13 Annual Report 2024 Distribution per Unit 10.88 cents¹ 81% of borrowings on fixed rates Although the size of CICT’s Unit base increased in FY 2024 because of our distribution reinvestment plan in March 2024 and equity fund raising in September 2024, CICT’s FY 2024 distribution per Unit rose 1.2% to 10.88 cents¹, reflecting a distribution yield of 5.6% as at 31 December 2024. Growth, Value, and Acquisition On 3 September 2024, we announced the proposed acquisition of a 50.0% interest in ION Orchard, an iconic premium mall, at an agreed property value of S$1,848.5 million2. We financed the purchase consideration through a S$1.1 billion equity fund raising, comprising a private placement and preferential offering which were oversubscribed. Securing our Unitholders’ support at an Extraordinary General Meeting held on 29 October 2024, we completed the acquisition the following day and received two months of distributable income contribution in FY 2024. The acquisition of ION Orchard consolidated CICT’s downtown presence and extended our footprint in Singapore’s prime Orchard Road shopping belt. On the divestment front, we sold 21 Collyer Quay for S$688.0 million on 11 November 2024 at an exit yield below 3.5%3. The divestment freed up capital, which provided flexibility to pare down borrowings and reduce our aggregate leverage. This gave us more financial headroom to fund potential growth opportunities. CICT’s total property value rose 6.2% year-on-year to S$26.0 billion4 in FY 2024. The lion’s share of the portfolio property value, 94.5%, is in Singapore, followed by 2.9% in Australia and 2.6% in Germany. On a like-forlike basis, the overall portfolio value increased by 1.4% year-on-year. CICT’s adjusted net asset value per Unit rose to S$2.09 from S$2.07 the previous year. Overall, the FY 2024 NPI yield derived from CICT’s portfolio increased to 4.8%5 from 4.6% last year. Strengthening our Balance Sheet We maintained a healthy balance sheet throughout FY 2024. Proactive measures, including diversifying our funding sources, extending debt maturities, and carefully navigating interest rate risks helped to maintain our average cost of debt at 3.6%, as well as lower our aggregate leverage to 38.5% as at 31 December 2024, compared to 39.9% the prior year. In FY 2024, fixed-rate debt accounted for 81% of our total borrowings; the remaining 19% floating-rate debt provides flexibility for debt repayment and could benefit from potential rate easing expectations. Total outstanding sustainability-linked green loans and bonds as at 31 December 2024 were S$4.8 billion. During the year, CICT increased its green financing with the issuance of S$300 million 3.75% 10-year fixed rate notes and S$200 million 3.30% 10.5-year fixed rate notes in July and October 2024 respectively. 1 Based on 50.0% of the total FY 2024 management fees to be received in Units. 2 Based on 50.0% interest of agreed property value of S$3,697.0 million (on a 100% basis). 3 Based on annualised NPI for the 9-month period ended 30 September 2024 and the sale price. 4 Based on CICT’s proportionate interests in the investment properties and joint ventures. 5 Based on FY 2024 NPI over total property value, using CICT’s proportionate interests in the investment properties and joint ventures excluding ION Orchard and 21 Collyer Quay as at 31 December 2024.
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