CapitaLand Ascott Trust - Annual Report 2025

Front Cover	1
Contents Page	2
About Us	3
Chairman & CEO Message	4
CLAS at 20	6
2025 Highlights	8
Boards of Directors	14
Trust Structure and Organisation Structure	16
Management Team	17
Financial Review	18
Portfolio Overview	24
Operations Review	28
Investor Relations	52
Portfolio Listing	54
Risk Management	60
Corporate Governance	66
Statement of Policies and Practices	94
Financial Statements and Notes	100
Report of the Trustee of CapitaLand Ascott Real Estate Investment Trust	101
Report of the Manager of CapitaLand Ascott Real Estate Investment Trust	102
Report of the Trustee-Manager of CapitaLand Ascott Business Trust	103
Statement by the BT Trustee-Manager	106
Statement by the Chief Executive Officer of the BT Trustee-Manager	107
Independent Auditor’s Report	108
Statements of Financial Position	112
Statements of Total Return	114
Statement of Comprehensive Income of the CapitaLand Ascott BT Group	115
Distribution Statements	116
Statements of Movements in Stapled Securityholders’ Funds	117
Portfolio Statements	127
Statements of Cash Flows	146
Notes to the Financial Statements	150
Additional Information	291
Statistics of Stapled Securityholdings	293
Corporate Information	296
Back Cover	297

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