A ANNUAL REPORT 2025 ESR-REIT EXPANDING STRENGTHS ENHANCING RESILIENCE
About Us VISION To be a leading Real Estate Investment Trust with a portfolio of quality industrial assets. MISSION • To deliver stable returns, and long-term capital growth to our Unitholders • To develop a resilient and balanced portfolio through strategic investment of quality assets, proactive asset management of our properties, and prudent capital and risk management • To operate with credibility for the benefit of our Unitholders, tenants, employees, partners and other stakeholders within the communities in which we do business ABOUT ESR-REIT ESR-REIT is a leading New Economy and future-ready Asia-Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-REIT invests in quality income-producing industrial properties in key gateway markets. As at 31 December 2025, ESR-REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.9 billion. Its portfolio comprises 70 properties (excluding 48 Pandan Road held through a joint venture) located across the developed markets of Singapore (50 assets), Australia (18 assets) and Japan (2 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-REIT has been assigned a ‘BBB’ rating with a ‘Stable’ outlook by Fitch Ratings, and is a constituent of the FTSE EPRA Nareit Global Real Estate Index, iEdge Singapore Next 50 Index, and iEdge Singapore Next 50 Liquidity Weighted Index. ESR-REIT is managed by ESRREIT Management (S) Limited (the “Manager”) and sponsored by ESR Group Limited (“ESR”). The Manager is owned by ESR (99.0%) and Shanghai Summit Pte. Ltd. (1.0%), respectively. For further information on ESR-REIT, please visit www.esr-reit.com.sg.
OVERVIEW 8 Trust Structure 9 Organisation Structure 10 About Our Sponsor 12 Message to Unitholders 18 Year in Brief 20 FY2025 Key Highlights 22 Five-Year Financial Highlights 24 Unit Price Performance 26 Board of Directors 32 Management Team 36 Value Creation 38 Key Trends Underpinning Our Strategy 40 Investor Engagement 45 Operations Review The figures in this report may be subject to rounding differences. 53 Financial Review 57 Capital Management 60 Property Portfolio Maps and Details 86 Risk Management 91 Corporate Governance 117 Financials 125 Financial Statements 224 Additional Information 227 Statistics of Unitholders 230 Notice of AGM Proxy Form Request Form Corporate Directory Contents
TOTAL ASSETS S$5.9 BILLION1 71.6% SIGNIFICANT NEW ECONOMY EXPOSURE NUMBER OF PROPERTIES 70 ACROSS SINGAPORE, AUSTRALIA AND JAPAN 1 As at 31 December 2025
A LEADING NEW ECONOMY AND FUTURE-READY ASIA-PACIFIC S-REIT Amid ongoing global uncertainties and macroeconomic shifts, ESR-REIT remains disciplined and focused in executing its strategic priorities, reinforcing its position as a leading Asia-Pacific S-REIT focused on the New Economy and future-ready sectors. In FY2025, our continued focus on operational excellence and portfolio optimisation has further strengthened our financial resilience, positioning the REIT to navigate market volatility with confidence. 20 Tuas South Avenue 14, Singapore
4 ENHANCED AND OPTIMISED PORTFOLIO In line with ESR-REIT’s strategy to elevate portfolio quality and strengthen operational excellence, we executed a decisive capital recycling programme in FY2025, with the divestment of ten non-core assets and entering FY2026 with the proposed divestment of the non-core hotel strata lot at ESR BizPark @ Changi. Together, these transactions, totalling S$455.8 million, mark a meaningful step forward in sharpening the focus and resilience of our portfolio. With enhanced financial flexibility and proceeds poised for redeployment, ESR-REIT is well-positioned to accelerate growth by reinvesting into our core Logistics and High-Specifications Industrial sectors. These futureready sectors sit at the heart of our strategy, enabling us to capture opportunities, strengthen earnings quality, and deliver sustainable long-term value for Unitholders. ESR Yatomi Kisosaki Distribution Centre, Japan
5 DIVESTED S$455.8 MILLION2 OF NON-CORE ASSETS AT PREMIUM OVER VALUATION HEALTHY OCCUPANCY RATE 91.1% CONSISTENTLY ABOVE NATIONAL AVERAGE COMPLETED 1 ASSET ENHANCEMENT INITIATIVE: 16 TAI SENG STREET POSITIVE RENTAL REVERSION +11.7% DRIVEN BY CORE LOGISTICS AND HIGH-SPECIFICATIONS INDUSTRIAL SECTORS 2 Comprised the completed divestment of 1 Third Lok Yang Road and 4 Fourth Lok Yang Road and 79 Tuas South Street 5 on 24 March 2025 and 28 March 2025 respectively and the proposed divestment of nine non-core assets. Refer to announcements titled “Proposed Divestment of Portfolio of 8 Industrial Properties Located in Singapore for an Aggregate Sale Consideration of S$338.1M” dated 15 December 2025 and “Divestment of Hotel Strata Lot at 2 Changi Business Park Avenue 1 in Singapore at Valuation” dated 30 January 2026
6 ATTAINED INVESTMENT-GRADE ‘BBB’ RATING WITH ‘STABLE’ OUTLOOK FROM FITCH RATINGS TOTAL DPU 21.914 CENTS +3.4% Y-O-Y CORE3 DPU 21.440 CENTS +7.6% Y-O-Y COMPRISING 98% OF TOTAL DPU GROSS REVENUE S$446.0 MILLION +20.4% Y-O-Y COST OF DEBT REDUCED 3.35% PER ANNUM (31 DEC 2024: 3.84%) GEARING 43.4% WITH INITIATIVES TO TARGET MID-30% TO LOW-40% NET PROPERTY INCOME S$328.7 MILLION +25.6% Y-O-Y DEBT HEADROOM AVAILABLE S$701.4 MILLION4 3 Refers to distributable income from underlying operations and excludes distribution of other gains. 4 Assuming gearing limit of 50%. From 28 November 2024, the Monetary Authority of Singapore issued revisions to the Code on Collective Investment Schemes to rationalise leverage requirements for the REIT sector and a minimum MAS interest coverage ratio (ICR) of 1.5 times with a single aggregate leverage limit of 50% will be applied to all REITs.
7 SOLIDIFYING FINANCIAL AND CAPITAL FOOTHOLD Against a backdrop of interest rate uncertainty, ESR-REIT has continued to prioritise profit stability, balance sheet strength and disciplined capital management in FY2025. This has enabled ESR-REIT to deliver stable distributions and consistent performance while remaining focused on longterm sustainable value for Unitholders. This disciplined approach was reinforced with ESR-REIT’s achievement of a ‘BBB’ credit rating with a ‘Stable’ outlook from Fitch Ratings, reflecting the strength of our financial profile and capital management framework. With a resilient balance sheet and a clear strategic focus, ESR-REIT is well-positioned to navigate market volatility and pursue long-term, sustainable growth. 67 – 93 National Boulevard, Australia
8 Trust Structure Note: As at 31 December 2025. 1 The Asset and/or Property Managers are: Singapore: ESR Property Services Pte. Ltd., Australia: LOGOS REIT Property Management Pty Ltd, Japan: ESR Ltd. Trustee Asset and/or Property Managers1 in Singapore, Australia and Japan Acts on behalf of ESR-REIT Unitholders Trustee’s fees Asset/Property Management and Other Fees Asset/Property Management Services Investment in ESR-REIT ESR-REIT Distributions Investment in ESR-REIT Ownership of Assets Net Property Income Management and Other Fees Management Services ESR-REIT Management (S) Limited The Manager Other Unitholders The Sponsor 99% c.21.51% c.78.49% 100% Properties/ PropertyHolding Entities ESR-REIT ANNUAL REPORT 2025
9 ESR-REIT MANAGEMENT (S) LIMITED BOARD OF DIRECTORS AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE (“ARCC”) NOMINATING AND REMUNERATION COMMITTEE (“NRC”) INVESTMENT COMMITTEE (“IC”) CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR Mr. Adrian Chui BOARD SUSTAINABILITY COMMITTEE (“BSC”) COMPANY SECRETARY Mr. Nagaraj Sivaram (Chairperson) Ms. Stefanie Yuen Thio Mr. Loi Pok Yen Mr. Ronald Lim (Chairperson) Ms. Stefanie Yuen Thio Mr. Shen Jinchu, Jeffrey Mr. Loi Pok Yen (Chairperson) Mr. Ronald Lim Dr. Julie Lo Lai Wan Mr. Shen Jinchu, Jeffrey Mr. Stuart Gibson Mr. George Agethen (Chairperson) Dr. Julie Lo Lai Wan Mr. Chan Mun Wei Ms. Maureen Low Ms. Stefanie Yuen Thio Independent Non-Executive Chairperson Mr. Ronald Lim Independent Non-Executive Director Mr. Nagaraj Sivaram Independent Non-Executive Director Dr. Julie Lo Lai Wan Independent Non-Executive Director Mr. Loi Pok Yen Independent Non-Executive Director Mr. George Agethen Non-Executive Director Mr. Stuart Gibson Non-Executive Director Mr. Shen Jinchu, Jeffrey Non-Executive Director Mr. Adrian Chui Chief Executive Officer and Executive Director Organisation Structure ESR-REIT MANAGEMENT (S) LIMITED MANAGEMENT TEAM ESR-REIT ANNUAL REPORT 2025
About Our Sponsor ESR is a leading Asia-Pacific real asset owner and manager focused on logistics real estate, data centres, and energy infrastructure that power the digital economy and supply chain for investors, customers, and communities. Through its fully integrated real asset fund management and development platform, ESR strives to create value and growth opportunities for its global portfolio of investors. ESR offers customers modern space solutions to realise their ambitions across Australia and New Zealand, Japan, South Korea, Greater China, Southeast Asia, and India, including a presence in Europe. Its purpose, Space and Investment Solutions for a Sustainable Future, drives ESR to manage sustainably and impactfully for the communities it serves to thrive for generations to come. Visit esr.com for more information. FUND MANAGEMENT A LEADING REAL ASSET OWNER AND MANAGER STRATEGIC FOCUS ON KEY ASSET CLASSES FULL SUITE OF SPACE AND INVESTMENT SOLUTIONS DEVELOPMENT ESR manages a broad range of funds and investment vehicles spanning a diverse portfolio of premium logistics real estate and data centre assets across the property lifecycle, providing capital partners with a single interface to harness APAC’s growth opportunities. These comprise co-investments into its funds and REITs under management, investments in listed or privately held real estate investment vehicles, as well as completed and work-in-progress investment properties. ESR manages a platform spanning 11 APAC markets, with a global reach and more than US$77 billion in assets under management, supported by local expertise, operational excellence, and stakeholder partnerships. ESR’s US$9 billion development workbook, including an over 3 GW data centre pipeline, offers capital partners access to best-in-class real assets and high-quality opportunities in key growth sectors. ESR’s fully integrated fund management and development platform spans the real asset value chain, delivering solutions that create positive, sustainable impact for businesses, investors, and communities. Leveraging its integrated platform and deep in-market expertise, ESR’s technical capabilities and services cover every stage of the development cycle, including land and power sourcing, master-planning, design, construction, and leasing. ESR maintains one of APAC’s largest development workbooks, including a significant data centre pipeline of secured land and power, to deliver large campus-scale projects and modern space solutions. ESR’S BUSINESS AREAS AND INTEGRATED PLATFORM Logistics Real Estate Private Funds Data Centres Public REITs Energy Infrastructure 10 ESR-REIT ANNUAL REPORT 2025
ESR-REIT is ESR’s flagship regional listed vehicle and enjoys a distinct competitive advantage through its affiliation with ESR as a Sponsor. This partnership grants us access to their extensive pipeline of high-quality New Economy assets and provides crucial financial support for fundraising activities. ESR Yatomi Kisosaki Distribution Centre, Japan
From left to right: MR. ADRIAN CHUI Chief Executive Officer and Executive Director MS. STEFANIE YUEN THIO Independent Non-Executive Chairperson 12 Message to Unitholders Dear Unitholders, FY2025 underscored the importance of resilience in a macroeconomic landscape where the global economy continued to navigate uncertainties and evolving market dynamics. While inflationary pressures moderated across major economies for much of the year, the global business environment remained challenged by geopolitical tensions, shifting trade flows and continued ambiguity around the trajectory of interest rates. Against this backdrop, ESR-REIT remained focused on disciplined execution and proactive portfolio management. Throughout the year, we continued to strengthen the quality and resilience of our portfolio while positioning the REIT to capture opportunities in key logistics and industrial markets. Since the introduction of our “4R Strategy” in FY2022, we have taken deliberate steps to improve portfolio quality, earnings sustainability and financial resilience. These include the acquisitions in FY2024 of the freehold ESR Yatomi Kisosaki Distribution Centre in Japan and a 51% interest in 20 Tuas South Avenue 14 in Singapore, which has a rare remaining land lease tenure of 44 years. These acquisitions have further deepened our presence in key gateway markets and increased our exposure to high-quality logistics assets. At the same time, we have continued to actively rejuvenate our portfolio in Singapore through the completion of several Asset Enhancement Initiatives (“AEIs”), which have modernised our assets and sharpened their competitive positioning. Throughout the years, we have also maintained a disciplined approach to capital recycling through the divestments of a significant number of non-core assets with short land leases to progressively improve the overall quality and reinforce the longterm sustainability of our portfolio. Having executed these initiatives over the past few years, we believe ESR-REIT is now anchored on a strong foundation, enabling us to enter the next phase of growth with confidence and to pursue sustainable value creation for our Unitholders. FY2025 FINANCIAL PERFORMANCE Our FY2025 financial performance reflects the benefits of the strengthened foundation and portfolio optimisation efforts over the past few years. In FY2025, Gross Revenue stood at S$446.0 million, representing a 20.4% increase from S$370.5 million in the previous year, while Net Property Income (“NPI”) increased 25.6% to S$328.7 million, compared to S$261.7 million in FY2024. The growth in gross revenue and NPI were driven primarily by income contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 (acquired on 15 November 2024 and 29 November 2024, respectively) and +11.7% rental reversions from lease renewals – the fourth straight year of positive rent reversions. This was further supported by income 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. ESR-REIT ANNUAL REPORT 2025
13 The total amount available for distribution to Unitholders rose to S$176.1 million in FY2025, representing a 7.3% increase from S$164.1 million in FY2024. This growth was underpinned by an 11.6% rise in core1 distributable income to S$172.3 million, driven mainly by higher NPI. The increase was partially offset by (i) higher borrowing and perpetual securities costs, incurred largely to fund the acquisitions, (ii) noncontrolling interests attributable to the 49% holders of 20 Tuas South Avenue 14, and (iii) higher tax expenses. Consequently, FY2025 Core1 DPU and Total DPU stood at 21.440 and 21.914 Singapore cents, respectively, representing increases of 7.6% and 3.4% from 19.9302 and 21.1902 Singapore cents in FY2024. Core1 DPU accounted for approximately 98% of Total DPU, and going forward, distributions are expected to be driven primarily by income generated from core underlying operations. The results reflect the improvement in quality of earnings underpinned by sustainable revenue from our underlying operations. RESILIENT PORTFOLIO BACKED BY STRUCTURAL DEMAND As at 31 December 2025, ESR-REIT’s portfolio consisted of 70 quality and diversified assets (excluding 48 Pandan Road held through a joint venture) across key gateway markets, comprising 50 assets in Singapore, 18 assets in Australia, and 2 assets in Japan, with a total gross floor area (“GFA”) of 2.4 million square metres (“sqm”), as well as investments in three property funds in Australia. Our portfolio continues to perform steadily, with positive rental reversion of 11.7%3 in FY2025, supported by demand for Logistics (+12.4%) and HighSpecifications Industrial (+22.2%) assets aligned with New Economy trends, while 1 Refers to distributable income from underlying operations and excludes distribution from other gains. 2 Adjusted for the 10:1 Unit consolidation that was completed on 5 May 2025 for a like-for-like comparison. 3 Rental reversion for FY2025 would have been +9.2%, excluding the renewal of a particular 12-year lease at 7000 Ang Mo Kio Avenue 5. Against this backdrop, ESR-REIT remained focused on disciplined execution and proactive portfolio management. Throughout the year, we continued to strengthen the quality and resilience of our portfolio while positioning the REIT to capture opportunities in key logistics and industrial markets. occupancy remained stable at 91.1%, consistently above national averages. Leasing activities remained healthy, with more than 463,000 sqm in leasing transactions, comprising 328,220 sqm of renewals and 135,540 sqm of new leases, reflecting the effectiveness of our leasing team. The portfolio’s weighted average lease expiry (“WALE”) increased to 4.4 years, up from 4.2 years in the previous year. PORTFOLIO OPTIMISATION THROUGH DIVESTMENTS, REDEVELOPMENT AND AEIs We continued to rejuvenate the portfolio through selective divestments of noncore assets with short land lease and earmarking the sales proceeds to be recycled into growth opportunities. Divestments completed and announced during FY2025 were achieved at premiums to valuation and are expected to reduce the impact of short land lease decay on Net Asset Value (“NAV”), further improving the portfolio’s land lease profile and overall resilience. ESR-REIT ANNUAL REPORT 2025
14 Message to Unitholders This disciplined approach ensures that capital is continually redeployed into higher quality assets that remain relevant to structural demand drivers, while enhancing the long-term sustainability of distributions and NAV. DIVESTMENT OF NON-CORE ASSETS In FY2025, ESR-REIT continued to enhance overall portfolio quality with the completion of the divestments of two non-core assets with an aggregate value of S$16.7 million at 2.3% above valuation, and announced the proposed divestment of eight non-core assets with an aggregate value of S$338.1 million at 2.0% above valuation in December 2025. These assets were characterised by factors such as: (i) short remaining land leases (four of which have less than 13 years remaining land lease); (ii) smaller asset sizes; (iii) limited potential for AEI or redevelopment; and/or (iv) outdated property specifications. Completed Divestments • 79 Tuas South Street 5, Singapore (1.5% above valuation) • 1 Third Lok Yang Road and 4 Fourth Lok Yang Road, Singapore (3.5% above valuation) Announced Divestments (2.0% above valuation) • 46A Tanjong Penjuru, Singapore • 86 & 88 International Road, Singapore • 120 Pioneer Road, Singapore • 21 & 23 Ubi Road 1, Singapore • 24 Jurong Port Road, Singapore • 13 Jalan Terusan, Singapore • 60 Tuas South Street 1, Singapore • 43 Tuas View Circuit, Singapore Furthering on the strategy of divesting non-core assets, ESR-REIT also announced the proposed divestment of the non-core Hotel Strata Lot at ESR BizPark @ Changi at valuation of S$101.0 million in January 2026, while retaining ownership of the business park, retail and convention centre components, preserving the core income-generating components within the integrated development. Following the release of our FY2025 financial results, we unveiled our new Total Return Strategy, which seeks to deliver sustainable income growth alongside long-term capital appreciation. This strategy targets total Unitholder return of approximately 8-10% supported by active portfolio management, organic growth via redevelopments and major AEIs and disciplined capital allocation over the next five years. ESR-REIT ANNUAL REPORT 2025
15 Upon completion of the abovementioned divestments, ESR-REIT’s land lease profile is expected to improve meaningfully, with the proportion of assets with less than 15 years of remaining land lease reducing from 11.9%4 to 10.8%, while the weighted average land lease will be extended from 43.6 years to 45.1 years. ASSET ENHANCEMENT INITIATIVES AND REDEVELOPMENTS In FY2025, we successfully achieved Temporary Occupation Permit (“TOP”) status for the AEI at 16 Tai Seng Street, Singapore, increasing the plot ratio from 3.08 to 3.50, and expanding the total GFA to approximately 22,800 sqm. The enhanced asset has attained BCA Green Mark Gold certification and achieved approximately 50% occupancy as at 31 December 2025, and we are in advanced discussion with both new and existing tenants, including potential tenants from the pharmaceutical and medical technology sectors. In FY2025, we also commenced the AEI at 29 Tai Seng Street, Singapore, which involved the conversion of a singletenanted general industrial building into a Green Mark Gold PLUS-certified high-specifications industrial asset. The project is expected to deliver a yield on cost of approximately 6.4%. As at 31 December 2025, the AEI was approximately 76% completed and remains on track for completion in 1H2026. PRUDENT CAPITAL MANAGEMENT STRENGTHENS FINANCIAL RESILIENCE In FY2025, amid continued uncertainty in global interest rate movements, maintaining a resilient and well-managed balance sheet remained a key strategic priority for ESR-REIT in FY2025. We focused greatly on strengthening our capital structure, enhancing funding flexibility and proactively managing refinancing risks to ensure long-term financial stability. During the year, ESR-REIT achieved an investment grade ‘BBB’ credit rating with a ‘Stable’ outlook from Fitch Ratings, affirming the strength of our capital management framework and enhancing financial flexibility. This milestone, together with our proactive refinancing efforts and improved funding terms, contributed to a reduction in ESR-REIT’s all-in cost of debt, which declined to 3.35% per annum as at 31 December 2025, as compared to 3.84% per annum in the previous year, and is expected to continue on its downtrend as we have secured refinancing of a 2026 expiring SGD term loan at c.30 bps lower margins and for a longer tenor. Gearing remained well-managed at 43.4%. Assuming the abovementioned divestments were completed on 31 December 2025 and net proceeds were used to repay debt, ESR-REIT’s pro-forma gearing would stand at a healthy 38.5%. The MAS interest coverage ratio also remained stable at 2.5x as at 31 December 2025, comfortably above the regulatory minimum of 1.5x. ESR-REIT continues to maintain a well-staggered debt maturity profile with no more than c.29% of loans expiring each year and substantial debt headroom of S$701.4 million. ESR-REIT continues to be well supported by a network of 10 lending banks. With our prudent and disciplined capital management approach in place, ESR-REIT is well positioned to navigate periods of market volatility while retaining the financial capacity to pursue growth opportunities in a measured and sustainable manner. ENTERING THE NEXT PHASE OF SUSTAINABLE GROWTH Having strengthened our portfolio and capital structure, ESR-REIT is now well positioned to advance into its next stage of development. Following the release of our FY2025 financial results, we unveiled our new Total Return Strategy, which seeks to deliver sustainable income growth alongside long-term capital appreciation. This strategy targets total Unitholder return of approximately 8-10% supported by active portfolio management, organic growth via redevelopments and major AEIs and disciplined capital allocation over the next five years. The Total Return Strategy is anchored on five key pillars: 1. Active asset management, including initiatives to address short land lease assets and rejuvenate the portfolio through AEIs and selective redevelopments. 2. Combination of organic growth from visible and executable redevelopments, major AEIs and selective value accretive acquisitions. 3. ESR-REIT will retain its core focus in Singapore, which is expected to continue representing more than 50% of portfolio value, while selectively pursuing compelling international opportunities with strong growth tailwinds. 4. ESR-REIT is ESR’s flagship regional listed vehicle, and will continue to leverage its Sponsor, ESR’s pipeline and established presence across developed Asia-Pacific markets. 5. ESR-REIT will maintain prudent leverage, with a target gearing range in the mid-30% to low-40% range, supported by selective divestments of non-core short land lease assets, active capital recycling, internal cash flows, and disciplined balance sheet management across the cycle. 4 As at 31 December 2025. Does not include 1 Third Lok Yang Road and 4 Fourth Lok Yang Road and 79 Tuas South Street 5 as the divestments were completed on 24 March 2025 and 28 March 2025 respectively. ESR-REIT ANNUAL REPORT 2025
16 Message to Unitholders This next phase of growth is underpinned by a pipeline of visible and executable opportunities to enhance value through redevelopments, AEIs, selective acquisitions and continued portfolio optimisation, while maintaining prudent leverage and financial discipline. Together, these initiatives position ESR-REIT to deliver high quality earnings and sustainable total returns while remaining resilient across changing market conditions. ESG STRATEGY ESR-REIT recognises that strong ESG practices are integral to sustainable value creation and we remain committed to embedding ESG considerations into our operational strategies to deliver long-term returns for our Unitholders while contributing positively to the environment and the communities which we operate in. On the environmental front, we continued to make meaningful progress in advancing our decarbonisation and solar energy initiatives, with solar capacity across our Singapore portfolio increasing to 21.2 MWp in FY2025 from 15.5 MWp in FY2024, supported by the integration of the newly acquired asset at 20 Tuas South Avenue 14, and we remain firmly on track to achieve our target of 30.0 MWp of installed solar capacity in Singapore by FY2030. We also expanded our green building certification coverage significantly during the year for our Australia portfolio, resulting in all 18 assets achieving ‘Green Star’ certification. In addition to the two assets in the Japan portfolio which have already obtained green building certification, there were five additional certifications secured in Singapore, our portfolio now comprises 39 green-certified properties, a significant achievement as compared with 18 in the previous year. In addition, we also made steady progress in supporting low-carbon transport adoption through the installation of electric vehicle chargers at six of our properties in Singapore. On the social front, ESR-REIT remains committed to making a positive impact in the communities in which we operate through active engagement and support for community development initiatives. In FY2025, we partnered with local organisations to deliver meaningful programmes such as Lunchtime Rescue Vegetable Distribution Initiative, Milk and Diapers Initiative, and Beach Clean-up Exercise, contributing approximately 770 hours of staff volunteerism. This significantly exceeded our target of 500 hours and built on the strong momentum from FY2024, where 568 hours of staff volunteerism were recorded, underscoring our ongoing commitment to being a responsible corporate citizen. In FY2025, ESR-REIT achieved a score of 82 points with a 3-star rating in the GRESB Real Estate Assessment, which is a marked improvement from the score of 73 points with a 2-star rating in FY2024, reflecting enhancements in our ESG management and disclosures. During the year, we also refreshed our Sustainability Policy to align with evolving regulatory expectations and industry best practices. ESR-REIT recorded zero material incidents of non-compliance with socio-economic or environmental laws, underscoring our continued commitment to transparency, accountability and ethical conduct. As we look ahead, ESR-REIT will continue to strengthen the integration of ESG considerations across our operations to balance environmental stewardship, social responsibility and robust governance with our growth objectives. We believe that this disciplined and forward-looking approach will support long-term operational performance and create enduring value for our Unitholders and stakeholders. For more details on ESR-REIT’s ESG journey, please refer to our Sustainability Report available on our website: https:// esr-reit.listedcompany.com/ar.html. OUTLOOK As we step into FY2026, ESR-REIT is in a resilient position. The deliberate steps we have taken to optimise our portfolio, enhance asset quality and earnings, and strengthen our balance sheet are beginning to bear fruit. This is reflected in the improvements achieved in FY2025 across revenue, NPI and, consequently, DPU. Building on this strong foundation, we will now sharpen our focus on reducing land lease decay impact on NAV to a manageable level, delivering sustainable, quality earnings growth for our Unitholders, while preserving the operational discipline and execution excellence that we have worked hard to establish. Looking ahead, the operating environment is expected to remain characterised by macroeconomic and geopolitical uncertainty. Interest rate visibility remains limited, with inflationary pressures showing signs of persistent stickiness and policymakers signalling a cautious stance that could include the possibility of rates remaining higher for longer or potentially increasing. In addition, rental growth may moderate in the near term as new supply comes onstream and occupiers adopt a more measured approach to expansion amid evolving market conditions. Furthermore, the impact of the conflict in the Middle East and evolving global trade policies and tariffs remains highly ambiguous. In particular, potential sector-specific tariffs, such as those relating to semiconductors could have far-reaching implications for global supply chains and manufacturing activity. Given Singapore’s role as a key hub for electronics, advanced manufacturing and semiconductor-related industries, such developments may influence business investment decisions and space utilisation strategies across parts of the industrial ecosystem. At the same time, ongoing ambiguity surrounding the legality of the implementation of the U.S. Administrative tariffs, on top of the proposed hike in tariffs in early 2026, has added a further layer of uncertainty for the global economy, making it more challenging for businesses to plan capital ESR-REIT ANNUAL REPORT 2025
deployment and supply chain strategies. Notwithstanding these potential headwinds, the long-term structural drivers supporting demand for modern logistics and high-specifications industrial assets remain intact. Ongoing supply chain reconfiguration in response to tariffs and geopolitical tensions, technology- and AI-driven demand for advance manufacturing components like semiconductors, and electronics and tenants’ increasing preference for well-located, efficient and sustainable facilities continue to underpin demand for quality industrial space. Against this backdrop, we will remain focused on proactive asset management, disciplined capital recycling, and targeted AEIs to maintain portfolio relevance and competitiveness. At the same time, we will continue to prioritise prudent capital management, maintaining a well-staggered debt maturity profile and financial flexibility to navigate market volatility while remaining ready to capture selective viable growth opportunities. Our approach to growth will remain measured and execution-driven, with an emphasis on earnings quality, resilient cash flows and long-term value. With an enhanced portfolio, improved earnings visibility and balance sheet, ESR-REIT will remain nimble and adaptable in responding to the evolving market conditions, and is well-equipped to navigate the uncertainties ahead while delivering earnings quality, stable distributions and sustainable growth for our Unitholders. ACKNOWLEDGEMENTS On behalf of the Board and Management team, we would like to express our appreciation to our Unitholders, tenants, business partners and our Sponsor for your continued trust and support. This belief in us has allowed us to deliver a stronger and more future-ready REIT. We also extend our gratitude to our employees, whose dedication and professionalism have been instrumental in executing our strategy and positioning ESR-REIT for the future. As we move forward from a position of strength, we remain committed to disciplined execution, responsible growth and delivering long-term value to all our stakeholders. Thank you for your continued confidence in ESR-REIT. Sincerely yours, MS. STEFANIE YUEN THIO Independent Non-Executive Chairperson MR. ADRIAN CHUI Chief Executive Officer and Executive Director 17 ESR-REIT ANNUAL REPORT 2025
18 Year in Brief Announced divestment of 79 Tuas South Street 5 in Singapore at 1.5% premium to valuation Announced financial results for the financial year ended 31 December 2024: FY2024 Distribution per Unit (“DPU”) decreased 17.4% mainly due to loss of income from divestment of non-core assets, decommissioning of 2 Fishery Port Road and enlarged unit base from the equity fund raising in 1H2023 Announced divestment of 1 Third Lok Yang Road and 4 Fourth Lok Yang Road in Singapore at 3.5% premium to valuation Participated in the DBS Vickers Pulse of Asia Conference 2025 Issued S$125 million 5.75% subordinated perpetual securities pursuant to the S$750 million multicurrency debt issuance programme Completed divestment of 1 Third Lok Yang Road and 4 Fourth Lok Yang Road in Singapore Completed divestment of 79 Tuas South Street 5 in Singapore Commenced asset enhancement initiative at 29 Tai Seng Street, Singapore Participated in Citibank’s 30th Global Property CEO Conference in Florida, USA Participated in the 21st CITIC CLSA Asean Forum in Bangkok, Thailand Participated in the Philip Securities Remisier Presentation in Singapore Participated in the DBS Jewels of Singapore Conference in Singapore Redemption and cancellation of subordinated perpetual securities comprised in Series 006 issued by Perpetual (Asia) Limited under its S$750 million multicurrency debt issuance programme Completed 10:1 Unit consolidation and change of stock code to 9A4U Participated in the annual REITs Symposium 2025 jointly organised by ShareInvestor, InvestingNote and REITAS Participated in the Maybank-REITAS-SGX Conference in Bangkok, Thailand Participated in the DBS-REITAS Private Banking Event 2025 in Singapore Participated in Citi’s 2025 Macro & Pan-Asia Investor Conference in Singapore Announced proposed 10:1 Unit consolidation Participated as presenter and panellist at the APREA REIT Masterclass 2025 Participated in SIAS Corporate Connect Webinar Issued S$100 million 4.05% notes due 2030 pursuant to the S$750 million multicurrency debt issuance programme Participated in the Macquarie Capital “Singapore Breakfast Club Series” Co-organised with SIAS a Pre-AGM/EGM Unitholder briefing as part of ESR-REIT’s regular retail investor engagement initiative 16th Annual General Meeting and Extraordinary General Meeting held on 23 April 2025 with all resolutions approved by Unitholders Announced interim business update for financial quarter ended 31 March 2025 Awarded Best Commercial Real Estate Trust at SBR National Business Awards 2025 by Singapore Business Review JANUARY MARCH MAY FEBRUARY APRIL ESR-REIT ANNUAL REPORT 2025
19 Participated in second “REITs on the Move” site visit initiative in collaboration with SIAS, supported by SGX, REITAS and Securities Association of Singapore Participated as panellist at the Corporate Governance Forum 2025 organised by SIAS ESR-REIT’s CEO & Executive Director, Mr. Adrian Chui, awarded the Investors’ Choice Outstanding CEO Award at the Investors’ Choice Awards ceremony organised by SIAS as part of Corporate Governance Week Participated as panellist at the PwC Asia Pacific Real Estate Summit 2025 Participated in a non-deal roadshow in Hong Kong, organised by CLSA Announced completion of asset enhancement initiative at 16 Tai Seng Street, Singapore Announced results for the financial period from 1 January 2025 to 30 June 2025: ESR-REIT delivers 8.1% growth in 1H2025 core DPU; signalling strategic turnaround driven by 4R Strategy Participated in a non-deal roadshow in Tokyo, Japan, organised by MUFG Co-organised with SIAS a Unitholder briefing as part of ESR-REIT’s regular retail investor engagement initiative Participated as panellist in the 2Q Market Outlook event co-organised by SIAS and Moomoo Assigned investment grade ‘BBB’ rating with ‘Stable’ outlook by Fitch Ratings Announced interim business update for financial quarter ended 30 September 2025 Participated as panellist at the REITAS HSBC Sustainability Forum 2025 Participated in the HSBC 9th Annual Asia Credit Conference in Hong Kong Participated in a non-deal roadshow in Hong Kong and Beijing, China, jointly organised by HKEX and ICBC Participated in first “REITs on the Move” site visit initiative in collaboration with SIAS, supported by SGX, REITAS and Securities Association of Singapore Participated as presenter and panellist at the REITs Investment Forum 2025 organised by The Edge Singapore Participated in the OCBC Remisier Presentation in Singapore Participated in a non-deal roadshow in Bangkok, Thailand, organised by DBS Participated in a non-deal roadshow in Kuala Lumpur, Malaysia, organised by RHB Announced proposed divestment of portfolio of eight non-core industrial assets located in Singapore for an aggregate sale consideration of S$338.1 million Participated in the UBS Global Real Estate CEO/CFO Conference, in London, United Kingdom NOVEMBER JULY SEPTEMBER OCTOBER JUNE AUGUST DECEMBER ESR-REIT ANNUAL REPORT 2025
20 FY2025 Key Highlights DELIVERING RESILIENT FINANCIAL PERFORMANCE AMIDST UNCERTAIN OPERATING LANDSCAPE FORTIFIED BALANCE SHEET PROVIDING A STRONG FOUNDATION FOR FUTURE GROWTH DRIVING OPERATIONAL EXCELLENCE THROUGH ENHANCED PORTFOLIO QUALITY Gross Revenue S$446.0 million Assets Under Management S$5.2 billion2 Positive Rental Reversion +11.7%3 Net Property Income S$328.7 million Core1 DPU 21.440 cents Net Asset Value (“NAV”) per Unit S$2.55 Total Distribution per Unit (“DPU”) 21.914 cents for FY2025 Occupancy 91.1%4 consistently above market average Completed Asset Enhancement Initiative 16 Tai Seng Street Ongoing Asset Enhancement Initiative 29 Tai Seng Street High Rental Collection 98.7% of total receivables Core1 DPU represents c.98% of Total DPU Assigned Investment Grade ‘BBB’ credit rating with ‘Stable’ outlook by Fitch Ratings Gearing 43.4% Pro-forma gearing 38.5%6 post divestment completion Cost of Debt 3.35% per annum (31 December 2024: 3.84%) Refinancing of FY2026 SGD term loan and revolving credit facility secured at c.30 bps lower margins and longer tenor, delivering expected interest savings No More Than c.29% of loans expiring each year S$161 million of committed undrawn RCF available for refinancing Well Supported by 10 lending banks Debt Headroom of S$701.4 million7 Significant 71.6% New Economy exposure Divested S$455.8 million5 Non-core assets as part of portfolio rejuvenation strategy Proportion of Assets with < 15 Years Land Lease 10.8%6 as at 31 December 2025 1 Refers to distributable income from underlying operations and excludes distribution of other gains. 2 As at 31 December 2025. Consists of the total value of investment properties (excluding right-of-use of leasehold land), investments in joint venture and property funds. 3 Rental reversion for FY2025 would have been +9.2%, excluding the renewal of a particular 12-year lease at 7000 Ang Mo Kio Avenue 5. 4 Excluding the Hotel Strata Lot at ESR BizPark @ Changi which was announced for divestment on 30 January 2026, portfolio occupancy would have been 91.6%. 5 Comprised the completed divestment of 1 Third Lok Yang Road and 4 Fourth Lok Yang Road and 79 Tuas South Street 5 on 24 March 2025 and 28 March 2025 respectively and the proposed divestment of nine non-core assets. Refer to announcements titled “Proposed Divestment of Portfolio of 8 Industrial Properties Located in Singapore for an Aggregate Sale Consideration of S$338.1M” dated 15 December 2025 and “Divestment of Hotel Strata Lot at 2 Changi Business Park Avenue 1 in Singapore at Valuation” dated 30 January 2026. 6 Assuming the divestment of the portfolio of eight non-core assets announced on 15 December 2025 and the divestment of the Hotel Strata Lot at ESR BizPark @ Changi announced on 30 January 2026 were completed on 31 December 2025 and net proceeds were used to repay debt. 7 Assuming gearing limit of 50%. From 28 November 2024, the Monetary Authority of Singapore issued revisions to the Code on Collective Investment Schemes to rationalise leverage requirements for the REIT sector which imposes a minimum interest coverage ratio (ICR) of 1.5 times with a single aggregate leverage limit of 50% will be applied to all REITs. ESR-REIT ANNUAL REPORT 2025
21 CONTINUED ESG COMMITMENTS The Board Sustainability Committee oversees ESG strategy, policies and initiative implementation. ENVIRONMENTAL • Decarbonisation Roadmap is being implemented with clear steps, targets, and timeline to ensure a climate resilient portfolio Solar Harvesting Programme: • Target set to achieve total solar capacity of 30.0 MWp for Singapore portfolio by FY2030 • Solar power capacity increased to 21.2 MWp in FY2025, from 15.5 MWp, due to newly acquired 20 Tuas South Avenue 14 Newly Certified Green Buildings: • BCA Green Mark “Super Low Energy” Building գ 11 Chang Charn Road գ 24 Jurong Port Road գ 24 Penjuru Road գ 46A Tanjong Penjuru գ 511 & 513 Yishun Industrial Park A • All 18 Australian assets achieved ‘Green Star’ certification in FY2025 under a targeted initiative to certify the portfolio’s sustainability standards Green Building Certifications: • Green Mark Positive Energy Building (SG) – 4 properties • Green Mark Super Low Energy Building (SG) – 7 properties • Green Mark Platinum (SG) – 2 properties • Green Mark Gold/GoldPlus (SG) – 4 properties • LEED (SG) – 2 properties • Green Star 3 Stars (AU) – 16 properties • Green Star 2 Stars (AU) – 2 properties • CASBEE – Rank S (JP) – 2 properties Electric Vehicle Chargers • Successful implementation of Electric Vehicle (EV) Chargers to 6 multi-tenanted buildings գ ESR BizPark @ Changi գ ESR BizPark @ Chai Chee գ 5 Changi South Lane գ 19 Tai Seng Street գ 24 Penjuru Road գ 130 Joo Seng Road SOCIAL • Participated in SG Her Empowerment (SHE) Annual Fund-Raising Party, in support of underprivileged girls and women in Singapore • Provided enrichment and tuition lessons for underprivileged youths in Kampong Chai Chee • Achieved 770 hours of staff volunteerism hours in FY2025 – through key initiatives including Lunchtime Rescue Vegetable Distribution Initiative, Milk and Diapers Initiative, and Beach Cleanup Exercise • Supported meaningful community engagement through the Elderly Portrait Taking initiative, sponsoring catered meals, photo printing and framing, and hosting residents at an event graced by Senior Minister of State, Dr Faishal Ibrahim • Achieved 84.6% employee satisfaction rate with 92.7% response rate in the annual employee satisfaction survey • Organised the Responder Plus Programme in July 2025 in collaboration with the Singapore Civil Defence Force as part of the Workplace Safety and Health initiative to equip tenants with essential lifesaving skills, including First Aid, Cardiopulmonary Resuscitation (CPR), the use of Automated External Defibrillators (AEDs), and fire extinguishers • Partnered with the Health Promotion Board and tenant Decathlon at ESR BizPark @ Chai Chee to organise the GetFit! Challenge and a 10-minute FitCheck, encouraging healthier lifestyles through body composition analysis and curated fitness workouts for tenants • Conducted a blood donation drive with the Singapore Red Cross in August 2025 to strengthen community engagement and provide CSR opportunities for tenants, achieving a 96% successful donation rate GOVERNANCE • Achieved GRESB score of 82 points with a 3-star rating in FY2025, a marked improvement from 73 points with a 2-star rating in FY2024 • Refreshed Sustainability Policy • Zero material incidents of noncompliance with socio-economic or environmental laws ESR-REIT ANNUAL REPORT 2025
22 Five-Year Financial Highlights 1 Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison. Gross Revenue (S$ million) Amount Available for Distribution to Unitholders (S$ million) Total Assets (S$ million) Net Property Income (S$ million) FY2025 FY2025 FY2025 FY2025 446.0 176.1 5,864.8 328.7 370.5 164.1 6,007.4 261.7 386.4 192.7 5,106.3 273.2 343.2 177.1 5,654.2 244.2 241.3 114.4 3,329.8 173.3 FY2024 FY2024 FY2024 FY2024 FY2023 FY2023 FY2023 FY2023 FY2022 FY2022 FY2022 FY2022 FY2021 FY2021 FY2021 FY2021 NAV per Unit (S$) FY2025 2.55 3.20 2.75 3.64 3.96 FY20241 FY20231 FY20221 FY20211 DPU (cents) FY2025 21.914 21.190 25.640 30.000 29.870 FY20241 FY20231 FY20221 FY20211 ESR-REIT ANNUAL REPORT 2025
23 For the Financial Year FY2021 FY2022 FY2023 FY2024 FY2025 Gross Revenue (S$ million) 241.3 343.2 386.4 370.5 44.0 Net Property Income (S$ million) 173.3 244.2 273.2 261.7 32.7 Total Assets (S$ million) 3,329.8 5,654.2 5,106.3 6,007.4 5,4. Amount Available for Distribution to Unitholders (S$ million) 114.4 177.1 192.7 164.1 17.1 DPU (cents)2 29.870 30.000 25.640 21.190 21.914 NAV per Unit (S$)2 3.96 3.64 3.20 2.75 2.55 Financial Position Total Assets (S$ million) 3,329.8 5,654.2 5,106.3 6,007.4 5,4. Total Net Borrowings (S$ million) 1,190.9 2,076.1 1,555.9 2,254.0 2,224. Unitholders’ Funds (S$ million) 1,598.0 2,444.7 2,463.2 2,213.9 2,055. Key Financial Ratios Debt to Total Assets (%) 40.0 41.8 35.7 42.8 43.4 Weighted Average All-in Cost of Debt (p.a.) (%) 3.3 3.7 3.9 3.8 3.4 Interest Coverage Ratio (times)3 3.0 2.8 2.5 2.5 2.5 Capital Management Total Loan Facilities Available (S$ million) 1,462.4 2,413.4 1,847.1 2,505.5 2,397.1 Gross Borrowings (S$ million) 1,199.5 2,093.0 1,566.2 2,269.7 2,23.1 Perpetual Securities Issued (S$ million) 150.0 400.0 300.0 400.0 449. Units in Issue (million)2 403.0 671.9 768.9 804.9 05.0 Market Capitalisation (S$ million)4 1,934.5 2,486.1 2,460.5 2,052.5 2,11. Trading Statistics for the Financial Year Opening Price (S$)5 4.050 4.800 3.700 3.200 2.550 Highest Price (S$)2 5.100 4.850 3.850 3.250 2.920 Lowest Price (S$)2 3.750 3.200 2.500 2.500 2.000 Closing Price (S$)2 4.800 3.700 3.200 2.550 2.710 Volume Weighted Average Price (S$)5 4.460 3.970 3.180 2.857 2.500 Total Volume Traded (million Units)5 246.1 254.4 269.6 291.7 307.4 Average Daily Trading Volume (million Units)5 1.0 1.0 1.1 1.2 1.2 Total Return (%)6 30.0 -16.8 -6.5 -13.7 15.1 2 Comparative figures for FY2021 to FY2024 are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison. 3 Computed by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense. Interest expense includes amortisation of debt-related transaction costs and distributions to perpetual securities, but excludes finance costs on lease liabilities under FRS 116. 4 Computed based on closing price and Units in issue at the end of the financial year. 5 The FY2025 figure and the comparative figures for FY2021 to FY2024 are adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison. 6 Performance is calculated on the change in unit price over the year, based on the closing price of the last day of the preceding year and the closing price of the current year, including the assumption that distributions paid were reinvested at the closing price on the ex-distribution date. ESR-REIT ANNUAL REPORT 2025
24 Unit Price Performance TRADING PERFORMANCE IN FY2025 In FY2025, the global economy continued to navigate a challenging landscape marked by persistent inflationary pressures, geopolitical tensions, and ambiguity in the interest rate environment. These conditions contributed to ongoing market volatility and weighed on business confidence, with direct implications for the Singapore REIT sector, particularly in the areas of financing costs, asset valuations, and capital market sentiment. Amid these headwinds, Singapore’s economy remained resilient, expanding by 5.0% in 2025, with growth expected to moderate to 2.0-4.0% in 2026, according to the Ministry of Trade and Industry1. ESR-REIT’s closing unit price was S$2.710 as at 31 December 2025, with one year volume weighted average price of S$2.5002 as at 31 December 2025. ESR-REIT’s market capitalisation was approximately S$2.2 billion as at 31 December 2025, as compared to S$2.1 billion as at 31 December 2024. Additionally, average daily traded volume for FY2025 increased slightly to 1.22 million from 1.16 million2 in FY2024. 1 Ministry of Trade and Industry Singapore. 10 February 2026, MTI Upgrades 2026 GDP Growth Forecast to “2.0 to 4.0 Per Cent” https://www.mti. gov.sg/newsroom/mti-upgrades-2026-gdp-growth-forecast-to--2-0-to-4-0-per-cent-/ 2 Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 3 Adjusted for the 10:1 Unit consolidation completed on 5 May 2025 to provide for a like-for-like comparison Distribution per Unit (“DPU”) for FY2025 was 21.914 Singapore cents, translating to a distribution yield of approximately 8.1% based on the closing unit price of S$2.710 as at 31 December 2025. Attractive Yield (%) (As at 31 December 2025) FY2025 Distribution Yield 8.1% 4.7% 2.2% ESR-REIT FTSE Real Estate STI FTSE ST REIT FTSE ST REIT 12M Yield Singapore Government 10Y Bond Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 130% 120% 110% 100% 90% 80% 70% Trading Data Across Five Years3 COMPARATIVE TRADING PERFORMANCE FY2025 2025 2024 2023 2022 2021 Opening Price on First Trading Day of Year (S$) 2.550 3.200 3.700 4.800 4.050 Closing Price on Last Trading Day of Year (S$) 2.710 2.550 3.200 3.700 4.800 Highest (S$) 2.920 3.250 3.850 4.850 5.100 Lowest (S$) 2.000 2.500 2.500 3.200 3.750 Volume Weighted Average Price (S$) 2.500 2.857 3.180 3.970 4.460 Total Trading Volume (million Units) 307.4 291.7 269.6 254.4 246.1 Average Daily Trading Volume (million Units) 1.2 1.2 1.1 1.0 1.0 ESR-REIT ANNUAL REPORT 2025
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