123 Annual Report 2025 Statements of Movements in Stapled Securityholders’ Funds Year ended 31 December 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 2025 3,153,564 1,541,422 (462,255) 724 20,545 122,979 4,376,979 396,175 68,166 4,841,320 Total return for the year – 327,614 – – – – 327,614 – 5,009 332,623 Total return attributable to perpetual securities holders – (17,207) – – – – (17,207) 17,207 – – Other comprehensive income Effective portion of change in fair values of cash flow hedges – – – – (5,923) – (5,923) – – (5,923) Net change in fair value of cash flow hedge reclassified to Statement of Total Return – – – – (6,318) – (6,318) – – (6,318) Realisation of reserves upon divestment – – 16,892 – – – 16,892 – – 16,892 Revaluation surplus on land and buildings (net of tax) – – – – – 652 652 – – 652 Exchange differences arising from translation of foreign operations and foreign currency loans forming part of net investment in foreign operations – – (16,442) – – – (16,442) – (4,331) (20,773) Total other comprehensive income – – 450 – (12,241) 652 (11,139) – (4,331) (15,470) Transactions with owners, recognised directly in equity Contributions by and distributions to owners REIT Manager’s management fee payable in Stapled Securities 25,558 – – – – – 25,558 – – 25,558 BT Trustee-Manager’s management fee payable in Stapled Securities 2,641 – – – – – 2,641 – – 2,641 Contribution from non-controlling interests – – – – – – – – 59 59 Issuance of perpetual securities – – – – – – – 260,000 – 260,000 Issue expenses relating to perpetual securities – – – – – – – (1,728) – (1,728) Redemption of perpetual securities – – – – – – – (250,000) – (250,000) REIT Manager’s acquisition fees payable in Stapled Securities 2,619 – – – – – 2,619 – – 2,619 REIT Manager’s divestment fees payable in Stapled Securities 1,094 – – – – – 1,094 – – 1,094 Distribution to Stapled Securityholders (60,135) (171,112) – – – – (231,247) – – (231,247) Distribution to perpetual securities holders – – – – – – – (14,407) – (14,407) Distribution to non-controlling interests – – – – – – – – (3,855) (3,855) Total contributions by and distributions to owners (28,223) (171,112) – – – – (199,335) (6,135) (3,796) (209,266) The accompanying notes form an integral part of these financial statements.
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