Teo Joo Ling, Serena Chief Executive Officer Executive Non-Independent Director Lui Chong Chee Chairman Non-Executive Independent Director Chairman & CEO Message Dear Stapled Securityholders In the financial year 2024 (FY 2024), CapitaLand Ascott Trust (CLAS) achieved strong operating performance and continued with strategic portfolio reconstitution and asset enhancement initiatives (AEIs) to create further capacity for growth, while remaining steadfast in our commitment to delivering stable distributions to our Stapled Securityholders. DELIVERING STABLE CORE DISTRIBUTIONS CLAS’ gross profit rose 10% to S$370.9 million in FY 2024 compared to the financial year 2023 (FY 2023). This increase was driven by strong operational performance, contributions from new acquisitions, and properties that have completed AEIs, which mitigated the impact of foreign exchange and higher financing costs. On a samestore basis, excluding acquisitions and divestments in FY 2023 and FY 2024, CLAS’ gross profit increased by 4%. CLAS’ diversified portfolio, spanning across geographies, asset classes and contract types, has proven to be a source of strength. Stable income sources contributed 63% of total gross profit in FY 2024, providing resilience. Gross profit from master leases, management contracts with minimum guaranteed income and longer-stay accommodation rose 10%, 34% and 10% year-on-year (YoY) respectively. Growth income from serviced residences and hotels under management contracts, which accounted for the remaining 37% of FY 2024 gross profit, also increased on the back of higher lodging demand. Revenue per available unit (RevPAU) for FY 2024 grew 5% to S$156, mainly due to higher average daily rates (ADR). 4Q 2024 RevPAU increased by 9% YoY to S$176, exceeding pre-pandemic levels at 113% of 4Q 2019 pro forma RevPAU. Core Distribution per Stapled Security (DPS) for FY 2024, excluding non-periodic items1, increased by 1% YoY to 5.49 cents. Total DPS was 6.10 cents. CLAS’ portfolio valuation rose by 1% or S$71.9 million due to stronger operating performance and completed AEIs. 1 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. 2 CapitaLand Ascott Trust
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