凯德投资有限公司2026年第一季度业务更新

29 April 2026 Disciplined Execution in a Challenging Market •1Q 2026 fee-related revenue of S$310M1(+10% YoY), supported by strong listed funds growth •Announced c.S$2.5B2,3in total equity raised across listed and private funds, amid a more selectivefundraising environment, with investors prioritising quality and resilience •Focused execution across funds platforms, with c.S$7.2B2deployed and c.S$3.4B2divested •Geopolitical developments and uncertainty continue to influence investor sentiment and market activity–Cautious deployment activity amid a more selective capital allocation environment Revenue Mix Reflects Strategic Priorities and Focus Due mainly toabsence of contributionsfollowing exit of Synergy platform(US corporate housing) in Aug 2025 Recurring Fee Streams Continue to Anchor Earnings Funds platform continue to underpin performance; ongoing investments to grow private funds platform Steady Improvements in Capital Efficiency REIBRevenue by Segments(S$’M) Declined (-14%) mainly due to absence ofcontributions following divestments of theSynergy platform (US corporate housing) and Balance Sheet Scaling REIT Franchise Through Selective,Value-Driven Execution •Acquisitions ofS$6.9B1enhance income resilience and fee-related earnings:–Singapore:deepening foothold in suburban and core retail, as well asbusiness park properties–Logistics:strategic assets across US, Spain and Singapore •S$2.9B1of divestmentsof a Singapore CBD commercial office and a suburban CICT’sproposedacquisition of Paragon, a premierfreehold integrated development along Orchard Road in •REIT platform positioning strengthened, with progress toward a second C-REITlisting on the Shanghai Stock Exchange (c.RMB4.8B IPO portfolio) •Proactive cost and energy risk managementwith Singapore retail and workspaceelectricity rates hedged for 2026, supported by portfolio scale and energy CLAR acquired 50% interest in Ascent, a premiumbusiness space in Singapore anchored by multinational Building Out a Capital Efficient Private FundsPlatform Across High-Conviction Strategies •Capital-light mandates reinforce CLI’s asset-light model and recurring fee ‒S$2.4B mandate secured with Income Insurance1to manage its real estate •Rising institutional demand for asset-backed real estate credit strategies‒APAC Credit Program II (ACP II) achieved final close with c.S$400M •Singapore continues to attract strong institutional capital‒SMA2secured for a Singapore business park, raising c.S$109M from aforeign sovereign wealth fund Pictured above is one the five assets that ACP II is providingprivate credit to, a campus-style Grade A office in Sydney, •CLI well-positioned to capture opportunities in measured market conditions‒Fund developments underscores CLI’s ability to originate and structure deals Lodging Advances Asset-Light Growth Signed c.1,800 units and opened over 2,250 units in 1Q 2026 •RevPAU1increased 3% in 1Q 2026, driven by a +3pp rise in occupancy–Japan and Korea led the growth with a 7% increase, driven by a 7pp occupancyimprovement with stable ADR2–2Q 2026 on-books revenue pace +1.9% on same-store basis3, led by Australia,Europe, Southeast Asia and China •Southeast Asia remains a key growth engine –Achieved record signings in 2025; to deliver over 25 property openings across theregion in the next 12 months Ascott Tay Ho Hanoi, a landmark integratedevents and hospitality destination in Vietnam with1,165 rooms and 13 meeting venues •Ascott strengthens foundational infrastructure to scale agentic commerce –Strategic partnerships with Accenture, Amadeus and EHL to advance AItransformation across technology, distribution and talent–BroadeningAscott Star Rewards’value proposition through new partnerships and REIB Operating Conditions Remain Differentiated Portfolio positioning and asset quality continue to anchor performance across markets Prudent Capital Management for Scalable Growth Navigating a Dynamic Environment with Disciplineand Focus •Uncertain market conditions expected to moderate the pace of capital raising and deployment,with continued focus on risk-adjusted returns •Continued focus on high-conviction themes–Lodging & Living, Logistics & Self-Storage,Real Estate Credit–in resilient markets including Singapore, Japan and Australia continue to •CLI’s strong balance sheet and capital position provide flexibility to pursue strategic and SupplementalInformation Listed Funds Platform As at 31March2026 Private Funds Platform As at 31 March 2026 1Q 2026RevPAU+3%;Japan and Korea RemainKey Growth Drivers Singapore, Europe, MEATI andChinaeach recorded 2%RevPAUgrowth, primarily driven by higheroccupancy in most regionsoffsetting softer ADR, except for SE Asia and Australia (excl.Singapore)posted a 5%uplift inRevPAU, mainlyfrom a 2pp improvement inoccupancy, while ADR held Japan and Korea recorded7%RevPAUgrowth, drivenby a 7pp increase inoccupancy, with stable ADR RevPAUincreased 3%,supported by a 3pp ris