12 CapitaLand Integrated Commercial Trust the divestment of 21 Collyer Quay completed on 11 November 2024. We continued to benefit from our efforts to mitigate rising costs through economies of scale and locking in lower energy rates. CICT’s acquisition of a 50.0% interest in ION Orchard also contributed to the 5.1% year-on-year increase in distributable income to S$752.2 million in FY 2024 and will provide another growth avenue going forward. Chairman and CEO Message Dear Unitholders, In FY 2024, CICT capitalised on both organic and inorganic opportunities to reinforce our portfolio’s resiliency. Our financial performance surpassed that of the prior year. Gross revenue rose 1.7% to S$1,586.3 million, while net property income (NPI) climbed 3.4% to S$1,153.5 million. Our focus on agility and flexibility enabled us to successfully navigate the challenges of a competitive and ever-changing business landscape. The momentum generated by our proactive leasing activities, asset enhancement initiatives (AEIs), and portfolio reconstitution raised our portfolio property value and strengthened our position as the proxy for Singapore’s commercial real estate. All of this will support CICT’s sustainable growth in the long term for our stakeholders. The details of our FY 2024 performance are given below and in the subsequent chapters of CICT’s Annual Report 2024. We encourage you to read them for a fuller picture of our accomplishments. A Positive Performance Supported by proactive portfolio management, prudent cost management, and various portfolio reconstitution initiatives, CICT ended FY 2024 on a positive note. The increase in gross revenue was led by improved gross rental income across most properties. Income contribution grew despite the absence of revenue from Gallileo, which has been undergoing an AEI since February 2024, and Teo Swee Lian Chairman Non-Executive Independent Director Tony Tan Tee Hieong Chief Executive Officer Executive Non-Independent Director
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