GROSS RENTAL INCOME (USD'000) FY 2023 FY 2022 Element New York Times Square West 31,623 25,733 Paloma Kenti 3,591 3,060 Paloma Raleigh 5,306 4,988 Paloma University City 4,537 4,111 Paloma West Midtown 7,696 7,138 Seven07 7,141 6,518 Sheraton Tribeca New York Hotel 34,705 30,980 Standard at Columbiaii 3,250 - Uncommon Wilmington 4,572 4,406 voco Times Square South 16,289 12,247 Wildwood Lubbock 6,689 6,880 REVENUE PER AVAILABLE UNIT (USD) FY 2023 FY 2022 Element New York Times Square West 211 172 Sheraton Tribeca New York Hotel 254 226 voco Times Square South 199 150 RENT PER BED (USD) FY 2023 FY 2022 Paloma Kenti 779 724 Paloma Raleigh 845 794 Paloma University City 1,460 1,330 Paloma West Midtown 1,222 1,133 Seven07 1,086 991 Standard at Columbiaii 959 - Uncommon Wilmington 773 745 Wildwood Lubbock 555 570 i The acquisition of the property was completed on 9 February 2022; hence the gross rental income and rent per bed stated for FY 2022 are for 10 February 2022 to 31 December 2022. ii The property obtained its temporary certificate of occupancy in June 2023, and started receiving students from August 2023; hence the gross rental income and rent per bed stated for FY 2023 are for 18 August 2023 to 31 December 2023. supply of new hotels in the city in 20243, CLAS’ hotels are well-positioned for continued strong performance. The outlook for the USA student accommodation market is also positive. As of December 2023, pre-lease rates of student accommodation beds at core universities are at a record-high of 41.2% for AY 2024-2025. Market rent growth, which has reached 6 Source: RealPage (2024) historical highs, is expected to moderate from current levels to remain above average6. In line with the market, pre-leasing of CLAS' student accommodation properties is favourable and pacing ahead of the last AY. ANNUAL REPORT 2023 61 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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