121 Annual Report 2025 Stapled Group Attributable to Stapled Securityholders Perpetual securities $’000 Noncontrolling interests $’000 Total equity $’000 Stapled Securities in issue $’000 Revenue reserve $’000 Foreign currency translation reserve $’000 Capital reserve $’000 Hedging reserve $’000 Asset revaluation reserve $’000 Total $’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) Statements of Movements in Stapled Securityholders’ Funds Year ended 31 December 2025 The accompanying notes form an integral part of these financial statements. * Credited against Stapled Securityholders’ funds due to reversal of over provision of issue expenses
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