Annual Report 2025 113 Consolidated Statement of Total Return Year ended 31 December 2025 Group Note 2025 $’000 2024 $’000 Gross revenue 18 1,538,574 1,523,046 Property operating expenses 19 (471,014) (473,121) Net property income 1,067,560 1,049,925 Management fees - Base management fee 20 (87,888) (86,197) Trust expenses 21 (16,125) (12,385) Finance costs, net 22 (277,812) (271,265) Net foreign exchange differences 32,861 (25,862) Gain on disposal of a subsidiary 3,538 – Gain on disposal of investment properties 19,281 45,362 Net income 741,415 699,578 Net change in fair value of financial derivatives (105,476) 43,699 Net change in fair value of right-of-use assets 7 (10,189) (8,369) Net change in fair value of investment properties and investment properties under development 4 194,619 10,842 Share of associated company’s and joint venture’s results 9 15,117 496 Total return for the year before tax 835,486 746,246 Tax (expense)/credit 23 (55,770) 17,861 Total return for the year 779,716 764,107 Attributable to: Unitholders of CapitaLand Ascendas REIT 769,696 755,082 Perpetual securities holders 10,020 9,025 Total return for the year 779,716 764,107 Other comprehensive income Items that may be reclassified subsequently to profit or loss: - Effective portion of change in fair value of cash flow hedges (64,604) 24,680 - Foreign exchange difference on translation of foreign operations (10,230) (42,050) Other comprehensive income, net of tax (74,834) (17,370) Total comprehensive income for the year 704,882 746,737 Earnings per Unit (cents) - Basic and diluted 24 16.951 17.178 Distribution per Unit (cents) 24 15.005 15.205 The accompanying notes form an integral part of these financial statements.
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