENCE THROUGH ENHANCED PORTFOLIO QUALITY Gross Revenue S$446.0 million Assets Under Management S$5.2 billion2 Positive Rental Reversion +11.7%3 Net Property Income S$328.7 million Core1 DPU 21.440 cents Net Asset Value (“NAV”) per Unit S$2.55 Total Distribution per Unit (“DPU”) 21.914 cents for FY2025 Occupancy 91.1%4 consistently above market average Completed Asset Enhancement Initiative 16 Tai Seng Street Ongoing Asset Enhancement Initiative 29 Tai Seng Street High Rental Collection 98.7% of total receivables Core1 DPU represents c.98% of Total DPU Assigned Investment Grade ‘BBB’ credit rating with ‘Stable’ outlook by Fitch Ratings Gearing 43.4% Pro-forma gearing 38.5%6 post divestment completion Cost of Debt 3.35% per annum (31 December 2024: 3.84%) Refinancing of FY2026 SGD term loan and revolving credit facility secured at c.30 bps lower margins and longer tenor, delivering expected interest savings No More Than c.29% of loans expiring each year S$161 million of committed undrawn RCF available for refinancing Well Supported by 10 lending banks Debt Headroom of S$701.4 million7 Significant 71.6% New Economy exposure Divested S$455.8 million5 Non-core assets as part of portfolio rejuvenation strategy Proportion of Assets with < 15 Years Land Lease 10.8%6 as at 31 December 2025 1 Refers to distributable income from underlying operations and excludes distribution of other gains. 2 As at 31 December 2025. Consists of the total value of investment properties (excluding right-of-use of leasehold land), investments in joint venture and property funds. 3 Rental reversion for FY2025 would have been +9.2%, excluding the renewal of a particular 12-year lease at 7000 Ang Mo Kio Avenue 5. 4 Excluding the Hotel Strata Lot at ESR BizPark @ Changi which was announced for divestment on 30 January 2026, portfolio occupancy would have been 91.6%. 5 Comprised the completed divestment of 1 Third Lok Yang Road and 4 Fourth Lok Yang Road and 79 Tuas South Street 5 on 24 March 2025 and 28 March 2025 respectively and the proposed divestment of nine non-core assets. Refer to announcements titled “Proposed Divestment of Portfolio of 8 Industrial Properties Located in Singapore for an Aggregate Sale Consideration of S$338.1M” dated 15 December 2025 and “Divestment of Hotel Strata Lot at 2 Changi Business Park Avenue 1 in Singapore at Valuation” dated 30 January 2026. 6 Assuming the divestment of the portfolio of eight non-core assets announced on 15 December 2025 and the divestment of the Hotel Strata Lot at ESR BizPark @ Changi announced on 30 January 2026 were completed on 31 December 2025 and net proceeds were used to repay debt. 7 Assuming gearing limit of 50%. From 28 November 2024, the Monetary Authority of Singapore issued revisions to the Code on Collective Investment Schemes to rationalise leverage requirements for the REIT sector which imposes a minimum interest coverage ratio (ICR) of 1.5 times with a single aggregate leverage limit of 50% will be applied to all REITs. ESR-REIT ANNUAL REPORT 2025
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