CapitaLand Integrated Commercial Trust - Annual Report 2021

ASSETS As at 31 December 2021, the total assets for the Group were S$22.7 billion compared with S$22.4 billion as at 31 December 2020. The increase was mainly due to valuation gain of S$270.5 million and capital expenditure of S$86.1 million. Cash and cash equivalents also increased by S$181.5 million mainly from the increase in operating cash flow DISTRIBUTIONS Distribution for FY 2021 was S$674.7million, an increase of S$305.3 million or 82.7% compared to FY 2020. The increase was mainly attributable to higher contribution from the enlarged portfolio following the Merger on 21 October 2020. CICT had retained distribution income of S$10.0 million and S$2.7 million received from CapitaLand China Trust and Sentral REIT respectively for general corporate and working capital purposes. On 16 December 2021, 127,551,000 new units in CICT were issued via a private placement exercise to partially fund the proposed acquisitions of 66 Goulburn Street and 100 Arthur Street and 50.0% interest in 101-103 Miller Street and Greenwood Plaza, Sydney, Australia. CICT declared an advanced distribution of 4.85 cents per Unit for the period from 1 July 2021 to 15 December 2021, the day immediately prior to the date on which the private placement of new units were issued. The advanced distribution was paid on 28 January 2022. Breakdown of the Unitholders’ distribution per Unit (DPU) in cents for FY 2021 as compared to FY 2020 are as follows: CICT’s Interest in Joint Ventures’ Gross Revenue and NPI are Shown Below for Information: Property Gross Revenue (S$’ million) Net Property Income (S$’ million) FY 2020 FY 2021 FY 2020 FY 2021 Raffles City Singapore (40.0% interest) 1 63.0 - 48.0 - One George Street (50.0% interest) 2 4.8 24.4 3.8 18.5 CapitaSpring (45.0% interest) 3 - 9.4 (0.1) 5.9 Total 67.8 33.8 51.7 24.4 1 These figures relate to the period from 1 January 2020 to 20 October 2020, where CICT owned 40.0% of the units in RCS Trust. 2 CICT’s 50.0% interest in One George Street (OGS), held through One George Street LLP (OGS LLP) was divested and the sale was completed on 9 December 2021. For FY 2021 and FY 2020, these figures relate to the period from 1 January 2021 to 8 December 2021 and 21 October 2020 to 31 December 2020 respectively. 3 CapitaSpring is held through CICT’s 45.0% interest in Glory Office Trust and CCT’s 45.0% interest in Glory SR Trust and achieved Temporary Occupation Permit in November 2021. For the period from 21 October 2020 to 31 December 2020, CapitaSpring was under development. 2020 1 January to 31 March 1 April to 30 June 1 July to 30 September 1 October to 20 October 21 October to 31 December 1 January to 31 December DPU (cents) 0.85 2.11 3.10 0.89 1.74 2 8.69 3.99 2.63 1 DPU for 16 December 2021 to 31 December 2021 was based on the enlarged number of 6,608,618,340 Units as at 31 December 2021 after the issuance of 127,551,000 Units via the private placement exercise on 16 December 2021. 2 DPU for 21 October 2020 to 31 December 2020 was based on the enlarged number of 6,470,704,116 Units as at 31 December 2020 after the issuance of 2,780,549,536 Units in connection with the payment to CCT Unitholders as consideration units on 28 October 2020. 2021 1 January to 30 June 1 July to 15 December 16 December to 31 December 1 January to 31 December DPU (cents) 5.18 4.85 0.37 1 10.40 5.22 contributed by the higher NPI as a result of the Merger and lower rental waiver granted to tenants as well as the change in frequency of distribution payment from quarterly to half yearly basis. The increase was partially offset by decrease in joint ventures of S$187.8 million mainly arising from the divestment of One George Street held through One George Street LLP, which was completed on 9 December 2021. Annual Report 2021 69 Financial Review