Annual Report 2025 115 Statements of Movements in Unitholders’ Funds Year ended 31 December 2025 Group Trust 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Net assets attributable to Unitholders at beginning of the year 15,524,456 14,199,813 14,906,319 13,307,471 Operations Total return attributable to Unitholders for the year 937,287 933,683 835,865 1,235,669 Hedging reserves Effective portion of changes in fair value of cash flow hedges (132,870) 47,085 (58,976) 6,944 Net change in fair value of cash flow hedges reclassified to Statement of Total Return 63,133 (44,848) 19,614 (15,978) Share of net fair value changes on cash flow hedges of joint ventures (13,912) 907 – – Movement in foreign currency translation reserves (“FCTR”) 922 14,232 – – Movement in fair value reserves 8,773 (26,639) 7,336 (28,010) Unitholders' transactions Creation of units – Management fees paid 19,651 17,706 19,651 17,706 – Management fees payable 33,160 30,114 33,160 30,114 – Acquisition fee 8,550 18,655 8,550 18,655 – Private placement 600,002 350,343 600,002 350,343 – Distribution reinvestment plan – 115,543 – 115,543 – Preferential offering – 757,249 – 757,249 661,363 1,289,610 661,363 1,289,610 Issue expenses (6,964) (15,315) (6,964) (15,315) Distributions to Unitholders (750,125) (874,072) (750,125) (874,072) Net (decrease)/increase in net assets resulting from Unitholders' transactions (95,726) 400,223 (95,726) 400,223 Net assets attributable to Unitholders at end of the year 16,292,063 15,524,456 15,614,432 14,906,319 Non-controlling interests (“NCI”) Group 2025 $’000 2024 $’000 At beginning of the year 197,715 201,907 Total return attributable to NCI 14,137 8,094 Distributions to NCI (12,574) (10,945) Hedging reserves attributable to NCI (1,905) (802) Translation differences from financial statements of foreign operations 881 (539) At end of the year 198,254 197,715 The accompanying notes form an integral part of these financial statements.
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