112 CapitaLand Ascott Trust Statements of Total Return Year ended 31 December 2025 Note CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2025 $’000 2024 $’000 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Gross revenue 22 660,133 633,336 209,108 197,616 837,584 809,520 Direct expenses 23 (322,249) (318,413) (151,422) (131,192) (452,283) (438,571) Gross profit 337,884 314,923 57,686 66,424 385,301 370,949 Depreciation of land and buildings, plant and machinery – – (16,307) (17,954) (21,023) (22,670) Finance income 24 4,991 4,240 1,521 2,020 6,465 6,181 Other income 1,342 7,893 315 1,295 1,581 8,784 Finance costs 24 (102,651) (100,044) (9,867) (10,875) (107,484) (105,352) Managers’ management fees 25 (32,767) (30,591) (4,637) (5,223) (37,404) (35,814) Trustee’s fee (842) (806) (162) (165) (1,004) (971) Professional fees 26 (4,672) (4,499) (1,175) (865) (5,847) (5,364) Audit fees (3,230) (2,844) (543) (665) (3,773) (3,509) Foreign exchange gain/(loss) 44,504 (16,825) (4,816) (3,761) 39,688 (20,586) Other operating expenses (7,356) (7,898) (1,761) (1,480) (9,314) (9,782) Net income before share of results of associate 237,203 163,549 20,254 28,751 247,186 181,866 Share of results of associate (net of tax) 10 – 15 – – – 15 Net income 27 237,203 163,564 20,254 28,751 247,186 181,881 Net change in fair value of investment properties and investment properties under development 79,277 23,758 35,319 24,161 135,726 51,106 Revaluation deficit on land and buildings – – (7,257) (1,134) (7,257) (1,134) Net change in fair value of financial derivatives (27,991) (5,295) (2,222) – (30,213) (5,295) Net change in fair value of investment securities (155) (477) – – – – Profit/(loss) from divestments 28 99,038 64,239 – (1,925) 99,038 62,687 Investment properties written off 4 (300) (441) – – (102) (37) Total return for the year before income tax 387,072 245,348 46,094 49,853 444,378 289,208 Income tax expense 29 (99,427) (34,191) (12,328) (10,731) (111,755) (44,922) Total return for the year 287,645 211,157 33,766 39,122 332,623 244,286 Total return attributable to: Stapled Securityholders and perpetual securities holders 282,864 208,342 33,701 38,895 327,614 241,175 Non-controlling interests 9 4,781 2,815 65 227 5,009 3,111 287,645 211,157 33,766 39,122 332,623 244,286 Earnings per Stapled Security (cents) 30 Basic 8.13 5.99 Diluted 8.07 5.95 The accompanying notes form an integral part of these financial statements.
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