CAPITALAND ASCOTT TRUST’S POSITIONING GEOGRAPHICAL ALLOCATION TARGET ASSET ALLOCATION Global Presence, Anchored in Asia Pacific 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 More details on CLAS’ AEI projects can be found in the table below: PROPERTIES UNDERGOING OR SLATED FOR AEI No. Property Location Timeline of AEI10 1 The Robertson House by The Crest Collection Singapore 1Q 2023 to 1Q 2024 2 Citadines Les Halles Paris Paris, France 2Q 2023 to 2Q 2024 3 Citadines Kurfürstendamm Berlin Berlin, Germany 4Q 2023 to 2Q 2024 4 La Clef Tour Eiffel Paris Paris, France 3Q 2023 to 2Q 2024 5 Citadines Holborn-Covent Garden London London, United Kingdom 3Q 2023 to 3Q 2024 6 Temple Bar Hotel Dublin, Ireland 1Q 2024 to 4Q 2024 7 The Cavendish London London, United Kingdom 4Q 2024 to 4Q 2025 8 Sydney Central Hotel Sydney, Australia 4Q 2024 to 1Q 2026 10 Timeline of AEI is subject to change. CLAS’ diversified and well-balanced portfolio offers resilience amidst macroeconomic uncertainties and global geopolitical tensions. The longer-stay properties (rental housing and student accommodation), properties under master leases and properties under management contracts with a minimum guaranteed income offer stable income streams, while the serviced residences and hotels under management contracts allow CLAS to capture the upside from global travel recovery. In FY 2023, stable and growth income sources contributed 56% and 44% of CLAS’ gross profit respectively. In the medium term, CLAS has a target asset allocation of 25-30% in longer-stay accommodation and 70-75% in serviced residences and hotels. Nonetheless, CLAS continues to monitor and evaluate acquisition opportunities across the four lodging asset classes, as part of our active portfolio reconstitution and asset management strategy. As at 31 December 2023, longer-stay accommodation comprised about 17% of CLAS’ portfolio value (FY 2022: 19%), and serviced residences and hotels comprised about 83% of CLAS’ portfolio value (FY 2022: 81%). While CLAS is diversified across 16 countries, the majority of CLAS’ total assets are in Asia Pacific with the remainder in Europe and USA. Asia Pacific remains core for CLAS, and we seek to maintain a portfolio that is predominantly Asia Pacific-centric. Capturing Growth as Travel Recovers 70-75% in serviced residences and hotels Stable Income Base from Longer-stay Lodging 25-30% in longer-stay accommodation Resilient and counter-cyclical assets ANNUAL REPORT 2023 25 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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