[1] Based on data extracted from Bloomberg as at 28 June 2019.

[2] Based on an issue price of S$1.30 for each Ascott Reit-BT Stapled Unit and calculated based on a total of 1,136.7 million A-HTRUST Stapled Units.

[3] Based on A-HTRUST’s audited NAV per Stapled Unit as at 31 March 2019 of S$1.02 divided by Ascott Reit’s audited NAV per Unit as at 31 December 2018 of S$1.22.

[4] FTSE EPRA Nareit Developed Index tracks the performance of listed real estate companies and REITs worldwide.

[5] Based on a free float of approximately 1,846.6 million Ascott Reit-BT Stapled Units at S$1.30 for each Ascott Reit-BT Stapled Unit.

[6] Earnings before interest, tax, depreciation and amortisation.

[7] “An emerging middle class”, (2012), OECD Observer.

[8] “Global Tourism Economy Research Centre” (2019), World Tourism Organization. 

[9] Assuming write-off of premium over NAV and excluding transaction costs.