CapitaLand Integrated Commercial Trust - Annual Report 2021

The need for flexible work arrangements and increased focus on health and wellness are also catered for at our integrated developments, where work-live-play elements are conveniently co-located to meet evolving tenant lifestyles and preferences. This will provide the Trust with greater resilience in the long-term. VALUE CREATION INITIATIVES Our stable of quality assets is a key resource providing sustainable income to the Trust. We create long- term value for our stakeholders by building on our competitive advantages, investing in timely asset enhancements, and providing quality spaces and differentiated offerings to our tenants. Through proactive and long-term planning for each asset, we aim to keep our properties thriving, relevant and future-ready. Through Asset Enhancement Initiatives (AEI) CICT has a dedicated portfolio management strategy to upkeep and upgrade each asset. Our goal is to maximise the value and enhance the offerings of each asset throughout its property life cycle. Over the years, we have successfully rejuvenated our properties through various AEIs. Through Portfolio Reconstitution Value creation is also supported through the portfolio reconstitution strategy, where CICT reviews and evaluates the existing properties for growth and divestment opportunities to recycle capital. We seek acquisition opportunities in Singapore and in developed markets overseas, guided by our strategic rationale, value and potential distribution-per-unit accretion. VALUE CREATION IN 2021 In 2021, CICT completed the redevelopment of CapitaSpring, the AEIs at Lot One Shoppers’ Mall and 21 Collyer Quay, as well as the podium block and through-block link at Six Battery Road. In line with our portfolio reconstitution strategy, we sold One George Street, unlocking asset value and redeploying the proceeds into other investment opportunities. Although the distributable income from CICT’s 45.0% interest in CapitaSpring, Six Battery Road (only upgraded space) and 21 Collyer Quay will only be contributing in FY 2022, our total portfolio property value has improved by 3.5% Y-o-Y to S$22.5 billion as at 31 December 2021. The adjusted net asset value per unit has risen by 3.0% Y-o-Y to S$2.06. As we navigate the uncertain economic environment, we will continue to explore further opportunities for growth and portfolio reconstitution. Properties • Divested One George Street and recycled the sales proceeds into three higher yielding Sydney assets which are pending completion • All properties have green ratings • Maintained seven properties with BCA Universal Design certification • Improved the features of CapitaStar@Work, the mobile app for our office community • Leveraged technology to safeguard our properties • Optimise portfolio reconstitution by recycling capital into higher yielding properties or other growth opportunities • Maximise asset potential • Prioritise product safety and customer well-being • Enhance accessibility to properties (as part of social integration) • Embrace innovation Our Resources Our Value Drivers 2021 Value Created Annual Report 2021 27 Value Creation