This is in accordance with the stated use of the proceeds and the Managers will make further announcements 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 and renovation of Citadines Holborn-Covent Garden London have yet to be fully utilised. The amount used for the professional and other fees and expenses incurred in connection with the 2023 Equity Fund Raising was less than the originally estimated amount in the announcement dated 2 August 2023 due to lower fees and expenses incurred. DISTRIBUTIONS Distribution income to Stapled Securityholders for FY 2024 was S$231.2 million, 2% lower as compared to FY 2023. The Distribution per Stapled Security (DPS) for FY 2024 was 6.10 cents, 7% lower than that for FY 2023. Excluding non-periodic items relating to realised exchange gain arising from settlement of cross currency interest rate swaps and repayment of foreign currency bank loans and medium term notes, core DPS increased 1% YoY due to steady operating performance and portfolio reconstitution initiatives which mitigated the impact of foreign exchange and higher financing costs. In FY 2024, 100% of distribution income (other than gains from the sale of real estate properties) was paid out. Breakdown of Distribution per Stapled Security for FY 2024 is as follows: Distribution For 1 January 2024 to 30 June 2024 For 1 July 2024 to 31 December 2024 Total for FY 2024 Distribution Rate per Stapled Security 2.547 cents 3.550 cents 6.097 cents Payment Date 29 August 2024 28 February 2025 ASSETS CLAS’ total asset value stood at S$8.8 billion as at 31 December 2024, 1% higher as compared to S$8.7 billion as at 31 December 2023. The increase in total assets was mainly due to higher portfolio valuation resulting from stronger operating performance and compression in discount rates, and higher cash and cash equivalents (mainly due to divestment proceeds of which S$65.8 million was used to partially fund the acquisition of two hotels in Japan on 31 January 2025). CHANGE IN FAIR VALUE OF INVESTMENT PROPERTIES, LAND AND BUILDINGS, INVESTMENT PROPERTIES UNDER DEVELOPMENT AND ASSETS HELD FOR SALE The net change in fair value of investment properties, land and buildings, investment properties under development and assets held for sale has no impact on Stapled Securityholders’ distribution. In accordance with the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore, valuation of CLAS’ properties is to be conducted once every year. Any increase or decrease in fair value is credited or charged to the Statement of Total Return as net appreciation or depreciation on revaluation of investment properties, investment properties under development and assets held for sale. The above accounting policy is applicable to all properties, except for The Robertson House and five hotels held under CapitaLand Ascott BT Group, which are classified as property, plant and equipment. Property, plant and equipment are measured at cost less accumulated depreciation. Subsequent to recognition, land and buildings are measured at fair value less accumulated depreciation while other plant and equipment are measured at cost less accumulated depreciation. Any surplus arising from revaluation is recognised in Stapled Securityholders’ funds, except when it reverses a previous revaluation deficit on the same asset that was recognised in the Statement of Total Return; in such case, the surplus is recognised in the Statement of Total Return to the extent of the previous deficit. Conversely, any deficit from revaluation is recognised in the Statement of Total Return, except when it reverses a previous revaluation surplus on the same asset; in such case, the deficit is recognised in Stapled Securityholders’ funds to the extent of the previous surplus. Financial Review 18 CapitaLand Ascott Trust
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