CapitaLand Integrated Commercial Trust - Annual Report 2021

On 31 December 2021, independent valuations of IMM Building and Capital Tower were undertaken by Jones Lang LaSalle Property Consultants Pte Ltd (“JLL”), independent valuations of Bedok Mall, Tampines Mall and Junction 8 were undertaken by Knight Frank Pte Ltd (“Knight Frank”), independent valuations of The Atrium@ Orchard, Plaza Singapura, Raffles City Singapore, JCube, Westgate and 21 Collyer Quay were undertaken by Savills Valuation and Professional Services (S) Pte Ltd (“Savills”), independent valuations of Bugis Junction, Bugis+, Funan, Clarke Quay and CapitaGreen were undertaken by Colliers International Consultancy & Valuation (Singapore) Pte Ltd (“Colliers”), independent valuations of Bukit Panjang Plaza, Lot One Shoppers’ Mall, Asia Square Tower 2 and Six Battery Road were undertaken by Cushman & Wakefield VHS Pte. Ltd. (“C&W”), while the independent valuations of Gallileo and Main Airport Center were undertaken by Knight Frank Valuation & Advisory GmbH & Co. KG. On 31 December 2020, independent valuations of BedokMall, Tampines Mall and 21 Collyer Quay were undertaken by CBRE Pte. Ltd., independent valuations of Junction 8, IMM Building, Raffles City Singapore and Asia Square Tower 2 were undertaken by Knight Frank, independent valuations of The Atrium@Orchard, Plaza Singapura, JCube and Westgate were undertaken by Savills, independent valuations of Bugis Junction, Bugis+, Funan, Clarke Quay and CapitaGreen were undertaken by Colliers, independent valuations of Bukit Panjang Plaza, Lot One Shoppers’ Mall, Capital Tower and Six Battery Road were undertaken by C&W, while the independent valuations of Gallileo and Main Airport Center were undertaken by C&W (U.K.) LLP German Branch. The valuations include the capitalisation method and/or discounted cash flow method. The Manager believes that the independent valuers have appropriate professional qualifications and experience in the location and category of the properties being valued. The net change in fair value of the properties has been recognised in the Statement of Total Return. Investment properties comprise commercial properties that are leased to external customers. Generally, the leases contain an initial non-cancellable period of three years. Subsequent renewals are negotiated with the lessees. Contingent rents recognised in the Statement of Total Return of the Group is $52,595,000 (2020: $26,476,000). Portfolio Statement AS AT 31 DECEMBER 2021 The accompanying notes form an integral part of these financial statements. CapitaLand Integrated Commercial Trust 224