10 FINANCIAL DERIVATIVES (CONT'D) Offsetting financial assets and financial liabilities (cont'd) The following table sets out the carrying amounts of recognised financial instruments that are subject to an enforceable master netting arrangement, irrespective of whether they are offset in the Statements of Financial Position: Gross amounts of recognised financial instruments Gross amounts of recognised financial instruments offset in the Statement of Financial Position Net amounts of financial instruments presented in the Statement of Financial Position Related financial instruments that are not offset Net amount US$’000 US$’000 US$’000 US$’000 US$’000 Group and Trust 2024 Financial assets Interest rate swaps 14,662 − 14,662 − 14,662 2023 Financial assets Interest rate swaps 33,266 − 33,266 − 33,266 11 PREFERRED UNITS Group 2024 2023 US$’000 US$’000 As at 1 January 904 1,078 Redemption (net of transaction costs) (82) (174) 31 December 822 904 In connection with the divestment of Capitol, Hancock S-REIT Sacramento LLC, which held the Capitol property, redeemed all outstanding preferred units held by the preferred unitholders on 21 November 2024 and the total cash paid for the redemption of approximately US$0.1 million was funded from internal resources. In connection with the divestment of Tanasbourne and Park Place, Hancock S-REIT Portland LLC, which held the Tanasbourne property, and Hancock S-REIT Chandler LLC, which held the Park Place property, each redeemed all outstanding preferred units held by the preferred unitholders on 31 May 2023 and 22 December 2023 respectively. The total cash paid for the redemption was approximately US$0.3 million and was funded from internal resources and the proceeds from the divestment of Tanasbourne. ANNUAL REPORT 2024 | 175 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
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