182 UNITED HAMPSHIRE US REIT Notes to the Financial Statements For the financial year ended 31 December 2025 7 INVESTMENT PROPERTIES AND INVESTMENT PROPERTY HELD FOR DIVESTMENT Group 2025 2024 US$’000 US$’000 Statements of financial position Investment properties At the beginning of the financial year 749,872 785,001 Acquisition (including acquisition cost) 17,046 – Additions in capital expenditure, tenant improvements and leasing commissions 25,039 13,528 Divestment – (33,020) Transfer to investment property held for divestment (1) – (23,800) Fair value change in investment properties (2) 2,131 8,163 Carrying value of investment properties 794,088 749,872 Net fair value: Right-of-use asset 19,838 20,812 Fair value of investment properties as at 31 December 774,250 729,060 794,088 749,872 Investment property held for divestment (1) At the beginning of the financial year 23,800 – Transfer from investment property – 23,800 Divestment (23,800) – Carrying value of investment property held for divestment – 23,800 Carrying value of investment properties and investment property held for divestment 794,088 773,672 Consolidated statement of comprehensive income Fair value change in investment properties (2) 2,131 8,163 Property related non-cash items (3) (320) (713) Net fair value change in investment properties 1,811 7,450 Footnotes: (1) As at 31 December 2024, Albany Supermarket was classified as an investment property held for divestment and the divestment was completed on 17 January 2025 for a consideration of US$23.8 million, which is also the fair value as at 31 December 2024 based on the independent valuation undertaken by CBRE, Inc. (2) Fair value changes in investment properties includes fair value loss attributable to the right-of-use asset amounting to US$974,000 (2024: US$749,000) during the financial year ended 31 December 2025. (3) Mainly comprise straight-line rent adjustments and amortisation of lease commission.
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