Business Park High-Specifications Industrial Logistics General Industrial Business Park High-Specifications Industrial Logistics General Industrial 15.8% 23.9% 46.1% 14.2% 20.0% 16.1% 47.0% 16.9% GROSS REVENUE ESR-REIT’s gross revenue for FY2025 was S$446.0 million, an increase of S$75.5 million or 20.4% from FY2024. The increase was mainly due to the full year contributions from the acquisitions completed in November 2024, namely ESR Yatomi Kisosaki Distribution Centre in Japan and 20 Tuas South Avenue 14 in Singapore, positive rental reversions from lease renewals, as well as the contributions from 7002 Ang Mo Kio Avenue 5, 21B Senoko Loop and 16 Tai Seng Street which completed their AEIs in 3Q2023, 1Q2024 and 3Q2025 respectively. Statement of Net Income and Distribution FY2025 S$’000 FY2024 S$’000 Fav/(Unfav) % Gross revenue 445,984 370,504 20.4 Property expenses (117,305) (108,850) (7.8) Net property income (“NPI”) 328,679 261,654 25.6 Income from investments at fair value through profit or loss 7,074 7,803 (9.3) Management fees (22,791) (20,724) (10.0) Trust expenses (7,161) (7,674) 6.7 Borrowing costs, net (84,919) (68,885) (23.3) Finance costs on lease liabilities for leasehold land (33,760) (31,469) (7.3) Net income 187,122 140,705 33.0 Taxable income 148,828 149,100 (0.2) Tax-exempt income 9,843 3,393 190.1 Capital distribution 17,405 11,571 50.4 Amount available for distribution to Unitholders 176,076 164,064 7.3 Distribution per Unit (“DPU”) (cents) 21.914 21.1901 3.4 1 Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison. FY2025 FY2024 Gross Revenue by Asset Class (%) Financial Review 53 ESR-REIT ANNUAL REPORT 2025
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