OPERATIONS REVIEW GERMANY 5 PROPERTIES S$14.8 million TOTAL GROSS PROFIT (FY 2023) S$255.0 million VALUATION (as at 31 December 2023) S$16.6 million TOTAL REVENUE (FY 2023) 721 UNITS Citadines Arnulfpark Munich CLAS owns five serviced residences in Germany under master lease arrangements, with remaining lease terms varying between eight years and 24 years, inclusive of extension periods at the lessees' option. Most of the master leases come with fixed rent terms, with annual indexation to the German CPI index. This allows CLAS to receive higher rents in an inflationary environment. Citadines Arnulfpark Munich is a 146-unit freehold property located in the Westend technology center district, and a short drive to the historical city centre and financial district. It is also close to Olympia Shopping Centre, Munich's main shopping mall. Citadines City Centre Frankfurt is a 165-unit freehold property that is located in the city centre, surrounded by numerous retail and commercial developments, and a 10-minute drive to the Financial District. Citadines Kurfürstendamm Berlin is a 117-unit freehold property located near Kurfürstendamm, an upscale commercial and retail neighbourhood. Refurbishment of the property commenced in 4Q 2023 and is expected to complete in 2Q 2024. Citadines Michel Hamburg, a 127-unit leasehold property and The Madison Hamburg, a 166-unit freehold property, are both strategically located near Hamburg city centre. In FY 2023, revenue for the Germany portfolio increased by 24% in EUR terms, mainly due to higher rent received, the absence of rent adjustments and rent waiver. GROSS RENTAL INCOME (EUR'000) FY 2023 FY 2022 Citadines Arnulfpark Munich 1,646 1,537 Citadines City Centre Frankfurt 2,400 2,249 Citadines Kurfürstendamm Berlin 955 935 Citadines Michel Hamburg 2,004 1,877 The Madison Hamburg 3,964 2,168 56 CAPITALAND ASCOTT TRUST
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