Distribution For 1 January 2023 to 30 June 2023 For 1 July 2023 to 13 August 2023 For 14 August 2023 to 31 December 2023 Total for 1 July 2023 to 31 December 2023 Total for FY 2023 Distribution rate per Stapled Security 2.778 cents 0.701 cents 3.095 cents 3.796 cents 6.574 cents Payment Date 29 August 2023 11 October 2023 29 February 2024 Breakdown of distribution per Stapled Security (DPS) for FY 2023 is as follows: pro rata and non-renounceable preferential offering (2023 Equity Fund Raising). On 14 August 2023, CLAS raised S$200.0 million from the private placement of 191,755,000 new Stapled Securities to institutional and other investors. Pursuant to the preferential offering, 100,538,407 new Stapled Securities were issued, on the basis of 29 preferential offering new stapled securities for every 1,000 existing stapled securities, on 4 September 2023 raising gross proceeds of S$103.1 million. As set out in the announcement dated 30 November 2023, the gross proceeds of S$303.1 million from the 2023 Equity Fund Raising have been partially utilised as follows: (a) S$167.9 million was used to partially fund the acquisition of The Cavendish London, Temple Bar Hotel and Ascott Kuningan Jakarta on 30 November 2023; (b) S$2.5 million was used to fund the renovation of Citadines Holborn-Covent Garden London; (c) S$24.4 million was used to repay debts; and (d) S$4.6 million was used to pay the professional and other fees and expenses in connection with the 2023 Equity Fund Raising. This is in accordance with the stated use of the proceeds2 and the Managers will make further announcement on the utilisation of the remaining proceeds and any deviation from the stated use and percentage allocated in the use of proceeds announcement from the 2023 Equity Fund Raising as and when such funds are materially utilised. The proceeds from the 2023 Equity Fund Raising that have been allocated towards the extension and renovation of Sydney Central Hotel (formerly Novotel Sydney Central) of S$82.8 million have yet to be utilised. DISTRIBUTIONS Distribution income to Stapled Securityholders for FY 2023 was S$237.0 million, 25% higher as compared to FY 2022. The distribution per Stapled Security (DPS) for FY 2023 was 6.57 cents, 16% higher than that for FY 2022. Excluding one-off items, the DPS increased 14% YoY due to stronger operating performance from the existing properties and contribution from the acquisitions. In FY 2023, 100% of distribution income (other than gains from the sale of real estate properties) was paid out, demonstrating CLAS’ firm commitment to deliver stable distributions. To ensure fairness to holders of the existing Stapled Securities prior to the issuance of the new Stapled Securities under the private placement in August 2023, CLAS paid, in lieu of the scheduled semi-distribution, an advanced distribution of 0.701 cents per Stapled Security for the period from 1 July 2023 to 13 August 2023 (prior to the date on which the new Stapled Securities were issued pursuant to the private placement). The advanced distribution was paid on 11 October 2023. 2 The proceeds from the 2023 Equity Fund Raising that have been allocated towards (i) funding the acquisition of The Cavendish London, Temple Bar Hotel and Ascott Kuningan Jakarta; and (ii) the professional and other fees and expenses in connection with the 2023 Equity Fund Raising have not been fully utilised as there are still outstanding payments in relation to the abovementioned acquisition and the 2023 Equity Fund Raising. The proceeds from the 2023 Equity Fund Raising that have been allocated towards the renovation of Citadines Holborn-Covent Garden London have also yet to be fully utilised. ANNUAL REPORT 2023 65 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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