54 Financial Review Business Park High-Specifications Industrial Logistics General Industrial Business Park High-Specifications Industrial Logistics General Industrial 12.5% 25.4% 48.2% 13.9% 16.5% 15.6% 50.5% 17.4% NET PROPERTY INCOME NPI for FY2025 was S$328.7 million, an increase of S$67.0 million or 25.6% from FY2024, in tandem with the higher gross revenue. NET INCOME Net income for FY2025 was S$187.1 million, an increase of S$46.4 million or 33.0% from FY2024 mainly due to the higher NPI, partially offset by higher borrowing costs. Borrowing costs were S$16.0 million or 23.3% higher as compared to FY2024, mainly due to the increase in borrowings drawn to partially fund the acquisition of 20 Tuas South Avenue 14 and ESR Yatomi Kisosaki Distribution Centre in November 2024, partially offset by lower base rates. DISTRIBUTIONS PAID TO UNITHOLDERS The amount available for distribution to Unitholders in FY2025 amounted to S$176.1 million, an increase of S$12.0 million or 7.3% as compared to FY2024, which was mainly attributable to the higher net income, partially offset by lower distribution of capital gains from the sale of investment properties in prior years. FY2025 DPU of 21.914 cents was 3.4% higher than the FY2024 DPU of 21.190 cents due to the higher amount available for distribution to Unitholders, partially offset by the higher applicable number of ESR-REIT units (“Units”) subsequent to the preferential offering completed in 4Q2024 for the acquisition of ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14. Included in the amount available for distribution to Unitholders was approximately S$4.4 million (DPU of 0.549 cents) of net property income support in relation to ESR Yatomi Kisosaki Distribution Centre and net income support in relation to 20 Tuas South Avenue 14 that was received and paid to Unitholders in FY2025. Half Yearly DPU 1 January to 30 June (1H) 1 July to 31 December (2H) Total DPU for the year FY20232 13.780 11.860 25.640 FY20242 11.220 9.970 21.190 FY2025 11.239 10.675 21.914 FY2025 FY2024 A breakdown of the half yearly DPU from FY2023 to FY2025 is as follows: 2 Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison. Net Property Income Contribution by Asset Class (%) ESR-REIT ANNUAL REPORT 2025
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