As at 31 December 2024 Portfolio Statement Investment properties are stated at fair value at the reporting date. As at 31 December 2024, 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”), Cushman & Wakefield VHS Pte. Ltd. (“C&W”), Jones Lang LaSalle Property Consultants Pte Ltd (“JLL”), Knight Frank Pte Ltd (“Knight Frank”) and Savills Valuation And Professional Services (S) Pte Ltd (“Savills”) (2023: CBRE, Colliers International Consultancy & Valuation (Singapore) Pte Ltd (“Colliers”), C&W, Knight Frank and Savills) Office Countries: Property valuers Singapore CBRE, Colliers, C&W and Knight Frank (2023: CBRE, Colliers, C&W, JLL and Knight Frank) Australia Cushman & Wakefield (Valuations) Pty Ltd (“C&W Australia”) (2023: Jones Lang LaSalle Advisory Services Pty Ltd (“JLL Australia”)) Germany CBRE GmbH (2023: CBRE GmbH) Integrated Developments Countries: Property valuers Singapore JLL, Knight Frank and Savills (2023: Knight Frank and Savills) Australia C&W Australia (2023: 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 for 2024 is $85,129,000 (2023: $81,859,000). The accompanying notes form an integral part of these financial statements. 114 CapitaLand Integrated Commercial Trust
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