PORTFOLIO STATEMENT As at 31 December 2023 The accompanying notes form an integral part of these financial statements. Investment properties are stated at fair value at the reporting date. As at 31 December 2023, the fair values of the investment properties were based on independent valuations undertaken by the following property valuers: Retail Country: Property valuers Singapore CBRE Pte. Ltd. (“CBRE”), Savills Valuation And Professional Services (S) Pte Ltd (“Savills”), Cushman & Wakefield VHS Pte. Ltd. (“C&W”), Knight Frank Pte Ltd (“Knight Frank”) and Colliers International Consultancy & Valuation (Singapore) Pte Ltd (“Colliers”) (2022: Savills, C&W, Knight Frank, Colliers and Jones Lang LaSalle Property Consultants Pte Ltd (“JLL”)) Office Countries: Property valuers Singapore CBRE, C&W, Knight Frank, Colliers and JLL (2022: CBRE, C&W, Colliers and JLL) Australia Jones Lang LaSalle Advisory Services Pty Ltd (“JLL Australia”) (2022: JLL Australia) Germany CBRE GmbH (2022: Knight Frank Valuation & Advisory GmbH & Co. KG) Integrated Developments Countries: Property valuers Singapore Savills and Knight Frank (2022: Savills and Knight Frank) Australia JLL Australia (2022: JLL Australia) The valuations include the capitalisation method and/or discounted cash flow method. The Manager believes that the independent valuers have appropriate professional qualifications and experience in the location and category of the properties being valued. The net change in fair value of the properties has been recognised in the Statement of Total Return. Investment properties comprise commercial properties that are leased to external customers. Generally, the leases contain an initial non-cancellable period of three years. Subsequent renewals are negotiated with the lessees. Contingent rents recognised in the Statement of Total Return of the Group is $81,859,000 (2022: $71,731,000). 182 CAPITALAND INTEGRATED COMMERCIAL TRUST
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