CapitaLand Ascott Trust (HMN) investor relations material

Executive summary

• Portfolio spans 106 properties in 45 cities across 16 countries, with S$8.7b in total assets and more than 18,000 units; Asia Pacific accounts for 55% of portfolio value.

• 3Q 2026 same-store operating portfolio performance improved 4% YoY, excluding acquisitions, divestments and The Cavendish London (TCL); active portfolio reconstitution and asset enhancements weighed on reported gross profit.

• Strategy targets 25–30% of assets in living-sector properties and 70–75% in hospitality; the living sector was 20% of portfolio value at 30 Sep 2026.

Financial highlights

• Portfolio RevPAU was S$164 with 84% occupancy in 3Q 2026; it increased 4% excluding TCL, acquisitions and divestments.

• 3Q 2026 gross profit was affected by income from acquisitions, offset by TCL’s renovation closure and income disruption from AEIs and divestments; excluding TCL, gross profit was relatively stable YoY.

• The Robertson House divestment generated S$341.7m net proceeds and a c.S$37.0m net gain; S$0.3m was recognised in total return and S$36.7m in revenue reserve.

Outlook and guidance

• 4Q 2026 operating outlook is positive in Japan, the UK and the US; Australia’s outlook is cautious against a strong prior-year base, while French forward bookings have slowed but remain positive YoY.

• Somerset Clarke Quay Singapore redevelopment is on schedule for completion in 2026, with opening planned for early 2027; it is expected to add income and partially offset the absence of The Robertson House income.

• Higher contributions from completed and stabilised projects and acquisitions are expected to support distributions; retained non-periodic and/or divestment gains may mitigate TCL’s AEI impact.

• Based on in-place leases, US student accommodation revenue for AY 2026–2027 is projected to be c.7% above AY 2025–2026; portfolio occupancy rose from c.88% to c.98%.