Capitaland Ascott TrustSGX: HMN

1Q 2025 Business Updates - Financial Statement

· Issued by Capitaland Ascott Trust

CapitaLand Ascott Trust

1Q 2025 Business Updates

28 April 2025

lyf Funan Singapore



Citadines Central Shinjuku Tokyo

Citadines Central Shinjuku Tokyo

Table of Content

01

Overview of CLAS

02

1Q 2025 Highlights

03

Key Market Updates

04

Portfolio Updates

05

Capital & Risk Management

06

Looking Ahead



Overview of CapitaLand Ascott Trust

Citadines Holborn-Covent Garden London



Largest Lodging Trust in Asia Pacific

Constituent of FTSE EPRA Nareit Global Developed Index

The United Kingdom

5 properties

China

5 properties

The United States of America

11 properties

Ireland

1 property

Belgium

2 properties

South Korea

2 properties

Spain

1 property

Japan

30 properties

France

12 properties

Germany

5 properties

The Philippines

2 properties

Vietnam

5 properties

Singapore

5 properties1

521

Serviced

Residences

18

Hotels /

Business Hotels

23

Rental

Housing

9

Student

Accommodation

Malaysia

1 property

Australia

12 properties

Indonesia

3 properties

Diversified lodging asset classes



S$8.9b

Total Assets

>19,0001

Units

1021

Properties

46

Cities in 16 countries

S$3.3b

Market Capitalisation

Notes: Above as at/for period ended 31 Mar 2025

1. Including Somerset Liang Court Singapore which is currently under development

CapitaLand Ascott Trust's Positioning

Diversified and well-balanced portfolio to deliver sustainable returns

Predominantly in Asia Pacific Remainder in Europe/USA

  • Largest lodging trust in Asia Pacific

  • Diversified across 16 countries, Asia Pacific

    remains core

  • Presence in large domestic markets and key gateway cities

Geographical Allocation

Global in presence, anchored in Asia Pacific



Target Asset Allocation

70-75% in serviced residences

and hotels

Hospitality

assets

25-30% in rental housing and

student accommodation

Longer-stay accommodation



57%

Asia Pacific

Total Assets

as at

31 Mar 2025

24%

Europe

19%

USA

38%

Hotels

45%

Serviced residences

Portfolio Value

as at

31 Mar 2025

17%

Longer-stay

accommodation

6%

Rental housing

11%

Student accommodation

1Q 2025 Highlights

Citadines Kurfürstendamm Berlin



1Q 2025 Gross Profit Rose 4% Y-o-Y

Increase due to portfolio reconstitution initiatives and stronger operating performance

New properties in 1Q 2025

  • 1Q 2025 gross profit rose 4% year-on-year (y-o-y)







  • Gross profit from new properties in 1Q 2025 has replaced the gross profit lost from divestments in 2024

    • Swift redeployment of divestment proceeds minimised the impact on CLAS' income

      Chisun Budget Kanazawa Ekimae acquired on 31 Jan 2025

ibis Styles Tokyo Ginza acquired on 31 Jan 2025

lyf Funan Singapore acquired on 31 Dec 2024

  • On a same-store basis, excluding acquisitions and divestments between 1Q 2024 and 1Q 20251, gross profit was 1% higher y-o-y

  • Stronger performance from properties renovated in 2024

contributed to the growth in 1Q 2025

Note:

  1. Acquisitions include: Teriha Ocean Stage (in Jan 2024), lyf Funan Singapore (in Dec 2024), ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae (in Jan 2025);

Divestments include: Courtyard by Marriott Sydney-North Ryde (in Jan 2024), Citadines Mount Sophia Singapore, Hotel WBF Kitasemba East, Hotel WBF Kitasemba West and Hotel WBF Honmachi (in Mar 2024), Novotel Sydney Parramatta (in Sep 2024), Citadines Karasuma-Gojo Kyoto and Infini Garden (in Oct 2024)

30

Management Contracts

for hotels and serviced residences

Growth Income

12 31

MCMGI2 Management Contracts

for longer-stay properties

281

Master Leases

Stable Income

Notes: Above count as at 31 Mar 2025, excludes Somerset Liang Court Singapore which is currently under development

  1. Includes Eslead College Gate Kindaimae which is a student accommodation property under master lease

  2. Management contracts with minimum guaranteed income (MCMGI)

1Q 2025 Gross Profit Rose 4% Y-o-Y

Resilience from stable income sources, which comprised 70% of 1Q 2025 gross profit

70% Stable Income

30% Growth Income

1Q 2025

Gross Profit



Management contracts of longer-stay properties (rental housing and student accommodation)

19%

Master leases1 and MCMGI

51%

Management contracts of hospitality properties (serviced residences and hotels)

30%

Notes:

5%

in gross profit from master leases1

mainly due to the acquisition of lyf Funan Singapore; same-store2 gross profit was 5% lower y-o-y due to

lower variable rent and

higher expenses

12%

in gross profit from MCMGI

mainly due to stronger performance in UK and Belgium

5%

in gross profit

from management contracts

of longer-stay properties;

on a same-store basis2, it was 10% higher y-o-y mainly due to stronger

performance of the student accommodation portfolio

4%

in gross profit

from management contracts of hospitality properties mainly due to divestments; same-store2 gross profit was

4% lower y-o-y as higher revenue

was offset by higher expenses

4%

portfolio RevPAU3 mainly due to higher average occupancy of 77% (1Q 2024: 73%)

  1. Includes Eslead College Gate Kindaimae which is a student accommodation property under master lease

  2. Computation excludes acquisitions and divestments between 1Q 2024 and 1Q 2025

  3. Portfolio RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation

Key Market Updates

Standard at Columbia



1Q 2025

RevPAU

Y-o-Y % Change in RevPAU

Actual

Excluding acquisitions and/or divestments1

Australia

AUD

175

4%

13%

Japan

JPY

14,264

(11%)

17%

Singapore

S$

183

1%

(3%)

United Kingdom

GBP

139

12%

USA

USD

160

11%

1Q 2025 Performance Summary

Most key markets registered growth y-o-y

Well-staggered master lease expiry

Lease expiry for master leases2

(as at 31 Mar 2025)

69%

18%

3%

7%

3%

2025

2026

2027

2028

2029 &

beyond

1Q 2025

Revenue

Y-o-Y

% Change in Revenue

France

(all master leases)

EUR

5.6 mil

2%

Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation

  1. Computation excludes acquisitions and divestments between 1Q 2024 and 1Q 2025

  2. Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases

    • In 2025, the two master leases in Japan and Australia are expiring in 2H

      Australia

      Healthy RevPAU growth in 1Q 2025; outlook remains positive

      10% of total assets: 2 SRs and 4 hotels under management contracts;

      1 hotel under MCMGI; 5 SRs under master leases

168

RevPAU (AUD)1

Management Contracts and MCMGI -SRs & Hotels

1552

Excludes CMSNR and NSP which were divested in Jan 2024

and Sep 2024

respectively

+13%2

175



  • 1Q 2025 RevPAU for properties under management contracts and MCMGI increased 4% y-o-y to AUD 175; on a same-store basis2, 1Q 2025 RevPAU was 13% higher y-o-y

  • Despite the absence of concerts by high-profile artistes such as Taylor Swift this year, RevPAU increased due to higher leisure

  • CLAS' properties cater predominantly to domestic guests, and the outlook for 2Q 2025 continues to be positive, with uplift expected from sporting events and Katy Perry concerts

    Master Leases - SRs

  • 1Q 2025 revenue from master leases was

    stable y-o-y

  • The properties will continue to receive fixed rent with annual indexation, providing

    1Q 2024 1Q 2025

    demand and group bookings during the 2025 Australian Open

    stability to CLAS

    Notes:

    1. Pertains to the hotels and SRs under management contracts and MCMGI only

    2. Excluding Courtyard by Marriott Sydney-North Ryde (CMSNR) and Novotel Sydney Parramatta (NSP) which were divested in Jan 2024 and Sep 2024 respectively

      France

      Higher revenue following master lease renewals

      7% of total assets: 12 SRs under master leases

Revenue (EUR'mil)

+2%

  • 1Q 2025 revenue was 2% higher y-o-y due to higher rent received from the 3 master leases that were renewed in Oct 2024, and higher rent from

    5.6

5.5

2 master leases due to rent indexation

  • Underlying operating performance of CLAS' France portfolio improved y-o-y following the completion of renovations at Citadines Les Halles Paris and

La Clef Tour Eiffel Paris

  • Positive outlook for 2Q 2025 on the back of several large-scale events, such as the biennial Paris Air Show in Jun

  • Guests at CLAS' France properties are predominantly European, and forward bookings from transient and corporate segments are healthy

    1Q 2024 1Q 2025

    Japan

    International leisure demand continues to be robust; rental housing properties provide stable income

    17% of total assets: 2 hotels and 1 student accommodation under master lease;

    2 SRs, 2 hotels and 23 rental housing under management contracts

RevPAU (JPY)1

Management Contracts - SRs and hotels

  • Acquisition of two freehold limited-service hotels in Tokyo and Kanazawa - ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae respectively, was

    Management Contracts - Rental Housing

  • In 1Q 2025, the rental housing portfolio continued to offer stable income with an average occupancy of >95%

    18,2992

    Includes CKK

    which was divested in Oct 2024

    +17%2

    21,3932

    completed on 31 Jan 2025

    15,962

14,264

Includes the two Japan hotels acquired in Jan 2025



    • 1Q 2025 RevPAU was 11% lower y-o-y at JPY 14,264 mainly due to the addition of the Kanazawa property, which has a lower RevPAU

    • On a same-store basis, excluding the two new hotels which were acquired in Jan 2025 and Citadines Karasuma-Gojo Kyoto (CKK) which was divested in Oct 2024, 1Q 2025 RevPAU was 17% higher y-o-y at

      Master Leases - Hotels & Student

      Accommodation

  • Received variable rent in addition to fixed rent at the hotels due to strong operating performance

  • Received fixed rent at the student accommodation property in Osaka

    1Q 2024 1Q 2025

    JPY 21,393 due to higher ADR

    • International leisure bookings in 1Q 2025 continued to be strong, with majority of the guests from Asia

    • Outlook remains robust in 2Q 2025, supported by demand during the cherry blossom season and long weekends

Notes:

  1. Pertains to the hotels and SRs under management contracts only; excludes rental housing properties

  2. Excluding CKK which was divested in Oct 2024, and Ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae which were acquired in Jan 2025

    Singapore

    Absence of high-profile events partially mitigated by The Robertson House and long stays

    19% of total assets: 1 SR and 1 hotel under MCMGI; 1 SR under management contract;

    1 hotel under master lease; 1 SR under development

1892

RevPAU (SGD)1

-3%2

MCMGI and Management Contracts -SRs and hotel

  • 1Q 2025 RevPAU for properties under MCMGI and management contracts increased by 1%

    182

183

Includes CMSS which was divested in Mar 2024



y-o-y to S$183; on a same-store basis2, 1Q 2025 RevPAU was 3% lower y-o-y

  • The decrease in RevPAU was mainly attributed to the absence of high-profile concerts like Taylor Swift and biennial MICE events such as the Singapore Airshow which were held in 1Q 2024, but was mitigated by stronger operating performance of The Robertson House by The Crest Collection post-AEI and

long stays at the SRs

Master Lease - Hotel

  • CLAS' newly-acquired hotel, lyf Funan Singapore, a prime asset in the heart of Singapore's Civic District, started contributing revenue to CLAS' portfolio from 1 Jan 2025

    • Property reflected stronger RevPAU performance relative to its market peers in the quarter

In 2Q 2025, market demand for corporate and relocation stays is expected to be subdued while transient demand is expected to be higher during concert and event periods

1Q 2024 1Q 2025

Notes:

  1. Pertains to the hotel and SRs under management contracts and MCMGI only

  2. Excluding Citadines Mount Sophia Singapore (CMSS) which was divested in Mar 2024

    United Kingdom

    RevPAU growth mainly driven by Citadines Holborn-Covent Garden London post-AEI

    11% of total assets: 4 SRs and 1 hotel under MCMGI

RevPAU (GBP)

+12%

1Q 2024 1Q 2025

  • 1Q 2025 RevPAU increased 12% y-o-y to GBP 139 mainly driven by higher RevPAU at Citadines Holborn-Covent Garden London (CHCGL) post-AEI; room rates at CHCGL are over 20% higher than pre-AEI 1Q 2023

    139

124

  • Higher demand from corporate travellers also contributed to the stronger performance in 1Q 2025

  • Going forward, ADR growth is expected to moderate; forward bookings for 2Q 2025 comprise corporate and group bookings, and events such as the London Marathon in Apr are expected to provide an uplift

  • RevPAU growth in the coming quarters is expected to be supported by stronger performance at CHCGL

  • All properties are under MCMGI; the guaranteed income continues to offer downside protection, while the variable income will allow CLAS to enjoy the upside from increased lodging demand

    United States

    Healthy performance at hotels and student accommodation

    19% of total assets: 3 hotels and 8 student accommodation under management contracts

RevPAU (USD)1

+11%

1Q 2024 1Q 2025

Management Contracts - Hotels

160

144

  • 1Q 2025 RevPAU increased 11% y-o-y to USD 160, as CLAS' hotels continued to see strong leisure demand coupled with an increased proportion of corporate bookings; long weekends and major conventions, such as the National Retail Federation show, brought a further boost

  • In 2Q 2025, while demand from international leisure travellers may be affected by negative sentiments towards the USA, CLAS' hotels are expected to be less impacted given the higher proportion of domestic guests; corporate travel is expected to remain resilient

  • Long holiday weekends and corporate and

    entertainment events are expected to provide an uplift

  • Limited new supply of hotel rooms is also expected to support performance going forward

    Management Contracts - Student Accommodation

  • Average leased occupancy of the properties for the current academic year (AY) 2024-2025 is c.90% as of Mar 2025

  • Rent growth for AY 2024-2025 is c.4.5% over the previous AY; excluding Wildwood Lubbock which was undergoing light AEI, rent growth is c.6%

  • Pre-leasing efforts for the upcoming AY 2025-

    2026 are ongoing

  • Standard at Columbia, which CLAS acquired the remaining 10% stake of in Jun 2024, is c.91% pre-leased for AY 2025-2026

    Note:

    1. Pertains to the 3 hotels and excludes the student accommodation properties

    Portfolio Updates

    Citadines Les Halles Paris



    Proactive Investment & Portfolio Reconstitution

    Building a stronger portfolio, enhancing the quality and performance of CLAS' properties



    Divestments

    to unlock value



    Accretive Investments

    in quality properties

    • Accretive investments in prime locations within key gateway cities supported by strong demand drivers

    • Selectively undertaking development projects with attractive stabilised yields



    Asset Enhancement

    to uplift performance and valuations

    • AEIs from 2024 to 2026 provide CLAS with further capacity for growth



    • Divesting properties which have reached the optimal stage of their life cycle

    • Redeploying proceeds into more optimal uses, including investing in higher-yielding properties, funding asset enhancement initiatives (AEIs) and paying down debts with higher interest rates

      Divestments and Acquisitions in 2024 and YTD 2025

      Divesting at premium to book, re-investing into quality, higher-yielding properties

      Divestments

Acquisitions

Completed over S$500 mil in divestments

at up to 55% premium to book

Completed accretive acquisitions of c.S$530 mil

lyf Funan Singapore

Remaining 10% stake in Standard at Columbia



Teriha Ocean Stage



Courtyard by Marriott Sydney-North Ryde



Somerset Olympic Tower Tianjin

Novotel Sydney Parramatta

Completed on

15 Apr 2025



Citadines Mount Sophia Singapore



Hotel WBF Kitasemba East, Hotel WBF Kitasemba West and Hotel WBF Honmachi (WBF hotels)



Japan

Singapore

Australia

China

Singapore

Japan

USA

in quality assets at higher yields

Infini Garden

Citadines Karasuma-Gojo Kyoto

ibis Styles Tokyo Ginza

Chisun Budget

Kanazawa Ekimae

Completed on 31 Jan 2025



Accretive Acquisition of 2 Japan Hotels in Jan 2025

Acquisition of Ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae





Redeployed divestment proceeds at higher yields, fully replacing income of 4 divested properties

4.3%

Blended NOI yield for FY 2024

+1.6%

DPS accretion on a FY 2024 pro forma basis

  • Acquiring two freehold limited-service hotels in Tokyo and Kanazawa in Japan at an acquisition price of JPY 21.0 bil (S$178.5 mil1)

  • Funded by JPY-denominated debt and proceeds from the divestments

    of the three WBF hotels and Infini Garden in Japan in 2024

    ibis Styles Tokyo Ginza (pictured left)

    Chisun Budget Kanazawa Ekimae (pictured right)

    Location

    7 10 9, Ginza, Chuo-Ward, Tokyo, Japan

    8-15 Horikawa Shinmachi, Kanazawa City, Japan

    Number of units

    224

    392

  • Blended NOI yield of 4.3% compares favourably to the blended exit NOI yield of c.2.0% of the divested properties

  • Japan is a key market for CLAS and has performed well

    • Overnight visitors to Tokyo and Kanazawa in 2023 have surpassed pre-Covid levels by 23% and 12% respectively2

    • Operated under management contracts, the properties are positioned to enjoy the upside from the continued strong lodging performance expected in both cities

Notes:

  1. Based on an exchange rate of JPY 1.00 = S$0.0085

  2. Source: Colliers (October 2024) - "Investment potential and performance continue to drive interest in Japan's hotel sector".

Accretive Acquisition of 2 Japan Hotels in Jan 2025

Well-located properties which are supported by leisure and business demand drivers

Ginza is Tokyo's premium shopping and entertainment district

Kanazawa is the capital city of the Ishikawa Prefecture and a popular destination for domestic travellers

Source: Google Maps

  • The property is located next to Ginza Six and within a short walk to premium shopping belt and cultural destinations, including the Uniqlo global flagship store and Ginza Wako clock tower

    Yurakucho

    Station

    Seiko House Ginza Tower

    Ginza Shopping Area

    Higashi

    Ginza

    Ginza

    Station Station

    Showa Street Hotel Area

    Ginza Six

    Kabuki-za Theatre

    Tsukiji Station

    Ibis Styles Ginza Tokyo

    Former Tsukiji fish market



  • Easy access to Tokyo's subway network as the property is a 6 to 8 min walk to Higashi Ginza Station and Ginza Station

    Source: Google Maps

  • Kanazawa is well known for its historical attractions and cultural icons, traditional landscaped gardens as well as premium seafood offerings

    Kanazawa

    Kenroku-en

    Garden

    CBD

    (Korinbo)

    Kanazawa Castle Park

    Omicho

    Market

    International School

Higashi Chaya District

Kanazawa

Station

Motenashi Dome, Tsuzumi-mon Gate and Fountain Clock

Hokkoku Bank

Head Office

Chisun Budget Kanazawa Ekimae

Nanatsuya

Station

Nishi Chaya District

Kanazawa Civic

Arts Village



  • The city is highly accessible from Tokyo, Osaka and other major cities of Japan via train and the Shinkansen, the country's high-speed rail system

  • The property is a 5 min walk to Kanazawa station and 10 min drive to the CBD;

    it is also situated close to event and sports venues

    Asset Enhancement & Development Initiatives


    La Clef Tour Eiffel Paris

    3Q 2023 to 2Q 2024 (Completed)

    c.10.6%

    Yield on AEI cost

    c.11.3%

    Yield on AEI cost

    Sydney Central Hotel

    2025 to 2026

    Citadines Holborn-

    Covent Garden London

    3Q 2023 to 3Q 2024 (Completed)

The Robertson House by The Crest Collection

1Q 2023 to 1Q 2024 (Completed)



  • 192-unit serviced residence with hotel licence in the popular riverfront lifestyle and entertainment Clarke Quay precinct

  • Expected completion in 2026

  • Completed 6 out of 8 announced AEI projects in FY 2024

  • Total capital expenditure of c.S$250 mil for the 8 AEIs partially funded by master lessee / operator

  • CLAS' capital expenditure for the remaining 2 projects is c.S$130 mil

  • Given the uncertain global outlook, CLAS will monitor the macroeconomic situation, lodging demand and

renovation costs, and may adjust the AEI schedules as appropriate

Uplifting the value and profitability of properties in prime locations of key gateway cities

Asset Enhancement Initiatives

Development of Somerset Liang Court Singapore

Citadines Les Halles Paris



2Q 2023 to 2Q 2024 (Completed)

Citadines Kurfürstendamm Berlin

4Q 2023 to 2Q 2024 (Completed)

c.6.5%

Expected post-renovation



stabilised yield

Temple Bar Hotel Dublin

by The Unlimited Collection

1Q 2024 to 4Q 2024 (Completed)

The Cavendish London

2025 to 2026

Artist's impression



Notes:

Timelines of the asset enhancement initiatives are subject to change

Images for The Cavendish London and Sydney Central Hotel are artist's impressions

Sustainability Highlights

In alignment with CapitaLand Investment's 2030 Sustainability Master Plan (SMP)

Sustainability ratings & accolades

Performance & reporting

Selected environmental and

social targets in alignment with SMP

  • 'Industry Mover'

    S&P Global Sustainability Yearbook 2025

  • Global Listed Sector Leader - Hotel

    GRESB for the 4th consecutive year

  • Ranked #1

    Singapore Governance and Transparency Index

    (REITs and Business Trusts) for the 4th consecutive year

  • Winner of Singapore Corporate Sustainability Award

    (REITs and Business Trusts)

    SIAS Investors' Choice Awards 2024

  • 'Negligible Risk' ESG risk rating

    Sustainalytics

  • Constituent of

iEdge-UOB APAC Yield Focus Green REIT Index; and

iEdge-OCBC Singapore Low Carbon Select 50 Capped Index

  • 51% of CLAS' gross floor area green certified as at May 2024, up from 37% in 2022

    • On track to meet 50% target in 2025, and 100% target in 2030

  • Continue to work towards 2030 reduction targets

    • Carbon emissions intensity by 72%

    • Energy consumption intensity by 15%

    • Water consumption intensity by 15%

      (using 2019 as a base year)

  • Fostering a positive and proactive safety culture with zero fatality, permanent disability or major injury

Sustainable finance

  • c.S$830 mil in sustainable financing to date

    Sustainability reporting

    • In 2024, CLAS was the first lodging trust to secure an OCBC

      1.5°C loan

  • CLAS' sustainability report is externally assured in accordance with ISAE 30001

Note:

  1. Limited assurance on the CLAS Sustainability Report, selected Global Reporting Initiative Sustainability Reporting Standards disclosures and sustainability linked bonds' key performance indicators, performed in accordance with International Standard on Assurance Engagement 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information (ISAE 3000)

    Capital & Risk Management

    Citadines Connect Sydney Airport



    Capital Management

    CLAS' discipline and prudence positions it well to weather global uncertainties

    S$1.11

    Strong financial and liquidity position

    c.S$1.43 bil

    Sensitivity analysis on interest cover

    NAV per Stapled Security

    49%

    Total assets in foreign

    currency hedged

    0.1% (loss) 39.9%

    Gearing1

    (c.S$1.7 bil debt headroom2)

    67%

    of property value

    Total available funds comprising

    c.S$560 mil in cash on-hand and

    c.S$872 mil in available credit facilities3

    BBB

    (Stable Outlook)

    Interest cover

    3.2X4 2.9%

    per annum

    2.9X

    2.4X5

    • 10% decrease in EBITDA

    • 100 bp increase in interest rate

    Sensitivity analysis on DPS

    Impact of foreign exchange after hedges

    on gross profit for 1Q 2025

    unencumbered

    Fitch Ratings

    Low effective

    borrowing cost

    • 100 bp increase in interest rate6

    Decrease of

    0.28 cents7

    Notes: Above as at/for period ended 31 Mar 2025

    1. The ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust Group is 73.2% and 17.4% respectively; the ratio for CLAS is 64.8%

    2. Refers to the amount of additional debt before reaching aggregate leverage of 50%

    3. Balances as at 31 Mar 2025; includes committed credit facilities amounting to c.S$435 mil

    4. In accordance with the Monetary Authority of Singapore's revised Code on Collective Investment Schemes dated 28 Nov 2024

    5. Assuming 100 bp increase in the interest rate of all debt and perpetual securities

    6. Based on floating rate borrowings as at 31 Mar 2025 and fixed rate borrowings due in 2025

    7. Based on additional interest expense per annum and number of stapled securities in issue as at 31 Mar 2025

Capital Management 73% : 27%

Bank loans : Medium Term Notes

c.76%

Total debt on fixed rates

3.5 years

Weighted average debt to maturity

Debt maturity profile (S$'mil)

39%

1,317

Debt breakdown by currency

KRW 1%

GBP 9%

EUR 13%

16%

544

14%

484

12%

397

19%

630

JPY 42%

SGD

16%

USD 19%

2025

2026

2027

2028

2029 and after

Bank loans

Medium Term Notes (MTN)

Well-staggered debt maturity profile and diversified funding sources

Key Updates

  • Decrease in effective borrowing cost from 3.0% p.a. as at 31 Dec 2024 to 2.9% p.a. as at 31 Mar 2025 was mainly due to lower interest rates of floating EUR and GBP loans

  • Gearing expected to remain under or at around 40%

  • Interest cover healthy at 3.2 times

  • Given the recent market volatility, we will monitor the market closely and evaluate the different options for the S$250 mil perpetual securities, which has a reset date of 30 Jun 2025, weighing the impact on CLAS' overall capital structure

Note: Above as at 31 Mar 2025

Looking Ahead

La Clef Tour Eiffel Paris



Resilience Amid Macroeconomic Uncertainties

CLAS' diversification and stable income sources cushion the impact from tariffs

Tariffs may lead to…

…higher costs

…reduced lodging demand

…interest rate and foreign currency volatility



Mitigated by…

  • CLAS' predominantly long-stay properties have leaner cost structures compared to full-service hospitality properties

  • For properties under master leases, operating costs are largely covered by the lessees, and for longer-stay accommodation, utility costs are borne by the tenants

  • CLAS' properties have the flexibility to adjust room rates to mitigate inflationary pressures

  • Further steps will be taken to manage costs, including deferring non-essential capital expenditure

  • Stable income sources comprise 60% - 70% of CLAS' gross profit

    • Average length of stay of CLAS' portfolio was

c.2 months in FY 2024

  • Longer-stay accommodation are counter-cyclical and resilient through market cycles

  • Master leases and MCMGI offer downside

protection

  • Diversified guest mix across corporate, leisure, international and domestic segments

  • Properties are primarily in the mid-tier segment

    • Well-positioned to cater to travellers who now seek more affordable options

  • High proportion of debt effectively on fixed rates, for a weighted average of c.3.6 years

  • Average cost of debt is low at 2.9% p.a. and

    interest cover is healthy at 3.2 times

  • Geographically diversified with 12 foreign currencies, and the strengthening of some currencies balances out the weakening of others

  • CLAS adopts a natural hedge by borrowing in the currency of the underlying assets and hedging instruments are used where appropriate

Resilience Amid Macroeconomic Uncertainties

CLAS remains committed to delivering stable distributions to Stapled Securityholders

  • CLAS has a healthy financial and liquidity position, and will continue to adopt a proactive and disciplined approach in capital management

Capital management

  • CLAS continues to evaluate opportunities to divest and reinvest proceeds into more optimal uses to deliver

higher returns to Stapled Securityholders

Portfolio

reconstitution

Asset enhancement

  • Notwithstanding the current macroeconomic uncertainties, CLAS' performance is expected to remain resilient

given its diversification and base of stable income, which comprises 60% - 70% of CLAS' gross profit

Resilient operating performance

  • Completed and planned AEIs are expected to uplift CLAS' distribution income

  • CLAS currently intends to distribute past undistributed divestment gains to mitigate short-term impact of AEIs which are planned to be carried out in 2025 and 2026

  • CLAS will monitor the macroeconomic situation, lodging demand and renovation costs, and may adjust the AEI

schedules as appropriate



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