CapitaLand Integrated Commercial Trust - Annual Report 2021

Active Leasing Despite Challenging Market Over 839,000 sq ft of new and renewed office leases were signed in 2021, excluding One George Street which was divested in December 2021. The tenant retention rate was 69.3% in FY 2021, largely due to the relocation of JPMorgan Chase Bank, N.A. from Capital Tower, to CapitaSpring. CICT continued to attract new tenants from diverse trade sectors. The three largest sectors of demand are 1) Business Consultancy, 2) Financial Services and 3) IT, Media and Telecommunications. The WALE of office leases entered into in 2021 was 5.2 years 1 . The proportion of revenue attributed to these leases was approximately 21.0% of the office portfolio’s committed gross rental income for the month of December 2021, and includes the proportionate interest in the joint venture and German assets. OFFICE OPERATIONS REVIEW Stable Office Occupancy Despite Challenging Year CICT ended the year with a committed occupancy rate of 90.4%as at 31 December 2021 for Singapore’s office portfolio. This was achieved despite the protracted COVID-19 pandemic, ongoing asset enhancement initiative at Six Battery Road and the move of an anchor tenant to CapitaSpring from Capital Tower. COMMITTED OCCUPANCY RATE (%) As at 31 December 2020 As at 31 December 2021 1 Capital Tower’s occupancy is due to JPMorgan Chase Bank relocation to CapitaSpring. About 17.7%of Capital Tower’s NLA is under advanced negotiation. 2 WeWork has leased the entire NLA and the term has commenced in December 2021, with rent payment expected in 2Q 2022. 3 CapitaSpring achieved TOP on 15 November 2021. As at 9 February 2022, the committed occupancy was about 93%. BUSINESS SECTORS OF NEW LEASES SIGNED IN 2021 2 Business Consultancy 128,457 43.7% Financial Services 40,810 13.9% IT, Media and Telecommunications 24,526 8.3% Banking 22,217 7.6% Food and Beverage 19,268 6.5% Real Estate and Property Services 18,669 6.3% Manufacturing and Distribution 14,396 4.9% Energy and Commodities 10,441 3.5% Maritime and Logistics 8,022 2.7% Legal 5,813 2.0% Travel and Hospitality 1,087 0.4% Services 484 0.2% 294,190 100% 2 Based on NLA of new leases and excluding new leases committed for German properties. The overall committed occupancy rate for the office portfolio stood at 91.5% (including German assets) as at 31 December 2021. With CapitaSpring achieving its TOP in November 2021, the development attracted steady interest with a committed occupancy of 91.5% as at 31 December 2021. This rose to about 93% as at 9 February 2022. Asia Square Tower 2 Capital Tower 1 CapitaGreen Six Battery Road 21 Collyer Quay 2 Raffles City Tower (Office) Funan (Office) TheAtrium @Orchard (Office) Gallileo Main Airport Center 95.6 95.5 93.0 90.0 76.8 98.0 94.8 98.2 79.7 77.9 100 100 93.4 95.2 91.5 100 100 100 100 100 100 1 Based on office leases signed and commenced in 2021, the WALE would be 4.4 years and the proportion of revenue attributed to these leases would be approximately 11.2% of the office portfolio gross rental income for the month of December 2021. CapitalSpring 3 Annual Report 2021 65 Operations Review