Operations Review CLAS owns five serviced residences in Germany under master leases, with remaining lease terms varying between seven and 23 years1. Most of the master leases come with fixed rent terms, with annual indexation to the German CPI index. This allows CLAS to receive higher rents in an inflationary environment. Citadines Arnulfpark Munich is a 146-unit freehold property located in the Westend, a vibrant area known for its mix of residential, commercial, historical and cultural spaces. The property is well-connected to the rest of the city and is a short drive to Olympia Shopping Centre, one of Munich’s main shopping malls. Citadines City Centre Frankfurt is a 165-unit freehold Germany GROSS RENTAL INCOME (EUR’000) FY 2024 FY 2023 Citadines Arnulfpark Munich 1,694 1,646 Citadines City Centre Frankfurt 2,487 2,400 Citadines Kurfürstendamm Berlin 1,073 955 Citadines Michel Hamburg 2,076 2,004 The Madison Hamburg 3,518 3,964 1 Including extension at lessees’ option. Properties 5 Total Revenue (FY 2024) S$16.4M Total Gross Profit (FY 2024) S$15.5M Units 721 Valuation (as at 31 December 2024) S$254.1M property that is located in the city centre, surrounded by numerous retail and commercial developments, and a 10-minute drive to the Financial District. Citadines Kurfürstendamm Berlin is a 117-unit freehold property located near Kurfürstendamm, an upscale commercial and retail neighbourhood. Refurbishment of the property was completed in 2Q 2024. Citadines Michel Hamburg, a 127-unit leasehold property and The Madison Hamburg, a 166-unit freehold property, are both strategically located near Hamburg city centre. In FY 2024, revenue for the Germany portfolio in EUR terms was stable YoY. Featured property: Citadines Kurfürstendamm Berlin, Germany 42 CapitaLand Ascott Trust
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