Capitaland Ascendas Reit · SGX:A17U
Capitaland Ascendas Reit — 3Q 2025 Earnings Presentation
69 slides from Capitaland Ascendas Reit's earnings presentation, Oct 31, 2025
Slide 1: 3Q 2025 Business Updates
CapitaLand Ascendas REIT 3Q 2025 Business Updates 1, 1A and 1B Science Park Drive, Singapore 31 October 2025
Slide 2: Agenda
Agenda 04 Highlights 07 Investment Management 15 Capital Management 20 Asset Management 34 Market Outlook 41 Portfolio Resilience & Sustainability 51 Appendix The Shugart, Singapore
Slide 3: Disclaimers
Disclaimers • This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors i
Slide 4: Highlights
3Q 2025 Business Updates Highlights 500 Green Road, Brisbane, Australia
Slide 5: 3Q 2025 Leveraging Multiple Engines of Growth
3Q 2025 Leveraging Multiple Engines of Growth Highlights Accretive Acquisitions Development Stable S$1,317.2 million S$107.4 million Portfolio Strengthening portfolio with 5 properties Rejuvenating portfolio with in Singapore at yields of approx. 6% to 7% completion of redevelopment of 5 91.3% Toh G
Slide 6: 3Q 2025 Sustainability Achievements and Capital Management
3Q 2025 Sustainability Achievements Highlights 2025 GRESB2 Results Real Estate Assessment | 4-star (Retained) Public Disclosure | ‘A’ rating (6th consecutive year) Capital Management Singapore Governance & Transparency Index S$1.0 billion 39.8%1 REITs and Business Trusts | 2nd place (Improved) Total
Slide 7: Investment Management
3Q 2025 Business Updates Investment Management 510 Townsend Street, San Francisco, United States
Slide 8: Investment Highlights
Investment Highlights o Completed accretive acquisitions of a premium business space property and a Tier III colocation data centre in Singapore for S$724.6 million in Aug 2025 o Announced the proposed acquisitions of three high-quality industrial and logistics properties in Singapore for S$592.6 mi
Slide 9: Investment Highlights (continued)
Investment Highlights (continued) o Completed the redevelopment of 5 Toh Guan Road East into a six-storey ramp-up logistics property in Singapore for S$107.4 million, increasing the GFA by 71% to 50,920 sqm o Completed an AEI at Perimeter One, a business space property in the US, for S$1.3 million t
Slide 10: Redevelopment (Completed in 3Q 2025)
Redevelopment (Completed in 3Q 2025) 5 Toh Guan Road East, Singapore A new best-in-class six-storey ramp-up logistics property with a total GFA of 50,920 sqm. The redevelopment tapped on the unutilised plot ratio to achieve a GFA increase of 71% or approximately 21,000 sqm. Key features include dedi
Slide 11: Investment Highlights (continued): Ongoing projects
Investment Highlights (continued) Ongoing projects o Seven projects worth S$751.0 million that are undergoing development, redevelopment and refurbishment to enhance portfolio quality and returns Estimated Total Cost Estimated City / Country Segment (S$ million) Completion Date Ongoing Acquisitions
Slide 12: Asset Enhancement Initiative (New)
Asset Enhancement Initiative (New) 5005 & 5010 Wateridge, San Diego, US Enhancing the property with a façade refresh, lobby upgrades and a new lounge and meeting space. The AEI will also include revamping the Description indoor and outdoor fitness facilities to improve the Insert artist's impression
Slide 13: Divestment Highlights
Divestment Highlights o Completed and ongoing divestments amounting to S$381.5 million, representing ~7% premium to total market valuation and ~17% to total original purchase price, to optimise portfolio returns o Portfolio reconstitution strategy – proceeds from assets divested or undergoing divest
Slide 14: Proposed Divestment (New)
Proposed Divestment (New) Astmoor Road, North West England, UK o Sale price is at a ~13% premium to market valuation A logistics property comprising a single-storey Description building S$52.5 million / £31.0 million Sale Price1,2,3 (12.7% premium to valuation) Valuation (as at 15 July 2025)1,3 S$46
Slide 15: Capital Management
3Q 2025 Business Updates Capital Management Reynolds House, Manchester, United Kingdom
Slide 16: Healthy Balance Sheet
Healthy Balance Sheet As at As at 30 Sep 2025 30 Jun 2025 Aggregate Leverage1, 2 39.8% 37.4% ▪ Aggregate leverage increased Unencumbered Properties as % of Total Investment 93.5% 93.2% to 39.8%1, 2 Properties3 ▪ YTD weighted average all-in Interest Coverage Ratio4 3.6 x 3.7 x debt cost remained stab
Slide 17: Well-spread Debt Maturity Profile
Well-spread Debt Maturity Profile ▪ Well-spread debt maturity with the longest debt maturing in FY 2034 ▪ Average debt maturity healthy at 3.3 years (Jun 2025: 3.2 years) ▪ Green financing totaling S$3.3 billion1 accounts for about 44% of total borrowings1 8% Debt Maturity Profile 36% Diversified 16
Slide 18: Prudent Interest Rate Risk Management
Prudent Interest Rate Risk Management Proportion of Borrowings on Fixed Rates Refinancing in FY 2025 ▪ ~78% of borrowings are on fixed rates with an average term of 3.9 years ▪ S$235 million2 of borrowings are due to be refinanced in FY 2025 ▪ A 50 bps increase in interest rate on variable rate debt
Slide 19: High Natural Hedge
High Natural Hedge ▪ Maintained high level of natural hedge of ~77% for overseas investments to minimise the effects of any adverse exchange rate fluctuations AUD $ USD $ GBP £ EUR € 70% 78% 78% 100% 2.5 A$ 2.6 b (S$ 2.1 b) US$ 1.5 b (S$ 2.0 b) 2.0 S$ billion A$ 1.8 b US$ 1.2 b (S$ 1.5 b) (S$ 1.5 b)
Slide 20: Asset Management
3Q 2025 Business Updates Asset Management MQX4, Sydney, Australia
Slide 21: Overview of Portfolio Occupancy
Overview of Portfolio Occupancy - 0.8% QoQ - 2.0% QoQ + 1.7% QoQ - 0.1% QoQ - 0.5% QoQ 94.8% 93.1% 91.7% 98.8% 98.9% 99.3% 90.4% 91.2% 92.0% 91.3% 91.8% 92.1% 85.3% 87.3% 87.1% Singapore United States Australia United Kingdom / Europe Total Portfolio Sep-25 Jun-25 Sep-24 Gross Floor 3,245,591 768,43
Slide 22: Singapore
Singapore Occupancy ▪ Occupancy dipped 0.8 ppt QoQ to 90.4% mainly due to the addition of 5 Toh Guan Road East which completed redevelopment in September ▪ Excluding 5 Toh Guan Road East, occupancy would be stable at 91.1% As at 30 Sep 2025 30 Jun 2025 30 Sep 2024 Total Singapore Portfolio GFA (sqm)
Slide 23: United States
United States Occupancy ▪ Occupancy declined 2.0 ppt QoQ to 85.3% mainly due to lower occupancy in Raleigh. Occupancy of Logistics portfolio remained healthy at 92.3%. As at 30 Sep 2025 30 Jun 2025 30 Sep 2024 Total United States Portfolio GFA (sqm) 768,4301 768,4301 692,162 United States Portfolio
Slide 24: Australia
Australia Occupancy ▪ Occupancy increased 1.7 ppt QoQ to 94.8% due to improvements in Logistics portfolio: o 6-20 Clunies Ross Street, a logistics property (Sydney) (30 Sep 2025: 100% vs 30 Jun 2025: 6.1%) o 81-89 Drake Boulevard, a logistics property (Melbourne) (30 Sep 2025: 56.3% vs 30 Jun 2025:
Slide 25: United Kingdom/Europe
United Kingdom/Europe Occupancy ▪ Occupancy remained high at 98.8% As at 30 Sep 2025 30 Jun 2025 30 Sep 2024 Total UK/Europe Portfolio GFA (sqm) 588,305 588,305 588,305 UK/Europe Portfolio Occupancy (same-store)1 98.8% 98.9% 99.3% Occupancy of Investments Completed in the N.A. N.A. N.A. last 12 mont
Slide 26: Sources of New Demand in 3Q 2025
Sources of New Demand in 3Q 2025 By Gross Rental Income Singapore Electronics, 49.1% Lifestyle, Retail and Consumer Products, 11.8% Distributors & Trading Company, 11.4% Logistics & Supply Chain Management, 8.6% IT & Data Centers, 8.3% Engineering, 7.5% Energy, Chemicals and Materials, 2.0% Biomedic
Slide 27: Portfolio Rental Reversions
Portfolio Rental Reversions ▪ Average portfolio rental reversion of leases renewed in 3Q 2025 was 7.6% ▪ Rental reversion for FY 2025 is expected to be in the positive low double-digit range % Change in Renewal Rates for Multi-tenant Buildings1 3Q 2025 2Q 2025 3Q 2024 Singapore 8.5% 7.8% 12.2% Busin
Slide 28: Weighted Average Lease Expiry
Weighted Average Lease Expiry By Gross Revenue ▪ Portfolio Weighted Average Lease Expiry (WALE) remained stable at 3.6 years WALE (as at 30 Sep 2025) Years Singapore 3.3 United States 4.6 Australia 3.8 United Kingdom/Europe 5.4 Portfolio 3.6 CapitaLand Ascendas REIT 3Q 2025 Business Updates 28
Slide 29: Portfolio Lease Expiry Profile
Breakdown of expiring leases Portfolio Lease Expiry Profile for the remaining of FY 2025 As at 30 Sep 2025 o Portfolio WALE of 3.6 years Logistics, 35.7% o Lease expiry is well-spread, extending beyond FY 2029 Business Space & Life Sciences, Segment o Weighted average lease term of new leases1 signe
Slide 30: Singapore: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 Singapore: Lease Expiry Profile As at 30 Sep 2025 o Singapore portfolio WALE of 3.3 years Logistics, 32.2% Business o Lease expiry is well-spread, extending beyond FY 2029 Space & Life FY 2025 Sciences, o 5.9% of Singapore’s gross
Slide 31: United States: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 United States: Lease Expiry Profile As of 30 Sep 2025 o United States portfolio WALE of 4.6 years o Lease expiry is well-spread, extending beyond FY 2029 FY 2025 o 0.5% of United States’ gross rental income is due for renewal in F
Slide 32: Australia: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 Australia: Lease Expiry Profile Logistics As of 30 Sep 2025 100.0% Brisbane 100.0% o Australia portfolio WALE of 3.8 years o Lease expiry is well-spread, extending beyond FY 2029 FY 2025 o <0.1% of Australia’s gross rental income
Slide 33: United Kingdom/Europe: Lease Expiry Profile
Breakdown of expiring leases for the United Kingdom/Europe: Lease Expiry Profile remaining of FY 2025 and FY 2026 As of 30 Sep 2025 Data Centres 15.1% o United Kingdom/Europe portfolio WALE of 5.4 years o Lease expiry is well-spread, extending beyond FY 2029 FY 2025 o 3.6% of United Kingdom/Europe’s
Slide 34: Market Outlook
3Q 2025 Business Updates Market Outlook 1, 1A and 1B Science Park Drive, Singapore
Slide 35: Market Outlook: Macro Environment
Market Outlook Macro Environment Global Economic Growth According to the International Monetary Fund (IMF) • Global growth is projected to slow from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026 • This latest forecast reflects the overall volatile environment due to headwinds from uncertainty caused
Slide 36: Market Outlook: Singapore
Market Outlook Singapore (SG) Economic Growth CLAR SG Portfolio (S$11.9B as of 30 Sep 2025) • In 3Q 2025, GDP grew by 2.9% YoY, moderating from • Cornerstone of CLAR’s portfolio, representing 67% of the 4.5% growth recorded in 2Q 2025 total portfolio value • In August 2025, the MTI had upgraded the
Slide 37: Market Outlook: United States
Market Outlook United States (US) Economic Growth CLAR US Portfolio (S$2.0B as of 30 Sep 2025) • In 2Q 2025, the US economy increased at an annual • Portfolio comprises Business Space & Life Sciences rate of 3.0% QoQ, primarily due to an increase in and Logistics properties imports and higher consum
Slide 38: Market Outlook: Australia
Market Outlook Australia (AU) Economic Growth CLAR AU Portfolio (S$2.1B as of 30 Sep 2025) • In 2Q 2025, Australia’s economy grew by 1.8% YoY • Portfolio comprises Business Space and Logistics driven by household and government consumption properties • The IMF forecasted GDP growth of 1.8% in 2025 •
Slide 39: Market Outlook: United Kingdom and Europe
Market Outlook United Kingdom (UK) and Europe (EU) UK Economic Growth, Inflation & Interest Rates EU Economic Growth, Inflation & Interest Rates • In 2Q 2025, the economy grew by 0.9% YoY • In 2Q 2025, the euro area economy grew by 1.5% YoY • The IMF projected growth at 1.3% in 2025 • The European C
Slide 40: Market Outlook: Summary
Market Outlook Summary Global Environment CLAR Portfolio (S$17.7B as of 30 Sep 2025) • Uncertainty about the stability and trajectory of the • CLAR’s stable performance is underpinned by its global economy, inflation trends as well as global diversified and resilient portfolio that is anchored in tr
Slide 41: Portfolio Resilience & Sustainability
3Q 2025 Business Updates Portfolio Resilience & Sustainability FM Global Centre, Singapore
Slide 42: Diversified Portfolio Across Developed Markets
Diversified Portfolio Across Developed Markets Investment Properties stood at S$17.7 billion1 67% Singapore as at 30 Sep 2025 o Singapore: S$11.9 billion 11% United States o United States: S$2.0 billion Asset Value o Australia: S$2.1 billion S$17.7B1 12% Australia o United Kingdom/Europe: S$1.7 bill
Slide 43: Multi-Asset Portfolio
Multi-Asset Portfolio Steering Towards Growth Sectors Steering our portfolio towards segments that cater to 44%, Business Space and Life Sciences the changing market and tenant requirements arising Business Space from structural trends and changing consumption 36% patterns such as digitalisation and
Slide 44: A Diverse Mix of Tenants' Business Industries
A Diverse Mix of Tenants’ Business Industries Logistics & Supply Chain Management 12.7% 67.6% customer base Data centres 12.3% Technology, Logistics and Engineering 11.7% Life Sciences industries Biomedical Sciences 9.9% Electronics 8.7% Information & Communications Technology 7.9% Government 5.7% F
Slide 45: Quality and Diversified Customer Base
Quality and Diversified Customer Base ▪ Total customer base of approximately 1,790 tenants ▪ Top 10 customers (as at 30 Sep 2025) account for about 16.6% of monthly portfolio gross revenue ▪ On a portfolio basis, weighted average security deposit is about 5.0 months of rental income Top 10 Customers
Slide 46: Diversified Portfolio
Galaxis, 4.0% Aperia, 3.3% Diversified Portfolio The Chess Building, 3.2% One @ Changi City, 2.7% 510 Townsend Street, 2.5% 12, 14 & 16 Science Park Drive, 2.4% Nucleos, 2.2% Pioneer Hub, 2.1% 40 Penjuru Lane, 1.9% Neuros & Immunos, 1.9% Croydon, 1.7% 1,3 & 5 Changi Business Park Crescent, 1.6% 505
Slide 47: Sustainability Management Structure
Sustainability Management Structure Fostering sustainability growth with robust, resilient, and stakeholder-driven management structures Provide board level CLI Board of Directors The Manager’s Sustainability Committee (SC) strategic oversight of ESG policies and (Established in 2020) integration Ex
Slide 48: CapitaLand Ascendas REIT's ESG Targets
CapitaLand Ascendas REIT’s ESG Targets Achieving excellence with ESG targets that drive impactful and sustainable change ENVIRONMENTAL SOCIAL GOVERNANCE • New acquisitions / developments1 to • Zero incidents resulting in staff • Zero lapses in corporate governance / meet a targeted green certificati
Slide 49: Continued Momentum for Green Initiatives
Continued Momentum for Green Initiatives CLAR continues to push boundaries in our environmental efforts, embodying our commitment as a responsible real estate player GREEN PROPERTIES GREEN FINANCING S$2,653m S$3,320m 61% >3.3b S$2,057m 1122 78 84 Green-certified properties (by GFA)1 FY2023 FY2024 YT
Slide 50: Driving Sustainability Through Green-certified Properties
Driving Sustainability Through Green-certified Properties 26 additional certifications1 obtained in 3Q 2025 through targeted acquisitions, redevelopment and greening of existing properties ACQUIRE Green BUILD Green CERTIFY existing Properties 18 IREM-certified Six Green Star-certified Sustainable Pr
Slide 51: Appendix
3Q 2025 Business Updates Appendix 540-570 Congress Circle South, Chicago, United States
Slide 52: Singapore Occupancy: CLAR vs Industrial Average
Singapore Occupancy CLAR vs Industrial Average 100.0% 95.2% 90.9% 91.0% 89.6% 90.0% 84.8% 80.0% 77.0% 70.0% Occupancy Rate 60.0% 50.0% 40.0% 30.0% 20.0% Business Space & Life Sciences Industrial & Data Centres Logistics CLAR JTC Statistics Source : CLAR's Singapore portfolio as at 30 Sep 2025. Marke
Slide 53: Average Market Rents (Singapore)
Average Market Rents (Singapore) By Segment 120.00 Rental Index of All Singapore Industrial Property Rental Index (Base Year: 4Q2012) 100.00 2Q 2025, 111.50 80.00 60.00 40.00 20.00 0.00 $6.5 Average Gross Rents ($ psf per month) $6.0 $5.5 Business Park (City Fringe): $6.10 psfpm $5.0 $4.5 Rental ($/
Slide 54: Singapore Industrial Market
Singapore Industrial Market New Supply1,2 • Potential new supply of 3.07 m sqm (5.7% of existing stock) over next 5 years, of which ~79% are pre-committed. • Island-wide occupancy as of 30 June 2025 stood at 88.8%, a marginal decrease of 0.2% as compared to the previous quarter. New Existing Supply
Slide 55: Singapore Business & Science Park
Singapore Business & Science Park New Supply1,2 % Pre- Expected Developer Location GFA (sqm) committed Proposed Project Completion (Estimated) International 2026 27 International Business Park CapitaLand Ascendas REIT 24,650 0% Business Park 24,650 0% Note: 1. The pipeline projects includes (i) all
Slide 56: Singapore Industrial & Data Centres
Singapore Industrial & Data Centres New Supply1 Expected % Pre-committed Proposed Project Developer Location GFA (sqm) Completion (Estimated) 2025 Bulim Square JTC Bulim Way 1/2 74,780 45% Advanced Substrate 2026 Single User Factory Jalan Buroh 70,860 100% Technologies Pte. Ltd. 2026 Multiple User F
Slide 57: Singapore Logistics
Singapore Logistics New Supply1 Expected % Pre-committed Proposed Project Developer Location GFA (sqm) Completion (Estimated) Toh Guan Road 2025 Warehouse development CapitaLand Ascendas REIT 50,920 52%2 East Tembusu 2026 Warehouse development Cogent Jurong Island Pte Ltd 62,500 100% Crescent 2027 W
Slide 58: Acquisition (Completed in 3Q 2025): Science Park Drive
Acquisition (Completed in 3Q 2025) 5 Science Park Drive, Singapore S$245.0 million (inclusive of S$30 million deferred consideration1) Purchase Consideration (7.0% discount to average of two independent market valuations) Acquisition Fee2 and Estimated S$16.0 million Professional and Other Fees Tota
Slide 59: Acquisition (Completed in 3Q 2025): Tai Seng Drive
Acquisition (Completed in 3Q 2025) 9 Tai Seng Drive, Singapore S$455.2 million (2.2% discount to average of two independent Agreed Property Value market valuations) Acquisition Fee1 and Estimated S$8.4 million Professional and Other Fees Total Acquisition Cost S$463.6 million Perpetual (Asia) Limite
Slide 60: Proposed Acquisitions (Announced post-3Q 2025)
Proposed Acquisitions (Announced post-3Q 2025) Portfolio of three high-quality industrial and logistics properties in Singapore with a strong lease profile 2 Pioneer Sector 1 (Ramp-up Logistics) Tuas Connection (Light Industrial) 9 Kallang Sector (High-specs Industrial) Total Purchase Consideration
Slide 61: Proposed Acquisition: Pioneer Sector 1
Proposed Acquisition (Announced post-3Q 2025) 2 Pioneer Sector 1, Singapore A four-storey ramp-up logistics property that was recently completed in 2023. Best-in-class specifications include high ceilings, good floor loading capacity and dedicated loading bays with ample dock levellers. Description
Slide 62: Proposed Acquisition: Tuas Connection
Proposed Acquisition (Announced post-3Q 2025) Tuas Connection, Singapore Comprises 15 double-storey industrial units suitable for manufacturing and production. Key features include dedicated compounds, good floor loading capacity and function layouts for operational efficiency. Description Situated
Slide 63: Proposed Acquisition: Kallang Sector
Proposed Acquisition (Announced post-3Q 2025) 9 Kallang Sector, Singapore An eight-storey, high-specifications industrial property completed in 2019. The property is a modern, built-to-suit development located Description on the fringe of the CBD within the Kallang Planning Area and is surrounded by
Slide 64: Acquisition under Development: Manton Wood
Acquisition under Development (Announced in 3Q 2025) Manton Wood, East Midlands, UK Total Investment Cost1,2 S$87.2 million / £50.7 million Vendor DHL Real Estate (UK) Limited Manton Wood Land Area 108,234 sq m Land Tenure Freehold Gross Floor Area 42,921 sq m Artist impression of the logistics prop
Slide 65: Acquisition under Development: Towcester
Acquisition under Development (Announced in 3Q 2025) Towcester, East Midlands, UK Total Investment Cost1,2 S$262.9 million / £152.9 million Vendor DHL Real Estate (UK) Limited Unit 3 Land Area 322,634 sq m Unit 1 Land Tenure Freehold Unit 2 92,630 sq m - Unit 1: 20,742 sq m Gross Floor Area - Unit 2
Slide 66: Asset Enhancement Initiative (Completed in 3Q 2025)
Asset Enhancement Initiative (Completed in 3Q 2025) Perimeter One, Raleigh, US Enhancement works included upgrading the lobby to create a modern, hospitality-inspired lounge and Description revamping the outdoor patio space to improve amenities Upgraded main lobby for tenants’ well being and engagem
Slide 67: Divestment (Completed post-3Q 2025)
Divestment (Completed post-3Q 2025) 30 Tampines Industrial Avenue 3 o Sale price is at a ~5% premium to market valuation and original purchase price An industrial property comprising a two-storey high- Description specifications building Sale Price1 S$23.0 million Valuation (as at 30 Jun 2025)2 S$22
Slide 68: Proposed Divestments (Ongoing)
Proposed Divestments (Ongoing) 31 Ubi Road 1, 9 Changi South Street 3, 10 Toh Guan Road, 19 & 21 Pandan Avenue, Singapore o Total sale price is at a ~6% premium to total market valuation and ~21% premium to their total original purchase price 31 Ubi Road 1 9 Changi South Street 3 10 Toh Guan Road 19
Slide 69: Thank you
Thank you Galaxis, Singapore
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