Statements of Movements in Stapled Securityholders’ Funds Year ended 31 December 2024 Attributable to Stapled Securityholders Stapled Securities in issue Revenue reserve Foreign currency translation reserve Capital reserve Hedging reserve Asset revaluation reserve Total Perpetual securities Non- controlling interests Total equity Stapled Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 2024 3,250,937 1,380,750 (421,777) 724 21,346 124,373 4,356,353 396,298 77,643 4,830,294 Total return for the year – 241,175 – – – – 241,175 – 3,111 244,286 Total return attributable to perpetual securities holders – (14,413) – – – – (14,413) 14,413 – – Other comprehensive income Effective portion of change in fair values of cash flow hedges – – – – 17,201 – 17,201 – – 17,201 Net change in fair value of cash flow hedge reclassified to Statement of Total Return – – – – (17,695) – (17,695) – – (17,695) Realisation of reserves upon divestment – – 10,174 – (307) – 9,867 – – 9,867 Revaluation surplus on land and buildings (net of tax) – – – – – 17,886 17,886 – – 17,886 Transfer of reserves upon divestment – 19,280 – – – (19,280) – – – – Exchange differences arising from translation of foreign operations and foreign currency loans forming part of net investment in foreign operations – – (50,526) – – – (50,526) – (3,216) (53,742) Total other comprehensive income – 19,280 (40,352) – (801) (1,394) (23,267) – (3,216) (26,483) Transactions with owners, recognised directly in equity Contributions by and distributions to owners REIT Manager’s management fee payable in Stapled Securities 23,663 – – – – – 23,663 – – 23,663 BT Trustee-Manager’s management fee payable in Stapled Securities 2,925 – – – – – 2,925 – – 2,925 Issue expenses relating to equity fund raising* 890 – – – – – 890 – – 890 Issuance of perpetual securities – – – – – – – 150,000 – 150,000 Issue expenses relating to perpetual securities – – – – – – – (1,004) – (1,004) Redemption of perpetual securities – – – – – – – (150,000) – (150,000) REIT Manager’s acquisition fees payable in Stapled Securities 4,177 – – – – – 4,177 – – 4,177 BT Trustee-Manager’s acquisition fees payable in Stapled Securities 1,023 – – – – – 1,023 – – 1,023 Distribution to Stapled Securityholders (130,051) (82,866) – – – – (212,917) – – (212,917) Distribution to perpetual securities holders – – – – – – – (13,532) – (13,532) Distribution to non-controlling interests – – – – – – – – (3,513) (3,513) Total contributions by and distributions to owners (97,373) (82,866) – – – – (180,239) (14,536) (3,513) (198,288) * Credited against Stapled Securityholders’ funds due to reversal of over provision of issue expenses The accompanying notes form an integral part of these financial statements. 125 Annual Report 2024
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