172 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 15. Deferred Tax Asset and Liabilities The movements in the deferred tax balances on the gross basis during the year are as follows: Unused tax losses and other tax credits Investment properties Unremitted earnings of overseas subsidiaries Total $’000 $’000 $’000 $’000 Group At 1 January 2024 (22,151) 46,171 114,748 138,768 R ecognised in the Consolidated Statement of Total Return (Note 23) (4,718) (2,732) (26,990) (34,440) Exchange differences – (2,956) – (2,956) At 31 December 2024 (26,869) 40,483 87,758 101,372 R ecognised in the Consolidated Statement of Total Return (Note 23) 2,238 22,587 18,568 43,393 Exchange differences – (830) (1,938) (2,768) At 31 December 2025 (24,631) 62,240 104,388 141,997 Reflected in the Statement of Financial Position as follows: Group 2025 $’000 2024 $’000 Deferred tax asset (7,377) (18,289) Deferred tax liabilities 149,374 119,661 16. Perpetual Securities In September 2020, the Trust issued $300.0 million perpetual securities (“Perpetual Securities Series 002”). In August 2025, the Trust issued $300.0 million perpetual securities (“Perpetual Securities Series 008”). In September 2025, Perpetual Securities Series 002 was redeemed in full. The key terms and conditions of the perpetual securities are as follows: • the Perpetual Securities Series 002 conferred a right to receive distribution payments at an initial rate of 3.00% per annum with the first distribution rate reset falling on 17 September 2025 and subsequent resets occurring every five years thereafter; • the Perpetual Securities Series 008 will confer a right to receive distribution payments at an initial rate of 3.18% per annum with the first distribution rate reset falling on 15 August 2030 and subsequent resets occurring every five years thereafter; • the distributions are payable semi-annually in arrears on a discretionary basis and are non-cumulative; and • the perpetual securities will constitute direct, unconditional, subordinated and unsecured obligations of the Trust and rank pari passu and without any preference among themselves and with any Parity Obligations (as defined in the conditions) of the Issuer. The perpetual securities are classified as equity instruments and recorded as equity in the Statements of Financial Position. The $302.4 million (2024 : $298.9 million) presented in the Statements of Financial Position represents the carrying value of the $300.0 million (2024 : $300.0 million) perpetual securities issued, net of issue costs and includes the total return attributable to the perpetual securities holders from the last distribution date.
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