BALANCED LEASE STRUCTURE AND PROFILE Portfolio Lease Expiry Profile In line with its proactive leasing strategy, the Manager engages with tenants ahead of lease expiries to manage vacancy risk. As at 31 December 2025, the lease expiry profile for ESR-REIT remained healthy with a portfolio weighted average lease expiry (“WALE”) (by gross rental income) of 4.4 years. For new leases in FY2025, the WALE (by gross rental income) based on the date of commencement was 4.2 years and they accounted for 6.4% of rental income for the year. The WALE (by gross rental income) for renewed leases in FY2025 was 4.8 years as at 31 December 2025. No more than 28.0% of the portfolio total leases by rental income and 29.4% of the portfolio total leases by NLA will expire in any year over the next five years. ESR-REIT’s leases have either markedto-market rent reviews at fixed periods or include annual rental escalations throughout the lease term. Some leases are also on a triple-net basis where tenants are responsible for property expenses such as property tax, land rent, insurance, and maintenance. For multi-tenanted buildings in Singapore, lease terms are typically shorter, ranging from one to five years, depending on the approvals obtained by tenants from JTC. For multitenanted buildings in Australia and Japan, the lease terms are typically longer, ranging from three to ten years. % of Gross Rental Income % by Net Lettable Area 2026 28.0% 29.4% 2027 17.6% 14.2% 2028 13.9% 15.5% 2029 5.8% 5.6% 2030 7.4% 7.1% 2031 and beyond 27.3% 28.2% Lease Expiry Profile (by Gross Rental Income) Percentage of Lease Expiries per Year 2026 2027 2028 2029 2030 ≥2031 Single-tenanted Buildings Multi-tenanted Buildings 28.0% 21.1% 17.6% 17.2% 13.9% 12.4% 5.8% 5.1% 0.7% 1.5% 0.4% 6.9% 2.8% 17.2% 7.4% 4.6% 27.3% 10.1% Land Tenure Expiry Business Park HighSpecifications Industrial Logistics General Industrial Total No. of Properties Asset Value (S$ m) No. of Properties Asset Value (S$ m) No. of Properties Asset Value (S$ m) No. of Properties Asset Value (S$ m) No. of Properties Asset Value (S$ m) 0 to 20 years 1 133.4 0 0.0 7 599.8 7 96.5 15 829.7 20.1 to 30 years 0 0.0 3 139.5 3 134.6 11 356.7 17 630.8 30.1 to 40 years 1 26.5 3 457.0 7 411.3 5 117.0 16 1,011.8 40.1 to 50 years 1 422.8 3 1,036.718 0 0.019 2 52.6 6 1,512.1 99 years20 0 0.0 0 0.0 16 874.2 0 0.0 16 874.2 Total 3 582.7 9 1,633.218 33 2,019.919 25 622.8 70 4,858.6 Land Lease Expiry Profile As at 31 December 2025, the portfolio’s weighted average land lease expiry by valuation stood at 43.6 years. Despite the natural land lease decay from the passage of time, this represents a resilient profile compared to 43.8 years in the previous year, primarily driven by the strategic divestment of shorter-lease, non-core assets. 18 Includes the valuation of logistics warehouses at 20A Tuas South Avenue 14 19 Excludes the valuation of logistics warehouses at 20A Tuas South Avenue 14 20 For calculation purposes, freehold properties are treated with 99.0 years land lease remaining. 51 ESR-REIT ANNUAL REPORT 2025
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