CapitaLand Ascott Trust 206 Notes to the Financial Statements For the financial year ended 31 December 2025 Milestone payment for acquisition of investment property will be paid to the vendor by the CapitaLand Ascott REIT Group when 70% of the renovation works have been completed for The Cavendish London. The non-current rental deposits are refundable to tenant upon the lease expiry ranging from March 2033 to June 2038. 18 Deferred Income CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2025 $’000 2024 $’000 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Non-current 11,141 8,986 1,191 2,668 12,332 11,654 Current 425 425 40 111 465 536 Total 11,566 9,411 1,231 2,779 12,797 12,190 At 1 January 9,411 8,394 2,779 867 12,190 9,261 Additions during the year 2,565 1,442 – 2,081 2,565 3,523 Amount amortised during the year - Gross revenue (Note 22) (425) (425) – – (425) (425) - Finance income (Note 24) – – (103) (106) (103) (106) Reversal during the year – – (1,357) – (1,357) – Translation differences 15 – (88) (63) (73) (63) 11,566 9,411 1,231 2,779 12,797 12,190 Deferred income relates to the following: (i) Difference between the considerations received for rental deposits arising from the master leases and its fair value on initial recognition. Deferred income is credited to the Statement of Total Return as finance income. (ii) Key money contribution of $8.5 million received from Ascott International Management Pte Ltd (“AIMPL”) for the renovation and rebranding of the property to The Robertson House by The Crest Collection in 2023. In the event of termination of the hotel management agreement signed between Ascendas Hospitality Business Trust (“AHBT”) and AIMPL on 30 September 2022, AHBT will return a percentage of the key money contributed by AIMPL based on the remaining duration of the hotel management agreement from the date the property is rebranded as The Robertson House by The Crest Collection. Deferred income is credited to the Statement of Total Return as rental income on a straight-line basis. (iii) Cash reimbursement received from Ascott Hospitality Management (UK) Limited (“AHMUK”) of GBP2.3 million (2024: GBP0.8 million), for its partial 50% share of the GBP77.3 million capital expenditure to be incurred by The Cavendish Hotel (London) Limited (“TCHLL”) for rebranding of the property to The Cavendish London by The Crest Collection. In the event of termination of the hotel management agreement signed between TCHLL and AHMUK on 25 October 2023, TCHLL will return a percentage of the key money contributed by AHMUK based on the remaining duration of the hotel management agreement from 30 November 2023. (iv) Key money contribution of AUD0.8 million received from Ascott International Management (Australia) Pty Ltd (“AIMAPL”) for the rebranding and renovation of Sydney Central Hotel. For the AUD2.4 million received in 2024, AUD1.6 million was reversed during the year due to delay in renovation and re-negotiation of key money based on the final renovation plans. In the event of termination of the hotel management agreement signed between Ascendas Hotel Investment Company Pty Ltd (“AHICPL”) and AIMAPL on 2 October 2023, AHICPL will return a percentage of the key money contributed by AIMAPL based on the remaining duration of the hotel management agreement from the date the property is rebranded as Citadines Sydney Central. 17 Trade and Other Payables (continued)
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