CapitaLand Integrated Commercial Trust - Annual Report 2024

Capital Management KEY FINANCIAL INDICATORS As at 31 December 2023 As at 31 December 2024 Proportion of Total Assets that are Unencumbered (%) 93.7 93.8 Aggregate Leverage1 (%) 39.9 38.5 Interest Coverage Ratio (ICR)2 (times) 3.1 3.1 Average Term to Maturity (years) 3.9 3.9 Average Cost of Debt3 (%) 3.4 3.6 CICT’s Issuer Rating ‘A3’ by Moody’s ‘A-‘ by S&P 'A3' by Moody's⁴ 'A-' by S&P 1 In accordance with Property Funds Appendix of the Code of Collective Investment Scheme (CIS code), the computation of aggregate leverage ratio includes CICT's proportionate share of borrowings and deposited property values in joint ventures. As at 31 December 2024 and 31 December 2023, the total borrowings of CICT Group including its proportionate share of joint ventures' borrowings is S$10.2 billion and S$9.9 billion respectively. The ratio of total gross borrowings to total net assets is 66.0% and 69.1% as at 31 December 2024 and 31 December 2023 respectively. 2 ICR is defined as the ratio of earnings of CICT Group, before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, foreign exchange translation, non-operational gain/loss as well as share of results of joint ventures) and distributable income from joint ventures, over interest expense and borrowing-related costs, on a trailing 12-month basis. CICT did not issue any hybrid securities. 3 Ratio of interest expense over weighted average borrowings. 4 Moody’s Ratings has affirmed CICT's A3 rating with a stable outlook on 5 September 2024. CICT adopts a prudent capital management strategy, with a focus on diversifying its funding sources, including sustainable financing and extending its debt maturity profile. CICT through CMT MTN Pte. Ltd. issued a total of S$500.0 million of green notes in 2024. On 10 July 2024, S$300.0 million 3.75% 10-year fixed rate notes due 10 July 2034 was issued. Another S$200.0 million 3.30% 10.5-year fixed rate notes due 30 April 2035 was issued on 30 October 2024. Both notes are unsecured. The proceeds from the two green notes have been fully utilised to refinance eligible Green Buildings under CICT Green Finance Framework. More information can be found on https://www.cict.com.sg/green-finance.html. The total outstanding sustainability-linked/green loans and green bonds were S$4.8 billion as at 31 December 2024, accounting for about 47% of its total borrowings, including joint ventures' borrowings. Pursuant to the acquisition of ION Orchard, the Manager raised gross proceeds of approximately S$1.1 billion from an equity fund raising, which was fully disbursed largely in accordance with the stated use and percentage allocated as set out in the use of proceeds announcement dated 21 February 2025. On 12 November 2024, the Manager announced the divestment of 21 Collyer Quay and the sale was completed on 11 November 2024. Net proceeds from the divestment were used to repay borrowings, thereby reducing CICT’s gearing and providing CICT with more debt headroom for capital expenditures and other growth opportunities. CICT Group holds derivative financial instruments to hedge its currency and interest rate risk exposures. The fair value derivatives for FY 2024, which were included in the financial statements as financial derivative assets and financial derivative liabilities, were S$9.3 million and S$107.5 million respectively. These net financial derivative liabilities of S$98.2 million represented 0.6% of the net assets of CICT Group as at 31 December 2024. 30 CapitaLand Integrated Commercial Trust

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