52 INDEPENDENT MARKET STUDY REPORT 2025: For insights into industrial property market trends and the outlook for ESR-REIT’s markets, refer to the Independent Market Study Report 2025, available at https://esr-reit.listedcompany.com/ar.html ACTIVE LEASING MANAGEMENT The Manager works closely with tenants to seek out innovative solutions to fulfil their space needs. The diversity of our portfolio allows us to provide a wide range of space solutions for new leases, lease expansion, and build-to-suit options. Delivered Positive Rental Reversions In FY2025 Despite continued changes in economic structural trends, the weighted average rental reversion for the portfolio remained strong at +11.7%, the fourth consecutive year of positive double-digit rental reversions. The rental reversions were broad-based across all four sub-sectors and driven primarily by the New Economy sectors of Logistics (+12.4%) and High-Specifications Industrial (+22.2%). Completed Renewals And New Leases In FY2025 Despite ongoing uncertainties in the business environment and emerging headwinds in the financial markets, the Manager focused on renewals and attracting new tenants. Approximately 463,760 sqm of prime industrial space were leased out during FY2025, of which renewals amounted to 328,220 sqm while new leases accounted for about 135,540 sqm of space in the portfolio. The Manager will continue to focus on tenant retention to maintain a stable portfolio occupancy against the backdrop of uncertain macroeconomic conditions. Rental Reversion (by Asset Class) Logistics +22.2% +8.1% +12.4% +3.4% High-Specifications Industrial General Industrial Business Park Rental Reversion (by Quarters) 4Q2025 +14.6% +5.3% +12.4% +8.6% 3Q2025 2Q2025 1Q2025 1H2025 2H2025 FY2025 New Leases Renewal Leases 35,192 135,540 328,220 189,498 100,348 138,722 Operations Review ESR-REIT ANNUAL REPORT 2025
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