154 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 4. Investment Properties Group Trust 2025 $’000 2024 $’000 2025 $’000 2024 $’000 At the beginning of the financial year 16,758,446 16,922,976 10,004,000 9,853,000 Acquisition of investment properties 1,474,432 – 639,961 – T ransfer from / (to) investment properties under development (Note 5) 97,515 (112,227) 97,515 – Capital expenditure incurred 162,534 106,961 52,063 49,521 Disposal of investment properties (465,218) (67,354) (312,011) (67,354) Exchange differences (77,948) (100,949) – – Net change in fair value 252,685 9,039 187,672 168,833 At the end of the financial year 18,202,446 16,758,446 10,669,200 10,004,000 Consolidated Statement of Total Return: N et change in fair value change of investment properties 252,685 9,039 187,672 168,833 N et change in fair value of investment properties under development (Note 5) (40,041) 11,028 (16,812) 13,735 E ffect of lease incentive and marketing fee amortisation (18,025) (9,225) (15,708) (1,897) N et change in fair value of investment properties and investment properties under development recognised in the Consolidated Statement of Total Return (unrealised) 194,619 10,842 155,152 180,671 Details of the properties are shown in the Investment Properties Portfolio Statement. Investment properties are leased to both related and non-related parties under operating lease or finance lease. As at 31 December 2025, investment properties with an aggregate carrying amount of $1,122,902,000 (2024: $1,191,870,000) have been pledged as collateral for certain term loans taken out by the Group (Note 14). Information on the fair value assessment of investment properties is disclosed in Note 29(c).
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