48 Operations Review PORTFOLIO REVIEW As at 31 December 2025, ESR-REIT holds interests in 70 properties, each located in key industrial clusters across the three countries in Singapore, Australia and Japan, with an aggregate gross floor area of approximately 2.4 million sqm. PORTFOLIO OCCUPANCY Portfolio occupancy remains stable at 91.1%16 with the Singapore portfolio occupancy above the JTC average occupancy. The Australia portfolio maintained its occupancy at 100.0% as at 31 December 2025. As at 31 December 2024 As at 31 December 2025 Variance (%) Number of Properties 72 70 -2.8% Gross Floor Area (“GFA”) (million sqm) 2.5 2.4 -4.0% Net Lettable Area (“NLA”) (million sqm) 2.3 2.2 -4.3% Portfolio Valuation (S$ million) 4,950.6 4,858.6 -1.9% Portfolio Occupancy (%) 92.3 91.1 -1.2% 1Q2025 2Q2025 3Q2025 4Q2025 Singapore Occupancy (%) 88.8 89.1 88.2 88.8 JTC Average (%) 89.0 88.3 89.1 88.7 Australia Occupancy (%) 100.0 100.0 100.0 100.0 Australia National Average (%) 97.5 97.2 97.2 96.8 Japan Occupancy (%) 95.7 89.4 86.7 90.6 Average for Greater Tokyo & Nagoya (%) 88.2 86.6 86.5 87.4 Portfolio Occupancy (%) 91.6 91.2 90.3 91.116 Key Portfolio Statistics 16 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%. ESR-REIT ANNUAL REPORT 2025
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