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
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