Ascott Residence Trust A Leading Global Serviced Residence REIT Citi-REITAS-SGX C-Suite Singapore REITS & Sponsors Forum 2018.

Transcription

1 Asctt Residence Trust A Leading Glbal Serviced Residence REIT Citi-REITAS-SGX C-Suite Singapre REITS & Spnsrs Frum August 2018

2 Imprtant Ntice The value f units in Asctt Residence Trust ( Asctt REIT ) (the Units ) and the incme derived frm them may fall as well as rise. The Units are nt bligatins f, depsits in, r guaranteed by Asctt Residence Trust Management Limited, the Manager f Asctt REIT (the Manager ) r any f its affiliates. An investment in the Units is subject t investment risks, including the pssible lss f the principal amunt invested. The past perfrmance f Asctt REIT is nt necessarily indicative f its future perfrmance. This presentatin may cntain frward-lking statements that invlve risks and uncertainties. Actual future perfrmance, utcmes and results may differ materially frm thse expressed in frward-lking statements as a result f a number f risks, uncertainties and assumptins. Representative examples f these factrs include (withut limitatin) general industry and ecnmic cnditins, interest rate trends, cst f capital and capital availability, cmpetitin frm similar develpments, shifts in expected levels f prperty rental incme, changes in perating expenses, including emplyee wages, benefits and training, prperty expenses and gvernmental and public plicy changes and the cntinued availability f financing in the amunts and the terms necessary t supprt future business. Prspective investrs and Unithlders are cautined nt t place undue reliance n these frward-lking statements, which are based n the current view f the Manager n future events. Unithlders f Asctt REIT (the Unithlders ) have n right t request the Manager t redeem their units in Asctt REIT while the units in Asctt REIT are listed. It is intended that Unithlders may nly deal in their Units thrugh trading n Singapre Exchange Securities Trading Limited (the SGX-ST ). Listing f the Units n the SGX-ST des nt guarantee a liquid market fr the Units. 2

3 Cntent Overview f Asctt REIT Strategies and Value Creatin Strng Spnsr The Asctt Limited Key Financial Highlights and Prtfli Perfrmance Cnclusin Appendix 3

4 Overview f Asctt REIT 4 Asctt Limited Presentatin July 2013 Asctt Raffles Place Singapre

5 A Leading Glbal Serviced Residence REIT Asctt REIT: Mst Gegraphically Diversified and Largest Hspitality S-REIT by Asset Size and Market Capitalisatin 11,430 units 37 cities 14 cuntries Defensible Prtfli f Quality Assets Lcated in Majr Gateway Cities Asset Allcatin : 61% Asia Pacific ; 27% Eurpe ; 12% The Americas Market Capitalisatin S$2.4b 1 Ttal Assets S$5.3b Ttal Sharehlder Return Since IPO ~200% 2 5 Ntes: Figures abve as at 30 June 2018, unless therwise indicated 1. Based n clsing unit price as f 20 July Cnsists all distributins and capital appreciatin f Asctt Reit s unit price frm IPO in March 2006 t 30 June 2018.

6 Where is Asctt REIT since IPO 12 Years Ag Rbust Grwth in Grss Prfit, Unithlders Distributin and Ttal Assets Since IPO in 2006 Grss Prfit (S$ millin) Unithlders Distributin (S$ millin) Ttal Assets (S$ billin) H H H Ntes: 1. The decrease in ttal assets is due t the divestment f Citadines Biyun Shanghai and Citadines Gaxin Xi an n 5 January 2018

7 Key Features f Asctt REIT Investment Mandate Invests primarily in real estate and real estate-related assets which are incmeprducing and which are used, r predminantly used, as serviced residences, rental husing prperties and ther hspitality assets in any cuntry in the wrld Leverage Minimum Distributin Payut Rati Based n regulatry requirements, Asctt REIT s aggregate leverage limit cannt exceed 45% 1 Histrically, Asctt REIT s aggregate leverage has been at apprximately 34%-41% 2 Required t distribute at least 90% f its taxable incme t Unithlders t qualify fr the Inland Revenue Authrity f Singapre tax transparency treatment fr REITs Since its listing, Asctt REIT has paid ut 100% f its distributable incme t Unithlders Spnsr-aligned Interest CapitaLand Limited, the parent cmpany f The Asctt Limited ( Asctt ), is a substantial Unithlder f Asctt REIT ( ~45% interest in Asctt REIT) Crprate Gvernance Externally managed by Asctt Residence Trust Management Limited 3 Majrity Independent Nn-Executive Directrs n the Bard 7 Ntes: 1. Asctt REIT is gverned by the Cde n Cllective Investment Schemes ( CIS Cde ) issued by the Mnetary Authrity f Singapre. 2. Based n Asctt REIT s gearing fr financial years An indirect whlly-wned subsidiary f CapitaLand Limited

8 8 Diversified Gegraphical Ftprint in Key Gateway Cities United States f America DubleTree by Hiltn Htel New Yrk Times Square Suth Element New Yrk Times Square West Sheratn Tribeca New Yrk Htel Spain Citadines Ramblas Barcelna France United Kingdm Citadines Barbican Lndn Citadines Hlbrn-Cvent Garden Lndn Citadines Suth Kensingtn Lndn Citadines Trafalgar Square Lndn Citadines Austerlitz Paris Citadines Didt Mntparnasse Paris Citadines Les Halles Paris Citadines Maine Mntparnasse Paris Citadines Mntmartre Paris Citadines Place d Italie Paris Citadines République Paris Citadines Tur Eiffel Paris Citadines Trcadér Paris La Clef Luvre Paris Citadines Crisette Cannes Citadines City Centre Grenble Belgium Citadines City Centre Lille Citadines Sainte-Catherine Brussels Citadines Presqu île Lyn Citadines Tisn d Or Brussels Citadines Castellane Marseille Citadines Prad Chant Marseille Citadines Antigne Mntpellier Germany Citadines Arnulfpark Munich Citadines City Centre Frankfurt Citadines Kurfürstendamm Berlin Citadines Michel Hamburg Madisn Hamburg China Asctt Guangzhu Citadines Xinghai Suzhu Citadines Zhuanku Wuhan Smerset Grand Central Dalian Smerset Heping Shenyang Smerset Olympic Twer Prperty Tianjin Smerset Xu Hui Shanghai Philippines Asctt Makati Smerset Millennium Makati Malaysia Smerset Ampang Kuala Lumpur Indnesia Asctt Jakarta Smerset Grand Citra Jakarta Japan Citadines Central Shinjuku Tky Citadines Shinjuku Tky Smerset Azabu East Tky Citadines Karasuma-Gj Kyt Actus Hakata V-Twer Big Palace Kita 14j Gravis Curt Kakmachi Gravis Curt Kkutaiji Gravis Curt Nishiharaekimae Infini Garden Rppngi Residences Tky S-Residence Hmmachi Marks S-Residence Tanimachi 9 chme S-Residence Midribashi Seri S-Residence Fukushima Luxe Vietnam Smerset Grand Hani Smerset Ha Binh Hani Smerset West Lake Hani Smerset Chancellr Curt H Chi Minh City Smerset H Chi Minh City Singapre Asctt Orchard Singapre Asctt Raffles Place Singapre Citadines Munt Sphia Prperty Singapre Smerset Liang Curt Prperty Singapre Australia Citadines On Burke Melburne Citadines St Gerges Terrace Perth Quest Campbelltwn Quest Masct Quest Sydney Olympic Park

9 Stable Perfrmance Driven by A Balanced and Diversified Prtfli Breakdwn f Ttal Assets by Gegraphy Asia Pacific 60.5% Eurpe 27.4% Singapre 18.9% France 10.2% Japan 13.1% China 10.7% Vietnam 6.0% Australia 5.5% Philippines 3.1% Indnesia 2.1% Malaysia 1.1% Ttal Assets S$5.3b UK 9.7% Germany 4.9% Spain 1.4% Belgium 1.2% The Americas 12.1% USA 12.1% 9 Ntes: Figures abve as at 30 June 2018

10 Balanced Prtfli Underpinned by Stable and Grwth Incme Stable Incme Grwth Incme Prperties under Master Lease Prperties under Management Cntracts with Minimum Incme Guarantee Prperties under Management Cntracts Descriptin Master Lessees pay fixed rental per annum 1 t Asctt REIT Prperties n management cntracts that enjy minimum guaranteed incme N fixed r guaranteed rental but Asctt / third party peratr manages Asctt REIT s prperties fr a fee Percentage f Grss Prfit 2 32% 14% 54% Ttal: 28 prperties Ttal: 7 prperties Ttal: 38 prperties Lcatin f Prperties 2 Australia: 3 prperties France: 17 prperties Germany: 5 prperties Japan: 1 prperty Singapre: 2 prperties Belgium: 2 prperties Spain: 1 prperty United Kingdm: 4 prperties Australia: 2 prperties China: 7 prperties Indnesia: 2 prperties Japan: 14 prperties Malaysia: 1 prperty The Philippines: 2 prperties Singapre: 2 prperties United States: 3 prperties Vietnam: 5 prperties 10 46% Ntes: 1. The rental payments under the master leases are generally fixed fr a perid f time. Hwever, the master leases prvide fr annual rental revisins and/r pegged t indices representing cnstructin csts, inflatin r cmmercial rental prices accrding t market practice. Accrdingly, the rental revisins may be adjusted upwards r dwnwards depending n the abve factrs. 2. Based n 2Q 2018 grss prfit.

11 What are Serviced Residences? Hme Away Frm Hme Fully furnished apartments catered fr bth shrt and extended stays Kitchen facilities with separate living and dining area Asctt Orchard Singapre Smerset Grand Hani Citadines Tisn d Or Brussels 11

12 What are Serviced Residences? Lease Structure & Terms Revenue Cst Structure Seasnality Htels Shrt-term accmmdatin Revenue frm rms and ther surces e.g. F&B, ancillary, etc. Higher staff-t-rm rati Full range f hspitality services Predminantly seasnal nature f turism industry Serviced Residences Variable lease terms Revenue predminantly frm rms Lwer staff-t-rm rati Limited services prvided Predminantly driven by lngterm macrecnmic factrs such as GDP grwth and FDI inflws 12

13 Awards and Acclades Clinched Highly Cveted Acclades Wrld Travel Awards 2018 Leading Serviced Apartments in respective cuntries Citadines Arnulfpark Munich Citadines Sainte-Catherine Brussels Citadines Ramblas Barcelna TripAdvisr Awards Travellers Chice Award 2018 Asctt Makati Citadines Suth Kensingtn Lndn La Clef Lurve Paris Smerset Ampang Kuala Lumpur Smerset Grand Hani Smerset H Chi Minh City Smerset Xu Hui Shanghai Certificate f Excellence Award prperties 1 Asia Pacific Best f the Breeds REITs Awards 2018 Best Hspitality REIT - Platinum Singapre Gvernance and Transparency Index 2018 Ranked 3 ut f the 43 Trusts Business Traveller Asia-Pacific Awards 2017 Best Serviced Residence in Asia Pacific Asctt Raffles Place Singapre Travel Weekly Asia Readers Chice Awards 2017 Best Serviced Residence Prperty Asctt Orchard Singapre 13 Nte: 1. Fr the full list f the awards, please refer t

14 Strategies and Value Creatin 14 Citadines City Centre Frankfurt

15 15 Asctt REIT s Value Creatin

16 Grwth by Acquisitin Asctt REIT s Ttal Assets Has Increased Fivefld Since Its Listing In 2006 N. f Units N. f Cities 11, , H H prperties 73 prperties 5 cuntries In Asia Pac 14 cuntries Glbally 16

17 Grwth by Acquisitin Asctt REIT s Strng Acquisitin Track Recrd Since Listing 2006 (S$217.5m) 2008 (S$56.7m) 2011 (S$58.9m) 2013 (S$287.4m) 2015 (S$519.0m) 2017 (S$648.3m) Smerset Olympic Twer Prperty Tianjin S$76.8m 40% stake in Rppngi Residences 1 S$20.7m Asctt Makati S$87.5m Smerset Grdn Heights Melburne S$13.9m 26.8% stake in Smerset Chancellr Curt H Chi Minh City S$18.6m Citadines St Gerges Terrace Perth 2 S$36.1m 70% stake in Smerset West Lake Hani S$20.6m 60% stake in Citadines Shinjuku Tky S$58.9m Smerset Heping Shenyang S$86.2m Citadines Biyun Shanghai S$63.2m Citadines Xinghai Suzhu S$23.2m 11 rental husing prperties in Japan S$114.8m Citadines n Burke Melburne S$167.6m 40% stake in Citadines Shinjuku Tky S$33.7m 40% stake in Citadines Karasuma-Gj Kyt S$16.0m 4 rental husing prperties in Osaka S$81.0m Element New Yrk Times Square West S$220.7m 93% stake in Citadines Michel Hamburg S$43.2m 93% stake in Citadines City Centre Frankfurt S$51.7m DubleTree by Hiltn Htel New Yrk Times Square Suth S$148.4m Asctt Orchard Singapre S$405.0m 2007 (S$304.1m) Smerset Azabu East Tky S$79.8m 60% stake in Rppngi Residences 1 S$36.4m 40.2% stake in Smerset Chancellr Curt H Chi Minh City S$27.9m 18 rental husing prperties in Tky S$160.0m 2010 (S$1.2b) 2 Asian prperties in Singapre and Vietnam, and 26 Eurpean prperties in France, UK, Germany, Belgium and Spain S$1.2b Ntes: Figures abve are based n agreed prperty value 1. Frmerly knwn as Smerset Rppngi Tky 2. Frmerly knwn as Smerset St Gerges Terrace Perth 3. Frmerly knwn as Best Western Shinjuku Astina Htel 2012 (S$395.4m) 60% stake in Citadines Karasuma-Gj Kyt S$28.9m Asctt Raffles Place Singapre S$220.0m Asctt Guangzhu S$85.7m Madisn Hamburg S$60.8m 2014 (S$559.1m) Smerset Grand Central Dalian S$118.6m Infini Garden S$78.4m Smerset Ampang Kuala Lumpur S$67.4m Citadines Zhuanku Wuhan S$51.4m Citadines Gaxin Xi an S$55.1m Citadines Central Shinjuku Tky 3 S$95.2m Quest Sydney Olympic Park, Quest Masct, and Quest Campbelltwn S$93.0m 2016 (S$218.0m) Sheratn Tribeca New Yrk Htel S$218.0m Ttal Asset Value Acquired Since Listing S$4.5 billin (as at 30 June 2018) 17

18 Active Asset Management thrugh Capital Recycling Prperties with a Ttal Divestment Value f S$1.3 billin have been Recycled and Re-deplyed int Higher Yielding Assets since (S$335.7m) Asctt Beijing S$301.8m Cuntry Wds Jakarta S$33.9m Asctt Beijing Cuntry Wds Jakarta The prceeds frm the 2012 divestments were deplyed t fund the yield accretive acquisitins f Asctt Raffles Place Singapre Asctt Guangzhu 2014 (S$140.0m) Frtune Garden Apartments 1 Frtune Garden Apartments (S$60.3m) 6 Rental Husing Prperties in Japan S$53.1m Salced Residence S$7.2m Salced Residences Asctt REIT Divested 18 Rental Husing Prperties in Japan Citadines Biyun Shanghai Citadines Gaxin Xi an The prceeds frm the 2010 divestments were used t partly fund the yield accretive acquisitins f Citadines Munt Sphia Prperty Singapre, Smerset Ha Binh Hani 26 Eurpean prperties in France, UK, Germany, Belgium and Spain 2012 (S$374.6m) Smerset Grdn Heights Melburne S$15.6m Smerset Grand Cairnhill Singapre S$359.0m Smerset Grdn Heights Melburne Smerset Grand Cairnhill Singapre Asctt REIT has cmpleted the strata sale f 81 apartment units as at July Asctt REIT Divested Six Rental Husing Prperties In Japan Salced Residences in Philippines 2017 (S$351.6m) 18 Rental Husing Prperties in Japan S$153.6m Citadines Biyun Shanghai & Citadines Gaxin Xi an S$198.0m Citadines Biyun Shanghai Citadines Gaxin Xi an Generated an aggregated net divestment gain f S$304.4m frm 2010 t Nte: Figures abve are based n agreed sale price. 1. Frmerly knwn as Smerset Grand Frtune Garden Prperty Beijing

19 Augmenting Value thrugh Asset Enhancement Initiatives Rbust ADR Uplift At Refurbished Prperties Cmpleted In 2017 Smerset H Chi Minh City 23% Smerset Millennium Makati 14% Citadines Barbican Lndn 10% Y--Y Y--Y Y--Y Pre-refurbishment Pre-refurbishment Pre-refurbishment Pst-refurbishment Pst-refurbishment Pst-refurbishment 19

20 Augmenting Value thrugh Asset Enhancement Initiatives (cntinued) Citadines Barbican Lndn Additinal rental revenue frm Surced Market, a F&B retailer Living Area: Pre-refurbishment Bedrm: Pre-refurbishment Surced Market Living Area: Pst-refurbishment Bedrm: Pst-refurbishment Surced Market Smerset Millennium Makati Rejuvenated Living Area and Bedrms 20

21 On-ging Asset Enhancement Initiatives Sheratn Tribeca New Yrk Htel The United States f America Phase I: Renvatin f public areas Phase II: Renvatin f guestrms and tilets Cmpleted in May 2018 Asctt Makati (Phase II) The Philippines Renvatin f 183 apartment units Target t cmplete by end July 2018 Smerset Grand Hani Vietnam Renvatin f apartment units, tilets and public area Phase I : cmpleted in December 2017 Phase II : target t cmplete by end 2018 Smerset Grand Citra Jakarta Indnesia Renvatin f 44 apartment units Target t cmplete in 1Q

22 Capital and Risk Management Disciplined and Prudent Apprach Twards Capital and Risk Management Gearing remained lw at 35.7% Effective brrwing cst maintained at 2.3% per annum 3.9 years Weighted average debt t maturity BBB (utlk stable) Lng-term rating by Fitch Interest cver 4.5X ~84% Ttal debts n fixed rates t hedge against rising interest rates NAV Per Unit S$1.23 Adjusted NAV Per Unit 1 S$ Ntes: Figures abve as at 30 June Excluding the distributable incme t be paid t Unithlders in August 2018

23 Diversified Funding Surces and Well Spread- Out Debt Maturity 84% Debt Maturing in 2020 and Beynd; N Re-financing Risks fr Lans due in 2018 Envisaged with Onging Discussins Underway Debt Maturity Prfile As at 30 June 2018 By Debt Type As at 30 June 2018 S$ m 25% % % % % and after 6% 16% <1% 5 58% Ttal Debt S$1,844m 42% Bank lans 2.01% p.a. fixed rate JPY5b MTN 4.30% p.a. fixed rate S$100m MTN 1.65% p.a. fixed rate JPY7b MTN 4.21% p.a. fixed rate S$200m MTN % p.a. fixed rate JPY7.3b MTN 2.75% p.a. fixed rate EUR80m MTN 4.00% p.a. fixed rate S$120m MTN 2 Bank Lans Medium Term Ntes ( MTN ) 23 Ntes: 1. S$ prceeds frm the ntes have been swapped int Eurs at a fixed interest rate f 1.82% p.a. ver the same tenure 2. S$ prceeds frm the ntes have been swapped int Eurs at a fixed interest rate f 2.15% p.a. ver the same tenure

24 Freign Currency Risk Management Adpt a Natural Hedging Strategy t the Extent Pssible; ~46% f Ttal Assets Denminated in Freign Currency has been Hedged Debt By Currency (%) As at 30 June 2018 Balance Sheet Hedging (%) As at 30 June 2018 EUR 29% JPY 90 JPY 33% EUR USD Ttal Debt S$1,844m GBP RMB RMB 3% SGD 5% GBP 8% USD 22% VND PHP AUD MYR

25 Freign Currency Risk Management Limited Impact f Exchange Rate Mvement n Grss Prfit ver the Years (%) % % 1 Impact f exchange rate mvement n grss prfit has largely been kept within the threshld f +/- 3.0%. Nte: 1. Based n 1H 2018 grss prfit 25

26 Strng Spnsr The Asctt Limited 26 Smerset H Chi Minh City

27 Strng Spnsr The Asctt Limited A Whlly-Owned Subsidiary f CapitaLand Limited One f the leading internatinal serviced residence wnerperatrs with extensive presence >30 year track recrd, pineered Pan-Asia s first internatinal-class serviced residence prperty in 1984 ~45% CapitaLand wnership in Asctt REIT Award-winning brands with wrldwide recgnitin 27 Nte: 1. Exclude the number f prperties under the Synergy crprate husing prtfli

28 Asctt s Brands Asctt Orchard Singapre Asctt Exclusive city living hmes with discreet services fr business travellers in key gateway cities. Citadines Saint-Germain-des-Prés Paris, France Citadines Ideal hme in the city with flexible services fr individuals n the g. Smerset Wusheng Wuhan, China Smerset Stylish apartments ffering the cmfrts and familiarity f hme fr executives. 28

29 Asctt s Brands Artist s impressin Quest West Perth, Australia Quest Spacius serviced apartment style htel rms perfect fr shrt and lng stays, lcated in prime lcatins acrss Australia, New Zealand and Fiji. La Clef Tur Eiffel Paris, France The Crest Cllectin Luxurius city living with discreet services fr business travellers. lyf Funan, Singapre lyf A new way f living and cllabrating as a cmmunity, cnnecting guests with fellw travellers and change-makers. 29

30 Key Financial Highlights and Prtfli Perfrmance 2Q Asctt Orchard Singapre

31 Financial Highlights f 2Q 2018 Revenue and Grss Prfit grew 6% and 7% y--y respectively due t cntributins frm prperties acquired in FY 2017 Revenue (S$m) Grss Prfit (S$m) Revenue Per Available Unit (S$) % Y--Y % Y--Y % Y--Y 155 2Q Q Q Q Q Q 2018 Unithlders Distributin (S$m) % Y--Y Distributin Per Unit (S cents) maintained Adjusted Distributin Per Unit (S cents) 13% Y--Y Q Q 2018 Mainly due t ne-ff realised freign exchange gain f S$11.9m included in 2Q Excl ne-ff, Distributin increased by 14% 2Q Q Q Q Q 2017 DPU restated fr Rights Issue 2 and adjusted fr ne-ff realised freign exchange gain 31 Ntes: 1. Excluding ne-ff realised freign exchange gain arising frm repayment f freign currency bank lans with prceeds frm Rights Issue and divestments. 2. Refers t the Rights Issue f 481,688,010 units n 11 April 2017

32 Revenue and Grss Prfit by Cntract Type Revenue and RevPAU grew 6% y--y. Grss Prfit imprved 7% y--y Revenue (S$ mil) Grss Prfit (S$ mil) RevPAU (S$) 2Q Q 2017 % Change 2Q Q 2017 % Change 2Q Q 2017 % Change Master Leases 28 Prperties n.m n.m n.m Management Cntracts with Minimum Guaranteed Incme 7 Prperties Management Cntracts 38 Prperties (2) Ttal 73 Prperties

33 Key Highlights f 2Q 2018 Stable Operating Perfrmance Y--Y grwth f 6%, 7% and 6% fr Revenue, Grss Prfit and RevPAU respectively, as cmpared t 2Q 2017 Adjusted DPU increased 13% 1 t 1.84 cents Higher prprtin f stable incme: cntributin t Grss Prfit frm stable incme cntracts 2 increased t 46% frm 40% y--y, due t the acquisitin f 3 prperties under master lease arrangements in FY 2017 Y--Y grwth in Revenue and Grss Prfit frm acquisitin f prperties in FY 2017 On same stre basis, better perating perfrmance in Singapre, as well as Belgium and United Kingdm which saw higher RevPAU with strnger demand Perfrmance f prperties under management cntracts remain stable. 46% f Grss Prfit cntributed by key markets - China (9%), Japan (11%), Singapre (4%), United States (14%) and Vietnam (8%) Divestment f prperties in China and Japan in FY 2017 led t dip in Revenue and Grss Prfit; but cntributins frm same stre remain strng Gradual pick-up and grwth in Singapre and United States Vietnam perfrmance affected by fewer prject grups in Hani Recrded S$26.7m revaluatin surplus 3 mainly frm higher valuatin f prperties in Vietnam, United Kingdm, France and the Philippines. 33 Generated S$68.9m f Unithlders Distributin in 1H 2018, which will be fully paid ut t Unithlders, at cent per unit Nte: 1. 2Q 2017 DPU restated fr Rights Issue and adjusted fr ne-ff realised freign exchange gain 2. Refers t Master Leases and Management Cntracts with Minimum Guaranteed Incme 3. Valuatin carried ut by Clliers Internatinal using the Discunted Cashflw Apprach

34 Key Highlights f 1H 2018 Diversified and Defensive Prtfli f Prperties Gegraphically diversified prtfli prvides resilience and stability during ecnmic cycles. Asset allcatin cmprise: 60.5% Asia Pacific, 27.4% Eurpe and 12.1% in The Americas Freehld land tenure prperties make up >50% f prtfli 1 Cntinue t fcus n a healthy balance f stable incme cntracts 2 vs grwth incme cntracts 3, targeting at bth lng-stay and shrt-stay segments Land Tenure by Prperty Value 19% Weighted average tenure f stable incme cntracts 2 f ~5.0 years Average length f stay by guests remained stable at ~3.1 mnths Inrganic and rganic grwth strategies - 28% Ttal Prperty Value S$5.0b 53% 34 Acquisitins frm third-parties r Spnsr. Ready access t ~20 pipeline prperties via ROFR Cntinuus Asset Enhancement Initiatives Develp yield management and marketing strategies t tap n rising glbal travelling demands Nte: 1. Based n land tenure by prperty value as at 30 June 2018; freehld Includes prperties with 999 year leases 2. Refers t Master Leases and Management Cntracts with Minimum Guaranteed Incme 3. Refers t Management Cntracts 47% Leasehld Freehld 51 t 100 Years Up t 50 Years 53% Freehld

35 Cnclusin 35 Asctt Makati

36 Asctt REIT Investment Prpsitin 1 Largest hspitality REIT in Singapre - Ttal assets f S$5.3b - Market capitalisatin f S$2.4b 1 2 Well-balanced prtfli with grwth incme cntracts and stable incme cntracts each cntributing ~50% twards grss prfit 3 Stable & resilient returns thrugh a prtfli f quality & gegraphically diversified assets - 73 prperties acrss 37 cities and 14 cuntries 4 Strng spnsr supprt - Extensive glbal ftprint - Prven track recrd f serviced residence management - A suite f well established brands 36 Ntes: Figures abve as at 30 June 2018, unless therwise indicated 1. Based n clsing unit price as f 20 July 2018

37 Cnclusin Cntinue t Fcus n Creating Stable Returns t Unithlders Thrugh ur Diversified Prtfli and Extended-Stay Business Mdel 1 Grwth Thrugh Yield Accretive Acquisitins Remain n the lkut fr suitable pprtunities fr accretive pprtunities in key gateway cities 2 Practive Asset Management Clsely mnitr and evaluate the assets t identify pprtunities t unlck values f the prperties that have reached their ptimal stage Cntinue t enhance value f prperties thrugh Asset Enhancement Initiatives 3 Disciplined and Prudent Capital Management Maintain effective brrwing rate at a healthy level with ~80% f the brrwings n fixed interest rates Ensure n majr refinancing required in any specific perid and stay vigilant t changes in macr and credit envirnment that may impact financing plans 37

38 Appendix 38 Citadines n Burke Melburne

39 Overview f Asctt REIT Trust Structure Unithlders Hlding f Units Distributins Manager Asctt Residence Trust Management Limited Management Services Management Fees Acts n behalf f Unithlders Trustee s Fees Trustee DBS Trustee Limited fr Unithlders Net Prfit Dividends Ownership f Assets Ownership f Shares Singapre Prperties Asctt Raffles Place Singapre & Asctt Orchard Singapre Master Lease Master Lease Incme Master Lessees Master Lease Master Lease Incme Prperty Hlding Cmpanies / Prperty Cmpanies Citadines Munt Sphia Prperty Singapre & Smerset Liang Curt Prperty Singapre Serviced Residence Management Fees Serviced Residence Management Services Serviced Residence Management Cmpanies Serviced Residence Management Fees Serviced Residence Management Services 39

40 40 Thank Yu