CapitaLand Ascott Trust - Investor Relations: Financial Highlights

Financial Results and Business Updates Financial Highlights

Information updated based on latest annual report

For the Financial Year	2024	2023	2022	2021	2020
Gross Revenue (S$ million)	809.5	744.5	621.2	394.4	369.9
Gross Profit (S$ million)	370.9	338.2	282.8	173.3	149.6
Total Distribution (S$ million)	231.2	237.0	189.8	137.3	94.2
Distribution Per Stapled Security (DPS) (cents)	6.10	6.57	5.67	4.32	3.03
Distribution Yield¹ (%)	7.01	6.64	5.40	4.19	2.81

Balance Sheet as at 31 December	2024	2023	2022	2021	2020
Total Assets (S$ million)	8,820.1	8,730.8	8,023.7	7,733.2	7,163.8
Stapled Securityholders' Funds (S$ million)	4,377.0	4,356.4	3,965.4	3,890.9	3,567.3
Total Borrowings (S$ million)	3,173.5	3,048.4	2,874.6	2,728.9	2,462.5

Financial Ratios as at 31 December	2024	2023	2022	2021	2020
Net Asset Value (NAV) per Stapled Security (S$)	1.15	1.16	1.15	1.19	1.15
Aggregate Leverage (%)	38.3	37.9	38.0	37.1	36.3
Interest Cover Ratio² (times)	3.1	3.4	3.6	2.8	2.0
Adjusted Interest Cover Ratio³ (times)	3.6	4.0	4.4	3.7	2.7⁴
Management Expense Ratio⁵ (%)	1.3	1.2	1.1	1.0	1.0
Financial Derivatives as a Percentage of NAV⁶ (%)	2.9	1.9	2.2	0.7	0.7

Other Information as at 31 December	2024	2023	2022	2021	2020
Market Capitalisation¹ (S$ million)	3,302.7	3,725.7	3,617.9	3,374.8	3,356.7
Number of Stapled Securities in Issue (million)	3,796.2	3,763.3	3,445.6	3,276.5	3,108.0

Based on the closing price on the last trading day of each respective year. 2024: S$0.87, 2023: S$0.99, 2022: S$1.05, 2021: S$1.03 and 2020: S$1.08.
Refers to EBITDA (earnings before interest expense, income tax expense, depreciation and amortisation) before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense and distributions on hybrid securities as defined in the Code on Collective Investment Schemes dated 28 November 2024. Perpetual securities are the only hybrid securities that CLAS holds
Refers to EBITDA before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense.
Restated to exclude the interest expense on lease liabilities following the release of the circular dated 28 December 2021 from Monetary Authority of Singapore to exclude the interest expense on lease liabilities in the computation.
Refers to expenses (excluding direct expenses, foreign exchange differences, net interest expense, change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, investment properties written off and income tax expense) over net asset value.
Financial derivatives refer to the cross currency interest rate swaps, currency forwards and interest rate swaps which CLAS has entered into.