Condensed interim financial statements Six-month period ended 30 June 2025
TABLE OF CONTENTSCondensed Statements of Financial Position 1
Statements of Total Return and Condensed Statement of Comprehensive Income of 3
the CapitaLand Ascott BT Group
Distribution Statements 6
Condensed Statements of Movements in Stapled Securityholders' Funds 7
Portfolio Statements 17
Condensed Statements of Cash Flows 35
Notes to the Condensed Interim Financial Statements 39
Investment properties 3 6,749,035 6,556,284 424,317 419,331 6,758,344 6,561,673
Property, plant and
equipment 4 60,612 68,907 564,428 584,365 976,470 1,007,178
Investment properties
under development 5 282,097 279,000 - - 282,097 279,000 Investment securities 1,851 1,977 - - - -Associate 2,832 2,977 - - 2,832 2,977
Financial derivative
assets 62,073 91,487 626 - 62,699 91,487
Deferred tax assets 15,500 15,069 2,137 3,828 17,637 18,897
7,174,000 7,015,701 991,508 1,007,524 8,100,079 7,961,212
Current assetsInventories 118 167 442 518 560 685
Trade and other
receivables 311,504 320,849 27,849 22,107 123,154 112,441
Assets held for sale 6 669 67,251 - - 669 67,251 Financial derivative
assets 46,649 31,037 - 3,409 46,649 34,446
Cash and cash
equivalents 426,447 529,563 78,283 114,492 504,730 644,055
785,387 948,867 106,574 140,526 675,762 858,878
Total assets 7,959,387 7,964,568 1,098,082 1,148,050 8,775,841 8,820,090 Non-current liabilitiesFinancial liabilities 7 2,490,681 2,792,879 130,615 80,528 2,621,296 2,873,407
Financial derivative
liabilities 13,245 569 653 575 13,898 1,144
Trade and other
payables 63,886 62,670 7,644 7,515 71,530 70,185
Deferred income 10,226 8,986 5,209 2,668 15,435 11,654
Deferred tax liabilities 162,384 166,847 42,869 43,623 205,253 210,470
Lease liabilities 8 217,392 229,639 53,282 54,803 217,392 229,639
2,957,814 3,261,590 240,272 189,712 3,144,804 3,396,499
Current liabilitiesFinancial liabilities 7 654,027 251,831 - 48,281 654,027 300,112 Liabilities held for sale 6 - 23,955 - - - 23,955 Trade and other
payables 165,670 206,400 243,553 256,682 193,024 232,567
Deferred income 425 425 73 111 498 536
Current tax liabilities 23,456 12,335 1,935 1,859 25,391 14,194
Lease liabilities 8 10,934 10,907 5,594 5,233 10,934 10,907
854,512 505,853 251,155 312,166 883,874 582,271
Total liabilities 3,812,326 3,767,443 491,427 501,878 4,028,678 3,978,770 Net assets 4,147,061 4,197,125 606,655 646,172 4,747,163 4,841,320The accompanying notes form an integral part of these condensed interim financial statements.
Condensed Statements of Financial Position (continued) As at 30 June 2025 CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled GroupNote | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Represented by: Stapled Securityholders' funds | 3,679,204 | 3,734,556 | 603,054 | 642,423 | 4,277,556 | 4,376,979 | |
Perpetual securities | |||||||
holders Non-controlling interests | 9 | 405,364 62,493 | 396,175 66,394 | - 3,601 | - 3,749 | 405,364 64,243 | 396,175 68,166 |
4,147,061 4,197,125 606,655 646,172 4,747,163 4,841,320
Stapled Securities in issue ('000) 9 3,819,579 3,796,166 3,819,579 3,796,166 3,819,579 3,796,166 Net asset value/Net tangible asset per Stapled Security based on issued Stapled Securities (S$) 0.96 0.98 0.16 0.17 1.12 1.15The accompanying notes form an integral part of these condensed interim financial statements.
Statements of Total Return Six-month period ended 30 June 2025 CapitaLand CapitaLandAscott REIT Group Ascott BT Group Stapled Group | |||||||
Six-month | Six-month | Six-month | Six-month | Six-month | Six-month | ||
period | period | period | period | period | period | ||
ended | ended | ended | ended | ended | ended | ||
Note 30/06/2025 | 30/06/2024 | 30/06/2025 | 30/06/2024 | 30/06/2025 | 30/06/2024 | ||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Gross revenue | 10 | 316,218 | 299,594 | 96,832 | 96,738 | 398,453 | 386,369 |
Direct expenses (156,635) (152,894) (68,684) (65,271) (215,929) (213,467) | |||||||
Gross profit | 159,583 | 146,700 | 28,148 | 31,467 | 182,524 | 172,902 | |
Depreciation of land and buildings, plant and | |||||||
machinery | - | - | (8,300) | (9,008) | (10,658) | (11,366) | |
Finance income | 11 | 2,890 | 1,787 | 915 | 841 | 3,777 | 2,585 |
Other income | 642 | 6,971 | 84 | 373 | 650 | 7,344 | |
Finance costs | 11 | (51,397) | (50,933) | (5,208) | (5,546) | (53,991) | (53,605) |
Managers' management | |||||||
fees | 12 | (15,932) | (14,847) | (2,242) | (2,668) | (18,174) | (17,515) |
Trustee's fee | (422) | (403) | (81) | (83) | (503) | (486) | |
Professional fees | 13 | (2,066) | (2,549) | (493) | (507) | (2,559) | (3,056) |
Audit fees | (1,597) | (1,514) | (266) | (379) | (1,863) | (1,893) | |
Foreign exchange gain/(loss) | 11,727 | (7,198) | (6,140) | 875 | 5,587 | (6,323) | |
Other operating | |||||||
expenses | (3,033) | (3,714) | (1,322) | (591) | (4,273) | (4,305) | |
Net income before share of results of | |||||||
associate | 100,395 | 74,300 | 5,095 | 14,774 | 100,517 | 84,282 | |
Share of results of | |||||||
associate (net of tax) | (21) | (1) | - - | (21) | (1) | ||
Net income 14 Net change in fair value | 100,374 | 74,299 | 5,095 | 14,774 | 100,496 | 84,281 | |
of financial derivatives Net change in fair value | 358 | (6,284) | (2,222) | - | (1,864) | (6,284) | |
of investment securities | (126) | (49) | - | - | - | - | |
divestments 15 | 17,116 | 29,574 | - | (3,286) | 17,116 | 26,494 | |
written off 3 | (216) | (28) | - | - | (18) | (28) | |
Total return for the period before income tax | 117,506 | 97,512 | 2,873 | 11,488 | 115,730 | 104,463 | |
Income tax expense 16 | (21,539) | (12,675) | (5,823) | (3,856) | (27,362) | (16,531) | |
Total return/(loss) for the period | 95,967 | 84,837 | (2,950) | 7,632 | 88,368 | 87,932 | |
Profit/(loss) from Investment properties
The accompanying notes form an integral part of these condensed interim financial statements.
Statements of Total Return (continued) Six-month period ended 30 June 2025 CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled GroupSix-month period ended | Six-month period ended | Six-month period ended | Six-month period ended | Six-month period ended | Six-month period ended | |
Note | 30/06/2025 | 30/06/2024 | 30/06/2025 | 30/06/2024 | 30/06/2025 | 30/06/2024 |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Total return/(loss) | ||||||
attributable to: | ||||||
Stapled Securityholders | ||||||
and perpetual | ||||||
securities holders | 92,887 | 82,835 | (3,021) | 7,627 | 85,247 | 85,881 |
Non-controlling interests | 3,080 | 2,002 | 71 | 5 | 3,121 | 2,051 |
95,967 | 84,837 | (2,950) | 7,632 | 88,368 | 87,932 | |
Earnings per Stapled | ||||||
Security (cents) 17 | ||||||
Basic 2.02 2.10 | ||||||
Diluted 2.01 2.09 | ||||||
The accompanying notes form an integral part of these condensed interim financial statements.
Condensed Statement of Comprehensive Income of the CapitaLand Ascott BT Group Six-month period ended 30 June 2025Six-month period ended | Six-month period ended | |
30/06/2025 | 30/06/2024 | |
$'000 | $'000 | |
(Loss)/Profit for the period | (2,950) | 7,632 |
Items that may be reclassified subsequently to profit or loss: | ||
Effective portion of change in fair values of cash flow hedges | 513 | 883 |
Net change in fair value of cash flow hedge reclassified to | ||
Statement of Total Return | 175 | (198) |
Realisation of reserves upon divestment | - | 2,413 |
Exchange differences arising from translation of foreign operations and foreign currency loans forming part of net investment in foreign operations | (13,269) | (15,267) |
(12,581) | (12,169) | |
Total comprehensive income for the period | (15,531) | (4,537) |
The accompanying notes form an integral part of these condensed interim financial statements.
Distribution Statements Six-month period ended 30 June 2025 Stapled Group Note Six-month period ended 30/06/2025 Six-month period ended 30/06/2024 $'000 $'000 Amount to be distributed to Stapled Securityholders at beginning of the period 134,789 116,477Total return attributable to Stapled Securityholders and perpetual securities holders | 85,247 | 85,881 | |
Less: Total return attributable to perpetual securities holders | (8,224) | (6,729) | |
Distribution adjustments | A | 19,471 | 17,313 |
Income available for distribution to Stapled Securityholders for the period | 96,494 | 96,465 | |
Distribution to Stapled Securityholders | 231,283 | 212,942 | |
Distributions to Stapled Securityholders during the year | |||
- Distribution of 3.095 cents per Stapled Security for the period from 14 August 2023 to 31 December 2023 | - | (116,474) | |
- Distribution of 3.550 cents per Stapled Security for the period from 1 July 2024 to 31 December 2024 | (134,764) | - | |
(134,764) | (116,474) | ||
Amount to be distributed to Stapled Securityholders at end of the period | 96,519 | 96,468 | |
Distribution per Stapled Security (cents) | 2.53 | 2.55 | |
Note A - Distribution adjustments | |||
Stapled Group | |||
Six-month | Six-month | ||
period ended | period ended | ||
Distribution adjustment items: | 30/06/2025 $'000 | 30/06/2024 $'000 | |
- Net change in fair value of financial derivatives | 1,864 | 6,284 | |
- Profit from divestments | (17,116) | (26,494) | |
- Investment properties written off | 18 | 28 | |
- Property, plant and equipment written off at The Robertson House | 198 | - | |
- Depreciation expense | 18,183 | 18,984 | |
- Managers' management fees paid/payable in Stapled Securities | 13,731 | 12,954 | |
- REIT trustee's fee | 152 | 82 | |
- Foreign exchange (gain)/loss - unrealised | (1,182) | 12,182 | |
- Interest expense on lease liabilities | 4,385 | 4,938 | |
- Lease payments for right-of-use assets | (9,705) | (9,882) | |
- Deferred tax expense | (3,677) | (3,962) | |
- Tax expense relating to the divestment | 13,032 | 4,014 | |
- Non-controlling interests' share of adjustments | (384) | (1,417) | |
- Other adjustments | (28) | (398) | |
Net effect of distribution adjustments | 19,471 | 17,313 | |
The accompanying notes form an integral part of these condensed interim financial statements.
Condensed Statements of Movements in Stapled Securityholders' Funds Six-month period ended 30 June 2025 Attributable to Stapled SecurityholdersStapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Capital reserve | Hedging reserve | Total | Perpetual securities | Non-controlling interests | Total equity | |
CapitaLand Ascott REIT Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
At 1 January 2024 2,505,410 | 1,526,773 | (358,354) | 724 | 21,602 | 3,696,155 | 396,298 | 75,949 | 4,168,402 | |
Total return for the period - | 82,835 | - | - | - | 82,835 | - | 2,002 | 84,837 | |
Total return attributable to perpetual securities holders - Other comprehensive income | (6,729) | - | - | - | (6,729) | 6,729 | - | - | |
Effective portion of change in fair values of cash flow hedges - | - | - | - | 16,742 | 16,742 | - | - | 16,742 | |
to Statement of Total Return - Exchange differences arising from translation of foreign | - | - | - | (9,093) | (9,093) | - | - | (9,093) | |
operations and foreign currency loans forming part of net investment in foreign operations - | - | 12,922 | - | - | 12,922 | - | (3,039) | 9,883 | |
Total other comprehensive income - | - | 12,922 | - | 7,649 | 20,571 | - | (3,039) | 17,532 | |
Net change in fair value of cash flow hedge reclassified
Transactions with owners, recognised directly in equityContributions by and distributions to owners
REIT Manager's management fee payable in Stapled Securities | 11,469 | - - - - 11,469 | - - | 11,469 |
Issue expenses relating to equity fund raising* | 575 | - - - - 575 | - - | 575 |
REIT Manager's acquisition fees payable in Stapled | ||||
Securities | 4,176 | - - - - 4,176 | - - | 4,176 |
Distribution to Stapled Securityholders | (29,256) | (67,310) - - - (96,566) | - - | (96,566) |
Distribution to perpetual securities holders | - | - - - - - | (6,750) - | (6,750) |
Distribution to non-controlling interests | - | - - - - - | - (3,217) | (3,217) |
Total contributions by and distributions to owners | (13,036) | (67,310) - - - (80,346) | (6,750) (3,217) | (90,313) |
* Credited against Stapled Securityholders' funds due to reversal of over provision of issue expenses
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Attributable to Stapled SecurityholdersStapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Capital reserve | Hedging reserve | Total | Perpetual securities | Non-controlling interests | Total equity | |
CapitaLand Ascott REIT Group Changes in ownership interests in subsidiaries Change in ownership interests in subsidiaries with no | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
change in control | - | (2,233) | (126) | - | - | (2,359) | - | (6,130) | (8,489) |
Total changes in ownership interests in subsidiaries | - | (2,233) | (126) | - | - | (2,359) | - | (6,130) | (8,489) |
At 30 June 2024 | 2,492,374 | 1,533,336 | (345,558) | 724 | 29,251 | 3,710,127 | 396,277 | 65,565 | 4,171,969 |
Stapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Capital reserve | Hedging reserve | Total | Perpetual securities | Non- controlling interests | Total equity | |
CapitaLand Ascott REIT Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
At 1 January 2025 | 2,446,249 | 1,632,985 | (366,585) | 724 | 21,183 | 3,734,556 | 396,175 | 66,394 | 4,197,125 |
Total return for the period | - | 92,887 | - | - | - | 92,887 | - | 3,080 | 95,967 |
Total return attributable to perpetual securities holders | - | (8,224) | - | - | - | (8,224) | 8,224 | - | - |
Other comprehensive income | |||||||||
Effective portion of change in fair values of cash flow | |||||||||
hedges - | - | - | - | (13,359) | (13,359) | - | - | (13,359) | |
Net change in fair value of cash flow hedge reclassified to Statement of Total Return - Exchange differences arising from translation of foreign operations and foreign currency loans forming part of | - | - | - | (4,444) | (4,444) | - | - | (4,444) | |
net investment in foreign operations - | - | (25,829) | - | - | (25,829) | - | (3,343) | (29,172) | |
Total other comprehensive income - Transactions with owners, recognised directly in equity Contributions by and distributions to owners | - | (25,829) | - (17,803) | (43,632) | - | (3,343) | (46,975) | ||
REIT Manager's management fee payable in Stapled Securities 12,468 | - | - | - - | 12,468 | - | - | 12,468 | ||
Issuance of perpetual securities - | - | - | - - | - | 260,000 | - | 260,000 | ||
Issue expenses relating to perpetual securities - | - | - | - - | - | (1,730) | - | (1,730) | ||
Redemption of perpetual securities - | - | - | - - | - | (250,000) | - | (250,000) | ||
Stapled Securities 2,619 | - | - | - - | 2,619 | - | - | 2,619 | ||
Distribution to Stapled Securityholders (71,408) | (38,187) | - | - - | (109,595) | - | - | (109,595) | ||
Distribution to perpetual securities holders - | - | - | - - | - | (7,305) | - | (7,305) | ||
Distribution to non-controlling interests - | - | - | - - | - | - | (3,638) | (3,638) | ||
Total contributions by and distributions to owners (56,321) | (38,187) | - | - - | (94,508) | 965 | (3,638) | (97,181) | ||
REIT Manager's acquisition fees payable in
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Attributable to Stapled SecurityholdersStapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Capital reserve | Hedging reserve | Total | Perpetual securities | Non- controlling interests | Total equity | |
CapitaLand Ascott REIT Group Changes in ownership interests in subsidiaries Change in ownership interests in subsidiaries with a | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
change in control | - | - | (1,875) | - | - | (1,875) | - | - | (1,875) |
Total changes in ownership interests in subsidiaries | - | - | (1,875) | - | - | (1,875) | - | - | (1,875) |
At 30 June 2025 | 2,389,928 | 1,679,461 | (394,289) | 724 | 3,380 | 3,679,204 | 405,364 | 62,493 | 4,147,061 |
Stapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Hedging reserve | Asset revaluation reserve | Total | Non-controlling interests | Total equity | |
CapitaLand Ascott BT Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
At 1 January 2024 745,527 Total comprehensive income for the period | (107,463) | (63,369) | (264) | 85,767 | 660,198 | 4,148 | 664,346 | |
Profit for the period - | 7,627 | - | - | - | 7,627 | 5 | 7,632 | |
Realisation of reserves upon divestment - | - | 2,589 | (176) | - | 2,413 | - | 2,413 | |
Transfer of reserves upon divestment - | 9,784 | - | - | (9,784) | - | - | - | |
Effective portion of change in fair values of cash flow hedges - | - | - | 883 | - | 883 | - | 883 | |
Statement of Total Return - Exchange differences arising from translation of foreign | - | - | (198) | - | (198) | - | (198) | |
operations and foreign currency loans forming part of net investment in foreign operations - | - | (15,181) | - | - | (15,181) | (86) | (15,267) | |
Total comprehensive income - | 17,411 | (12,592) | 509 | (9,784) | (4,456) | (81) | (4,537) | |
Transactions with owners, recognised directly in equity | ||||||||
Contributions by and distributions to owners | ||||||||
BT Trustee-Manager's management fee payable in Stapled Securities | 1,485 | - - - - | 1,485 | - | 1,485 | |||
Issue expenses relating to equity fund raising* | 315 | - - - - | 315 | - | 315 | |||
BT Trustee-Manager's acquisition fees payable in Stapled Securities | 1,023 | - - - - | 1,023 | - | 1,023 | |||
Distribution to Stapled Securityholders | (21,029) | 1,121 | - | - | - | (19,908) | - | (19,908) |
Distribution to non-controlling interests | - | - | - | - | - | - | (51) | (51) |
Total contributions by and distributions to owners | (18,206) | 1,121 | - | - | - | (17,085) | (51) | (17,136) |
At 30 June 2024 | 727,321 | (88,931) | (75,961) | 245 | 75,983 | 638,657 | 4,016 | 642,673 |
Net change in fair value of cash flow hedge reclassified to
* Credited against Stapled Securityholders' funds due to reversal of over provision of issue expenses
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025Stapled Securities in issue | Revenue reserve | Foreign currency translation reserve | Hedging reserve | Asset revaluation reserve | Total | Non-controlling interests | Total equity | |
CapitaLand Ascott BT Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
At 1 January 2025 707,315 Total comprehensive income for the period | (47,134) | (95,158) | (638) | 78,038 | 642,423 | 3,749 | 646,172 | |
(Loss)/Profit for the period - | (3,021) | - | - | - | (3,021) | 71 | (2,950) | |
Effective portion of change in fair values of cash flow hedges - | - | - | 513 | - | 513 | - | 513 | |
Statement of Total Return - Exchange differences arising from translation of foreign | - | - | 175 | - | 175 | - | 175 | |
operations and foreign currency loans forming part of net investment in foreign operations - | - | (13,130) | - | - | (13,130) | (139) | (13,269) | |
Total comprehensive income - | (3,021) | (13,130) | 688 | - | (15,463) | (68) | (15,531) | |
Transactions with owners, recognised directly in equity | ||||||||
Contributions by and distributions to owners | ||||||||
BT Trustee-Manager's management fee payable in Stapled Securities | 1,263 | - | - | - | - | 1,263 | - | 1,263 |
Contribution from non-controlling interests | - | - | - | - | - | - | 59 | 59 |
Distribution to Stapled Securityholders | (26,618) | 1,449 | - | - | - | (25,169) | - | (25,169) |
Distribution to non-controlling interests | - | - | - | - | - | - | (139) | (139) |
Total contributions by and distributions to owners | (25,355) | 1,449 | - | - | - | (23,906) | (80) | (23,986) |
At 30 June 2025 | 681,960 | (48,706) | (108,288) | 50 | 78,038 | 603,054 | 3,601 | 606,655 |
Net change in fair value of cash flow hedge reclassified to
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Attributable to Stapled Securityholders Foreign Stapled Securities Revenue currency translation Capital Asset Hedging revaluation Non-Perpetual controlling Totalin issue | reserve | reserve | reserve | reserve | reserve | Total securities | interests | equity | ||
Stapled Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 $'000 | $'000 | $'000 | |
At 1 January 2024 3,250,937 | 1,380,750 | (421,777) | 724 | 21,346 | 124,373 | 4,356,353 | 396,298 | 77,643 | 4,830,294 | |
Total return for the period - | 85,881 | - | - | - | - | 85,881 | - | 2,051 | 87,932 | |
Total return attributable to perpetual securities holders - Other comprehensive income | (6,729) | - | - | - | - | (6,729) | 6,729 | - | - | |
Effective portion of change in fair values of cash flow hedges - | - | - | - | 17,625 | - | 17,625 | - | - | 17,625 | |
to Statement of Total Return - | - | - | - | (9,291) | - | (9,291) | - | - | (9,291) | |
Realisation of reserves upon divestment - | - | 2,387 | - | (180) | - | 2,207 | - | - | 2,207 | |
Transfer of reserves upon divestment - Exchange differences arising from translation of foreign | 9,883 | - | - | - | (9,883) | - | - | - | - | |
operations and foreign currency loans forming part of net investment in foreign operations - | - | (2,177) | - | - | - | (2,177) | - | (3,120) | (5,297) | |
Total other comprehensive income - | 9,883 | 210 | - | 8,154 | (9,883) | 8,364 | - | (3,120) | 5,244 | |
Net change in fair value of cash flow hedge reclassified
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Stapled Attributable to Stapled Securityholders Foreign currency Asset Non- Securities in issue Revenue reserve translation reserve Capital reserve Hedging reserve revaluation reserve Total Perpetual securities controlling interests Total equity Stapled Group $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000Transactions with owners, recognised directly in equity Contributions by and distributions to owners | ||||||||||
REIT Manager's management fee payable in Stapled Securities | 11,469 | - | - | - | - | - | 11,469 | - | - | 11,469 |
BT Trustee-Manager's management fee payable in | ||||||||||
Stapled Securities | 1,485 | - - - - - | 1,485 | - - | 1,485 | |||||
Issue expenses relating to equity fund raising* | 890 | - - - - - | 890 | - - | 890 | |||||
REIT Manager's acquisition fees payable in Stapled Securities BT Trustee-Manager's acquisition fees payable in | 4,176 | - - - - - | 4,176 | - - | 4,176 | |||||
Stapled Securities 1,023 | - | - | - | - | - | 1,023 | - | - | 1,023 | |
Distribution to Stapled Securityholders (50,285) | (66,189) | - | - | - | - | (116,474) | - | - | (116,474) | |
Distribution to perpetual securities holders - | - | - | - | - | - | - | (6,750) | - | (6,750) | |
Distribution to non-controlling interests - | - | - | - | - | - | - | - | (3,268) | (3,268) | |
Total contributions by and distributions to owners (31,242) Changes in ownership interests in subsidiaries | (66,189) | - | - | - | - | (97,431) | (6,750) | (3,268) | (107,449) | |
Change in ownership interests in subsidiaries with no change in control - | (2,233) | (126) | - | - | - | (2,359) | - | (6,130) | (8,489) | |
Total changes in ownership interests in subsidiaries - | (2,233) | (126) | - | - | - | (2,359) | - | (6,130) | (8,489) | |
At 30 June 2024 3,219,695 | 1,401,363 | (421,693) | 724 | 29,500 | 114,490 | 4,344,079 | 396,277 | 67,176 | 4,807,532 | |
* Credited against Stapled Securityholders' funds due to reversal of over provision of issue expenses
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Attributable to Stapled Securityholders Foreign Stapled Securities Revenue currency translation Capital Asset Hedging revaluation Non-Perpetual controlling Totalin issue | reserve | reserve | reserve | reserve | reserve | Total securities | interests | equity | ||
Stapled Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 $'000 | $'000 | $'000 | |
At 1 January 2025 3,153,564 | 1,541,422 | (462,255) | 724 | 20,545 | 122,979 | 4,376,979 | 396,175 | 68,166 | 4,841,320 | |
Total return for the period - | 85,247 | - | - | - | - | 85,247 | - | 3,121 | 88,368 | |
Total return attributable to perpetual securities holders - Other comprehensive income | (8,224) | - | - | - | - | (8,224) | 8,224 | - | - | |
Effective portion of change in fair values of cash flow hedges - | - | - | - | (12,846) | - | (12,846) | - | - | (12,846) | |
to Statement of Total Return - Exchange differences arising from translation of foreign | - | - | - | (4,269) | - | (4,269) | - | - | (4,269) | |
operations and foreign currency loans forming part of net investment in foreign operations - | - | (39,042) | - | - | - | (39,042) | - | (3,402) | (42,444) | |
Total other comprehensive income - | - | (39,042) | - | (17,115) | - | (56,157) | - | (3,402) | (59,559) | |
Net change in fair value of cash flow hedge reclassified
Condensed Statements of Movements in Stapled Securityholders' Funds (continued) Six-month period ended 30 June 2025 Stapled Attributable to Stapled Securityholders Foreign currency Asset Non- Securities in issue Revenue reserve translation reserve Capital reserve Hedging reserve revaluation reserve Total Perpetual securities controlling interests Total equity Stapled Group $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Transactions with owners, recognised directly in equityContributions by and distributions to owners
12,468 | - | - | - | - | - | 12,468 | - | - | 12,468 |
1,263 | - | - | - | - | - | 1,263 | - | - | 1,263 |
- | - | - | - | - | - | - | - | 59 | 59 |
- | - | - | - | - | - | - | 260,000 | - | 260,000 |
- | - | - | - | - | - | - | (1,730) | - | (1,730) |
- | - | - | - | - | - | - | (250,000) | - | (250,000) |
2,619 | - | - | - | - | - | 2,619 | - | - | 2,619 |
(98,026) | (36,738) | - | - | - | - | (134,764) | - | - | (134,764) |
- | - | - | - | - | - | - | (7,305) | - | (7,305) |
- | - | - | - | - | - | - | - | (3,701) | (3,701) |
(81,676) | (36,738) | - | - | - | - | (118,414) | 965 | (3,642) | (121,091) |
- | - | (1,875) | - | - | - | (1,875) | - | - | (1,875) |
- | - | (1,875) | - | - | - | (1,875) | - | - | (1,875) |
3,071,888 | 1,581,707 | (503,172) | 724 | 3,430 | 122,979 | 4,277,556 | 405,364 | 64,243 | 4,747,163 |
REIT Manager's management fee payable in
Stapled Securities
BT Trustee-Manager's management fee payable in
Stapled Securities
Contribution from non-controlling interests Issuance of perpetual securities
Issue expenses relating to perpetual securities Redemption of perpetual securities
REIT Manager's acquisition fees payable in Stapled
Securities
Distribution to Stapled Securityholders Distribution to perpetual securities holders Distribution to non-controlling interests
Total contributions by and distributions to ownersChanges in ownership interests in subsidiaries
Change in ownership interests in subsidiaries with a change in control
Total changes in ownership interests in subsidiariesAt 30 June 2025
Portfolio Statements As at 30 June 2025 By GeographyAt Valuation | Percentage of Stapled Securityholders' funds | ||||||||||||
Tenure of Term of | Remaining | CapitaLand | CapitaLand | ||||||||||
Description of Property | Location | Land Lease Term of Lease | Stapled Group | Ascott REIT Group | Stapled Group | Ascott REIT Group | |||||||
30/06/2025 31/12/2024 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 | $'000 | $'000 | $'000 | % | % | % | % | ||||||
Investment properties and investment properties under development of the CapitaLand Ascott REIT Group | |||||||||||||
Australia | |||||||||||||
Citadines Connect Sydney Airport | 113-121 Baxter Road, Mascot, New South Wales, NSW 2020 | Freehold | Not applicable | Not applicable | Not applicable | 45,102 | 47,045 | 45,102 | 47,045 | 1.1 | 1.1 | 1.2 | 1.3 |
Citadines on Bourke Melbourne | 131-135 Bourke Street, Melbourne, Victoria 3000 | Freehold | Not applicable | Not applicable | Not applicable | 133,615 | 139,373 | 133,615 | 139,373 | 3.1 | 3.2 | 3.6 | 3.7 |
Citadines St Georges Terrace Perth | 185 St Georges Terrace, Perth, WA 6000 | Freehold | Not applicable | Not applicable | Not applicable | 17,333 | 18,080 | 17,333 | 18,080 | 0.4 | 0.4 | 0.5 | 0.5 |
Quest Campbelltown | 1 Rennie Road, Woodbine, NSW 2560 | Freehold | Not applicable | Not applicable | Not applicable | 19,520 | 20,361 | 19,520 | 20,361 | 0.5 | 0.5 | 0.5 | 0.5 |
Quest Cannon Hill | 930 Wynnum Road, Cannon Hill, Brisbane, QLD 4170 | Freehold | Not applicable | Not applicable | Not applicable | 25,272 | 26,361 | 25,272 | 26,361 | 0.6 | 0.6 | 0.7 | 0.7 |
Quest Macquarie Park | 71 Epping Road, Macquarie Park, NSW 2113 | Freehold | Not applicable | Not applicable | Not applicable | 35,097 | 35,552 | 35,097 | 35,552 | 0.8 | 0.8 | 1.0 | 0.9 |
Quest Mascot | 108-114 Robey Road, Mascot, NSW 2020 | Freehold | Not applicable | Not applicable | Not applicable | 22,053 | 23,003 | 22,053 | 23,003 | 0.5 | 0.5 | 0.6 | 0.6 |
Quest Sydney Olympic Park | 6 Edwin Flack Avenue, Sydney Olympic Park, NSW 2127 | Leasehold | 99 years | 86 years | 87 years | 40,815 | 41,114 | 40,815 | 41,114 | 1.0 | 0.9 | 1.1 | 1.1 |
Balance carried forward | 338,807 | 350,889 | 338,807 | 350,889 | 8.0 | 8.0 | 9.2 | 9.3 | |||||
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 338,807 | 350,889 | 338,807 | 350,889 | 8.0 | 8.0 | 9.2 | 9.3 | |||||
Citadines Sainte-Catherine 51 quai au Bois à Brûler, Brussels 1000 Brussels | Freehold | Not applicable | Not applicable | Not applicable | 41,392 | 40,333 | 41,392 | 40,333 | 1.0 | 0.9 | 1.1 | 1.1 | |
Citadines Toison d'Or Brussels | 61-63 Avenue de la Toison d'Or, 1060 Brussels | Freehold | Not applicable | Not applicable | Not applicable | 33,470 | 32,512 | 33,470 | 32,512 | 0.8 | 0.7 | 0.9 | 0.9 |
China | |||||||||||||
Citadines Xinghai Suzhou | Block 27, Jiacheng Gardens, 58 Xinghai Street, Suzhou Industrial Park, Suzhou 215021 | Leasehold | 70 years | 42 years | 42 years | 20,536 | 21,164 | 20,536 | 21,164 | 0.5 | 0.5 | 0.6 | 0.6 |
Citadines Zhuankou Wuhan | 159 Dongfeng Avenue (Xianglong Business | Leasehold | 40 years | 19 years | 19 years | 25,527 | 26,307 | 25,527 | 26,307 | 0.6 | 0.6 | 0.7 | 0.7 |
Centre Zone C), Wuhan Economic and Technological Development Zone, Wuhan 430056
Somerset Grand Central Dalian No. 128-2 Jinma Road,
40 years | 21 years | 22 years | 43,945 | 45,288 | 43,945 | 45,288 | 1.0 | 1.0 | 1.2 | 1.2 |
565,651 | 580,360 | 565,651 | 580,360 | 13.3 | 13.2 | 15.4 | 15.5 |
Dalian Development Area, Dalian 116600
Leasehold 50 years 31 years 32 years 61,974 63,867 61,974 63,867 1.4 1.5 1.7 1.7
Somerset Heping Shenyang 80 Taiyuan North Street,
Heping District, Shenyang 110000
Balance carried forward
Leasehold
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | ||||||
$'000 | $'000 | $'000 | $'000 | % | % | % | % | ||||||
Balance brought forward | 565,651 | 580,360 | 565,651 | 580,360 | 13.3 | 13.2 | 15.4 | 15.5 | |||||
France | |||||||||||||
Citadines Antigone Montpellier (1) | 588 boulevard d'Antigone, | Freehold | Not | Not | Not | 10,452 | 10,185 | 10,452 | 10,185 | 0.2 | 0.2 | 0.3 | 0.3 |
34000 Montpellier | applicable | applicable | applicable | ||||||||||
Citadines Austerlitz Paris (1) | 27 rue Esquirol, 75013 Paris | Freehold | Not applicable | Not applicable | Not applicable | 12,484 | 12,166 | 12,484 | 12,166 | 0.3 | 0.3 | 0.3 | 0.3 |
Citadines Les Halles Paris (1) | 4 rue des Innocents, | Freehold | Not | Not | Not | 84,461 | 81,243 | 84,461 | 81,243 | 2.0 | 1.9 | 2.3 | 2.2 |
75001 Paris | applicable | applicable | applicable | ||||||||||
Citadines Maine Montparnasse Paris (1) | 67 avenue du Maine, 75014 Paris | Freehold | Not applicable | Not applicable | Not applicable | 24,823 | 24,190 | 24,823 | 24,190 | 0.6 | 0.6 | 0.7 | 0.6 |
Citadines Montmartre Paris (1) | 16 avenue Rachel, 75018 Paris | Freehold | Not applicable | Not applicable | Not applicable | 34,259 | 33,386 | 34,259 | 33,386 | 0.8 | 0.8 | 0.9 | 0.9 |
Citadines Place d'ltalie Paris (1) | 18 place d'ltalie, 75013 | Freehold | Not | Not | Not | 57,889 | 56,413 | 57,889 | 56,413 | 1.4 | 1.3 | 1.6 | 1.5 |
Paris
applicable
applicable
applicable
Balance carried forward 790,019 797,943 790,019 797,943 18.6 18.3 21.5 21.3
(1) As at 30 June 2025, these 17 (31 December 2024: 17) investment properties are leased to related corporations under master lease arrangements.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 790,019 | 797,943 | 790,019 | 797,943 | 18.6 | 18.3 | 21.5 | 21.3 | |||||
France (continued) | |||||||||||||
Citadines Presqu'île Lyon (1) | 2 rue Thomassin, 69002 | Freehold | Not | Not | Not | 22,500 | 21,927 | 22,500 | 21,927 | 0.5 | 0.5 | 0.6 | 0.6 |
Lyon | applicable | applicable | applicable | ||||||||||
Citadines République Paris (1) | 75 bis, avenue Parmentier, 75011 Paris | Freehold | Not applicable | Not applicable | Not applicable | 28,872 | 28,116 | 28,872 | 28,116 | 0.7 | 0.6 | 0.8 | 0.8 |
Citadines Tour Eiffel Paris (1) | 132 boulevard de | Freehold | Not | Not | Not | 68,068 | 66,332 | 68,068 | 66,332 | 1.6 | 1.5 | 1.9 | 1.8 |
Grenelle, 75015 Paris | applicable | applicable | applicable | ||||||||||
Citadines Trocadéro Paris (1) | 29 bis, rue Saint-Didier, | Freehold | Not | Not | Not | 47,774 | 46,556 | 47,774 | 46,556 | 1.1 | 1.1 | 1.3 | 1.2 |
75116 Paris | applicable | applicable | applicable | ||||||||||
La Clef Louvre Paris (1) | 8 rue de Richelieu, 75001 Paris | Freehold | Not applicable | Not applicable | Not applicable | 55,947 | 54,520 | 55,947 | 54,520 | 1.3 | 1.2 | 1.5 | 1.5 |
La Clef Tour Eiffel Paris (1) | 83 avenue Kléber, 75116 Paris | Freehold | Not applicable | Not applicable | Not applicable | 140,528 | 135,769 | 140,528 | 135,769 | 3.2 | 3.0 | 3.8 | 3.6 |
Balance carried forward | 1,153,708 | 1,151,163 | 1,153,708 | 1,151,163 | 27.0 | 26.2 | 31.4 | 30.8 | |||||
(1) As at 30 June 2025, these 17 (31 December 2024: 17) investment properties are leased to related corporations under master lease arrangements.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 1,153,708 | 1,151,163 | 1,153,708 | 1,151,163 | 27.0 | 26.2 | 31.4 | 30.8 | |||||
Germany | |||||||||||||
Citadines Arnulfpark Munich (1) | Arnulfstrasse 51, 80636 München | Freehold | Not applicable | Not applicable | Not applicable | 40,356 | 39,327 | 40,356 | 39,327 | 0.9 | 0.9 | 1.1 | 1.0 |
Citadines City Centre Frankfurt (1) | Europa-Allee 23, 60327 Frankfurt am Main | Freehold | Not applicable | Not applicable | Not applicable | 56,614 | 55,171 | 56,614 | 55,171 | 1.3 | 1.3 | 1.5 | 1.5 |
Citadines Kurfürstendamm Berlin (1) | Olivaer Platz 1, 10707 Berlin-Wilmersdorf | Freehold | Not applicable | Not applicable | Not applicable | 24,896 | 24,190 | 24,896 | 24,190 | 0.6 | 0.5 | 0.7 | 0.6 |
Citadines Michel Hamburg (1) | Ludwig-Erhard-Straβe 7, | Leasehold | 99 years | 86 years | 86 years | 52,259 | 50,927 | 52,259 | 50,927 | 1.2 | 1.2 | 1.4 | 1.4 |
20459 Hamburg | |||||||||||||
The Madison Hamburg | Schaarsteinweg 4, 20459 Hamburg | Freehold | Not applicable | Not applicable | Not applicable | 87,534 | 84,468 | 87,534 | 84,468 | 2.0 | 1.9 | 2.4 | 2.3 |
Indonesia | |||||||||||||
Ascott Jakarta Jalan Kebon Kacang Raya Leasehold 30 years No. 2, Jakarta 10230 | 29 years | 29 years | 49,541 | 53,304 | 49,541 | 53,304 | 1.2 | 1.2 | 1.3 | 1.4 | |||
Ascott Kuningan Jakarta Ciputra World 1 Leasehold 30 years | 2 years | 2 years | 51,071 | 54,949 | 51,071 | 54,949 | 1.2 | 1.3 | 1.4 | 1.5 | |||
Jalan Prof Dr Satrio Kav. 3-5 Jakarta 12940
Somerset Grand Citra Jakarta Jalan Prof Dr Satrio Kav.
1, Jakarta 12940
Leasehold 20 years 19 years 20 years 30,989 33,342 30,989 33,342 0.7 0.7 0.8 0.9
Balance carried forward 1,546,968 1,546,841 1,546,968 1,546,841 36.1 35.2 42.0 41.4
(1) As at 30 June 2025, these 17 (31 December 2024: 17) investment properties are leased to related corporations under master lease arrangements.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 1,546,968 | 1,546,841 | 1,546,968 | 1,546,841 | 36.1 | 35.2 | 42.0 | 41.4 | |||||
Japan | |||||||||||||
Chisun Budget Kanazawa | 8-16 Horikawa Shinmachi, | Freehold | Not | Not | Not | 45,964 | - | 45,826 | - | 1.1 | - | 1.2 | - |
Ekimae (2) Kanazawa City, Ishikawa applicable applicable applicable | |||||||||||||
920-0849 | |||||||||||||
Citadines Central Shinjuku Tokyo | 1-2-9, Kabuki-cho, | Freehold | Not | Not | Not | 111,376 | 108,647 | 111,376 | 108,647 | 2.6 | 2.4 | 3.0 | 2.9 |
Shinjuku-ku, Tokyo | applicable | applicable | applicable | ||||||||||
1600021 | |||||||||||||
Citadines Shinjuku Tokyo | 1-28-13 Shinjuku, | Freehold | Not | Not | Not | 87,411 | 85,343 | 87,411 | 85,343 | 2.0 | 1.9 | 2.4 | 2.3 |
Shinjuku-ku, Tokyo | applicable | applicable | applicable | ||||||||||
1600022 | |||||||||||||
ibis Style Tokyo Ginza (3) | 7 10 9 Ginza, Chuo-ku, | Freehold | Not | Not | Not | 145,368 | - | 145,226 | - | 3.4 | - | 4.0 | - |
Tokyo 104-0061 | applicable | applicable | applicable | ||||||||||
Sotetsu Grand Fresa Tokyo-Bay | 3-6-6 Ariake Koto-ku, | Freehold | Not | Not | Not | 264,747 | 258,271 | 264,747 | 258,271 | 6.2 | 5.9 | 7.2 | 6.9 |
Ariake | Tokyo 135-0063 | applicable | applicable | applicable | |||||||||
Balance carried forward | 2,201,834 | 1,999,102 | 2,201,554 | 1,999,102 | 51.4 | 45.4 | 59.8 | 53.5 | |||||
(2) On 31 January 2025, the CapitaLand Ascott REIT Group acquired Chisun Budget Kanazawa Ekimae from GKK Godo Kaisha, an unrelated third party. The valuation was based on discounted cash flow method.
(3) On 31 January 2025, the CapitaLand Ascott REIT Group acquired ibis Style Tokyo Ginza from GKK Godo Kaisha, an unrelated third party. The valuation was based on discounted cash flow method.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | ||||||
$'000 | $'000 | $'000 | $'000 | % | % | % | % | ||||||
Balance brought forward | 2,201,834 | 1,999,102 | 2,201,554 | 1,999,102 | 51.4 | 45.4 | 59.8 | 53.5 | |||||
Japan (continued) | |||||||||||||
Actus Hakata V-Tower | 3-15-10 Hakata Ekimae, Hakata-ku, Fukuoka | Freehold | Not applicable | Not applicable | Not applicable | 40,587 | 39,601 | 40,587 | 39,601 | 0.9 | 0.8 | 1.2 | 1.1 |
Alpha Square Kita 15 jo | 2-5, Kita 15 jo Higashi 1-chome, Higashi-ku, Sapporo-shi, Hokkaido | Freehold | Not applicable | Not applicable | Not applicable | 20,756 | 20,262 | 20,756 | 20,262 | 0.5 | 0.5 | 0.6 | 0.5 |
Big Palace Kita 14 jo | 4-1-6 Kita14 jo Nishi, Kita-ku, Sapporo-shi, Hokkaido | Freehold | Not applicable | Not applicable | Not applicable | 16,836 | 16,435 | 16,836 | 16,435 | 0.4 | 0.4 | 0.5 | 0.4 |
Big Palace Minami 5 jo | 3-1, Minami 5 jo Nishi 8-chome, Chuo-ku, Sapporo-shi, Hokkaido | Freehold | Not applicable | Not applicable | Not applicable | 22,537 | 22,001 | 22,537 | 22,001 | 0.5 | 0.5 | 0.6 | 0.6 |
City Court Kita 1 jo | 6-3 Kita 1 jo Higashi 1-chome, Chuo-ku, Sapporo-shi, Hokkaido | Freehold | Not applicable | Not applicable | Not applicable | 22,379 | 21,847 | 22,379 | 21,847 | 0.5 | 0.5 | 0.6 | 0.6 |
Eslead College Gate | 19-28, 3-chome Kowakae, | Freehold | Not | Not | Not | 16,191 | 15,805 | 16,191 | 15,805 | 0.4 | 0.4 | 0.4 | 0.4 |
Kindaimae
Higashiosaka-shi, Osaka 577-0818
applicable
applicable
applicable
Eslead Residence Bentencho Grande
15-44, Benten 5-chome, Minato-ku, Osaka-shi, Osaka
Freehold Not applicable
Not applicable
Not applicable
17,727 17,305 17,727 17,305 0.4 0.4 0.5 0.5
Balance carried forward 2,358,847 2,152,358 2,358,567 2,152,358 55.0 48.9 64.2 57.6
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 2,358,847 | 2,152,358 | 2,358,567 | 2,152,358 | 55.0 | 48.9 | 64.2 | 57.6 | |||||
Japan (continued) | |||||||||||||
Eslead Residence Osaka Fukushima East | 5-8-7, Sagisu, Fukushima-ku, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 18,528 | 18,088 | 18,528 | 18,088 | 0.4 | 0.4 | 0.5 | 0.5 |
Eslead Residence Umeda Grande | 4-8-3, Nakatsu, Kita-ku, Osaka-shi, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 11,314 | 11,045 | 11,314 | 11,045 | 0.3 | 0.3 | 0.3 | 0.3 |
Granfore Hakata Waterfront | 7-9, Sekijomachi, Hakata-ku, Fukuoka | Freehold | Not applicable | Not applicable | Not applicable | 38,661 | 37,741 | 38,661 | 37,741 | 1.0 | 0.9 | 1.1 | 1.0 |
Gravis Court Kakomachi | 13-10, Kakomachi, | Freehold | Not | Not | Not | 5,835 | 5,696 | 5,835 | 5,696 | 0.1 | 0.1 | 0.2 | 0.2 |
Naka-ku, Hiroshima | applicable | applicable | applicable | ||||||||||
Gravis Court Kokutaiji | 2-1-9, Kokutaijimachi, | Freehold | Not | Not | Not | 4,347 | 4,244 | 4,347 | 4,244 | 0.1 | 0.1 | 0.1 | 0.1 |
Naka-ku, Hiroshima | applicable | applicable | applicable | ||||||||||
Gravis Court Nishiharaekimae | 8-38-10, Nishihara, | Freehold | Not | Not | Not | 3,599 | 3,513 | 3,599 | 3,513 | 0.1 | 0.1 | 0.1 | 0.1 |
Asaminami-ku, Hiroshima | applicable | applicable | applicable | ||||||||||
House Saison Shijo-Dori | 47-2, Kasaboko-cho, | Freehold | Not | Not | Not | 26,546 | 25,915 | 26,546 | 25,915 | 0.6 | 0.6 | 0.7 | 0.7 |
Shimogyo-ku, Kyoto | applicable | applicable | applicable | ||||||||||
Balance carried forward | 2,467,677 | 2,258,600 | 2,467,397 | 2,258,600 | 57.6 | 51.4 | 67.2 | 60.5 | |||||
Portfolio Statements (continued) As at 30 June 2025 | ||||||
At Valuation | Percentage of Stapled Securityholders' funds | |||||
Tenure of | Term of | Remaining | CapitaLand | CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 2,467,677 | 2,258,600 | 2,467,397 | 2,258,600 | 57.6 | 51.4 | 67.2 | 60.5 | |||||
Japan (continued) | |||||||||||||
Marunouchi Central Heights | 3-23-6 Marunouchi, Naka-ku, Nagoya city, Aichi | Freehold | Not applicable | Not applicable | Not applicable | 6,440 | 6,287 | 6,440 | 6,287 | 0.2 | 0.1 | 0.2 | 0.2 |
Roppongi Residences Tokyo | 3-4-31 Roppongi, Minato- | Freehold | Not | Not | Not | 34,614 | 33,695 | 34,614 | 33,695 | 0.8 | 0.8 | 0.9 | 0.9 |
ku, Tokyo 106-0032 | applicable | applicable | applicable | ||||||||||
S-Residence Fukushima Luxe | 7-22-9, Fukushima, | Freehold | Not | Not | Not | 29,102 | 28,410 | 29,102 | 28,410 | 0.7 | 0.6 | 0.8 | 0.8 |
Fukushima-ku, Osaka | applicable | applicable | applicable | ||||||||||
S-Residence Gakuenzaka | 2-1-1 Shimodera, Naniwa-ku, Osaka-shi, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 11,785 | 11,479 | 11,785 | 11,479 | 0.3 | 0.3 | 0.3 | 0.3 |
S-Residence Hommachi Marks | 2-3-6, Tokuicho, Chuo-ku, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 15,895 | 15,653 | 15,895 | 15,653 | 0.4 | 0.4 | 0.4 | 0.4 |
S-Residence Midoribashi Serio | 3-17-6, Nakamoto, | Freehold | Not | Not | Not | 14,425 | 14,088 | 14,425 | 14,088 | 0.3 | 0.3 | 0.4 | 0.4 |
Higashinari-ku, Osaka | applicable | applicable | applicable | ||||||||||
S-Residence Namba Viale | 3-9-1 Motomachi, Naniwa-ku, Osaka-shi, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 16,480 | 16,088 | 16,480 | 16,088 | 0.4 | 0.4 | 0.4 | 0.4 |
S-Residence Shukugawa | 2-88 Kamizono-cho, Nishinomiya city, Hyogo | Freehold | Not applicable | Not applicable | Not applicable | 6,875 | 6,705 | 6,875 | 6,705 | 0.2 | 0.2 | 0.2 | 0.2 |
S-Residence Tanimachi 9 chome | 4-29, Ikutamamaemachi, Tennoji-ku, Osaka | Freehold | Not applicable | Not applicable | Not applicable | 16,919 | 16,522 | 16,919 | 16,522 | 0.4 | 0.4 | 0.5 | 0.4 |
Teriha Ocean Stage (4) | 7-8-3, Kashii Teriha, Higashi-ku, Fukuoka | Freehold | Not applicable | Not applicable | Not applicable | 75,075 | 73,307 | 75,075 | 73,307 | 1.8 | 1.7 | 2.0 | 2.0 |
Balance carried forward | 2,695,287 | 2,480,834 | 2,695,007 | 2,480,834 | 63.1 | 56.6 | 73.3 | 66.5 | |||||
(4) On 24 January 2024, the CapitaLand Ascott REIT Group acquired Teriha Ocean Stage from Sekisui House, Ltd. and Fukuoka Shoji, Co., Ltd., unrelated third parties. The valuation was based on discounted cash flow method.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | ||||||
$'000 | $'000 | $'000 | $'000 | % | % | % | % | ||||||
Balance brought forward | 2,695,287 | 2,480,834 | 2,695,007 | 2,480,834 | 63.1 | 56.6 | 73.3 | 66.5 | |||||
Malaysia | |||||||||||||
Somerset Kuala Lumpur | 187, Jalan Ampang, | Freehold | Not | Not | Not | 36,889 | 36,451 | 36,889 | 36,451 | 0.9 | 0.8 | 1.0 | 1.0 |
50450, Kuala Lumpur | applicable | applicable | applicable | ||||||||||
The Philippines | |||||||||||||
Ascott Makati | Glorietta 4, Ayala Center, | Leasehold | 48 years | 19 years | 19 years | 89,657 | 88,085 | 89,657 | 88,085 | 2.1 | 2.0 | 2.4 | 2.4 |
Makati City 1224 | |||||||||||||
Somerset Millennium Makati | 104 Aguirre Street, | Freehold | Not | Not | Not | 12,391 | 12,178 | 12,391 | 12,178 | 0.3 | 0.3 | 0.3 | 0.3 |
Legaspi Village, | applicable | applicable | applicable | ||||||||||
Makati City 1229 | |||||||||||||
Singapore | |||||||||||||
Ascott Orchard Singapore | 11 Cairnhill Road, | Leasehold | 99 years | 88 years | 88 years | 433,925 | 433,925 | 433,925 | 433,925 | 10.1 | 9.9 | 11.8 | 11.6 |
Singapore 229724 | |||||||||||||
lyf one-north Singapore | 80 Nepal Park, Singapore 139409 | Leasehold | 60 years | 53 years | 54 years | 144,477 | 144,477 | 144,477 | 144,477 | 3.4 | 3.3 | 3.9 | 3.9 |
lyf Funan Singapore (1), (5) | 67 Hill Street, Level 4 Leasehold | 60 years | 53 years | 54 years | 270,354 | 270,585 | 270,354 | 270,585 | 6.3 | 6.2 | 7.4 | 7.2 | |
Funan, Singapore 179370 | |||||||||||||
Somerset Liang Court Property | 177B River Valley Road, Leasehold | 99 years | 95 years | 96 years | 282,097 | 279,000 | 282,097 | 279,000 | 6.6 | 6.4 | 7.7 | 7.5 | |
Singapore (under | Singapore 179032 | ||||||||||||
development) | |||||||||||||
Balance carried forward | 3,965,077 | 3,745,535 | 3,964,797 | 3,745,535 | 92.8 | 85.5 | 107.8 | 100.4 | |||||
(1) As at 30 June 2025, these 17 (31 December 2024: 17) investment properties are leased to related corporations under master lease arrangements.
(5) On 31 December 2024, the CapitaLand Ascott REIT Group acquired lyf Funan Singapore from Victory SR Pte. Ltd., a related party. The valuation was based on discounted cash flow method.
Portfolio Statements (continued) As at 30 June 2025 | ||||||
Tenure of | Term of | Remaining | At Valuation CapitaLand | Percentage of Stapled Securityholders' funds CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | ||||||
$'000 | $'000 | $'000 | $'000 | % | % | % | % | ||||||
Balance brought forward | 3,965,077 | 3,745,535 | 3,964,797 | 3,745,535 | 92.8 | 85.5 | 107.8 | 100.4 | |||||
Singapore (continued) | |||||||||||||
The Robertson House by The Crest Collection | 1 Unity Street, Singapore 237983 | Leasehold | 99 years | 80 years | 81 years | - | - | 353,788 | 353,906 | - | - | 9.6 | 9.5 |
Spain | |||||||||||||
Citadines Ramblas Barcelona | Ramblas 122, 08002 Barcelona | Freehold | Not applicable | Not applicable | Not applicable | 74,486 | 72,136 | 74,486 | 72,136 | 1.7 | 1.6 | 2.0 | 1.9 |
United Kingdom | |||||||||||||
Citadines Barbican London | 7-21 Goswell Road, | Freehold | Not | Not | Not | 86,408 | 84,745 | 86,408 | 84,745 | 2.0 | 1.9 | 2.3 | 2.3 |
London EC1M 7AH | applicable | applicable | applicable | ||||||||||
Citadines Holborn-Covent | 94-99 High Holborn, | Freehold | Not | Not | Not | 206,290 | 186,582 | 206,290 | 186,582 | 4.8 | 4.3 | 5.6 | 5.0 |
Garden London | London WC1V 6LF | applicable | applicable | applicable | |||||||||
Citadines South Kensington | 35A Gloucester Road, | Freehold | Not | Not | Not | 76,677 | 75,172 | 76,677 | 75,172 | 1.8 | 1.7 | 2.1 | 2.0 |
London | London SW7 4PL | applicable | applicable | applicable | |||||||||
Citadines Trafalgar Square | 18/21 Northumberland | Freehold | Not | Not | Not | 198,577 | 194,762 | 198,577 | 194,762 | 4.6 | 4.4 | 5.4 | 5.2 |
London | Avenue, London WC2N | applicable | applicable | applicable | |||||||||
5EA | |||||||||||||
The Cavendish London | 81 Jermyn St, St. James's, | Leasehold | 150 years | 133 years | 134 years | 377,898 | 370,686 | 377,898 | 370,686 | 8.9 | 8.5 | 10.3 | 9.9 |
London SW1Y 6JF | |||||||||||||
Balance carried forward | 4,985,413 | 4,729,618 | 5,338,921 | 5,083,524 | 116.6 | 107.9 | 145.1 | 136.2 | |||||
Portfolio Statements (continued) As at 30 June 2025 | ||||||
At Valuation | Percentage of Stapled Securityholders' funds | |||||
Tenure of | Term of | Remaining | CapitaLand | CapitaLand | ||
Description of Property | Location | Land | Lease | Term of Lease | Stapled Group Ascott REIT Group | Stapled Group Ascott REIT Group |
30/06/2025 31/12/2024 30/06/2025 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | 30/06/2025 | 31/12/2024 | |||||||
$'000 $'000 | $'000 | $'000 | % | % | % | % | |||||||
Balance brought forward | 4,985,413 | 4,729,618 | 5,338,921 | 5,083,524 | 116.6 | 107.9 | 145.1 | 136.2 | |||||
United States of America | |||||||||||||
Element New York Times Square West | 311 West 39th Street, New York, New York | Leasehold | 99 years | 87 years | 88 years | 151,860 | 157,039 | 151,860 | 157,039 | 3.6 | 3.6 | 4.1 | 4.2 |
10018 | |||||||||||||
Sheraton Tribeca New York Hotel | 370 Canal Street, New York, New York 10013 | Leasehold | 99 years | 87 years | 88 years | 176,739 | 182,767 | 176,739 | 182,767 | 4.1 | 4.2 | 4.8 | 4.9 |
voco Times Square South | 343 West 36th Street, New York, New York 10018 | Freehold | Not applicable | Not applicable | Not applicable | 162,419 | 167,657 | 162,419 | 167,657 | 3.8 | 3.8 | 4.5 | 4.5 |
Paloma Kent | 1450 E Summit Street | Leasehold | 99 years | 93 years | 93 years | 49,562 | 50,457 | 49,562 | 50,457 | 1.2 | 1.2 | 1.3 | 1.4 |
Kent, Ohio 44240 | |||||||||||||
Paloma Raleigh | 5701 Hillsborough Street, | Freehold | Not | Not | Not | 86,928 | 89,869 | 86,928 | 89,869 | 2.0 | 2.1 | 2.4 | 2.4 |
Raleigh, North Carolina | applicable | applicable | applicable | ||||||||||
27606 | |||||||||||||
Paloma University City | 3600 Lancaster Avenue, | Freehold | Not | Not | Not | 78,341 | 80,989 | 78,341 | 80,989 | 1.8 | 1.9 | 2.1 | 2.1 |
Philadelphia, Pennsylvania | applicable | applicable | applicable | ||||||||||
19104 | |||||||||||||
Paloma West Midtown | 800 Marietta Street NW, | Freehold | Not | Not | Not | 148,216 | 153,151 | 148,216 | 153,151 | 3.5 | 3.5 | 4.0 | 4.1 |
Atlanta, Georgia, 30318 | applicable | applicable | applicable | ||||||||||
Balance carried forward | 5,839,478 | 5,611,547 | 6,192,986 | 5,965,453 | 136.6 | 128.2 | 168.3 | 159.8 | |||||