Notes to the Financial Statements For the financial year ended 31 December 2025 33. SEGMENT REPORTING (CONT’D) Singapore Australia Japan Total $’000 $’000 $’000 $’000 Segment Results For the year ended 31 December 2024 Gross revenue 305,737 54,869 9,898 370,504 Property expenses (96,331) (10,926) (1,593) (108,850) Net property income 209,406 43,943 8,305 261,654 Share of results of joint venture 2,842 – – 2,842 Income from investments at FVTPL – 7,803 – 7,803 Change in fair value of investments at FVTPL – (26,796) – (26,796) Change in fair value of investment properties (198,573) (33,938) 12,331 (220,180) Change in fair value of right-of-use of leasehold land 1,195 6,984 – 8,179 Finance costs on lease liabilities for leasehold land (11,940) (19,529) – (31,469) 2,930 (21,533) 20,636 2,033 Unallocated amounts: – Interest income 9,300 – Borrowing costs (78,185) – Change in fair value of financial derivatives (6,559) – Foreign exchange gain 4,151 – Management fees (20,724) – Trust expenses (7,674) Total loss for the year before tax (97,658) Income tax expense (9,956) Total loss for the year after tax (107,614) Segment Assets and Liabilities As at 31 December 2024 Segment assets Investment properties (including right-of-use assets and investment property held for divestment) 4,171,239 887,976 499,191 5,558,406 Investment in joint venture 39,806 – – 39,806 Investments at FVTPL – 261,576 – 261,576 Others 85,619 8,716 50,065 144,400 4,296,664 1,158,268 549,256 6,004,188 Unallocated assets(1) 3,212 Consolidated total assets 6,007,400 Segment liabilities 720,882 343,194 9,367 1,073,443 Unallocated liabilities(2) 2,258,281 Consolidated total liabilities 3,331,724 (1) Unallocated assets consist of derivative financial assets. (2) Unallocated liabilities consist of derivative financial liabilities and interest-bearing borrowings. 222 ESR-REIT ANNUAL REPORT 2025
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