56 Total assets decreased by 2.4% from S$6.0 billion as at 31 December 2024 to S$5.9 billion as at 31 December 2025. The decrease was mainly due to the fair valuation loss on investment properties, the divestment of 79 Tuas South Street 5 and 1 Third Lok Yang Road and 4 Fourth Lok Yang Road located in Singapore, as well as the depreciation of the Japanese Yen (the “JPY”) against the SGD between 31 December 2024 and 31 December 2025. Net assets attributable to Unitholders decreased by 7.1% to S$2.1 billion as at 31 December 2025 as compared to S$2.2 billion as at 31 December 2024. NAV per Unit as at 31 December 2025 was S$2.55 as compared to S$2.75 as at 31 December 2024. The decrease in NAV per Unit was mainly due to the fair valuation loss on investment properties during the year. 31 December 2025 S$’000 31 December 2024 S$’000 Variance % Total Assets 5,864,836 6,007,400 (2.4) Total Liabilities 3,283,543 3,331,724 (1.4) Net Assets Attributable to Unitholders 2,055,640 2,213,895 (7.1) Net Asset Value (“NAV”) per Unit (S$) 2.55 2.754 (7.3) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 4 Adjusted for the 10:1 Unit Consolidation completed on 5 May 2025 to provide for a like-for-like comparison. Financial Review ESR-REIT ANNUAL REPORT 2025
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