Operations Review the higher of fixed and variable rent, allowing CLAS to capture the upside during periods of higher demand, such as the Olympics. The remaining four leases have fixed rent terms that are higher than the pre-Covid rent received in 2019 and are indexed to the French commercial lease index. This structure provides CLAS with income stability as refurbishment works are planned for other French properties over the next few years. The higher revenue from the renewed master leases was partially offset by the divestment of four regional French properties in September 2023. On a same-store basis5, total revenue for CLAS’ French properties increased 12% YoY in EUR terms in FY 2024. The underlying performance of CLAS properties continued to surpass FY 2019 pre-Covid levels in FY 2024. During the Olympics, our Parisian properties performed in line with the market, with media and corporate group bookings secured earlier in the year at higher ADR. The apartment units and common areas of two properties, Citadines Les Halles Paris and La Clef Tour Eiffel Paris, were refurbished starting from 2Q 2023 and 3Q 2023 respectively. The AEIs were completed in June 2024, ahead of the Olympics. Looking ahead into 2025, industry statistics for the first few weeks indicate a positive trend, with international air arrivals into France up by 10% compared with the same time last year2. Tourism demand in Paris is expected to be supported by the post-Olympics interest and the reopening of Notre Dame. Bookings in 1Q 2025 for CLAS’ properties are pacing ahead of last year’s, boosted by events such as the Sirha exhibition in Lyon and fashion events in Paris. CLAS expects continued healthy performance for the rest of 2025, with demand from the leisure segment remaining robust, and demand from the corporate segment, which was displaced during the Olympics, returning to normalised levels. GROSS RENTAL INCOME (EUR’000) FY 2024 FY 2023 Citadines Antigone Montpellier 563 602 Citadines Austerlitz Paris 502 351 Citadines Castellane Marseille1 – 266 Citadines City Centre Lille1 – 484 Citadines Croisette Cannes1 – 261 Citadines Les Halles Paris 3,349 3,030 Citadines Maine Montparnasse Paris 1,142 934 Citadines Montmartre Paris 1,356 1,315 Citadines Place d’Italie Paris 2,395 1,944 Citadines Prado Chanot Marseille1 – 341 Citadines Presqu’île Lyon 1,062 942 Citadines République Paris 1,187 999 Citadines Tour Eiffel Paris 2,659 2,608 Citadines Trocadéro Paris 1,642 1,623 La Clef Louvre Paris 2,072 1,549 La Clef Tour Eiffel Paris 3,970 3,685 1 The divestment of the property was completed on 22 September 2023; hence the gross rental income stated for FY 2023 is for 1 January 2023 to 21 September 2023. 5 Excluding Citadines City Centre Lille, Citadines Croisette Cannes, Citadines Castellane Marseille and Citadines Prado Chanot Marseille which were divested in September 2023. 30 CapitaLand Ascott Trust
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