Notes to the Financial Statements For the financial year ended 31 December 2025 34. FINANCIAL RATIOS 2025 2024 % % Expenses to weighted average net assets(1) – including performance component of management fees 1.13 1.04 – excluding performance component of management fees 1.13 1.04 Portfolio turnover rate(2) 0.63 3.41 (1) The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property related expenses, borrowing costs and income tax expense. (2) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value. 35. SUBSEQUENT EVENTS Subsequent to the reporting period, the following significant events occurred: (a) Divestment of Hotel Strata Lot at 2 Changi Business Park Avenue 1 On 30 January 2026, ESR-REIT entered into a put and call option agreement to divest 2 Changi Business Park Avenue 1 located in Singapore for $101.0 million. (b) Issuance of new Units On 26 February 2026, 1.4 million new Units amounting to approximately $3.8 million were issued at an issue price of $2.6870 per Unit as partial payment for the base management fees and the property management fees for the period from 1 October 2025 to 31 December 2025. 36. AUTHORISATION OF FINANCIAL STATEMENTS The financial statements for the financial year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Board on 19 March 2026. 223 ESR-REIT ANNUAL REPORT 2025
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