NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 15 GROSS REVENUE Group 2025 2024 US$’000 US$’000 Rental income 61,031 90,747 Recoveries income 42,035 62,083 Car park income 9,469 13,200 Others 1,379 1,552 113,914 167,582 16 PROPERTY OPERATING EXPENSES Group 2025 2024 US$’000 US$’000 Real estate taxes 12,625 25,576 Repairs and property maintenance expenses 15,575 20,027 Utilities 8,942 10,490 Property management fees and reimbursements 10,674 13,864 Net provision for ECL 291 594 Other operating expenses 12,629 17,157 60,736 87,708 Other operating expenses include non-cash amortisation of leasing commission, insurance premiums and car park-related expenses. 17 OTHER TRUST EXPENSES Group 2025 2024 US$’000 US$’000 Audit fees paid/payable to: – Auditors of the Group 380 408 Non-audit fees paid/payable to: – Auditors of the Group1 − − Valuation fees 47 47 Tax and legal expenses 688 889 Investor relations and related expenses 273 275 Foreign exchange (gains)/losses (29) 71 Other expenses 649 856 2,008 2,546 1 Non-audit fees of US$64,483 (2024: US$29,109) paid/payable to Auditors of the Group, have been included as part of the loss on disposal of investment properties and unamortised transaction costs / 136 / EXPANDING HORIZONS
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