Annual Report 2024 CapitaLand Integrated Commercial Trust
Contents The cover design embodies our continuing drive to forge ahead with clarity, conviction and confidence in our strategies to grow our business. The dynamic interplay of circular nodes and diagonal beams conveys upward momentum achieved through embracing innovation and transformation. Set within a structured yet evolving grid, the design underscores adaptability and agility, reflecting our relentless quest to create superior value for our investors and contribute positively to the communities where we operate. At its core, the structured circular forms, with a focal red circle that proudly represents the red dot in CapitaLand’s logo, symbolises our Group’s foundation in Singapore. We are forging ahead with our journey in shaping a better future for all our stakeholders. Overview 2024 Highlights 2 Financial Highlights 4 ESG Highlights 6 Property Portfolio 8 Trust Structure 11 Chairman and CEO Message 12 Business Model 16 Value Creation 18 Board of Directors 20 Management Team 24 Performance Portfolio Valuation 26 Financial Review 28 Capital Management 30 Trading Performance 33 Investor Relations 34 Operations Review 35 Property Details 43 Governance Risk Management 69 Corporate Governance 75 Sustainability Management 100 Financial Statements Financial Statements 101 Other Information Additional Information 200 Statistics of Unitholdings 202 Forging Ahead, Shaping The Future
1 Annual Report 2024 CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of US$10.3 billion or S$14.1 billion as at 31 December 2024. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT’s portfolio comprises 21 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S$26.0 billion based on valuations of its proportionate interests in the portfolio as at 31 December 2024. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. About Us Reporting Suite Our Mission To deliver stable distributions and sustainable total returns to Unitholders Our Vision Asia’s premier commercial REIT Our Purpose Creating inspiring work-play environments and delightful experiences anchored by a strong environmental, social and governance (ESG) commitment Our Values • Winning Mindset • Integrity • Respect • Enterprising Notes: The terms Units and Unitholders refer to the units and unitholders of CICT respectively. Any discrepancies in the table and charts between the listed figures and totals thereof are due to rounding. Where applicable, figures and percentages are rounded to one decimal place. • Annual Report 2024 • Independent Market Review 2024 • Sustainability Report 2024 (to be published end-April 2025) Scan the QR code or visit www.cict.com.sg to view the online reports
2 CapitaLand Integrated Commercial Trust 2024 Highlights Portfolio Performance Financial Performance Green Financing 47% Outstanding sustainabilitylinked/green loans and green bonds as a proportion of total borrowings Capital Management Average Cost of Debt All information as at 31 December 2024 unless otherwise stated. 1 Portfolio property value as at 31 December 2024. Includes CICT’s proportionate interests in CapitaSky (70.0%), ION Orchard (50.0%), CapitaSpring (45.0%), Gallileo and Main Airport Center (94.9% respectively), and 101-103 Miller Street & Greenwood Plaza (50.0%). Excludes 21 Collyer Quay which was divested on 11 November 2024. Aggregate Leverage 38.5% 3.6% 10.88¢ Distribution per Unit Distributable Income S$752.2m Net Property Income S$1,153.5m S$26.0b Total Portfolio Property Value1 Occupancy 96.7% Weighted Average Lease Expiry 3.3 years Aby S&P A3 by Moody’s Credit Rating Green Notes 10 July 2024 S$300.0m at 3.75% due 2034 30 October 2024 S$200.0m at 3.30% due 2035 3 Annual Report 2024 Awards & Recognition The Edge Singapore Billion Dollar Club Awards Accorded Highest Growth in Profit After Tax over three (3) years Singapore Corporate Awards Gold - Best Investor Relations (REITs and Business Trusts category) SIAS Investors’ Choice Awards • Singapore Corporate Governance Award • Singapore Corporate Sustainability Award (REITs and Business Trusts category) GRESB Real Estate Assessment 2024 Maintained 5-Star Rating with a score of 91 points and recognised as a Sector Leader in the following categories: • Global Listed Sector Leader (Diversified: Office/Retail) • Regional Sector Leader (Asia | Diversified: Office/Retail) • Regional Listed Sector Leader (Asia | Diversified: Office/Retail) Maintained ‘A’ for GRESB Public Disclosure with a score of 100 points (Ranked 1st in Asia | Mixed Use: Office/Retail) Included in the 2024 Fortune Southeast Asia 500 List Constituent of the FTSE4Good Index Series for 18 consecutive years Equileap Ranked First in Singapore for gender equality in 2024 Sustainalytics Rated 8.4 Negligible Risk Included in the 2025 Top Rated ESG Companies List Singapore Governance and Transparency Index (SGTI) 2024 Ranked 4th with an overall score of 101.5 (REIT & Business Trust category) sector leader 2024 REAL ESTATE
Financial Highlights Gross Revenue (S$ Million) Distributable Income (S$ Million) Net Property Income (S$ Million) Total Assets (S$ Billion) as at 31 December 1 On 21 October 2020, CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) were merged by way of a trust scheme of arrangement with the merged entity renamed CICT on 3 November 2020. Financial performance for CICT and its subsidiaries (CICT Group)1 2024 1,559.9 1,586.3 2023 1,441.7 1,305.1 745.2 2022 2021 2020 2024 1,115.9 1,153.5 2023 1,043.3 951.1 512.7 2022 2021 2020 2024 715.7 752.2 2023 702.4 674.7 369.4 2022 2021 2020 2024 24.7 25.5 2023 24.7 22.7 22.4 2022 2021 2020 4 CapitaLand Integrated Commercial Trust CICT Group For the Financial Year 20201 2021 2022 2023 2024 Selected Statement of Total Return and Distribution Data (S$ million) Gross Rental Income 697.6 1,233.3 1,352.2 1,459.6 1,480.7 Car Park Income 17.7 27.7 35.4 40.9 40.0 Other Income 29.9 44.1 54.1 59.4 65.6 Gross Revenue 745.2 1,305.1 1,441.7 1,559.9 1,586.3 Net Property Income 512.7 951.1 1,043.3 1,115.9 1,153.5 Distributable Income 369.4 674.7 702.4 715.7 752.2 Selected Statement of Financial Position Data (S$ million) Total Assets 22,416.4 22,741.9 24,666.6 24,739.1 25,513.0 Investment Properties 21,366.1 21,431.1 23,744.8 24,024.9 23,702.3 Total Borrowings 8,726.2 8,177.3 9,585.3 9,477.7 8,945.1 Unitholders’ Funds 13,037.6 13,667.8 14,073.4 14,199.8 15,524.5 Net Asset Value Per Unit2 (S$) 2.00 2.06 2.06 2.07 2.09 Key Financial Indicators Earnings Per Unit (cents) 8.36 16.71 10.92 12.97 13.60 Distribution Per Unit (cents) 8.69 10.40 10.58 10.75 10.88 Management Expense Ratio3 (%) 0.6 0.7 0.7 0.7 0.8 Proportion of Total Assets that are Unencumbered (%) 95.8 96.1 93.5 93.7 93.8 Aggregate Leverage (%) 40.6 37.2 40.4 39.9 38.5 Interest Coverage (times) 3.8 4.1 3.7 3.1 3.1 Average Term to Maturity (years) 4.1 3.9 3.9 3.9 3.9 Average Cost of Debt (%) 2.8 2.3 2.7 3.4 3.6 1 On 21 October 2020, CMT and CCT were merged by way of a trust scheme of arrangement with the merged entity renamed CICT on 3 November 2020. 2 Excludes the distribution to be paid for the last quarter or last half year (as the case may be) of the respective financial years except for 2020, 2021 and 2024 which excluded the distribution for the period from 21 October 2020 to 31 December 2020, 16 December 2021 to 31 December 2021 and 12 September 2024 to 31 December 2024 respectively. 3 Refers to the expenses excluding property expenses and finance costs but including performance component of management fees, expressed as a percentage of weighted average net assets. 5 Annual Report 2024
ESG Highlights 2024 Progress3 Advancing Our Low Carbon Transition¹ Embracing the Tenets of Sound Corporate Governance¹ To Reduce To Achieve of CICTML Employees Attended Fraud, Bribery & Corruption Awareness Training 100% Female Representation in Senior Management Level 50% Training Hours per Employee 28 ~ Targets and Performance (reduction targets are based on a 2019 baseline2) 2030 Targets 1 More information will be published in CICT's Sustainability Report 2024 in end-April 2025. 2 To operationalise its Science Based Target initiative-approved reduction targets, CapitaLand Investment (CLI) revised its baseline year from 2008 to 2019 in its Global Sustainability Report 2022. Aligning with CLI, CICT has adopted 2019 as the baseline year in its Sustainability Report 2023. 3 Based on available information up to 30 November 2024. Fostering Positive Change through Social Good¹ of Employees Attended at Least One ESG Training >98% Supply Chain Vendors Committed to Abide by Supply Chain Code of Conduct 100% Employee Workrelated Fatality or Permanent Disability Zero Volunteer Hours by Employees 940 Absolute Scope 1 & 2 GHG Emissions by 46% > 17% Carbon Emissions Intensity by 72% > 18% Energy Consumption Intensity by 15% > 13% Water Consumption Intensity by 15% > 10% Waste Intensity in Daily Operations by 20% > 18% Recycling Rate in Daily Operations 25% 8% Renewable Energy 45% 2% 6 CapitaLand Integrated Commercial Trust
Corporate Governance Highlights Figures may not add up due to rounding. Board Composition Committee Composition Meeting Attendance 4 members 5 Males 4 Females Board Independence Audit and Risk Committee Tenure Mix Age Spread Gender Diversity 50 years & below 51-60 years old 61 years & above 22.2% 22.2% 55.6% 44.4% 22.2% 33.3% 0-3 years 3-6 years >6 years 66.7% Independent 33.3% Non-independent 100% Independent 3 members Nominating and Remuneration Committee 67% Independent 3 members Executive Committee 100% Non-Independent 100% 9 Board Meetings 100% 5 Audit and Risk Committee Meetings 100% 2 Nominating and Remuneration Committee Meetings 100% Annual General Meeting 100% Extraordinary General Meeting Compliance with the Code of Corporate Governance 9 Directors 9 Directors Please refer to the Corporate Governance section from page 75 in this annual report. Board Matters Remuneration Matters Accountability and Audit Unitholder Rights and Engagement 7 Annual Report 2024
Property Portfolio Singapore Retail Bedok Mall 1 Bugis Junction 2 CQ @ Clarke Quay 3 IMM Building 4 ION Orchard (50.0% interest) 5 Junction 8 6 Lot One Shoppers’ Mall 7 Tampines Mall 8 Westgate 9 Bugis+ 10 Bukit Panjang Plaza 11 Integrated Development CapitaSpring (45.0% interest) 1 Funan 2 Plaza Singapura 3 The Atrium@Orchard 4 Raffles City Singapore 5 Office Asia Square Tower 2 1 CapitaGreen 2 Capital Tower 3 CapitaSky (70.0% interest) 4 Six Battery Road 5 8 CapitaLand Integrated Commercial Trust Bukit Panjang Choa Chu Kang Jurong East Orchard Clarke Quay Bishan Bugis Bedok Tampines Marina Bay Tanjong Pagar 8 1 6 11 4 5 3 4 10 2 2 3 1 2 4 9 7 5 3 Dhoby Ghaut 1 Raffles Place 5 City Hall Overview Legend MRT Station East-West Line Circle Line Thomson-East Coast Line North East Line Light Rail Transit Line North-South Line Downtown Line 9 Annual Report 2024
Property Portfolio Sydney, Australia 66 Goulburn Street 100 Arthur Street 101-103 Miller Street and Greenwood Plaza (50.0% interest) 1 Frankfurt, Germany Gallileo (94.9% interest) Main Airport Center (94.9% interest) 4 5 2 3 2 1 3 NORTH SYDNEY CBD SYDNEY CBD Sydney Opera House Hyde Park Sydney Town Hall Sydney Harbour Bridge St Mary's Cathedral North Sydney Station Town Hall Station Sydney ~12 mins by train from Town Hall station to North Sydney station A3 B43 A5 DB DB 4 5 Landmarks Train Station CBD: Central Business District Frankfurt Airport Office Submarket S-Bahn Frankfurt Central Business District InterCity Express Motorway / Highway DB Frankfurt FRANKFURT CBD BANKING DISTRICT Frankfurt Airport Station Close proximity between Frankfurt airport and city centre Frankfurt Central Station 10 CapitaLand Integrated Commercial Trust
Trust Structure Unitholders Manager Trustee CapitaLand Integrated Commercial Trust Management Limited Property Managers CapitaLand Retail Management Pte Ltd CapitaLand Commercial Management Pte. Ltd. Orchard Turn Developments Pte. Ltd. (OTD)¹ HSBC Institutional Trust Services (Singapore) Limited Management Services Property Management Services Ownership of Assets Investment in CICT Net Property Income Distributions Represents Interest of Unitholders Management Fees Property Management Fees Trustee’s Fees Properties 1 OTD only manages ION Orchard and ION Orchard Link. 2 Managed by third party service providers in Germany. 3 Managed by third party service providers in Australia. Integrated Development 1. CapitaSpring (45.0% interest) 2. Funan 3. Plaza Singapura 4. The Atrium@ Orchard 5. Raffles City Singapore 6. 101-103 Miller Street and Greenwood Plaza, Australia (50.0% interest)3 Retail 1. Bedok Mall 2. Bugis Junction 3. CQ @ Clarke Quay 4. IMM Building 5. ION Orchard (comprising ION Orchard and ION Orchard Link) (50.0% interest) 6. Junction 8 7. Lot One Shoppers’ Mall 8. Tampines Mall 9. Westgate 10. Bugis+ 11. Bukit Panjang Plaza (90 out of 91 strata lots) Office 1. Asia Square Tower 2 2. CapitaGreen 3. Capital Tower 4. CapitaSky (70.0% interest) 5. Six Battery Road 6. Gallileo, Germany (94.9% interest)2 7. Main Airport Center, Germany (94.9% interest)2 8. 66 Goulburn Street, Australia3 9. 100 Arthur Street, Australia3 11 Annual Report 2024
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
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.
Chairman and CEO Message 14 CapitaLand Integrated Commercial Trust Optimising Asset Performance CICT builds portfolio resilience through the opportune timing of strategic AEIs. In FY 2024, we focused on executing three AEIs. In Singapore, an ongoing phased asset enhancement to increase the outlet offerings at IMM Building will further anchor its positioning as a regional outlet destination for both residents and foreign visitors. The revitalisation is on track to achieve a return on investment of approximately 8% based on capital expenditure of S$48 million. In Germany, an AEI of approximately EUR180 million is underway at the 38-storey Gallileo in Frankfurt’s Banking District. Our aim is to elevate the property’s attributes as a modern workspace with enhanced functionality and operating efficiency. Committed occupancy for the property reached 97.4%, with the European Central Bank signed on as an anchor tenant. In Australia, CICT completed an approximately A$9 million AEI at 101 Miller Street, transforming the lobby into a best-in-class communal space with meeting rooms, event space, and an inviting café. While plans to future-proof our portfolio are in place, we prudently balance asset requirements and capital expenditure before executing them. Navigating the Operating Environment Our portfolio maintained a high committed occupancy of 96.7%. Based on the average rent of signed leases in FY 2024, both retail and office portfolios achieved positive rent reversions of 8.8% and 11.1% respectively through proactive lease management. The signed new leases and renewals for the portfolio totalled approximately 2.2 million square feet1 (sq ft). Retail Consumer activity in Singapore remained healthy throughout FY 2024, driven by remote workers returning to the office, and various cultural and entertainment initiatives undertaken by the Singapore Tourism Board to boost tourism. Even though the strong Singapore dollar spurred outbound travel by locals, shopper traffic in our retail portfolio grew 8.7% over the previous year. Tenant sales per square foot increased 3.4% year-onyear in FY 2024 due to the two-month contribution from ION Orchard. Gross turnover rent accounted for about 7% of our retail portfolio’s FY 2024 gross rental income. Committed occupancy remained high at 99.3% for the Singapore retail portfolio. While tenant retention rate stayed high at 84.5% for our Singapore retail portfolio, we are consistently rejuvenating our tenant mix to stay competitive and relevant in the retail environment. In step with the changing interests and needs of local shoppers and tourists, we continue to introduce new-to-market and new-to-portfolio concepts and actively work with our retailers to refresh their offerings in our malls. Office Committed occupancy of CICT’s office portfolio remained stable at 94.8%, despite competition from new office building completions and cautious sentiment due to global economic uncertainties and hybrid work trends. We achieved a high tenant retention rate of 81.9% for our Singapore office portfolio. Office portfolio committed occupancy reached 97.6%, well above property consultant, CBRE’s Singapore Core Central Business District market occupancy of 94.7% as at 31 December 2024. CBRE noted that Singapore office rent growth could remain soft, with secondary spaces and uncommitted new office buildings in the pipeline. However, this could gradually improve given limited new supply in the longer term. In the challenging overseas market environment, our strategy continues to be two-fold: 1. proactive leasing initiatives to retain and attract tenants; 2. futureproofing assets through targeted enhancements to meet tenants’ evolving needs. For example, in Australia, the lobby at 101 Miller Street was enhanced to add vibrancy and facilitate the gradual return of employees to office-based work. At 100 Arthur Street and 66 Goulburn Street, the introduction of fitted-out workspaces facilitated fast, efficient office set up while mitigating fit-out costs for occupiers. 1 Included the leases of approximately 430,700 sq ft committed for Gallileo in 2024 which are largely contributed by the European Central Bank. 2.2 million sq ft1 New leases and renewals signed in FY 2024
15 Annual Report 2024 Commitment to Sustainability Aligned with our sponsor CapitaLand Investment (CLI) on its commitment towards environmental sustainability, governance, and social well-being, we have identified pathways to drive our sustainability goals. This commitment is detailed in CLI 2030 Sustainability Master Plan (SMP). Part of the 2030 SMP is the Net Zero Commitment aimed at achieving net zero carbon emissions by 2050. CICT is turning to green, renewable energy sources and advanced technologies that allow us to use our resources much more efficiently in our move towards Net Zero. CICT is focused on improving our Environmental, Social and Governance (ESG) performance to provide our stakeholders with the highest standard of accountability and transparency. We are proud to be recognised as a Sector Leader in the Global Listed, Asia Regional Sector and Asia Regional Listed categories in the GRESB Real Estate Assessment 2024. More details of our FY 2024 environmental and social achievements will be released in our Sustainability Report 2024 to be launched in end-April 2025. Forging Ahead, Shaping The Future Our annual report theme — Forging Ahead, Shaping the Future — reflects our vision and resilience to steer through challenges amid a rapidly changing and competitive backdrop. Tony Tan, Chief Executive Officer (in the centre), receiving the Singapore Corporate Sustainability Award at SIAS Investors’ Choice Awards 2024. Creating value for our Unitholders will always be our utmost priority. CICT entered 2025 in a strong position to weather market uncertainties as we continue to invest in our portfolio and seize opportunities that may arise, guided by our proactive portfolio and capital management strategy. With a disciplined and purpose-driven mindset, we will pursue acquisitions and growth opportunities that enhance the resilience and value of our portfolio, while maintaining a healthy balance sheet and efficient cost of capital. Our key markets — Singapore, Australia, and Germany — remain central to our strategy. In our home market, Singapore, we are committed to further strengthening our position as a market leader. In closing, we offer our heartfelt appreciation to our employees and partners for their invaluable contributions and hard work in making the past year a success. We also thank our Board for their steadfast guidance and stewardship. Most of all, we want to extend our profound thanks and gratitude to you, our Unitholders, for continuing to believe in and support our mission and goals. Together, we will forge ahead to shape a better future and deliver sustainable returns for our stakeholders. Teo Swee Lian Chairman Tony Tan Tee Hieong Chief Executive Officer February 2025
Business Model Our Resources How We Create Value Our Mission & Vision To be Asia’s premier commercial REIT and deliver sustainable returns • Net property income • Distributable income • Distribution per Unit • Capital management & financial indicators Financial • Portfolio occupancy • Tenant retention • Social integration Properties • Climate resilience • Resource efficiency & 2030 Sustainability Master Plan Environment • Customer experience • Stakeholder engagement • Safety, health & well-being Stakeholders & Communities • Performance against benchmarks People & Structure Invest/ Divest Manage Enhance 16 CapitaLand Integrated Commercial Trust Leadership Growth Resilience Partnership Sustainable returns High standards of governance & accountability Quality assets & differentiated offerings Portfolio resilience, resource efficiency & innovation Partner of choice, thriving communities & high-performance culture Investment & Divestment Capital Management Stakeholder Engagement ESG Management The Value We Create Our Competitive Advantage Value Drivers Asset & Portfolio Management 17 Annual Report 2024
18 CapitaLand Integrated Commercial Trust Value Creation VALUE CREATION STRATEGY Acquired 50.0% interest in ION Orchard and ION Orchard Link (ION Orchard) from CLI Singapore Pte. Ltd., extending CICT’s footprint in downtown Orchard Road Agreed property value: S$3,697.0 million1 on a 100% basis A BCA Green Mark Gold & LEED Gold property VALUE CREATION IN 2024 ION Orchard, Singapore 1 Savills Valuation and Professional Services (S) Pte Ltd and Cushman & Wakefield VHS Pte. Ltd. had respectively valued ION Orchard at S$3,715.0 million (100% basis) and S$3,690.0 million (100% basis) as at 31 July 2024 using the income capitalisation and discounted cash flow methods. Portfolio Management Proactive management to drive higher occupancy and rents, and manage operating costs Capital Management Prudent and agile capital management to enhance financial flexibility Sustainability Focus on operational efficiency and stakeholders' well-being that are aligned to meet CLI Sustainability Master Plan 2030 targets Value Creation Disciplined portfolio reconstitution and proactive asset enhancement initiative (AEI) to optimise and/or unlock value ACQUISITION COMPLETED ON 30 OCTOBER 2024 1 Acquisition financed via S$1.1 billion equity fund raising comprising: (A) Private placement for 171.7 million Units at S$2.04 per Unit was approximately 3.7 times oversubscribed (B) Preferential offering for 377.3 million Units at S$2.007 per Unit was 130.5% oversubscribed based on valid and excess applications 19 Annual Report 2024 Singapore S$48.0 million AEI to strengthen IMM Building’s position as a regional outlet destination, targeting a return on investment of ~8% Commenced in 1Q 2024 with target completion in 3Q 2025 Completed Phase 1 & 2 and commenced Phase 3 AEI Achieved 100% committed occupancy for Phase 1 and 2 AEI New outlet tenants include: Birkenstock, Oh!Sunny, Leonian ASSET ENHANCEMENT INITIATIVES 3 Germany ~EUR180 million AEI to elevate the property to be the modern workplace of the future Commenced in 1Q 2024 with target completion progressively in 2H 2025 Achieved committed occupancy of 97.4% Key tenant: European Central Bank (ECB) Gallileo, Frankfurt 101 Miller Street, North Sydney Australia ~A$9 million transformation of the lobby into a best-inclass communal space with meeting rooms and event space Revitalised lobby activated with new amenities such as café and meeting rooms are well-received by tenants Completed AEI with a grand opening held on 10 July 2024 Divested 21 Collyer Quay to Sun View SG I Pte. Ltd. for S$688.0 million1 at an exit yield of less than 3.5% based on annualised net property income for the 9-month period ended 30 September 2024 and the sale price. 1 Savills Valuation and Professional Services (S) Pte Ltd had valued 21 Collyer Quay at S$688.0 million as at 31 October 2024 using the income capitalisation and discounted cash flow methods. 21 Collyer Quay, Singapore DIVESTMENT COMPLETED ON 11 NOVEMBER 2024 2 IMM Building, Singapore
Board of Directors 20 CapitaLand Integrated Commercial Trust Front row (seated) Back row (standing) TEO SWEE LIAN Chairman Non-Executive Independent Director STEPHEN LIM BENG LIN Non-Executive Independent Director JANINE GUI SIEW KHENG Non-Executive Non-Independent Director JONATHAN YAP NENG TONG Non-Executive Non-Independent Director JEANN LOW NGIAP JONG Non-Executive Independent Director TONY TAN TEE HIEONG Chief Executive Officer Executive Non-Independent Director QUEK BIN HWEE Non-Executive Independent Director LEO MUN WAI Non-Executive Independent Director TAN BOON KHAI Non-Executive Independent Director
21 Annual Report 2024 Tony Tan Tee Hieong, 58 Chief Executive Officer Executive Non-Independent Director • Bachelor of Accountancy, National University of Singapore • Master of Business Administration (Distinction), University of Manchester, UK Date of first appointment as a Director 1 May 2017 Length of service as a Director (as at 31 December 2024) 7 years 8 months Present directorship in other listed company Nil Present principal commitment • CapitaLand Integrated Commercial Trust Management Limited (CEO and Executive Director) Past directorship in listed company held over the preceding three years Nil Award • SIAS Investors' Choice Outstanding CEO Award (2023) Teo Swee Lian, 65 Chairman Non-Executive Independent Director • Bachelor of Science (First Class Honours) in Mathematics, Imperial College of Science and Technology, University of London, UK • Master of Science in Applied Statistics, University of Oxford, UK Date of first appointment as a Director 12 April 2019 Date of appointment as Chairman 12 April 2019 Length of service as a Director (as at 31 December 2024) 5 years 8 months Present directorship in other listed company • HSBC Holdings PLC Present principal commitments (other than directorship in other listed company) • CapitaLand Integrated Commercial Trust Management Limited (Chairman) • CSCC Agape Fund, Caritas Singapore Community Council Limited (Member of the Board of Trustees) • Clifford Capital Holdings Pte. Ltd. (Director) Past directorships in listed companies held over the preceding three years • AIA Group Limited • Singapore Telecommunications Limited Awards • The Public Administration Medal (Gold) (Bar) (2012) • The Public Administration Medal (Gold) (2006) • The Public Administration Medal (Silver) (1999) Quek Bin Hwee, 67 Non-Executive Independent Director • Bachelor of Accountancy (Honours), University of Singapore • Chartered Accountant of Singapore Date of first appointment as a Director 3 November 2020 Length of service as a Director (as at 31 December 2024) 4 years 2 months Present directorships in other listed companies • IHH Healthcare Berhad • SIA Engineering Company Limited Present principal commitments (other than directorships in other listed companies) • Certis Cisco Security Pte. Ltd. (Director) • Marelli Holdings Co., Ltd. (Director) Past directorship in listed company held over the preceding three years Nil Awards • The Public Service Star (BBM) (2017) • The Public Service Medal (PBM) (2012)
Board of Directors 22 CapitaLand Integrated Commercial Trust Leo Mun Wai, 58 Non-Executive Independent Director • Bachelor of Accountancy, National University of Singapore • Master of Finance, International Finance, RMIT University, Singapore Date of first appointment as a Director 1 January 2021 Length of service as a Director (as at 31 December 2024) 4 years Present directorship in other listed company Nil Present principal commitments • Great Eastern General Insurance Limited (Director, Chairman of Audit Committee, Member of Sustainability Council and Member of Risk Management Committee) • The Great Eastern Life Assurance Company Limited (Director, Chairman of Audit Committee, Member of Sustainability Council and Member of Risk Management Committee) Past directorship in listed company held over the preceding three years Nil Stephen Lim Beng Lin, 66 Non-Executive Independent Director • Bachelor of Science, Electrical and Electronics Engineering, University of Birmingham, UK • Master in Business Administration and Management, General, Imperial College London, UK Date of first appointment as a Director 16 August 2021 Length of service as a Director (as at 31 December 2024) 3 years 5 months Present directorship in other listed company • PT Diamond Food Indonesia Tbk (Independent Commissioner) Present principal commitments (other than directorship in other listed company) • Christian Columbarium Pte Ltd (Chairman) • ESP Aspire Holding Pte. Ltd. (Director) • SQL View Pte Ltd (CEO and Managing Director) Past directorship in listed company held over the preceding three years Nil Awards • The Meritorious Service, NTUC May Day Awards (2021) • Friend of Labour, NTUC May Day Awards (2018) • IT Person of the Year, Singapore Computer Society IT Leader Awards (2007) • National Youth Award (1993) Jeann Low Ngiap Jong, 64 Non-Executive Independent Director • Bachelor of Accountancy (Honours), National University of Singapore • Fellow of the Institute of Singapore Chartered Accountants Date of first appointment as a Director 16 August 2021 Length of service as a Director (as at 31 December 2024) 3 years 5 months Present directorships in other listed companies • Advanced Info Service Public Company Limited • Aztech Global Ltd • Hong Leong Finance Limited • Intouch Holdings Public Company Limited Present principal commitments (other than directorships in other listed companies) • Advanced Wireless Network Co., Ltd. (Director) • Lee Kong Chian School of Medicine, Nanyang Technological University of Singapore (Member of Governing Board) • Singapore Telecommunications Limited (Senior Advisor) Other major appointments • Prison Fellowship Singapore Limited (Director) • Seventy Times Seven (Board Member) • The Turning Point (Executive Committee Member) Past directorship in listed company held over the preceding three years Nil Awards • Best Chief Financial Officer (Singapore & Southeast Asia), Corporate-Institutional Investor Awards (2012) • Best Chief Financial Officer (Singapore), Asian Excellence Recognition Awards (2012) • Best Chief Financial Officer, Singapore Corporate Awards (2010)
23 Annual Report 2024 Jonathan Yap Neng Tong, 57 Non-Executive NonIndependent Director • Bachelor of Science in Estate Management (Honours), National University of Singapore • Master of Science in Project Management, National University of Singapore Date of first appointment as a Director 10 October 2019 Length of service as a Director (as at 31 December 2024) 5 years 2 months Present directorship in other listed company Nil Present principal commitment • CapitaLand Group Pte. Ltd. (CEO, CapitaLand Development and Executive Non-Independent Director) Other major appointment • PUB, Singapore’s National Water Agency (Director) Past directorships in listed companies held over the preceding three years • CapitaLand India Trust Management Pte. Ltd. (trusteemanager of CapitaLand India Trust) • CapitaLand Malaysia REIT Management Sdn. Bhd. (manager of CapitaLand Malaysia Trust) Tan Boon Khai, 51 Non-Executive Independent Director • Bachelor of Laws (Honours), University of Nottingham, UK • Advocate & Solicitor Date of first appointment as a Director 25 April 2022 Length of service as a Director (as at 31 December 2024) 2 years 8 months Present directorship in other listed company • China-Singapore Suzhou Industrial Park Development Group Co., Ltd Present principal commitments (other than directorship in other listed company) • Alexandra Health Fund Limited (Chairman) • Jurong Town Corporation (CEO and Executive Director) • Jurong Port Pte Ltd (Director) • Singapore-Suzhou Township Development Pte Ltd (Director) • Vanguard Healthcare Pte. Ltd. (Director) Past directorship in listed company held over the preceding three years Nil Janine Gui Siew Kheng, 45 Non-Executive NonIndependent Director • Bachelor of Accountancy (Honours), Nanyang Technological University, Singapore • Member of the Institute of Singapore Chartered Accountants Date of first appointment as a Director 25 July 2022 Length of service as a Director (as at 31 December 2024) 2 years 5 months Present directorship in other listed company Nil Present principal commitment • CapitaLand Investment Limited (Chief M&A Officer (CLI), and Deputy CEO (CLI International)) Past directorship in listed company held over the preceding three years Nil
Management Team Tony Tan Tee Hieong Chief Executive Officer (CEO) Tony is responsible for leading the management team in the planning and execution of CICT's value creation and growth strategy, including matters relating to operations, environmental, social and governance (ESG) aspects of the business. Tony joined the Singapore REIT sector since 2007 and has accumulated over 14 years of leadership experience serving as CEO of two Singapore REITs consecutively. In addition, he brings with him more than 30 years of experience in international treasury, finance and risk management. Tony's working experience and education are detailed in the Board of Directors section and on CICT’s website. Tan Choon Siang Deputy CEO Choon Siang supports the CEO in all aspects of CICT’s business. Choon Siang has more than 22 years of experience in financial management, investment, corporate finance, treasury and investment banking, including about nine years of management level experience in the real estate and REIT industry. His senior leadership positions at CapitaLand Group include the CEO of CapitaLand Malaysia REIT Management Sdn Bhd and CFO of CapitaLand India Trust Management Pte Ltd. Choon Siang holds a Master of Science in Economics and a Bachelor of Science in Economics from the Massachusetts Institute of Technology, United States. Wong Mei Lian Chief Financial Officer (CFO) Mei Lian heads the Finance team which is responsible for financial reporting, accounting, taxation, treasury and capital management functions of CICT. The Finance team also works closely with the Investment and Portfolio Management teams to support the requirements of investment assessments and adopts a proactive capital management strategy to optimise portfolio value. Mei Lian has held senior financial leadership roles in various companies and has more than 25 years of experience in corporate finance and treasury, with over 20 years in the real estate and REIT industry. Mei Lian graduated with a Bachelor of Business Administration from the National University of Singapore. 24 CapitaLand Integrated Commercial Trust Lee Yi Zhuan Head, Portfolio Management Yi Zhuan heads the Portfolio Management team, overseeing both the Singapore and overseas portfolios, and is responsible for portfolio performance and value creation. The team develops and executes portfolio asset strategies, including redevelopments and asset enhancement initiatives, to improve portfolio value and also works closely with asset managers and property managers to optimise asset performance. Yi Zhuan has more than 16 years of experience in real estate, including development and asset management. He holds a Bachelor of Science in Real Estate (Honours) from the National University of Singapore, and a Bachelor of Science in Banking and Finance (Honours) from the University of London. Jacqueline Lee Head, Investment Jacqueline heads the Investment team and is responsible for value creation, including developing and executing CICT's investment and portfolio reconstitution strategy in Singapore and overseas. The Investment team identifies, evaluates, proposes and executes appropriate acquisitions, divestments and other portfolio reconstitution/optimisation initiatives to enhance CICT's portfolio value. Jacqueline has more than 25 years of experience in real estate and the Singapore REIT industry, including investment, portfolio and asset management, mergers and acquisitions, development of mixed-use projects, engineering and business valuation. She holds a Master of Business Administration from the University of Sydney, Australia, and a Master of Arts and a Bachelor of Arts (Honours) in Engineering Science from the University of Oxford, United Kingdom. Ho Mei Peng Head, Investor Relations Mei Peng heads the IR team responsible for cultivating relationships, facilitating clear, timely communications and regular engagements alongside management with the investment community. Additionally, the team manages sustainability reporting, participates in global sustainability benchmark surveys and engages with the ESG investors. Mei Peng has more than 25 years of experience in investor relations, communications and marketing in the real estate and Singapore REIT industry. Mei Peng graduated with an Honours degree in Japanese Studies from the National University of Singapore. 25 Annual Report 2024
Portfolio Valuation Portfolio valuation was S$26.0 billion as at 31 December 2024, an increase of 6.2% year-on-year. The growth in value was largely due to the acquisition of ION Orchard, better performance of the Singapore portfolio, offset by the divestment of 21 Collyer Quay and lower valuation from the Australia portfolio. Valuation as at 31 Dec 2024 Valuation as at 31 Dec 2023 Variance Valuation as at 31 Dec 2024 S$ million S$ million S$ million S$ per sq ft NLA Retail Bedok Mall 815.0 805.0 10.0 3,656 Bugis Junction 1,141.0 1,130.0 11.0 2,899 CQ @ Clarke Quay 411.0 410.0 1.0 1,418 IMM Building 763.0 745.0 18.0 797 ION Orchard (50.0%) 1,849.0 – - 5,924 Junction 8 815.0 806.0 9.0 3,211 1 Lot One Shoppers’ Mall 564.0 558.0 6.0 2,894 1 Tampines Mall 1,151.0 1,133.0 18.0 3,231 Westgate 1,127.0 1,100.0 27.0 2,814 1 Bugis+ 359.0 358.0 1.0 1,861 1 Bukit Panjang Plaza 389.0 2 360.0 29.0 2,935 1 Subtotal 9,384.0 7,405.0 1,979.0 Office Asia Square Tower 2 2,245.0 2,243.0 2.0 2,901 CapitaGreen 1,689.0 1,681.0 8.0 2,430 Capital Tower 1,463.0 1,461.0 2.0 1,997 CapitaSky (70.0%) 884.1 884.1 - 2,434 Six Battery Road 1,608.0 3 1,520.0 88.0 3,252 21 Collyer Quay Divested on 11 Nov 24 649.0 - - Gallileo, Germany (94.9%) 363.7 4 321.5 42.1 867 Main Airport Center, Germany (94.9%) 314.7 5 333.6 (19.0) 510 66 Goulburn Street, Australia 205.5 6 252.6 (47.1) 834 100 Arthur Street, Australia 261.0 7 304.9 (43.9) 897 Subtotal 9,034.0 9,650.8 (616.8) Integrated Development CapitaSpring (45.0%) 926.3 918.9 7.4 N.M. 8 Funan 849.0 9 814.0 35.0 1,653 2 Plaza Singapura10 1,441.0 9 1,390.0 51.0 2,968 The Atrium@Orchard10 786.0 783.0 3.0 2,147 2 Raffles City Singapore 3,332.0 9 3,216.0 116.0 N.M. 8 101-103 Miller Street and Greenwood Plaza, Australia (50.0%) 282.711 326.1 (43.4) 1,134 Subtotal 7,617.0 7,448.0 169.0 Grand total 26,034.9 24,503.8 1,531.1 Figures may not add up due to rounding. 1 Excludes Community / Sports Facilities Scheme area. 2 Valuation for Bukit Panjang Plaza was uplifted mainly due to higher rents. 3 Valuation for Six Battery Road was uplifted largely due to a compression in capitalisation rate. 4 Valuation for Gallileo (94.9% interest) was EUR257.1 million. S$ value was derived from a conversion rate of EUR1 = S$1.415. 5 Valuation for Main Airport Center (94.9% interest) was EUR222.4 million. S$ value was derived from a conversion rate of EUR1 = S$1.415. 6 Valuation for 66 Goulburn Street was A$237.0 million. S$ value was derived from a conversion rate of A$1 = S$0.867. 7 Valuation for 100 Arthur Street was A$301.0 million. S$ value was derived from a conversion rate of A$1 = S$0.867. 8 Not meaningful as both Raffles City Singapore and CapitaSpring comprise retail and office components, hotel and convention center / serviced residence. 9 Valuation for Funan, Plaza Singapura and Raffles City Singapore were uplifted due to improved operating performances. 10 Plaza Singapura and The Atrium@Orchard are classified as an integrated development. 11 Valuation for 101-103 Miller Street & Greenwood Plaza (50.0% interest) was A$326.0 million. S$ value was derived from a conversion rate of A$1 = S$0.867. 26 CapitaLand Integrated Commercial Trust
1 Includes CICT's proportionate interests in CapitaSky (70.0%), ION Orchard (50.0%) and CapitaSpring (45.0%). The values for Singapore Retail, Office and Integrated Development properties recorded a gain with largely unchanged capitalisation rates compared to a year ago, while Six Battery Road's value rose largely due to a 25 basis points capitalisation rate compression, aligned with the recent sales transactions. Riding on the positive leasing momentum and active cost management, Singapore properties’ operating performance remained steadfast and resilient, boasting an improved portfolio value by 7.2%1 year-on-year (YoY). In Germany, interest rate easing helped stabilise the sentiment in the office market. Gallileo saw an improvement in value with the progressive completion of asset enhancement initiative (AEI) expected from 2H 2025, which offset Main Airport Center's drop in value largely due to lower occupancy. Australia portfolio valuation saw a 15.2% YoY drop largely due to an expansion in capitalisation rates and discount rates as rate cuts are deferred. A further downward impact was due to the exchange rate as the Australian dollar weakened against the Singapore dollar in FY 2024 vis-a-vis that of FY 2023. The progressive completion of AEI and high precommitment of leases post-AEI lifted the valuation of IMM Building. Marked operational efficiencies and positive rental reversions saw year-on-year growth for Bukit Panjang Plaza, Westgate, Funan, Plaza Singapura and Raffles City Singapore. An annual independent valuation of CICT’s Singapore properties as at 31 December 2024 was conducted by CBRE Pte. Ltd. (CBRE), Colliers International Consultancy & Valuation (Singapore) Pte Ltd (Colliers), Cushman & Wakefield VHS Pte. Ltd. (Cushman), Jones Lang LaSalle Property Consultants Pte Ltd (JLL), Knight Frank Pte Ltd (Knight Frank), and Savills Valuation and Professional Services (S) Pte Ltd (Savills). For Germany properties, by CBRE GmbH and for Australia properties, by Cushman & Wakefield (Valuations) Pty Ltd (Cushman AUS). None of the valuers has assessed a property for more than two consecutive financial years. The methodologies applied included the discounted cash flow analysis and/or the income capitalisation method. The increase in CICT’s valuation was underpinned by the Singapore assets’ positive performance, largely due to improved operating efficiencies and continued rental growth, as well as a positive investment outlook as rate cut cycle commences. The acquisition of a 50.0% interest in ION Orchard and ION Orchard Link (ION Orchard) also provided an uplift to the overall valuation. Valuation By Geography Portfolio as at 31 Dec 2024 S$ million as at 31 Dec 2023 S$ million Variance S$ million Variance % Range of Capitalisation Rates as 31 Dec 2024 % Singapore 24,607.4 22,965.0 1,642.4 7.2 Retail: 4.35 - 6.20¹ Office: 3.15 - 3.80 Hospitality: 4.00 - 4.75 Australia 749.2 883.7 (134.5) (15.2) Retail: 6.50 Office: 6.50 - 7.25 Germany 678.4 655.2 23.2 3.5 Office: 4.60 - 5.45² Total 26,034.93 24,503.8 1,531.1 6.2 Figures may not add up due to rounding. 1 Excludes warehouse. 2 Refers to exit capitalisation rate at the end of discounted cash flow period. 3 Portfolio property value as at 31 December 2024. Includes CICT’s proportionate interests in CapitaSky (70.0%), ION Orchard (50.0%), CapitaSpring (45.0%), Gallileo and Main Airport Center (94.9% respectively), and 101-103 Miller Street & Greenwood Plaza (50.0%). Excludes 21 Collyer Quay which was divested on 11 November 2024. 27 Annual Report 2024
Financial Review Gross revenue for FY 2024 was S$1,586.3 million, an increase of S$26.4 million or 1.7% from FY 2023. The increase was mainly due to improved performance from the existing properties, partially offset by the absence of revenue contribution from Gallileo due to commencement of the asset enhancement initiative (AEI) from February 2024 and divestment of 21 Collyer Quay in November 2024. Net property income (NPI) for FY 2024 was S$1,153.5 million, an increase of S$37.6 million or 3.4% from FY 2023 mainly due to higher revenue from the existing properties and lower property management reimbursements under the new property management agreement and lower utilities expense. Property Gross Revenue (S$ million) FY 2023 FY 2024 Retail Bedok Mall 55.7 58.1 Bugis Junction 81.2 83.7 CQ @ Clarke Quay 20.6 30.0 IMM Building 94.0 89.4 Junction 8 59.4 61.0 Lot One Shoppers’ Mall 45.2 46.5 Tampines Mall 80.7 82.7 Westgate 72.6 75.5 Other Assets1 61.1 63.4 Subtotal 570.5 590.3 Office Asia Square Tower 2 104.5 105.3 CapitaGreen 91.3 95.0 Capital Tower 74.0 81.9 CapitaSky2 69.6 73.6 Six Battery Road 66.0 70.9 21 Collyer Quay3 30.3 26.3 Gallileo⁴ 28.3 N.M.5 Main Airport Center4 27.5 27.7 66 Goulburn Street 15.0 16.3 100 Arthur Street 15.4 13.5 Subtotal 521.9 513.3 Integrated Development Funan 62.4 64.6 Plaza Singapura 90.7 93.7 The Atrium@Orchard 49.7 51.3 Raffles City Singapore 238.6 248.3 101-103 Miller Street and Greenwood Plaza (50.0% interest) 26.1 24.7 Subtotal 467.5 482.7 Total 1,559.9 1,586.3 Figures may not add up due to rounding. 1 Bukit Panjang Plaza and Bugis+ are classified under Other Assets. 2 CICT owns 70.0% interest in CapitaSky. The reported figure is on 100% basis. 3 Divestment of 21 Collyer Quay was completed on 11 November 2024. 4 CICT owns 94.9% interest in Gallileo and Main Airport Center. The reported figure is on 100% basis. Gallileo commenced AEI from February 2024. 5 Not meaningful as Gallileo is undergoing AEI works. 28 CapitaLand Integrated Commercial Trust
investor.cict.com.sgRkJQdWJsaXNoZXIy NTkwNzg=