58 Capital Management As at 31 December 2025, 68.4% of ESR-REIT’s borrowings have fixed interest rate exposure for a weighted average tenor of 1.9 years, allowing the REIT to remain nimble and capitalise on interest rate cuts when they occur while simultaneously minimising the impact of interest rate volatility. ESR-REIT also maintains a well-staggered debt maturity profile, with no more than 28.7% of debt maturing in any single year and a weighted average debt expiry tenor of 2.0 years. Details of ESR-REIT’s derivative exposure are set out in the Statements of Financial Position. For FY2025, the fair value of derivatives amounted to S$2.6 million in derivative assets and S$13.7 million in derivative liabilities, representing 0.5% of the REIT’s net assets as at 31 December 2025. ESR-REIT has secured refinancing of 2026 expiring SGD term loans and revolving credit facilities through a combination of divestment proceeds and a new loan facility at c.30 bps lower margins and longer tenor, reducing interest cost and lengthening the debt expiry profile. As at 31 December 2025, unsecured term loan facilities and unsecured revolving credit facilities make up 62.4% of total debt and secured term loans make up 27.5% of total debt, while MTNs make up the remaining 10.1% of total debt. The Manager continues to adopt a proactive approach to capital structure management and will explore alternative funding sources across both debt and equity capital markets to enhance financial flexibility and support long-term growth. Date Maturity Profile as at 31 December 20251 900 800 700 600 200 % of Debt Expiring 300 400 500 S$ million 100 0 Unsecured Terms Loans Unsecured RCF Secured Term Loans Unsecured Notes 2030 100 2029 60 342 2028 188 353 2027 553 2026 258 172 86 125 28.7 24.7 24.2 17.9 4.5 Note: 1 Presented in SGD with exchange rate of AUD/SGD: 0.85961 and JPY/SGD: 0.00823. SGD Denominated AUD Denominated JPY Denominated 63.6% 15.8% 20.6% Unsecured RCF Unsecured Term Loans Secured Term Loans Unsecured Notes 7.7% 54.7% 27.5% 10.1% Debt Breakdown - By Currency (as at 31 December 2025) Total Debt of S$2,236.1 million Debt Breakdown - By Type (as at 31 December 2025) Total Debt of S$2,236.1 million ESR-REIT ANNUAL REPORT 2025
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