The duration and rental escalation of the leases are shown in the table below: Property Lease Terms (As at 31 December 2024) Rental Escalation E-COMMERCE LOGISTICS Fu Heng Warehouse Multiple tenancies Leases come with rent escalation up to 5% Stage 1 Properties of Bei Gang Logistics Master leased Current lease has no escalation Wuhan Meiluote Multiple tenancies 1 lease comes with rent escalation up to 5% Fuzhou E-commerce Multiple tenancies Leases come with rent escalation up to 5% SPECIALISED LOGISTICS Hengde Logistics Multiple tenancies Leases come with rent escalation up to 5% PORT LOGISTICS Chongxian Port Investment Multiple tenancies Current leases have no escalation Chongxian Port Logistics Multiple tenancies Leases come with rent escalation up to 2% During 2024, the gross revenue of the portfolio was S$92.2 million and the Calculated DPU for the full year was 1.951 Singapore cents. The projected revenue derived from market rent would have been S$50.7 million and there will be no distributable DPU. As compared to the projected market rent⁴, the master lease gross rents for Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce are approximately RMB102.1 million, RMB44.7 million, RMB21.3 million and RMB33.6 million respectively. The total difference of RMB 201.7 million is 40.6% of the portfolio gross rent in 2024. Property 2024 Gross Rent (RMB’000) Chongxian Port Investment 176,694 Fu Heng Warehouse 30,978 Fuzhou E-Commerce 54,836 Stage 1 Properties of Bei Gang Logistics 78,074 Total 340,582 4 Projected market rents for Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce are based on the market rental rate adopted in the year-end valuation conducted by Savills on 31 Dec 2024. ANNUAL REPORT 2024 15 MANAGEMENT REVIEW
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