LARGEST LODGING TRUST IN ASIA PACIFIC CLAS’ portfolio comprises 100 properties1 with more than 18,000 units in 45 cities across 16 countries. These include serviced residences, hotels, rental housing and student accommodation properties, serving a wide spectrum of guests with varying accommodation needs. Our properties are mainly located in key gateway cities across Australia, Belgium, China, France, Germany, Indonesia, Ireland, Japan, Malaysia, The Philippines, South Korea, Singapore, Spain, United Kingdom, USA and Vietnam. Apart from being popular destinations for international travellers, many of these countries also have large domestic markets. CLAS’ properties are well located near central business districts, manufacturing hubs or tourist landmarks, and enjoy convenient access to transportation nodes and amenities. CLAS’ scale and geographic diversification enables it to be resilient, as it is not subjected to concentration risk. Our portfolio is anchored in Asia Pacific, where we have built up our capabilities and track record, and where there are significant opportunities for growth. As at 31 December 2024, approximately 56% of CLAS’ total assets are in Asia Pacific, 25% in Europe and 19% in the Americas. Total Assets by Geography Asia Pacific 56% Singapore 19% Japan 16% Australia 10% China 3% Vietnam 2% South Korea 2% Indonesia 2% The Philippines 2% Malaysia <1% Europe 25% United Kingdom 11% France 7% Germany 3% Ireland 2% Belgium 1% Spain 1% The Americas 19% USA 19% Asia Pacific The Americas Europe 56% 19% 25% Total Assets S$8.7B Total Assets S$8.8 billion DIVERSIFIED PORTFOLIO WITH MIX OF GROWTH AND STABLE INCOME STREAMS In addition to being diversified across geographies and asset classes, CLAS has a balanced mix of stable and growth income sources which enables us to deliver sustainable returns to our Stapled Securityholders. Stable Income For FY 2024, approximately 63% of CLAS’ gross profit was from stable income sources, comprising master leases, management contracts with minimum guaranteed income (MCMGI) and longer-stay accommodation (rental housing and student accommodation properties). Master Leases Under a master lease, CLAS receives rental income from the master lessee who in turn engages an operator to manage the operations of the property. A master lease may come with a fixed rent component, which provides downside protection and stable income to CLAS. Expenses of properties under master leases are typically paid for by the master lessee. As at 31 December 2024, 28 of our operating properties – 12 in France, five in Germany, five in Australia, three in Japan, two in South Korea and one in Singapore are on master leases. • 15 of the master leases (in Australia, France, Germany and Japan) are on fixed rent terms, which may be subject to annual indexation, market review or rental revisions pegged to indices representing construction cost, inflation or commercial rental prices. • 12 of the master leases (in France, Germany, Japan and South Korea) have fixed and variable rent components. • The master lease in Singapore, which relates to lyf Funan Singapore, was entered into on 31 December 2024 when CLAS acquired the property. The master lease has variable rent terms, and CLAS receives a percentage of the gross operating profit of the property. In 2024, three of the French master lease agreements were renewed for three years on fixed rent terms with annual indexation to the French commercial lease index. The fixed rent is higher than the pre-COVID-19 rent received in 2019. The renewed master leases account for about 1% of CLAS’ FY 2024 gross revenue. There were no income support payments for CLAS in FY 2024. 1 As at 31 December 2024, including Somerset Liang Court Property Singapore which is under development. Portfolio Overview 22 CapitaLand Ascott Trust
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