Notes to the Financial Statements For the financial year ended 31 December 2025 33. SEGMENT REPORTING (CONT’D) The segment information provided to the Manager for the reportable segments are as follows: Singapore Australia Japan Total $’000 $’000 $’000 $’000 Segment Results For the year ended 31 December 2025 Gross revenue 370,164 53,768 22,052 445,984 Property expenses (101,706) (11,441) (4,158) (117,305) Net property income 268,458 42,327 17,894 328,679 Share of results of joint venture 3,001 – – 3,001 Income from investments at FVTPL – 7,074 – 7,074 Change in fair value of investments at FVTPL – (3,065) – (3,065) Change in fair value of investment properties (136,817) 11,131 589 (125,097) Change in fair value of right-of-use of leasehold land 2,939 6,403 – 9,342 Finance costs on lease liabilities for leasehold land (14,019) (19,741) – (33,760) 123,562 44,129 18,483 186,174 Unallocated amounts: – Interest income 528 – Borrowing costs (85,447) – Change in fair value of financial derivatives (10,055) – Foreign exchange gain 300 – Management fees (22,791) – Trust expenses (7,161) Total return for the year before tax 61,548 Income tax expense (7,818) Total return for the year after tax 53,730 Segment Assets and Liabilities As at 31 December 2025 Segment assets Investment properties (including right-of-use assets and investment properties held for divestment) 4,067,520 935,612 475,694 5,478,826 Investment in joint venture 39,265 – – 39,265 Investments at FVTPL – 260,990 – 260,990 Others 44,195 11,563 27,406 83,164 4,150,980 1,208,165 503,100 5,862,245 Unallocated assets(1) 2,591 Consolidated total assets 5,864,836 Segment liabilities 668,260 365,791 11,215 1,045,266 Unallocated liabilities(2) 2,238,277 Consolidated total liabilities 3,283,543 221 ESR-REIT ANNUAL REPORT 2025
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