Annual Report 2025 CapitaLand Ascott Trust
Overview About Us 1 Chairman and CEO Message 2 CLAS at 20 4 2025 Highlights 6 Boards of Directors 12 Trust Structure and Organisation Structure 14 Management Team 15 Performance Financial Review 16 Portfolio Overview 22 Operations Review 26 Investor Relations 50 Portfolio Listing 52 Governance Risk Management 58 Corporate Governance 64 Statement of Policies and Practices 92 Financial Statements Financial Statements and Notes 98 Other Information Additional Information 289 Statistics of Stapled Securityholdings 291 Contents Grounded in resilience and governance, our values keep us steadfast through business cycles while propelling us to seize opportunities with clarity and confidence. We are advancing through innovation, partnerships, and sustainable growth. With strategic focus and effective execution, we continue to seed new opportunities and strengthen growth engines to deliver enduring value for our stakeholders. Seeding Growth, Creating Enduring Value Reporting Suite Scan the QR code or visit www.capitalandascotttrust.com to view the online reports Sustainability Report 2025 (to be published in May 2026)
1 Annual Report 2025 About Us CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.9 billion as at 31 December 2025. Having listed on the Singapore Exchange Securities Trading Limited (SGX‑ST) since March 2006, CLAS’ objective is to invest primarily in income‑producing real estate and real estate‑related assets which are used or predominantly used as serviced residences, rental housing properties, student accommodation and other hospitality assets in any country in the world. CLAS is a constituent of the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index). CLAS’ international portfolio comprises 103 properties with over 18,000 units in 45 cities across 16 countries in Asia Pacific, Europe and the United States of America as of 31 December 2025. CLAS’ properties are mostly operated under the Ascott, Somerset, Quest and Citadines brands. They are mainly located in key gateway cities such as Barcelona, Berlin, Brussels, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich, New York, Paris, Perth, Seoul, Singapore, Sydney and Tokyo. In 2025, CLAS maintained its strong reputation in corporate governance, investor relations and sustainability. For the fifth year in a row, CLAS secured the top ranking in the Singapore Governance and Transparency Index 2025 (REITs and Business Trusts category) and the title of Global Listed Sector Leader for the Hotel category in the 2025 GRESB Real Estate Assessment. CLAS is a constituent of key sustainability indices, including the iEdge‑UOB APAC Yield Focus Green REIT Index and the iEdge-OCBC Singapore Low Carbon Select 40 Capped Index. CLAS is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust (CapitaLand Ascott BT). CLAS is managed by CapitaLand Ascott Trust Management Limited (as manager of CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust Management Pte. Ltd. (as trustee-manager of CapitaLand Ascott BT). The manager and trustee-manager (collectively, the Managers) are wholly-owned subsidiaries of Singaporelisted CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. Our Vision To be the premier lodging trust with quality assets in key global cities Our Mission To deliver stable and sustainable returns to Stapled Securityholders S$8.9 billion Total Assets 16 Countries 103 Properties 45 Cities >18,000 Units
2 CapitaLand Ascott Trust Chairman and CEO Message Lui Chong Chee Chairman Non-Executive Independent Director Teo Joo Ling, Serena Chief Executive Officer Executive Non-Independent Director Dear Stapled Securityholders, 2026 marks the 20th anniversary of CapitaLand Ascott Trust’s (CLAS) listing on the SGX-ST — a significant milestone that reflects two decades of disciplined growth, resilience and a resolute commitment to delivering long‑term sustainable returns to Stapled Securityholders. 20 Years of Growth and Resilience From our beginnings as a Pan-Asia REIT in 2006 with 12 properties across six countries, CLAS has steadily transformed into a leading global lodging trust. As at 31 December 2025, we have built a well-diversified portfolio of 103 properties across 16 countries. Since our IPO, CLAS’ distribution income has grown at a compounded annual growth rate (CAGR) of about 12%, underpinned by our healthy operating performance and our proactive portfolio and capital management. We have delivered a total return of over 250% to Stapled Securityholders. A key differentiator of CLAS is our diversified portfolio that balances stability and growth. Spanning across geographies, asset classes and contract types, this diversity enhances our resilience. Over the years, we expanded into new markets and strengthened our foothold in key gateway cities across Asia Pacific, Europe and the United States of America (USA). We also broadened our exposure to the living sector by investing in rental housing and student accommodation. In the financial year 2025 (FY 2025), stable income sources – master leases, management contracts with minimum guaranteed income and living sector assets – contributed 65% of total gross profit. Growth income from serviced residences and hotels under management contracts accounted for the remaining 35%. One of the pivotal milestones in our 20-year journey was the successful combination of Ascott Residence Trust and Ascendas Hospitality Trust in 2019. This strategic merger consolidated CLAS’ position as the largest lodging trust in Asia Pacific and provided the scale, financial resilience and operational flexibility that enabled us to navigate the unprecedented challenges of the COVID-19 pandemic. We have been disciplined in reconstituting our portfolio to enhance returns. We continue to divest assets that have reached optimal maturity and redeploy capital into higher‑yielding, accretive investments. This ensures that our portfolio remains high quality, future-ready and aligned with evolving lodging trends. These efforts are supported by ongoing asset enhancement initiatives (AEIs) that uplift our properties’ value and income potential.
3 Annual Report 2025 Delivering Stable Distributions In FY 2025, CLAS continued to demonstrate operational strength and deliver stable returns despite ongoing macroeconomic uncertainties. Income available for distribution increased 11% year-onyear (YoY) due to the increase in gross profit and higher non-periodic items1. Total distribution was S$233.5 million, after retaining S$23.2 million in non-periodic items to fund AEIs to drive future growth and/or for general corporate and working capital purposes. Correspondingly, Distribution per Stapled Security remained at 6.10 cents, in line with our commitment to deliver stable distributions. Gross profit increased 4% YoY to S$385.3 million, supported by stronger operating performance, contributions from our reconstituted portfolio, and uplift from renovated properties. These mitigated the impact of foreign currency fluctuations against the Singapore Dollar. On a same-store basis, excluding acquisitions and divestments in the financial year 2024 (FY 2024) and FY 2025, gross profit rose 1%. In FY 2025, revenue per available unit grew 3% to S$161. This was driven by an increase in our portfolio’s average occupancy from 77% in FY 2024 to 80%. CLAS’ portfolio valuation rose by 1.7% or S$130 million due to our stronger operating performance. Building a Stronger Portfolio CLAS continues to take a proactive approach to enhance the quality of our portfolio and income streams for long‑term sustained growth. This is achieved through accretive investments, strategic divestments and well‑timed AEIs to capture lodging demand. As part of our capital recycling strategy, we completed approximately S$300 million in divestments across China and Japan in 2025 at a significant premium to book value, unlocking over S$50 million in net gains. During the year, CLAS reinvested proceeds from previous divestments into approximately S$210 million of accretive acquisitions. These acquisitions comprised two hotels and three rental housing properties in Japan. CLAS also completed two AEIs in Paris and Seoul. In 2026 and 2027, CLAS has planned five more AEIs. The properties are The Cavendish London in the United Kingdom, Sotetsu Grand Fresa Osaka-Namba in Japan, Sheraton Tribeca New York Hotel in the USA, Citadines Place d’Italie Paris in France and Sydney Central Hotel in Australia. Additionally, we are redeveloping our 192-unit Somerset property in Clarke Quay, Singapore. Development is slated for completion in 2026 and the property is expected to open in 2027. Disciplined Capital Management Maintaining a strong financial position remains a key priority for CLAS. We hold an investment grade credit rating of BBB with a stable outlook by Fitch Ratings. We maintain a disciplined capital management approach by recycling capital from divestments, accessing debt markets judiciously, and upholding a well-staggered debt maturity profile. This strategy ensures that CLAS is well-positioned to pursue accretive opportunities while effectively managing risks in a dynamic macroeconomic environment. As at 31 December 2025, gearing stood at 37.7%, well within regulatory limits and providing ample debt headroom for growth. As at 31 December 2025, CLAS’ average cost of debt was 2.9% per annum and we expect it to be relatively stable in 2026. Interest cover is healthy at 3.0 times. Our exposure to foreign exchange movements is mitigated by our geographically diversified portfolio and hedging strategies. Creating Sustainable Value While macroeconomic uncertainties are expected to persist, CLAS’ diversified portfolio and proactive asset management ensure CLAS is well-positioned to navigate the evolving landscape. In our next phase of growth, we will further enhance the resilience of CLAS’ portfolio by strengthening our presence in key markets and recycling capital from divestments. In February 2026, we acquired three rental housing properties in Greater Tokyo, Japan, progressing towards CLAS' medium-term portfolio allocation of 25%–30% in the living sector and 70%–75% in hospitality assets. We remain disciplined in our value-creation strategy. This includes prioritising yield-accretive investments, undertaking AEIs for properties in prime locations, upholding operational excellence, and advancing sustainability efforts that drive long-term value. As we pursue these growth initiatives, CLAS is committed to delivering stable distributions through stronger core operating performance. We have the flexibility to distribute gains from past divestments to mitigate the impact of AEIs on CLAS’ income. As we mark CLAS’ 20th anniversary, we extend our deepest appreciation to our Stapled Securityholders for your trust and support; to our Sponsor, The Ascott Limited; to our operators for your strong partnership; and to our teams around the world for your dedication. We remain steadfast in upholding CLAS’ legacy of excellence and disciplined growth in the years ahead. Lui Chong Chee Chairman Serena Teo Chief Executive Officer Sincerely, 1 Relates to realised exchange gain arising from the settlement of cross currency interest rate swaps and repayment of foreign currency bank loans and medium term notes.
4 CapitaLand Ascott Trust Celebrating Two Decades of Strength and Stewardship Key Milestones 2006 Listing on the Main Board of the SGX-ST as the first pan-Asian serviced residence REIT 2010 Foray into Europe 2015 Expansion into the USA 2018 First development project in Singapore 2019 S$1.9 billion combination with Ascendas Hospitality Trust 2020 Included into the FTSE ERPA Nareit Global Developed Index 2021 Expanded investment mandate to include student accommodation France Spain Key Markets Other Markets Ireland Belgium Germany South Korea China The Philippines Australia Malaysia Vietnam Indonesia Singapore Japan UK USA CLAS at 20
5 Annual Report 2025 2022 Ascott Residence Trust changed its name to CapitaLand Ascott Trust 2023 Delivered strong performance post‑pandemic, increasing DPS by 16% 2025 • Included into the iEdge Singapore Next 50 Index • Only lodging trust in Asia Pacific to be included in the S&P Global Sustainability Yearbook • Achieved sector leader position in the ‘Listed Hotel, Globally Diversified’ category in GRESB for the fifth time • Ranked 1st in the Singapore Governance and Transparency Index (REITs and Business Trusts) for the fifth time Portfolio Snapshot 103 Properties 6Key Markets 16 Countries 4Lodging Asset Classes • Serviced Residences • Hotels • Rental Housing • Student Accommodation 20 Years of Growth 12% Distribution Income CAGR since IPO >250% Total Stapled Securityholder Returns since IPO Asia Pacific, Europe and USA 8 times Increase in Total Assets since 2006 Globally Diversified Portfolio
6 CapitaLand Ascott Trust 2025 Highlights Financial Highlights 5-Year Financial Summary 2025 2024 2023 2022 2021 For the Financial Year Gross Revenue (S$ million) 837.6 809.5 744.5 621.2 394.4 Gross Profit (S$ million) 385.3 370.9 338.2 282.8 173.3 Total Distribution (S$ million) 233.5 231.2 237.0 189.8 137.3 Distribution per Stapled Security (DPS) (cents) 6.10 6.10 6.57 5.67 4.32 Distribution Yield1 (%) 6.35 7.01 6.64 5.40 4.19 Balance Sheet as at 31 December Total Assets (S$ million) 8,947.4 8,820.1 8,730.8 8,023.7 7,733.2 Stapled Securityholders' Funds (S$ million) 4,474.8 4,377.0 4,356.4 3,965.4 3,890.9 Total Borrowings (S$ million) 3,190.1 3,173.5 3,048.4 2,874.6 2,728.9 Financial Ratios as at 31 December Net Asset Value (NAV) per Stapled Security (S$) 1.17 1.15 1.16 1.15 1.19 Aggregate Leverage (%) 37.7 38.3 37.9 38.0 37.1 Interest Cover Ratio2 (times) 3.0 3.1 3.4 3.6 2.8 Management Expense Ratio3 (%) 1.3 1.3 1.2 1.1 1.0 Financial Derivatives as a Percentage of NAV4 (%) 2.3 2.9 1.9 2.2 0.7 Other Information as at 31 December Market Capitalisation1 (S$ million) 3,677.9 3,302.7 3,725.7 3,617.9 3,374.8 Number of Stapled Securities in Issue (million) 3,831.1 3,796.2 3,763.3 3,445.6 3,276.5 1 Based on the closing price on the last trading day of each respective year. 2025: S$0.96; 2024: S$0.87, 2023: S$0.99, 2022: S$1.05 and 2021: S$1.03. 2 Refers to EBITDA (earnings before interest expense, income tax expense, depreciation and amortisation) before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense and distributions on hybrid securities as defined in the Code on Collective Investment Schemes dated 28 November 2025. Perpetual securities are the only hybrid securities that CLAS holds. 3 Refers to expenses (excluding direct expenses, foreign exchange differences, net interest expense, change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, investment properties written off and income tax expense) over net asset value. 4 Financial derivatives refer to the cross currency interest rate swaps, currency forwards and interest rate swaps which CLAS has entered into.
7 Annual Report 2025 4% Increase in Gross Profit 6.10 cents Stable DPS 3% Increase in Gross Revenue 6.35% Distribution Yield1 Delivering Stable Distributions in FY 2025 BBB (Stable Outlook) Fitch Ratings 3.0X Interest Cover 2.9% Low Average Cost of Debt 1.7% Increase in Portfolio Valuation 37.7% Healthy Gearing Strong Financial Position 1 Based on the closing price of S$0.96 on the last trading day of FY 2025.
8 CapitaLand Ascott Trust Portfolio Highlights CLAS proactively pursues investment, divestment and asset enhancement opportunities to enhance the quality and performance of our portfolio, and the sustainability of returns to Stapled Securityholders. Divesting properties that have reached the optimal stage of their life cycles allows CLAS to redeploy proceeds into more optimal uses. These include investing in higheryielding properties in prime locations with strong demand drivers and funding asset enhancement initiatives (AEIs) to enhance the performance and valuation of existing properties. Proceeds from divestments may also be used to pare down debt with higher interest rates. Divestment Asset Enhancement Investment 01 02 Divestment Completed c.S$300 mil in divestments at significant premium to book value in FY 2025 Divestments Completed in FY 2025 No. Property Location Sale Price Premium Over Book Value1 Exit Yield2 Divestment Date 1 Somerset Olympic Tower Tianjin Tianjin, China RMB420.0 million (S$77.4 million) c.50% 2.2% Apr 2025 2 Citadines Central Shinjuku Tokyo Tokyo, Japan JPY25.0 billion (S$222.7 million) c.100% 3.2% Oct 2025 1 For Somerset Olympic Tower Tianjin, the premium over book value is based on the property’s book value as at 31 December 2023 as the divestment was entered into in 2024; for Citadines Central Shinjuku Tokyo, it is based on the property’s book value as at 30 June 2025. 2 For Somerset Olympic Tower Tianjin, the exit yield is based on the property’s FY 2023 earnings before interest, taxes, depreciation and amortisation (EBITDA) as the divestment was entered into in 2024; for Citadines Central Shinjuku Tokyo, it is based on the property’s FY 2024 EBITDA, as the divestment was entered into in 2025. Acquisitions In FY 2025, CLAS completed about S$210 million of accretive acquisitions, recycling capital at higher yields. These included the acquisition of two hotels and three rental housing properties in Japan. Investment Completed c.S$210 mil of accretive acquisitions at higher yields in FY 2025 In FY 2025, CLAS completed about S$300 million in divestments at a significant premium to book value, unlocking over S$50 million in net gain after tax. 2025 Highlights
9 Annual Report 2025 In FY 2025, CLAS completed two AEIs in Paris and Seoul, which are expected to enhance the value and profitability of these properties. In FY 2026 and FY 2027, CLAS plans to undertake several AEIs in prime locations of key gateway cities, including London and New York. Given the uncertain global outlook, CLAS will monitor the macroeconomic situation, lodging demand and renovation costs, and may adjust the AEI schedules as needed. The capital expenditure for CLAS’ AEIs is funded partially by the master lessees or operators of the properties. CLAS is committed to distributing stable distributions and has the flexibility to distribute past divestment gains to mitigate the impact of the AEIs on CLAS’ income. Flexibility to distribute past divestment gains to mitigate the impact of AEIs on CLAS’ income AEIs Completed in FY 2025 No. Property Location Completion Date 1 ibis Ambassador Seoul Insadong Seoul, South Korea 2Q 2025 2 Citadines République Paris Paris, France 4Q 2025 Properties Undergoing or Scheduled for AEI No. Property Location Timeline of AEI1 1 Sotetsu Grand Fresa Osaka-Namba Osaka, Japan 4Q 2025 to 4Q 2026 2 Sheraton Tribeca New York Hotel New York, USA 1Q 2026 to 4Q 2026 3 Citadines Place d'Italie Paris Paris, France 1Q 2026 to 1Q 2027 4 The Cavendish London London, United Kingdom 1Q 2026 to 2027 5 Sydney Central Hotel Sydney, Australia 2026 to 2027 1 Timeline is subject to change. Asset Enhancement Investments Completed in FY 2025 No. Property Lodging Type Location No. of Units Purchase Price NOI Yield1 Acquisition Date 1 ibis Styles Tokyo Ginza Hotel Tokyo, Japan 224 JPY21.0 billion (S$178.5 million) 4.3% Jan 2025 2 Chisun Budget Kanazawa Ekimae Hotel Kanazawa, Japan 392 3 Pre de Cort Nishikyogoku Rental Housing Kyoto, Japan 85 JPY4.0 billion (S$34.2 million) 4.0% Aug 2025 4 Splendide Namba West Rental Housing Osaka, Japan 56 5 Pregio Esaka South Rental Housing Osaka, Japan 48 1 For properties 1 and 2, the Net Operating Income (NOI) yield refers to the blended NOI yield in FY 2024; for properties 3 to 5, it refers to the expected blended NOI entry yield in FY 2025. Development Projects Development works are currently ongoing for the former Somerset Liang Court Singapore, a serviced residence with hotel licence located in the popular riverfront lifestyle and entertainment Clarke Quay precinct. The development work is expected to be completed in 2026 and the serviced residence is expected to commence operations in 20271. As at 31 December 2025, CLAS’ development activities comprise less than 10% of its deposited property, within the Monetary Authority of Singapore’s development limit. 1 Timeline is subject to change.
10 CapitaLand Ascott Trust Sustainability Highlights CLAS is committed to being a responsible trust, and is aligned with the CapitaLand Investment (CLI) 2030 Sustainability Master Plan (SMP), which outlines our sustainability targets and pathways. CLAS’ material ESG factors are aligned with the SMP and mapped against eight UN Sustainable Development Goals. In line with CLI, CLAS has committed to achieving Net Zero carbon emissions for Scope 1 and 2 by 2050. CLAS contributes to the environmental and social well-being of the communities where we operate, as we deliver long-term economic value to our stakeholders. CLAS’ Boards recognise sustainability as an important business imperative and ensure that sustainability considerations are factored into CLAS’ strategic development. CLAS’ board statement, sustainability management structure, material ESG factors, performance and climate-related disclosures will be available in CLAS’ Sustainability Report 2025, which will be published in May 2026. The report will reference and adopt various international standards and guidelines. 2025 Highlights Ratings & Accolades Included in the S&P Global Sustainability Global Listed Sector Leader – Hotel GRESB 2021-2025 Ranked 1st Singapore Governance and Transparency Index (REITs and Business Trusts) 2021-2025 ‘Negligible’ Sustainalytics ESG Risk Rating Constituent of iEdge-UOB APAC Yield Focus Green REIT Index & iEdge-OCBC Singapore Low Carbon Select 40 Capped Index Yearbook 2026
11 Annual Report 2025 Corporate Governance Highlights Board Composition (7 Directors) How CLAS Complies with the Corporate Governance Code The Corporate Governance Report is benchmarked against the Code of Corporate Governance 2018 (last amended 11 January 2023) (Code). CLAS has complied with the principles of corporate governance laid down by the Code and also, substantially, with the provisions underlying the principles of the Code. Where there are deviations from the provisions of the Code, appropriate explanations are provided in this Report along with explanations of how the practices are consistent with the aim and philosophy of the principle of the Code in question. Page Board Matters 66 Remuneration Matters 74 Accountability and Audit 81 Stapled Securityholder Rights and Engagement 84 Policies Board Diversity Policy 70 Remuneration Policy and Framework 75 Dealings in Securities Policy 89 Whistle-Blowing Policy 90 6Board 5Audit and Risk Committee 2 Nominating and Remuneration Committee 1Executive Committee 2AGM/EGM 57% (4) Independent 43% (3) Non-Independent Gender Diversity Tenure Mix 57% (4) Males 43% (3) Females Board Independence Age Profile Board Committee Composition Audit and Risk Committee Executive Committee Nominating and Remuneration Committee 100% Independent 100% Non-Independent 100% Independent Number of Meetings 43% (3) 61 years & above 43% (3) 0-3 years 3 Members 3 Members 3 Members 14% (1) 50 years & below 14% (1) >6 years 43% (3) 51-60 years old 43% (3) 3-6 years
12 CapitaLand Ascott Trust Boards of Directors • Bachelor of Science in Business Administration, New York University, United States • Master of Business Administration, New York University, United States • Advanced Management Program, Harvard Business School • Bachelor of Law (Honours), National University of Singapore • Advocate & Solicitor, Supreme Court of Singapore • Master in Business Administration, INSEAD • Bachelor of Electrical and Electronic Engineering (Honours), National University of Singapore Teo Joo Ling, Serena, 52 Chief Executive Officer Executive Non‑Independent Director * Mr Lui Chong Chee was first appointed as a Director of Ascott Residence Trust Management Limited (currently known as CapitaLand Ascott Trust Management Limited) from June 2008 to May 2010. For more information on the Boards of Directors’ background, working experience and awards, please refer to CLAS’ website at https://www.capitalandascotttrust.com/board_of_directors.html. Lui Chong Chee, 65 Chairman Non-Executive Independent Director Chia Kim Huat, 59 Non-Executive Independent Director Max Loh Khum Whai, 64 Non-Executive Independent Director Date of first appointment as a Director 15 April 2020 Length of service as a Director (as at 31 December 2025) 5 years 8 months Board committees served on • Audit and Risk Committee (Member) • Nominating and Remuneration Committee (Member) Past directorship in listed companies held over the preceding three years • SATS Ltd Present principal commitment • Rajah & Tann Singapore LLP (Partner) Date of first appointment as a Director 1 July 2022 Length of service as a Director (as at 31 December 2025) 3 years 6 months Board committee served on • Executive Committee (Member) Present principal commitment • CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (Chief Executive Officer and Executive Non‑Independent Director) Date of first appointment as a Director 23 November 2023 Length of service as a Director (as at 31 December 2025) 2 years 1 month Board committee served on • Audit and Risk Committee (Chairman) Present directorship in other listed company • Samudera Shipping Line Ltd Other major appointments • Building & Construction Authority (Deputy Chairman) • Competition & Consumer Commission of Singapore (Chairman) • SPH Media Holdings Limited (Director) Date of first appointment as a Director* 1 February 2024 Date of appointment as Chairman 22 April 2024 Length of service as a Director (as at 31 December 2025) 1 year 11 months Board committee served on • Nominating and Remuneration Committee (Chairman) Present principal commitment • CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (Chairman) Past directorship in listed companies held over the preceding three years • CapitaLand Malaysia REIT Management Sdn. Bhd. (manager of CapitaLand Malaysia Trust) • Bachelor of Accountancy (Honours), National University of Singapore • Fellow Chartered Accountant, Institute of Singapore Chartered Accountants • Fellow Certified Practising Accountant, CPA Australia • Senior Accredited Director and Vice-Chair, Singapore Institute of Directors
13 Annual Report 2025 • Bachelor of Accountancy (Honours), National University of Singapore • Degree of Master of Science (Applied Finance), National University of Singapore • Chartered Financial Analyst® and Member, CFA Institute • Bachelor of Business (Accounting), University of Tasmania, Australia • Member, Institute of Singapore Chartered Accountants • Bachelor of Arts (Ethics, Politics and Economics), Yale University, United States Other major appointments • Business China (Director) • Business China’s FutureChina’s Committee (Co-Chairman) • Chinese Development Assistance Council (Director) • Dunman High School (School Advisory Board Member) • Singapore Centre for Chinese Language (Director) • Singapore Chinese Chamber of Commerce (Director and Company Secretary, Financial Board) • Singapore Chinese Chamber of Commerce Foundation (Director and Company Secretary) • Singapore Chinese Chamber of Commerce & Industry, International Affairs Committee (Chairman) • Sun Yat Sen Nanyang Memorial Hall Co Ltd (Company Secretary) Yeo Chin Fu Ervin, 42 Non-Executive Non‑Independent Director Beh Siew Kim, 55 Non-Executive Non‑Independent Director Deborah Lee Siew Yin, 68 Non-Executive Independent Director Date of first appointment as a Director From 1 July 2022 (Non‑Executive Non‑Independent Director) From 1 May 2017 to 30 June 2022 (Chief Executive Officer and Executive Non-Independent Director) Length of service as a Director (as at 31 December 2025) 8 years 8 months Board committee served on • Executive Committee (Chairman) Present principal commitments • CapitaLand Investment Limited (Chief Financial and Sustainability Officer and Managing Director, Japan and Korea, Lodging) • Focus On the Family Singapore Limited (Director) • Focus On the Family Singapore Limited (Member, Audit, Risk & Compliance Committee) • Focus On the Family Singapore Limited (Deputy Chairman, Finance & Fundraising Committee) Date of first appointment as a Director 17 June 2020 Length of service as a Director (as at 31 December 2025) 5 years 6 months Board committees served on • Audit and Risk Committee (Member) • Nominating and Remuneration Committee (Member) Present directorship in other listed company • Metro Holdings Limited Present principal commitments • Singapore University of Technology and Design (Member, Board of Trustees) • Singapore University of Technology and Design (Chairperson, Finance Committee) Date of first appointment as a Director 1 January 2025 Length of service as a Director (as at 31 December 2025) 1 year Board committee served on • Executive Committee (Member) Present principal commitments • CapitaLand Investment Limited (Group Chief Strategy Officer and Chief Executive Officer, Commercial Management) • Fair Tenancy Industry Committee (Member) Other major appointments • Changi Airport Group (Singapore) Pte Ltd (Director) • Communicable Diseases Agency (Board Member)
14 CapitaLand Ascott Trust • Audit and Risk Committee • Executive Committee • Nominating and Remuneration Committee Chief Executive Officer Boards of Directors Investment Asset Management Finance Investor Relations Sustainability CapitaLand Ascott Trust (CLAS) is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT), a real estate investment trust, and CapitaLand Ascott Business Trust (CapitaLand Ascott BT), a business trust, with the following structure: Trust Structure Organisation Structure CapitaLand Ascott Business Trust (CapitaLand Ascott BT) CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT) Trustee DBS Trustee Limited Manager CapitaLand Ascott Trust Management Limited TrusteeManager CapitaLand Ascott Business Trust Management Pte. Ltd. Stapled Securityholders Portfolio of Properties Stapling deed Acts on behalf of holders of the CapitaLand Ascott BT units and provides management services Trustee fees and management fees Acts on behalf of holders of the CapitaLand Ascott REIT units Management services Trustee fees Management fees Holdings of Stapled Securities Distributions Ownership of assets / shares Net profit / dividends
15 Annual Report 2025 Management Team Teo Joo Ling, Serena Chief Executive Officer Executive Non-Independent Director Ms Teo is an Executive Director on the Boards of the Managers and serves as a member of the Executive Committee. As Chief Executive Officer, she leads the overall strategic planning and implementation of the business, investment and operational strategies for CLAS. She oversees the investment, asset management, finance, investor relations and sustainability functions of the Managers. Ms Teo has over 25 years of experience spanning both private and public sectors. Before joining the Managers, she was with Ascendas Group for over 12 years, including more than five years in the managers of Ascendas REIT and Ascendas India Development Trust. In her previous role, she was Head of Portfolio Management, where she was responsible for formulating and executing business strategies, and overseeing property management, lease management and asset enhancement initiatives for Ascendas REIT. Before that, Ms Teo held various positions, including Head of Operations & Services, Head of Group Strategy Management and Vice President, Fund Management. Earlier in her career, she spent more than 10 years in the Singapore Economic Development Board, EDB Investments and Chartered Semiconductors. Ms Teo holds a Master's in Business Administration from INSEAD and a Bachelor's in Electrical and Electronic Engineering (Honours) from the National University of Singapore. Kang Siew Fong Chief Financial Officer Ms Kang heads the finance team of the Managers and oversees all matters relating to financial management and reporting, accounting, risk management, treasury and capital management. She works closely with the investment and asset management teams to drive acquisitions, divestments and annual business plans. She was a member of the pioneering team responsible for the listing of CLAS in 2006. Ms Kang has over 30 years of experience in the finance profession. Before joining the Managers, Ms Kang was with The Ascott Limited (Ascott) for over 13 years, where she held various leadership positions, including Vice President, Finance and Vice President, Business Development and Planning. At Ascott, she was responsible for preparing the Group's consolidated accounts and quarterly reports, coordinating with external auditors, and ensuring compliance with statutory regulations and financial reporting standards. She was also involved in mergers and acquisitions, implementation of financial policies and practices, budgeting and internal controls. Ms Kang holds a Bachelor of Accountancy degree from the National University of Singapore. She is also a Chartered Accountant with the Institute of Singapore Chartered Accountants. Lai Dongliang Head, Investment & Asset Management As the Head, Investment & Asset Management, Mr Lai oversees CLAS’ investments, divestments and asset enhancement initiatives. He also collaborates with internal and external stakeholders to maximise portfolio efficiency and financial performance. Mr Lai has over 15 years of experience in real estate investment and asset management. He has held several senior management positions with Keppel Ltd and AEW Capital Management (Asia), amongst others. In his most recent role as Head of Investments for Singapore at Keppel Ltd, he led the origination, underwriting and execution of transactions across various regions, including Singapore, Australia, Hong Kong and Indonesia. Mr Lai holds a Bachelor of Accountancy with First Class Honours from Nanyang Technological University, Singapore. Wong Xiao Fen Denise Vice President, Listed Funds – Investor Relations Ms Wong heads the investor relations function of the Managers. She is responsible for providing strategic counsel to senior management and facilitating timely and effective communication with the investment community. In addition, she leads the sustainability reporting for CLAS. Ms Wong brings with her over 10 years of experience in investor relations for real estate investment trusts and fund managers, as well as in construction and technology companies. She also has experience in asset management, wealth management and financial advisory. Ms Wong obtained her Bachelor of Business Management degree from Singapore Management University, with majors in Finance (Wealth Management) and Marketing. She also holds the International Certificate in Investor Relations from the Investor Relations Society of the UK and a Certificate in ESG Investing from the CFA Institute.
16 CapitaLand Ascott Trust Financial Review Revenue and Gross Profit CLAS’ revenue of S$837.6 million for the financial year ended 31 December 2025 (FY 2025) comprised S$113.1 million (14% of total revenue) from properties under master leases, S$230.2 million (27%) from properties under management contracts with minimum guaranteed income (MCMGI) and S$494.3 million (59%) from properties under management contracts. The revenue from management contracts comprised S$400.0 million from hospitality properties (serviced residences and hotels) and S$94.3 million from living sector properties (rental housing and student accommodation). Revenue for FY 2025 increased by S$28.1 million as compared to the previous financial year ended 31 December 2024 (FY 2024). The increase in revenue was mainly due to higher revenue of S$25.5 million from the existing properties and additional contribution of S$29.0 million from the five properties acquired during FY 2025 and full year contribution from the two properties acquired in FY 2024. The contribution from the acquisitions had more than offset the decrease in revenue of S$26.4 million from the divestment of 10 properties during FY 2025 and FY 2024. CLAS’ portfolio occupancy was 80% in FY 2025. Revenue per available unit (RevPAU) increased by 3%, from S$156 in FY 2024 to S$161 in FY 2025. CLAS’ gross profit of S$385.3 million for FY 2025 comprised S$103.9 million (27% of total gross profit) from properties under master leases, S$91.8 million (24%) from properties under MCMGI and S$189.6 million (49%) from properties under management contracts. For the management contracts, the gross profit from hospitality properties was S$134.9 million and the gross profit from living sector properties amounted to S$54.7 million. CLAS’ stable income sources (which include master leases, MCMGI and living sector properties) contributed about 65% of CLAS’ gross profit for FY 2025. For the properties under master leases, revenue and gross profit were higher in FY 2025 mainly due to contribution from lyf Funan Singapore (acquired on 31 December 2024), Japan (higher variable rent), and France (higher rent from rent indexation, higher variable rent and appreciation of EUR against SGD). These increases were partially offset by the divestment of a property in Japan in March 2024. For the properties under MCMGI, both revenue and gross profit were higher as compared to last year due to stronger operating performance from most countries, in particular UK (driven by stronger performance at Citadines HolbornCovent Garden London post asset enhancement initiative). Revenue from management contracts was higher due to stronger performance from most countries and contributions from the acquisition of two hotels in Japan (acquired in January 2025) and three rental housing properties in Japan (acquired in August 2025). These increases were partially offset by the divestment of seven properties in Australia, Japan and Singapore in FY 2024 and divestment of two properties in China and Japan during FY 2025. Gross profit was lower by 3% due to property tax adjustments in FY 2024 and FY 2025. Excluding the property tax adjustments, gross profit would have been 0.5% lower YoY. Local Currency FY 2025 FY 2024 Revenue (million) Gross Profit (million) Revenue (million) Gross Profit (million) Master Leases Australia AUD 12.6 11.2 12.2 11.0 France EUR 23.9 21.7 23.6 21.5 Germany EUR 11.8 11.1 11.4 10.7 Japan JPY 3,215.0 2,983.2 2,904.8 2,664.8 Singapore S$ 11.4 10.5 - - South Korea KRW 11,294.3 10,668.2 10,818.0 10,268.7 Management Contracts with Minimum Guaranteed Income Australia AUD 27.2 8.3 24.8 8.3 Belgium EUR 13.0 4.4 12.1 3.5 Ireland EUR 13.8 4.4 14.2 4.7 Singapore S$ 54.8 20.6 53.2 19.0 Spain EUR 7.9 3.8 7.4 3.6 United Kingdom GBP 58.9 26.6 55.3 25.0
17 Annual Report 2025 Local Currency FY 2025 FY 2024 Revenue (million) Gross Profit (million) Revenue (million) Gross Profit (million) Management Contracts Australia AUD 137.4 23.0 141.1 32.9 China RMB 91.0 16.0 119.9 22.9 Indonesia1 IDR 290.2 96.5 260.9 93.0 Japan JPY 7,710.6 4,474.6 6,730.7 3,906.3 Malaysia MYR 15.8 5.0 14.3 3.7 The Philippines PHP 929.0 326.1 939.2 328.6 Singapore S$ 13.1 5.1 15.2 6.0 United States of America USD 148.3 67.4 140.0 65.2 Vietnam1 VND 731.2 347.7 668.4 314.1 1 Revenue and gross profit figures for Indonesia and Vietnam are stated in billions. FY 2025 FY 2024 Revenue (S$’million) Gross Profit (S$’million) Revenue (S$’million) Gross Profit (S$’million) Master Leases Australia 10.6 9.4 10.8 9.7 France 35.1 31.8 34.2 31.1 Germany 17.3 16.3 16.4 15.5 Japan 28.3 26.0 25.8 23.6 Singapore 11.4 10.5 - - South Korea 10.4 9.9 10.7 10.1 Subtotal 113.1 103.9 97.9 90.0 Management Contracts with Minimum Guaranteed Income Australia 22.9 7.0 21.9 7.3 Belgium 19.1 6.4 17.5 5.1 Ireland 20.3 6.5 20.5 6.8 Singapore 54.8 20.6 53.2 19.0 Spain 11.7 5.6 10.7 5.2 United Kingdom 101.4 45.7 94.3 42.6 Subtotal 230.2 91.8 218.1 86.0 Management Contracts Australia 116.0 19.5 124.8 29.1 China 16.5 2.9 22.3 4.3 Indonesia 23.2 7.7 22.2 7.9 Japan 67.7 39.4 59.8 34.7 Malaysia 4.8 1.5 4.1 1.1 The Philippines 21.2 7.5 22.0 7.7 Singapore 13.1 5.1 15.2 6.0 United States of America 194.5 88.3 187.0 87.1 Vietnam 37.3 17.7 36.1 17.0 Subtotal 494.3 189.6 493.5 194.9 Total 837.6 385.3 809.5 370.9
18 CapitaLand Ascott Trust Financial Review Equity Fund Raising On 2 August 2023, the Managers launched an equity fund raising comprising a private placement and a pro rata and non-renounceable preferential offering (2023 Equity Fund Raising), raising gross proceeds of S$200.0 million and S$103.1 million from the private placement and preferential offering respectively. As set out in the announcements dated 30 November 2023, 24 April 2024, 26 July 2024, 27 January 2025 and 11 July 2025, the gross proceeds of S$303.1 million from the 2023 Equity Fund Raising have been partially utilised as follows, in accordance with the stated use of proceeds: (a) S$170.2 million was used to fund the acquisition of The Cavendish London, Temple Bar Hotel Dublin by The Unlimited Collection and Ascott Kuningan Jakarta on 30 November 2023; (b) S$4.4 million was used to fund the proposed extension and renovation of Sydney Central Hotel; (c) S$19.9 million was used to fund the renovation of Citadines Holborn-Covent Garden London; (d) S$24.4 million was used to repay debts; and (e) S$4.9 million was used to pay the professional and other fees and expenses in connection with the 2023 Equity Fund Raising. The proceeds from the 2023 Equity Fund Raising that have been allocated towards the proposed extension and renovation of Sydney Central Hotel have yet to be fully utilised. On 31 December 2025, the Managers announced their intention to change the allocated use and percentage of such proceeds. The Managers intend to finance CLAS’ 50% share of the renovation, rebranding, and other costs for The Cavendish London with approximately S$78.4 million remaining of the S$82.8 million which was originally allocated to finance CLAS’ estimated costs for the proposed extension and renovation of Sydney Central Hotel. While such intended use of proceeds would be a deviation from the stated use and percentage allocated, the Managers have decided to redeploy such amounts to optimise the use of capital, as the renovation and rebranding costs for The Cavendish London is required to be paid prior to that of Sydney Central Hotel. 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. The Managers will make further announcements on the actual 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. Distributions Income available for distribution to Stapled Securityholders for FY 2025 was S$256.7 million, 11% higher as compared to FY 2024, mainly due to higher gross profit and an increase in non-periodic items relating to realised exchange gain arising from the settlement of cross currency interest rate swaps and repayment of foreign currency bank loans and medium term notes. Total distribution to Stapled Securityholders for FY 2025 was S$233.5 million, 1% higher as compared to FY 2024. The distribution per Stapled Security (DPS) for FY 2025 was stable YoY at 6.10 cents. CLAS had retained approximately S$23.2 million of its non-periodic items to fund its asset enhancement initiatives and/or for general corporate and working capital purposes. Core DPS was 3% lower due to property tax adjustments in FY 2024 and FY 2025. Excluding these adjustments, core DPS would have been relatively stable. Breakdown of DPS for FY 2025 is as follows: Distribution For 1 January 2025 to 30 June 2025 For 1 July 2025 to 31 December 2025 Total for FY 2025 Distribution Rate per Stapled Security 2.526 cents 3.576 cents 6.102 cents Payment Date 29 August 2025 27 February 2026
19 Annual Report 2025 Assets CLAS’ total asset value stood at S$8.9 billion as at 31 December 2025, 1% higher as compared to S$8.8 billion as at 31 December 2024. The increase in total assets was mainly due to higher portfolio valuation resulting from stronger operating performance. Change in Fair Value of Investment Properties, Land and Buildings and Investment Properties Under Development The net change in fair value of investment properties, land and buildings and investment properties under development 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 and investment properties under development. The above accounting policy is applicable to all properties, except for The Robertson House by The Crest Collection 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. As at 31 December 2025, independent full valuations were carried out by the following valuers: • Colliers for the 66 properties in Asia Pacific; • CBRE Limited for the 26 properties in Europe (including UK); and • JLL Valuation & Advisory Services, LLC for the 11 properties in USA (comprising three hotels and eight student accommodation properties). In determining the fair value of the Group’s portfolio, the discounted cash flow method, direct capitalisation method and residual land method were used. The valuation methods used are consistent with that used for the 31 December 2024 valuation and prior years. The Group’s portfolio was revalued at S$7.9 billion, resulting in a surplus of S$129.8 million of which S$128.5 million was recognised in the Consolidated Statement of Total Return and S$1.3 million was recognised in the Asset Revaluation Reserve on the balance sheet in FY 2025. The surplus for FY 2025 resulted mainly from higher valuation of the Group’s properties in France, Japan and South Korea, partially offset by lower valuation of the properties in China, Singapore, UK and Vietnam. The net impact on the Consolidated Statement of Total Return was S$97.8 million (net of tax and non-controlling interests). Capital Management Key Financial Indicators As at 31 Dec 2025 As at 31 Dec 2024 Aggregate Leverage1 (%) 37.7 38.3 Unencumbered Properties as % of Total Property Value (%) 68 69 Interest Cover Ratio2 (times) 3.0 3.1 Effective Interest Rate (%) 2.9 3.0 Weighted Average Debt to Maturity (years) 3.4 3.7 1 As at 31 December 2025, the ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott BT Group is 64.0% and 15.8% respectively; the ratio for CLAS is 56.8%. 2 Refers to EBITDA before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense and distributions on perpetual securities.
20 CapitaLand Ascott Trust CLAS adopts a prudent and disciplined approach towards capital management to ensure financial flexibility in its funding structure and to mitigate concentration risk. As at 31 December 2025, 74% of CLAS’ total debt was funded by bank borrowings and the remaining 26% was tapped from the debt capital market. As at 31 December 2025, CLAS’ outstanding borrowings was S$3,190.1 million (2024: S$3,173.5 million) with an effective interest rate at 2.9% per annum (2024: 3.0% per annum). In total, CLAS has approximately S$822.3 million (2024: S$825.4 million) in sustainable financing. To hedge against rising interest rates, approximately 78% (2024: 77%) of the total borrowings were effectively on fixed interest rates. In May 2025, CapitaLand Ascott REIT issued S$260.0 million of fixed rate perpetual securities with an initial distribution rate of 4.20% per annum, with the first distribution rate reset falling on 28 March 2031 and subsequent resets occurring every five years thereafter. The proceeds were used to redeem the S$250.0 million perpetual securities on 30 June 2025 and repay the existing borrowings of the CapitaLand Ascott REIT Group. CLAS is a stapled group comprising CapitaLand Ascott REIT and CapitaLand Ascott BT. The aggregate leverage of CLAS as at 31 December 2025 was 37.7% (2024: 38.3%) with a debt headroom of S$2.1 billion1, providing it with the capacity to pursue growth opportunities including acquisitions, development and conversion projects. As at 31 December 2025, the aggregate leverage of CapitaLand Ascott REIT was 40.1% (2024: 40.9%), within the regulatory limit of the Monetary Authority of Singapore2. CLAS holds derivative financial instruments to hedge its currency and interest rate risk exposures. The fair value of derivatives for FY 2025 comprised financial derivative assets and financial derivative liabilities of S$117.7 million and S$13.7 million respectively. The net assets amount of S$104.0 million represented 2.1% of the net assets of CLAS as at 31 December 2025. 1 Before reaching aggregate leverage of 50%. 2 With effect from 28 November 2024, the aggregate leverage of a property fund should not exceed 50% of the deposited property. Financial Review Debt Maturity Profile Maturity S$’million Maturity S$’million 2026 497.4 2025 300.1 2027 385.0 2026 519.5 2028 694.6 2027 484.7 2029 864.5 2028 724.0 2030 & after 748.6 2029 & after 1,145.2 Total 3,190.11 Total 3,173.51 1 Net of unamortised transaction costs. CLAS maintains a well-spread debt maturity profile to minimise refinancing risks. About 16% of CLAS' total debt is due in 2026, and the Managers have commenced discussions to refinance the loan facilities ahead of their maturity dates. As at 31 Dec 2025 As at 31 Dec 2024 2026 2025 2027 2026 2028 2027 2029 2028 2030 & after 2029 & after 12% 22% 27% 23% 16% 16% 15% 23% 36% 10%
investor.capitalandascotttrust.comRkJQdWJsaXNoZXIy NTkwNzg=