Broker Name: Maybank Research Pte Ltd
Date of Report: February 4, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary
• ESR REIT reported strong FY25 results, with DPU (distribution per unit) up 3.4% year-on-year, driven by resilient rental reversion, improved NPI margin, and contributions from asset enhancements and divestments. Despite a slight decline in occupancy due to ongoing upgrades, gearing and cost of debt have improved, supporting future growth.
• Looking ahead, income will be partially offset by higher occupancy, continued mid-single-digit rental reversion, potential acquisitions in Japan, and capital top-ups. Maybank maintains a BUY rating with a target price of SGD3.00, citing attractive yield, proactive portfolio rebalancing, and sustainability initiatives as key strengths.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank can be the first to access the full report from the Maybank website : https://www.maybank-keresearch.com