CapitaLand Integrated Commercial Trust - Annual Report 2021

Gross revenue for Financial Year (FY) 2021 was S$1,305.1 million, an increase of S$559.9 million or 75.1% from FY 2020. The increase was mainly due to the contribution from the enlarged portfolio following the Merger* on 21 October 2020 and lower rental waiver granted to tenants. Net Property Income (NPI) for FY 2021 was S$951.1 million, an increase of S$438.4 million or 85.5% from FY 2020 mainly due to higher contribution from the enlarged portfolio following the Merger on 21 October 2020 and lower rental waiver granted to tenants. * On 21 October 2020, the Manager announced the completion of the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) by way of a trust scheme of arrangement (the Merger, the Trust Scheme). The Merger was effected through the acquisition by CMT of all the issued and paid-up units in CCT by way of the Trust Scheme in accordance with the Singapore Code on Take-overs andMergers. Property Gross Revenue (S$’ million) Net Property Income (S$’ million) FY 2020 FY 2021 FY 2020 FY 2021 Retail Tampines Mall 64.7 76.5 46.0 56.2 Junction 8 49.8 56.5 34.4 40.6 IMM Building 72.5 83.4 48.2 58.7 Westgate 57.1 64.1 38.7 45.3 Bugis Junction 64.7 73.7 44.4 53.5 Bugis+ 24.4 27.0 15.9 18.6 Clarke Quay 21.5 17.0 10.2 6.3 Lot One Shoppers' Mall 32.7 39.5 21.4 27.1 Bedok Mall 46.1 52.3 33.0 39.0 Other assets 1 40.8 47.7 25.6 32.5 474.3 537.7 317.8 377.8 Office Asia Square Tower 2 20.2 94.6 15.5 70.7 CapitaGreen 18.4 89.3 14.6 71.0 Capital Tower 13.1 68.5 9.6 50.9 Six Battery Road 10.6 55.7 8.3 41.9 21 Collyer Quay - 23.1 2 (0.4) 19.0 Gallileo 3 5.4 29.1 4.6 24.0 Main Airport Center 3 5.5 27.1 3.3 17.8 73.2 387.4 55.5 295.3 Integrated Developments Raffles City Singapore 4 28.2 190.2 18.1 140.7 Funan 54.7 62.1 37.3 42.9 Plaza Singapura 70.7 82.1 51.1 60.4 The Atrium@Orchard 44.1 45.6 32.9 34.0 197.7 380.0 139.4 278.0 CICT Group 745.2 1,305.1 512.7 951.1 1 Bukit Panjang Plaza and JCube are classified under Other assets. 2 Refers to amortised rent upon handover of property to tenant. 3 CICT owns 94.9% interest in Gallileo and Main Airport Center. The reported figure is 100.0% basis. 4 As a result of the Merger, with effect from 21 October 2020, RCS Trust is a wholly owned subsidiary of CICT. FY 2020 relates to gross revenue from RCS Trust on 100.0% basis from 21 October 2020 to 31 December 2020. CapitaLand Integrated Commercial Trust 68 Financial Review