194 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 The following table shows the key unobservable inputs used in the valuation models: Valuation technique Key unobservable inputs Inter–relationship between key unobservable inputs and fair value measurements Group C apitalisation Approach Singapore • Capitalisation rates of 4.75% to 7.00% (2024 : 4.75% to 6.60%) The estimated fair value would increase if the capitalisation rate, discount rate and terminal yield decreased. Australia • Capitalisation rates of 5.13% to 8.50% (2024 : 5.38% to 8.50%) UK / Europe • Equivalent yield of 5.75% to 8.00% (2024 : 5.50% to 9.00%) US • Capitalisation rates of 5.75% to 9.25% (2024 : 5.75% to 11.75%) Discounted C ash Flow Method Singapore • Discount rates of 7.00% to 8.00% (2024 : 7.00% to 8.25%) • Terminal yields 5.00% to 6.80% (2024 : of 5.00% to 6.85%) Australia • Discount rates of 6.75% to 8.50% (2024 : 6.75% to 8.25%) • Terminal yields of 5.25% to 8.75% (2024 : 5.62% to 8.75%) UK / Europe • Discount rates of 7.25% to 12.00% (2024 : 6.50% to 9.50%) • Terminal yields of 5.25% to 9.00% (2024 : 5.50% to 9.00%) US • Discount rates of 7.00% to 11.00% (2024 : 7.25% to 11.25%) • Terminal yields of 6.00% to 9.25% (2024 : 6.25% to 8.75%) Direct C omparison Method Singapore • Adjusted price (psm): Not applicable (2024 : $1,068 to $5,599) UK / Europe • Adjusted price (psm): $585 (2024 : Not applicable) The estimated fair value would increase if the price per sqm (“psm”) increased. 29. Fair Value Measurement (continued) (c) Level 3 fair value measurements (continued) (i) Information about significant unobservable inputs used in Level 3 fair value measurement (continued) Investment properties and investment properties under development (continued)
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