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
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