CapitaLand Integrated Commercial Trust 118 Portfolio Statement (continued) As at 31 December 2025 Investment properties are stated at fair value at the reporting date. As at 31 December 2025, the fair values of the investment properties were based on independent valuations undertaken by the following property valuers: Retail Country: Property valuers Singapore 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”) (2024: CBRE Pte. Ltd. (“CBRE”), C&W, JLL, Knight Frank and Savills) Office Countries: Property valuers Singapore CBRE, Colliers International Consultancy & Valuation (Singapore) Pte Ltd (“Colliers”), C&W and Knight Frank (2024: CBRE, Colliers, C&W and Knight Frank) Australia Cushman & Wakefield (Valuations) Pty Ltd (“C&W Australia”) (2024: C&W Australia) Germany Knight Frank Valuation & Advisory GmbH & Co. KG (2024: CBRE GmbH) Integrated Developments Countries: Property valuers Singapore JLL and Savills (2024: JLL, Knight Frank and Savills) Australia C&W Australia (2024: C&W 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 2025 is $84,444,000 (2024: $85,129,000). The accompanying notes form an integral part of these financial statements.
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