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
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