Annual Report 2025 CapitaLand Ascendas REIT
Contents Overview About Us 1 2025 Highlights 2 Financial Highlights 3 Milestones 4 Structure 5 ESG Highlights 6 Chairman & CEO Message 8 What CLAR Invests In 10 Board of Directors 11 Management Team 14 The Asset, Property & Project Managers 16 Strategy 17 Performance The Manager’s Review of FY 2025 18 Investor Relations 38 CLAR’s Portfolio 40 Business Space & Life Sciences 45 Properties (Singapore) Industrial Properties & Data 48 Centres (Singapore) Logistics Properties (Singapore) 52 Logistics Properties (Australia) 54 Business Space Properties (Australia) 58 Business Space & Life Sciences 60 Properties (US) Logistics Properties (US) 64 Logistics Properties (UK/Europe) 66 Data Centres (UK/Europe) 70 Governance Corporate Governance 72 Risk Management 98 Sustainability Management 104 Financial Statements Financial Report FY 2025 106 Other Information Statistics of Unitholdings 201 Additional Information 204 Appendix 206 Corporate Information IBC 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
1 Excludes 27 IBP and LogisHub @ Clementi in Singapore, Summerville Logistics Center in the US, as well as Welwyn Garden City, Manton Wood and Towcester in the UK which were under development as at 31 December 2025. Note: Any discrepancies in the tables and charts between the listed figures and totals thereof in this Annual Report are due to rounding. Wherever applicable, figures and percentages are rounded to one decimal place. Our Vision To be a leading global real estate investment trust Our Mission To deliver predictable distributions and achieve long-term capital stability for Unitholders CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust (REIT). As one of Singapore’s REIT pioneers, CLAR has played a crucial role in the development of the Singapore REIT sector. It provides an attractive platform for investment in business and industrial properties across developed markets. CLAR owns and manages a well-diversified portfolio, valued at S$18.2 billion. The portfolio comprises 222 investment properties1 in Singapore, Australia, the US and the UK/ Europe. CapitaLand Ascendas REIT Management Limited, the manager of CLAR (Manager), is a wholly owned subsidiary of Singapore-listed CapitaLand Investment Limited (CLI), a leading global real asset manager with a strong Asia foothold. Reporting Suite As part of environmental conservation efforts, CLAR continues to print limited copies of its Annual Report. The Annual Report, Independent Market Report and Sustainability Report (to be published around the middle of April 2026) are available for downloading at: • https://investor.capitaland-ascendasreit.com/ar.html • https://investor.capitaland-ascendasreit.com/sustainability_reports.html About Us Scan the QR code to view the online reports Annual Report 2025 CapitaLand Ascendas REIT Independent Market Report 2025 CapitaLand Ascendas REIT Sustainability Report 2025 CapitaLand Ascendas REIT Annual Report 2025 1
2025 Highlights Singapore 68% Australia 12% US 11% UK / Europe 9% Portfolio Value by Geography Technology3 47% Logistics & Supply Chain Management 11% Biomedical Sciences 10% Others 32% Monthly Rental Income² by Tenant Industry 1 Based on total acquisition costs. 2 As at 31 December 2025. 3 Includes Engineering, Data Centres, Information & Communications Technology, Electronics and e-Commerce. Geographically diversified, multi-asset portfolio value of S$18.2 billion that caters to a diverse mix of industries Business Space 36% Life Sciences 8% Logistics 24% Industrial 21% Data Centres 11% Portfolio Value by Segment 44% Business Space & Life Sciences 32% Industrial & Data Centres 24% Logistics 75.4% High Level of Fixed Debt S$350.1 million Two Greenfield Logistics Developments in the UK 39.0% Healthy Aggregate Leverage S$1,470.6 million1 Six Accretive Acquisitions in Singapore and the US A3 Moody’s Credit Rating S$470.6 million Two Completed Redevelopments in Singapore 12.0% Positive Rental Reversion 90.9% Healthy Portfolio Occupancy 3.7 Years Long WALE (by gross rental) Robust Operational Performance Resilient Balance Sheet Multi-pronged Growth Strategy CapitaLand Ascendas REIT 2
Financial Highlights 1 Distribution Per Unit after performance fee. 2 Excludes the effects of the Singapore Financial Reporting Standard 116 Leases (FRS 116). 3 Excludes fair value changes and amortised costs. Borrowings denominated in foreign currencies are translated at the prevailing exchange rates except for HKD–denominated debt issues, which are translated at the cross-currency swap rates that CapitaLand Ascendas REIT has committed to. 4 Includes CLAR's deferred payments and its proportionate share of its associate company's borrowings. 1,538.6 1,226.5 1,352.7 1,479.8 1,523.0 Gross Revenue (S$ million) Total Amount Available for Distribution (S$ million) Total Assets (S$ million) 630.0 663.9 654.4 668.8 678.3 17,730 17,876 18,274 18,269 19,794 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net Property Income (S$ million) 15.005 15.2581 15.798 15.160 15.205 7,563 6,143 6,296 6,724 6,708 Distribution Per Unit (Singapore cents) Total Borrowings2,3,4 (S$ million) 1,067.6 920.8 968.8 1,023.2 1,049.9 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Annual Report 2025 3
Milestones 15th Completed the acquisition of DHL Indianapolis Logistics Centre, a logistics property in Indianapolis, the US, for S$153.4 million. 3rd Completed the redevelopment of 1 Science Park Drive, a premium business space and life sciences property in Singapore, for S$300.2 million. 26th Completed the divestment of Parkside, a business space property in Portland, the US, for S$26.5 million. 30th An Extraordinary General Meeting was held, and the resolution in relation to the proposed acquisitions of 9 Tai Seng Drive and 5 Science Park Drive was approved by Unitholders. 24th Received the “Most Resilient REIT” award at the REITs Symposium 2025. 29th Completed private placement of S$500.0 million to fund acquisitions and repay debt. 25th The Annual General Meeting was held, and all resolutions were approved by Unitholders. 18th Completed the redevelopment of 5 Toh Guan Road East, a modern six-storey ramp-up logistics property in Singapore, for S$107.4 million. 16th Completed the divestment of 30 Tampines Industrial Avenue 3, an industrial property in Singapore, for S$23.0 million. 7th Completed the divestment of Astmoor Road, a logistics property in North West England, the UK, for S$52.5 million. 10th Completed the divestment of 95 Gilmore Road, a logistics property in Queensland, Australia, for S$90.0 million. 17th Completed the divestment of 31 Ubi Road 1, 9 Changi South Street 3, 10 Toh Guan Road, as well as 19 & 21 Pandan Avenue in Singapore for S$306.0 million. 30th • Completed the divestment of 8700-8770 Nimbus, a business space property in Portland, the US, for S$8.5 million. • Completed the acquisition of 2 Pioneer Sector 1, a ramp-up logistics property; Tuas Connection, a light industrial property; and 9 Kallang Sector, a highspecifications industrial property in Singapore, for S$592.6 million. March June July January May April September October November December 6th Completed the acquisition of 5 Science Park Drive, a premium business space property in Singapore, for S$261.0 million. 11th Completed the acquisition of 9 Tai Seng Drive, a Tier III colocation data centre in Singapore, for S$463.6 million. 15th Issued S$300.0 million subordinated green perpetual securities at a fixed initial distribution rate of 3.18% per annum. 27th Issued S$700.0 million 7-year Green Notes due 2032 at a fixed coupon of 2.343% per annum. August CapitaLand Ascendas REIT 4
Structure * Project management services relating to development, re-development and asset enhancement initiatives in Singapore are provided by CapitaLand Development Pte. Ltd., a related company of CapitaLand Investment Limited. 1 Properties located in Singapore are held directly by CapitaLand Ascendas REIT (except Galaxis, 1 Buroh Lane, 9 Tai Seng Drive and 9 Kallang Sector which are held under wholly owned subsidiaries of CapitaLand Ascendas REIT). Properties located in Australia are held through wholly owned subsidiaries of CapitaLand Ascendas REIT, and are managed by Ascendas Funds Management (Australia) Pty Ltd together with CapitaLand Australia Pty Ltd and third-party managing agents. Properties located in the UK/Europe are held through wholly owned subsidiaries of CapitaLand Ascendas REIT and are managed by CapitaLand International Management (UK) Ltd together with third-party managing agents. Properties located in the US are held through wholly owned subsidiaries of CapitaLand Ascendas REIT and are managed by CapitaLand International (US) LLC together with third-party managing agents. As at 3 March 2026 Trustee's Fees Acts on behalf of Unitholders Net Property Income Investment in CapitaLand Ascendas REIT Distributions Management Fees Management Services Ownership of Assets Asset/Property/ Project* Management Services Asset/Property/ Project* Management Fees Asset & Property Managers1 Singapore Ascendas Services Pte Ltd UK/Europe CapitaLand International Management (UK) Ltd Australia Ascendas Funds Management (Australia) Pty Ltd US CapitaLand International (US) LLC 100% 100% 16.9% HSBC Institutional Trust Services (Singapore) Limited (Trustee) Properties / Property-Holding Companies1 Unitholders CapitaLand Ascendas REIT Management Limited The Manager Annual Report 2025 5
ESG Highlights GRESB1 Real Estate Assessment for three consecutive years Public Disclosure 'A' Rating for six consecutive years MSCI ESG Rating2 'AA' Rating for three consecutive years FTSE4Good Indices Constituent of: • FTSE4Good Developed Index • FTSE4Good Developed Minimum Variance Index Green Properties 75% Green-certified properties by Gross Floor Area (GFA) Green Lease 60% Coverage by Net Leasable Area (NLA) Green Financing > S$3.3b (44% of total borrowings) Green Energy 19% of electricity consumption3 is powered by renewable energy Singapore Governance and Transparency Index (SGTI) 2nd place (REITs and Business Trusts category) ASEAN Corporate Governance Scorecard (ACGS) One of ASEAN's Top 50 Listed Entities 1 GRESB is an industry-led organisation that provides actionable and transparent ESG data to financial markets. 2 MSCI ESG Ratings aim to measure a company's resilience to long-term ESG risks. Companies are scored on an industry-relative AAA-CCC scale across the most relevant Key Issues based on a company's business model The use by CLAR of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation. or promotion of CLAR by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 3 Refers to common facilities in CLAR's owned and managed properties. Environmental, Social and Governance Recognition Environmental Highlights Social Highlights 24.8 hours of training per employee on average Zero employee work-related fatality or permanent disability 164 volunteering hours by employees CapitaLand Ascendas REIT 6
Board Composition (as at 31 Dec 2025) Committee Composition (as at 31 Dec 2025) Number of meetings 8 Board 5 Audit and Risk Committee 2 Nominating and Remuneration Committee 1 Annual General Meeting 1 Extraordinary General Meeting Governance Highlights Age profile Tenure mix 1 below 55 years old 2 55 to 60 years old 4 above 60 years old 1 less than 3 years 3 3 to 6 years 3 more than 6 years Audit and Risk Committee 3 Members 100% Independent Investment Committee 5 Members 60% Independent Nominating and Remuneration Committee 3 Members 67% Independent Board Independence 5 independent 2 non-independent Gender Diversity 5 males 2 females How CapitaLand Ascendas REIT Complies with the Corporate Governance Code The Corporate Governance Report (CGR) is benchmarked against the Code of Corporate Governance 2018 (last amended 11 January 2023) (Code). CapitaLand Ascendas REIT 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 the CGR along with explanations of how the practices are consistent with the aim and philosophy of the principle of the Code in question. Our Role 72 Our Corporate Governance Framework and Culture 73 Board Matters 73 Remuneration Matters 82 Accountability and Audit 88 Unitholder Rights And Engagement 92 Additional Information 93 • Investment Committee 93 • Dealings with Interested Persons 93 • Role of the Audit & Risk Committee for Interested Person Transactions 94 • Dealing with Conflicts of Interest 95 • Dealings in Securities 95 • Code of Business Conduct 96 • Whistleblowing Policy 96 • Business Continuity Management 96 • Financial Crime and Third Party Risk Management 96 57% 14% 29% 14% 43% 43% Annual Report 2025 7
William Tay Wee Leong Chief Executive Officer Executive Non-Independent Director Dr Beh Swan Gin Chairman Non-Executive Independent Director Dear Unitholders, CapitaLand Ascendas REIT (CLAR) delivered growth in distributable income for FY 2025 against a backdrop of continued economic uncertainty. The resilient performance was underpinned by our disciplined portfolio rejuvenation strategy, focus on high quality assets in developed markets and proactive management of operating and interest expenses, while consolidating CLAR’s position as a global REIT anchored in Singapore. FY 2025 Performance Highlights Gross revenue rose by 1.0% year-on-year (YoY) to S$1.54 billion for FY 2025. The higher revenue was mainly driven by acquisitions completed in FY 2025 which more than made up for the loss of revenue from divestments in FY 2024 and FY 2025. Supported by lower property operating expenses, net property income (NPI) was higher at 1.7% YoY to reach S$1.07 billion. Consequently, distributable income grew by 1.4% YoY to S$678.3 million which translated to a distribution per unit of 15.005 Singapore cents. The portfolio continued to demonstrate stable operating fundamentals. The portfolio occupancy rate was 90.9% as at 31 December 2025 and we achieved a high average positive reversion of 12.0% for leases renewed during the year. This is CLAR’s third consecutive year of doubledigit reversions which reflect sustained demand for our well-curated portfolio of quality business space and industrial assets. As at the end of FY 2025, gearing remained healthy at 39.0% and well within regulatory limits. Despite the continued high-interest rate environment, the average cost of debt for CLAR’s total borrowings, which comprises various currencies, declined to 3.5% from 3.7% a year ago. The robust financial metrics stem from our proactive refinancing and capital raising strategies to preserve our strong balance sheet and prudent capital structure. Maintaining financial flexibility and liquidity remains a priority for CLAR, enabling us to seize accretive investment opportunities when they arise. Read more about CLAR’s financial and operational performance in The Manager’s Review of FY 2025 on pages 18 to 37. A Resilient and Future-ready Portfolio Our portfolio rejuvenation strategy remains central to our intent to prudently grow and enhance the value of our diversified portfolio. This strategy encompasses accretive acquisitions, disciplined divestments as well as deliberate investments in the redevelopment of existing assets and greenfield developments. In FY 2025, we successfully completed approximately S$1.5 billion of accretive acquisitions, mainly in Singapore. These six properties in Singapore and the US are welloccupied by established tenants and are expected to generate initial NPI yields of 6.1% to 7.6%. We also accelerated the pace of capital recycling, divesting nine properties for a total sale price of S$506.5 million Chairman & CEO Message CapitaLand Ascendas REIT 8
in FY 2025. The total divestment amount represented a premium of approximately 9% over their aggregate market valuation and about 14% above their aggregate original purchase price, demonstrating our ability to unlock gains from the appreciation of asset values. In addition, meaningful progress was made on CLAR’s organic growth initiatives. We completed the redevelopment of 1 Science Park Drive, a business space and life sciences property, and that of 5 Toh Guan Road East, a logistics property, at a total cost of S$407.6 million in Singapore. Their healthy leasing levels of about 81% and 65% respectively, reflect tenants’ confidence in our strategy to future-proof our properties. These properties will contribute income from 2026 and their stabilised yields are expected to be approximately 6% and 8% respectively. Including the newly acquired properties and re-commissioned 5 Toh Guan Road East, the total value of CLAR’s 222 investment properties increased by 8.6% YoY to S$18.2 billion as at 31 December 2025. On a samestore basis, the total portfolio valuation increased by 2.0% YoY to S$16.6 billion with increases across all three segments (Business Space & Life Sciences, Industrial & Data Centres, and Logistics). The higher independent valuations demonstrate the resilience of our geographically diversified, multi-asset portfolio. Singapore remains a cornerstone of CLAR’s portfolio, accounting for 68% of the total portfolio value, with the balance 32% in the US, Australia and the UK/Europe. Aside from acquiring income-producing properties, we continued to expand our logistics footprint by investing S$350.1 million in two development projects in the UK. With expected yields of about 7%, these new best-inclass, green-certified properties will enhance CLAR’s logistics portfolio in the East Midlands, a key market in the UK’s logistics heartlands. CLAR has a total of seven projects underway comprising three greenfield developments, two redevelopments and two asset enhancement initiatives in Singapore, the US and the UK. With an aggregate amount of S$730.3 million, these investments upon completion will strengthen earnings resilience, enhance portfolio quality, and position CLAR for sustainable long-term growth. We will continue to identify opportunities to optimise and create additional value from the existing portfolio through targeted rejuvenation of our properties. Read more about CLAR’s investments and projects in The Manager’s Review of FY 2025 on pages 20 to 30. Sustainability Excellence Our sustainability performance continues to be recognised by leading local and global benchmarks which reflect CLAR’s ongoing commitment to sustainability. In the 2025 GRESB Real Estate Assessment, CLAR maintained its four-star rating for the third consecutive year, as well as an ‘A’ rating for Public Disclosure for the sixth consecutive year. CLAR was ranked second in the Singapore Governance and Transparency Index 2025 (under the REITs and Business Trusts category), improving from third position the year before. We were also included as one of ASEAN’s Top 50 Listed Entities at the ASEAN Corporate Governance Awards, one of only eight Singapore-listed entities on the list. Read more about CLAR’s sustainability achievements on pages 6 and 7, as well as in its Sustainability Report 2025. Board Renewal We would like to express our sincere thanks to Mr Vinamra Srivastava and Ms Maureen Ong, who have both retired as directors in December 2025 and January 2026, respectively. The Board and management have benefitted greatly from their invaluable insights, wisdom and guidance. In January 2026, we welcomed Mr Paul Tham as a NonExecutive Non-Independent Director. He brings expertise and strength to the Board with his broad base of knowledge and experience in the real estate industry including the management of REITs. With these changes, the Board consists of seven members, of which four are independent directors. Looking Ahead The outlook for global economic growth continues to be clouded by continued uncertainties surrounding tariffs and geopolitical tensions. While these could weigh on economic activity, structural drivers underpinning demand for modern industrial, logistics, data centres and business space assets remain intact. CLAR’s market leadership, strong financial position as well as the diversified portfolio that is anchored in Singapore enable us to execute our portfolio rejuvenation strategy with clarity and confidence. We will remain disciplined in pursuing growth opportunities to strengthen our portfolio, focusing on developed markets with strong fundamentals and quality assets that align with our core strategy of a diversified portfolio of modern business space, industrial, logistics and data centre assets. We are nimble and wellpositioned to leverage growth opportunities and optimise our cost of capital. Appreciation On behalf of the Board, we would like to express our deep appreciation to Unitholders for your continued support. We also thank our tenants and business partners for their confidence in CLAR. Finally, we extend our gratitude to every one of our colleagues from the Manager, as well as the Asset and Property Managers for their professionalism and unwavering commitment. With your trust and partnership, CLAR is well-positioned to deliver sustainable long-term value and stable returns for Unitholders. Dr Beh Swan Gin Chairman Mr William Tay CEO Annual Report 2025 9
What CLAR Invests In ▲ Galaxis (Business Space) ▲ Reynolds House (Data Centre) Business Space & Life Sciences CLAR’s Business Space & Life Sciences properties are in business and science parks in Singapore, suburban locations in Australia and within leading corporate campus environments in the US. They include business space for regional Corporate Headquarters (HQ), backroom support offices, Research & Development (R&D) facilities and life science spaces with lab-ready specifications. These properties are situated in close proximity to a critical mass of established, growth and start-up companies in R&D, technology and innovation, as well as educational institutions and research universities. They are easily accessed by public transportation and major road networks, and the surrounding amenities consist of retail shops, food & beverage businesses, as well as leisure and lifestyle services. Tenants include multinational corporations and companies from industries such as engineering, biomedical & life sciences, information & communications, electronics, e-commerce, financial & professional services, the government, distributors & trading, media and education. Logistics CLAR’s logistics properties are in Singapore, Australia, the US and the UK. They include single-storey and multi-storey buildings featuring vehicular ramp and/or cargo lift access. These properties are highly-functional facilities with good access to major ground, water and air transportation networks. Tenants include third-party logistics providers and end-users such as manufacturers, distributors and trading companies. Industrial & Data Centres CLAR’s Industrial properties are in Singapore. They offer a range of premium to basic facilities to meet the needs of various tenants and include high-specifications properties such as vertical corporate campuses with a higher business space component, combined with high-specifications mixed-use industrial space. Such properties typically have modern facades, air-conditioned units, sufficient floor load capacities and ceiling heights, as well as high power capacities for office functions and manufacturing activities to be carried out together. Other types are light industrial properties and flatted factories. Tenants include multinational and local industrial companies that wish to co-locate their HQ with their manufacturing, engineering and R&D activities. CLAR’s data centres are in Singapore, the UK and Europe. They house computing machines and related hardware equipment. Tenants include international and local enterprises in a range of industries such as financial services, telecommunications, information technology and retail. ▲ 1 Buroh Lane (Logistics) CapitaLand Ascendas REIT 10
Board of Directors Dr Beh Swan Gin, 58 Chairman Non-Executive Independent Director • M.B.,B.S., Medicine, National University of Singapore • Sloan Fellow, Master of Science in Management, Stanford University’s Graduate School of Business • Advanced Management Programme, Business Administration and Management, Harvard Business School Date of first appointment as a director 6 July 2020 Date of first appointment as Chairman 6 July 2020 Length of service as a director (as at 31 December 2025): • 5 years 5 months Board committees served on • Investment Committee (Member) • Nominating and Remuneration Committee (Chairman) • Bachelor of Science (Estate Management), National University of Singapore Date of first appointment as a director 1 February 2018 Length of service as a director (as at 31 December 2025) 7 years 11 months Board committees served on • Investment Committee (Member) • Bachelor of Science in Systems Engineering (1st Class Honours), University of Bath, UK • Master of Science in Industrial Engineering, National University of Singapore Date of first appointment as a director 1 October 2018 Length of service as a director (as at 31 December 2025) 7 years 3 months Board committees served on • Audit and Risk Committee (Chairman) • Nominating and Remuneration Committee (Member) Present directorship in other listed company • Singapore Exchange Limited Present principal commitments (other than directorship in other listed company) • Ministry of Trade and Industry (Permanent Secretary) • CapitaLand Ascendas REIT Management Limited (manager of CapitaLand Ascendas REIT) (Chairman) Past directorship in other listed company held over the preceding three years • Nil Present directorship in other listed company • Nil Present principal commitment • CapitaLand Ascendas REIT Management Limited (manager of CapitaLand Ascendas REIT) (Chief Executive Officer and Executive Director) Past directorship in other listed company held over the preceding three years • Nil Present directorships in other listed companies • Keppel Infrastructure Fund Management Pte. Ltd. (trusteemanager of Keppel Infrastructure Trust) • Tye Soon Limited Present principal commitment (other than directorships in other listed companies) • Singapore Mediation Centre (Director) Other major appointments • Keppel Asia Infra Fund (GP) Pte. Ltd. (Investment Committee Member) • Keppel Infra Fund GP Pte. Ltd. (Investment Committee Member) • Neptune1 Infrastructure Holdings Pte. Ltd. (Director) • One Eco Co., Ltd. (Director) Past directorship in other listed company held over the preceding three years • Olive Tree Estates Limited Award • The Public Service Medal, 2003 William Tay Wee Leong, 55 Chief Executive Officer Executive Non-Independent Director Daniel Cuthbert Ee Hock Huat, 73 Non-Executive Independent Director Annual Report 2025 11
Board of Directors Chinniah Kunnasagaran, 68 Non-Executive Independent Director Choo Oi Yee, 52 Non-Executive Independent Director • Bachelor of Engineering (Electrical), National University of Singapore • Master of Business Administration, University of California Berkeley • Chartered Financial Analyst (CFA), CFA Institute Date of first appointment as a director 1 November 2020 Length of service as a director (as at 31 December 2025) 5 years 2 months Board committees served on • Audit and Risk Committee (Member) • Investment Committee (Member) • Bachelor of Accountancy, Nanyang Technological University • Master in Business Administration, Manchester Business School, UK Date of first appointment as a director 22 February 2023 Length of service as a director (as at 31 December 2025) 2 years 10 months Board committees served on • Audit and Risk Committee (Member) • Investment Committee (Member) Present directorships in other listed companies • Nirlon Limited, India • Sembcorp Industries Ltd Present principal commitments (other than directorships in other listed companies) • Archipelago Capital Partners Pte. Ltd. (Advisor) • Azalea Investment Management Pte. Ltd. (Advisor) • Changi Airport International Pte. Ltd. (Advisor) • EAAA Pte. Limited (Director) • Greenko Energy Holding, Mauritius (Director) • Hindu Endowments Board (Board Member) • Pavilion Capital International Pte. Ltd. (Investment Committee Member) Past directorship in other listed companies held over the preceding three years • Keppel Infrastructure Fund Management Pte. Ltd. (trustee-manager of Keppel Infrastructure Trust) Present directorship in other listed company • Nil Present principal commitments • Climate Impact X Pte. Ltd. (CEO and Director) • Verified Impact Exchange Holdings Pte. Ltd. (CEO and Director) Other major appointments • Financial Industry Disputes and Resolution (Director) • ISEAS – Yusof Ishak Institute (Member of Board of Trustees) • Methodist Girls School (Director) • St. Joseph’s Institution International Elementary School Ltd. (Member of Board of Governors) • St. Joseph’s Institution International Ltd. (Member of Board of Governors) • The National Kidney Foundation (Director) • Urban Redevelopment Authority (Director) Past directorship in other listed company held over the preceding three years • Nil CapitaLand Ascendas REIT 12
Tham Wei Hsing, Paul, 44 Non-Executive Non-Independent Director • Bachelor of Engineering in Civil & Environmental Engineering, Cornell University • Master in Business Administration, Singapore Management University Date of first appointment as a director 16 January 2026 Length of service as a director (as at 31 December 2025) - Board committees served on • Investment Committee (Member) Present directorship in other listed company • Nil Present principal commitment • CapitaLand Investment Limited (Group Chief Financial Officer) Other major appointments • Directorships in other CapitaLand Investment Group companies • NESST Singapore Limited Past directorship in other listed company held over the preceding three years • Nil Manohar Khiatani, 66 Non-Executive Non-Independent Director • Masters Degree (Naval Architecture), the University of Hamburg, Germany • Advanced Management Program, Harvard Business School Date of first appointment as a director 10 June 2013 Length of service as a director (as at 31 December 2025) 12 years 6 months Board committees served on • Investment Committee (Chairman) • Nominating and Remuneration Committee (Member) Present directorship in other listed company • CapitaLand India Trust Management Pte. Ltd. (trustee-manager of CapitaLand India Trust) Present principal commitment (other than directorship in other listed company) • CapitaLand Investment Limited (Senior Advisor) Other major appointments • Building and Construction Authority (Board Member) • EDB Society (President) • Singapore Economic Development Board (Special Advisor to Chairman) • Singaporean-German Chamber of Industry and Commerce, Advisory Council (Member) • Skills Future Fellowships and Skills Future Employer Awards Judging Panel (Chairman) Past directorship in other listed company held over the preceding three years • Nil Annual Report 2025 13
Management Team William Tay Wee Leong Chief Executive Officer (CEO) Koo Lee Sze Chief Financial Officer William is the Executive Director and CEO of the Manager of CLAR. He is responsible for leading the management team in the planning and execution of CLAR's value creation and growth strategy across all aspects of its global operations. Prior to his current appointment, William was the Deputy CEO of Singapore and Southeast Asia (SSEA) of the Ascendas-Singbridge Group. In addition to leading Ascendas-Singbridge SSEA regional teams in Singapore, Malaysia, Indonesia and Vietnam, he was concurrently the CEO for South Korea, overseeing the real estate private equity funds business and investments in South Korea. William has approximately 30 years of wide-ranging experience in real estate, straddling both the public and private sectors as well as Singapore and overseas. Since joining Ascendas-Singbridge in 2007, he held various leadership positions in investment, business development, asset and fund management as well as country operations. William started his career with JTC Corporation where he spent 12 years in the development and marketing of Ready-Built Factories, Wafer Fabrication Parks and Logistics Parks, as well as strategic and corporate planning. William holds a Bachelor’s Degree in Estate Management (Honours) from the National University of Singapore. Lee Sze oversees financial and sustainability reporting, risk management and taxation matters. She develops key business strategies of CLAR together with the management team, ensures principle base governance and executes the strategies through financial management. Prior to joining the Manager, Lee Sze was the Director of Finance at Popular Holdings Limited where she was responsible for the financial management and reporting of various aspects of the business including retail and distribution, publishing and e-Learning. Lee Sze started her career in the audit and assurance division of Deloitte & Touche after graduation. She has extensive exposure in real estate, manufacturing, retail and service industries and has about three decades of experience in key financial and managerial roles. Lee Sze holds a Bachelor of Accountancy degree from the National University of Singapore and is a Member of the Institute of Singapore Chartered Accountants. CapitaLand Ascendas REIT 14
Ram Soundararajan Head, Investment James Goh Head, Portfolio Management Ram is responsible for developing and executing CLAR’s investment strategy in Singapore and overseas. He leads the investment team to identify, evaluate and negotiate suitable investment opportunities for CLAR. Ram joined the Manager in May 2018 to drive investments into overseas markets and has since successfully led multiple transactions across different geographies. Prior to joining the Manager, he was the Head, Investments of CapitaLand India Trust (formerly known as Ascendas India Trust). Ram has more than 21 years of experience in investment, business development and asset management. His experience covers real estate acquisitions, mergers and acquisitions and corporate finance across Asia, the US and Europe. He has previously worked with global firms such as GIC Real Estate and real estate corporate finance divisions of Andersen and Ernst & Young. Ram holds a Bachelors in Commerce and a Masters in Business Administration from Bharatidasan Institute of Management, India. James oversees a global portfolio of approximately 220 properties across Singapore, Australia, the US and the UK/ Europe, with total assets under management exceeding S$18 billion. His team is responsible for enhancing the financial and operational performance of CLAR’s assets through active asset management, strategic capital recycling and disciplined portfolio optimisation. He first joined the Manager of CLAR in 2018 as Head of International Portfolio Management. Before that, he helmed both the Investor Relations and Asset Management functions at CapitaLand India Trust (formerly known as Ascendas India Trust), where he played a pivotal role in strengthening investor engagement and driving portfolio performance. With more than 25 years of experience spanning investor relations, asset management, analytical research and strategic planning, James possesses in-depth experience and insights in diverse real estate markets. He is a CFA charterholder and holds a Bachelor of Accountancy (Honours) from Nanyang Technological University. Annual Report 2025 15
The Asset, Property & Project Managers The daily operations of CLAR’s portfolio of properties located in Singapore, Australia, the US and the UK/Europe are undertaken by asset and property managers that are wholly owned subsidiaries of CapitaLand Investment Limited (CLI), a project manager from a related company of CLI, as well as third-party managing agents. The asset, property and project managers have staff members located across markets that CLAR operates in, providing professional services to customers, and enhancing the market positioning and attractiveness of CLAR’s properties so as to maximise returns to Unitholders. The asset, property and project managers have the following key responsibilities: The Asset, Property & Project Managers Project Management • Provide expertise in areas of design, construction and project management for development projects and asset enhancement initiatives Marketing & Leasing • Proactive prospecting of customers and partnerships with leasing agents to improve occupancy and revenue of properties Asset Management • Execute the asset management strategy formulated by the Manager • Oversee property performance, lease management, building safety, etc. • Oversee third-party managing agents Facilities Management • Ensure that the property specifications and service levels are commensurate with the intended market positioning of each property CapitaLand Ascendas REIT 16
Strategy Proactive Portfolio Management Maximising organic growth potential and returns of the portfolio through active asset management. The Manager works closely with the asset and property managers in carrying out these principal strategies and the relevant activities. • Proactive marketing and leasing of spaces to achieve a healthy occupancy rate • Providing high standards of property and customer services • Enhancing operational efficiency and optimisation of operating costs • Carrying out asset enhancement initiatives Disciplined Value-adding Investments Undertaking disciplined valueadding investments through acquisitions and development of high-quality properties. • Acquiring income-producing properties leased to established customers • Acquiring high-quality properties with strong income stream and/ or asset enhancement potential • Developing build-to-suit projects to cater to prospective customers’ operational requirements and specifications • Selective development/ redevelopment to capitalise on the Manager’s development capabilities • Sourcing of overseas investment opportunities to strengthen portfolio diversification and resilience Prudent Capital & Risk Management Optimising CLAR’s funding structure and costs. Maintaining an effective system of risk management and internal controls. • Regular reviews of CLAR’s debt and capital management, and financial policy • Diversifying sources of funding, managing interest rate risk, liquidity risk, credit risk and foreign currency risk • Monitoring CLAR’s exposure to various risk elements and externally imposed requirements of the markets in which it operates by closely adhering to clearly established management policies and procedures • Risk management policies and systems are reviewed regularly to reflect changes in market conditions and CLAR’s strategic direction • Creating an acceptable balance between the benefits derived from managing risks and the cost of managing those risks Three-fold Strategy Disciplined Value- & Risk Management Proactive Portfolio adding Investments Prudent Capital Management Annual Report 2025 17
The Manager’s Review of FY 2025 Financial Performance FY 2025 FY 2024 Variance Number of Properties 2261 229 - Gross Revenue (S$ million) 1,538.6 1,523.0 1.0% Net Property Income (S$ million) 1,067.6 1,049.9 1.7% Total Amount Available for Distribution (S$ million) 678.3 668.8 1.4% Distribution Per Unit (cents) 15.005 15.205 -1.3% Applicable Number of Units (million) 4,520 4,399 2.8% 1 Includes 27 IBP and Logis Hub @ Clementi in Singapore, Summerville Logistics Center in the US and Welwyn Garden City in the UK and excludes Manton Wood and Towcester in the UK which were under development as at 31 December 2025. Gross revenue for FY 2025 rose by 1.0% year-on-year (YoY) to S$1,538.6 million. The increase was mainly due to acquisitions of 9 Tai Seng Drive, a data centre in Singapore, 5 Science Park Drive, a business space property in Singapore, as well as DHL Indianapolis Logistics Center, a logistics property in the US. The increase was partially offset by the divestments of four properties in Australia, six properties in Singapore, two properties in the US and one property in the UK between February 2024 and December 2025. Net property income (NPI) rose by 1.7% YoY to S$1,067.6 million. The NPI growth was due to higher gross revenue and lower operating expenses. The total amount available for distribution increased by 1.4% YoY to S$678.3 million, in tandem with the increase in NPI. Included in the total amount available for distribution was approximately S$3.9 million or a distribution per unit (DPU) of 0.085 cents of income support in relation to certain properties that was received and paid to Unitholders in FY 2025. The DPU decreased by 1.3% YoY to 15.005 cents arising from an enlarged unit base following the equity fundraising in June 2025, issuance of units for the payment of divestment and acquisition fees (both interested person transactions) and issuance of units for the partial payment of base management fees. Capital Management Key Funding Indicators As at 31 December 2025 As at 31 December 2024 Aggregate Leverage1,2,3 39.0% 37.7% Total Debt (S$ million)1,2,3 7,563 6,708 Fixed Rate Debt as a % of Total Debt 75.4% 82.7% Weighted Average All-in Debt Cost (per annum) 3.5% 3.7% Weighted Average Term of Debt Outstanding 3.1 years 3.5 years Weighted Average Term of Fixed Debt Outstanding 3.8 years 3.7 years Interest Coverage Ratio4,5 3.6 x 3.6 x Net Debt/EBITDA6 8.3 x 7.6 x Unencumbered Properties as a % of Total Investment Properties7 93.8% 92.9% 1 Excludes fair value changes and amortised costs. Borrowings denominated in foreign currencies are translated at the prevailing exchange rates except for HKD-denominated debt issues, which are translated at the cross-currency swap rates that CLAR has committed to. 2 Excludes the effects of FRS 116. 3 In accordance with Appendix 6 of the Code on Collective Investment Schemes issued by the MAS (Property Funds Appendix), CLAR’s deferred payments and its proportionate share of its associate company’s borrowings and deposited property values are included when computing aggregate leverage. The ratio of total gross borrowings (including perpetual securities) to total net assets is 70.5%. 4 In accordance with MAS Code on Collective Investment Schemes dated 28 November 2025. Based on the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), divided by the trailing 12 months interest expense, borrowing-related fees and distributions on perpetual securities. 5 With reference to MAS Circular No. CFC 01/2021, the interest expense on lease liabilities was excluded as it is an accounting classification and does not reflect the serviceability of debt. The interest coverage ratio, excluding distributions on perpetual securities, is 3.8 x. 6 Net debt includes lease liabilities arising from FRS 116, 50% of perpetual securities, offset by cash and fixed deposits. 7 Total investment properties exclude properties reported as finance lease receivables. CapitaLand Ascendas REIT 18
CLAR’s effective approach to capital management was evident in its strong balance sheet which enabled the REIT to mitigate the adverse impacts of interest rate volatility and exchange rate fluctuations. Adequate liquidity allowed CLAR to execute its acquisition and redevelopment plans to support growth in FY 2025. The aggregate leverage was 39.0% as at 31 December 2025, a slight increase from a year ago mainly due to higher borrowings to fund investments. The Manager is of the view that the higher aggregate leverage will not have a material impact on the risk profile of CLAR as it is still at a healthy level. The Manager will remain prudent and disciplined in managing CLAR's capital profile. CLAR’s total debt of approximately S$7.6 billion comprises borrowings in Singapore Dollars, US Dollars, Australian Dollars, Great Britain Pounds and Euros. Despite the continued highinterest rate environment and higher borrowings, CLAR’s weighted average all-in debt cost was lower at 3.5% per annum (p.a.) for FY 2025, compared to 3.7% p.a. in FY 2024. The Interest Coverage Ratio (ICR) stood at a healthy 3.6 times, well above the statutory and bank loan covenants. Additionally, based on stress scenarios, CLAR's ICRs remain comfortably above statutory limits and financial covenants; (i) a 10% decrease in EBITDA would result in an ICR of 3.3 times; (ii) a 100 basis point (bps) increase in weighted average interest rate would lead to an ICR of 2.8 times. A high level of natural hedge of approximately 76% is maintained for CLAR’s overseas investments of about S$5.8 billion, to minimise the effects of adverse exchange rate fluctuations. The use of foreign currency denominated borrowings to match the currency of the underlying assets safeguards CLAR’s net asset value (NAV) per unit which was stable at S$2.21 after adjusting for the amount to be distributed. CLAR’s robust financial metrics are underpinned by our proactive refinancing and capital raising strategies to preserve our strong balance sheet and prudent capital structure. Refinancing of debt ahead of their maturities are proactively explored to manage liquidity risks. In FY 2025, approximately S$0.8 billion of debt was refinanced and termed out with fresh tenures ranging from five to 10 years. This included a S$300 million subordinated green perpetual securities and a S$700 million 7-year green bond which also increased CLAR’s green financing commitment to approximately S$3.3 billion1 or about 44% of total borrowings. Consequently, only 12% of CLAR’s total borrowings would mature over each of the next two years, lowering CLAR’s refinancing risk exposure. The private placement conducted in FY 2025 to raise S$500.0 million of gross proceeds to fund investments and repay debt was met with strong demand. It was approximately 4.1 times covered by new and existing investors. A total of 202,430,000 new units were issued at a price of S$2.470 per unit, representing a discount of approximately 5.2% to the volume weighted average price of S$2.6059 per unit for trades done on the Singapore Exchange Securities Trading Limited for the preceding market day on 27 May 2025. The issue price is also a premium of approximately 12.3% to the adjusted NAV per unit of S$2.20 as at 31 December 2024. The use of proceeds was in accordance with the stated use in the announcements of CLAR dated 29 May 2025 and 11 August 2025. With prudent financial policies and a stable operating track record of consistent income generation, CLAR continues to maintain its A3 investment grade credit rating from Moody’s. CLAR is well positioned to seize investment opportunities when they arise given the large debt headroom of about S$4.2 billion before the aggregate leverage reaches the regulated limit of 50.0% by the Monetary Authority of Singapore (MAS). Debt Maturity Profile Total Borrowings (S$ million) Diversified Financial Resources 848 (12%) 815 (11%) 300 (4%) FY 2034 FY 2032 FY 2031 FY 2030 FY 2029 FY 2028 FY 2027 FY 2026 FY 2025 254 388 239 882 (12%) 453 100 660 1,213 (17%) 208 347 250 137 942 (13%) 569 346 915 (12%) 880 100 980 (13%) 156 300 456 (6%) Medium Term Notes Committed Loan Facilities Revolving Credit Facilities Green Debt 1 Including Green Perpetual Securities of S$300 million. 53% Term Loan Facilities 11% Revolving Credit Facilities 36% Medium Term Notes S$3.3 billion1 Annual Report 2025 19
The Manager’s Review of FY 2025 Use of Gross Proceeds from Private Placement in May 2025 (as at 31 December 2025) Intended Use of Proceeds (S$ million) Announced Use of Proceeds1 Actual Use of Proceeds To partially finance the proposed acquisition of 100.0% of the interest in the property known as 9 Tai Seng Drive 275.5 276.32 To partially finance the proposed acquisition of 100.0% of the interest in the property known as 5 Science Park Drive 137.1 137.13 To be used for debt repayment purposes (including debt previously drawn down for investments, developments and/or asset enhancement initiatives). 81.6 81.6 To pay the estimated fees and expenses, including professional fees and expenses, incurred or to be incurred by CLAR in connection with the Private Placement 5.8 5.0 Total 500.0 500.0 1 As set out in the announcement of CLAR dated 29 May 2025 in relation to the close of the private placement and the announcement of CLAR dated 11 August 2025 in relation to, among others, the re-allocation and utilisation of proceeds of the private placement. 2 Please refer to the announcement of CLAR dated 11 August 2025 in relation to the completion of the acquisition of 9 Tai Seng Drive. 3 Please refer to the announcement of CLAR dated 6 August 2025 in relation to the completion of the acquisition of 5 Science Park Drive. Investments In 2025, CLAR remained disciplined and selective in deploying capital, prioritising DPU‑accretive acquisitions and the selective development of high‑quality properties in markets with sound fundamentals. This strategic approach positions CLAR for sustainable and long‑term growth. The Manager acquired six logistics, industrial, business space and data centre assets for a total of S$1.4 billion (excluding acquisition costs) during the year. Five of these properties are in Singapore which further strengthen CLAR’s market leadership and footprint in key industrial clusters across the city-state. They are 5 Science Park Drive, a premium business space property; 9 Tai Seng Drive, a Tier III colocation data centre; 2 Pioneer Sector 1, a modern ramp‑up logistics facility; Tuas Connection, a light industrial complex, and; 9 Kallang Sector, a high‑specifications industrial asset. The sixth property is DHL Indianapolis Logistics Center in the US. These well‑occupied properties deepen CLAR’s exposure to the technology, logistics and life sciences sectors while enhancing the quality, resilience and diversification of CLAR’s portfolio. CLAR also reached a significant strategic milestone by embarking on its first logistics greenfield developments in the UK for S$350.1 million in 2025. Four best-in-class, green‑certified logistics properties will be developed in the East Midlands at Manton Wood and Towcester, deepening CLAR’s footprint in one of the UK’s traditional logistics heartlands due to its centralised location and connectivity with the rest of the country. CLAR’s financial capacity and development capability also enable the REIT to enhance the long-term asset value of the existing portfolio through redevelopments and asset enhancement initiatives (AEIs). The redevelopment of 1 Science Park Drive was completed in March 2025 for S$300.2 million. CLAR has a 34% stake in the joint venture with CapitaLand Development. The site has been transformed into a premium business space and life sciences property (1, 1A and 1B Science Park Drive) featuring wet‑lab ready workspaces, retail and F&B amenities as well as seamless connectivity to the Kent Ridge MRT station. A healthy leasing level of approximately 81% was achieved as at 31 December 2025. This successful redevelopment deepens CLAR’s exposure to high‑value sectors such as biomedical sciences, technology and innovation, and aligns with its long‑term strategy of building a resilient portfolio catering to growth sectors. The valuation of 1, 1A and 1B Science CapitaLand Ascendas REIT 20
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