13 Annual Report 2025 contributions from CapitaSpring and 21 Collyer Quay, gross revenue and NPI would have increased by 1.4% and 2.5% YoY, respectively. CICT’s portfolio achieved a high committed occupancy of 96.9% as at 31 December 2025, while tenant retention remained healthy at 83.7% for the retail portfolio and 72.7% for the office portfolio. Retail Operating Performance Our retail portfolio continued to demonstrate strength, achieving high occupancy of 98.7% as at 31 December 2025 and positive rent reversion of 6.6% for FY 2025. Shopper traffic grew 20.5% YoY in FY 2025, or 4.6% YoY excluding ION Orchard. Tenant sales stayed healthy despite a brief moderation in 2Q 2025 due to consumer caution following “Liberation Day” tariffs. Tenant sales per square foot (psf) increased 14.9% YoY, or 1.2% excluding ION Orchard. The higher shopper traffic and tenant sales psf were driven by curated retail mix and concepts, and targeted marketing initiatives. SG60 vouchers distributed by the Singapore Government in July 2025 further boosted essential trades and encouraged household spending. This positive performance underscores the resilience of Singapore’s retail sector and the appeal of our retail portfolio. Office Operating Performance We remain focused on driving healthy occupancies across the portfolio and adapting our approach to ensure effective portfolio management. As at 31 December 2025, our office portfolio remained steady, with committed occupancy at 95.7%, versus 94.8% a year ago. This was supported by strong leasing activity and signs of stabilisation across our overseas portfolio as lease-up progressed. The Australia and Germany portfolios recorded higher occupancies of 91.8% and 91.6%, respectively, as at 31 December 2025, compared to 89.6% and 81.8% a year ago. The committed occupancy for the Germany portfolio also benefitted from the inclusion of Gallileo, following the completed handover of the Phase 1 Asset Enhancement Initiative (AEI) for the office tower to the anchor tenant, European Central Bank (ECB) in December 2025. Our Singapore portfolio continued to register positive rent reversion of 6.6% for FY 2025, reflecting healthy demand from sectors such as Banking, Insurance & Financial Services, Distribution and Trading, and IT and Telecommunications. Seeding Growth, Creating Enduring Value Value creation is a core focus of our growth strategy. A key lever is portfolio reconstitution, through which we recycle capital into higher-yielding opportunities to strengthen long-term growth and resilience. In line with this, we divested our 45% interest in the non-core serviced residence component of CapitaSpring for S$126.0 million5 on 30 May 2025. To further strengthen CICT’s leadership position in Singapore’s commercial real estate market, we acquired the remaining 55% interest in CapitaSpring’s commercial component for S$1,045.0 million6 on 26 August 2025. The acquisition was funded via a S$600 million private placement, which was upsized from S$500 million due to strong investor demand and was 4.9 times oversubscribed. Asset enhancement is another key value creation lever. During the year, we made headway on several AEIs to improve asset relevance, tenant experience and portfolio performance. In Singapore, we completed IMM Building's AEI in 3Q 2025, further strengthening its position as a regional outlet destination. In Germany, Gallileo in Frankfurt has begun contributing income progressively from 4Q 2025 following the Phase 1 handover. Phase 2 handover is targeted in 1Q 2026. We also embarked on new AEIs in 2025. At Tampines Mall, an estimated S$24 million AEI commenced in September 2025 to improve about 50,000 sq ft of net lettable area (NLA) and create a more seamless shopper journey, including a rejuvenated main entrance aligned with the Land Transport Authority’s pedestrianisation plans. Tenant mix optimisation is underway, with new tenants at the newly completed entrance to open progressively from February to April 2026. Completion is on track for 3Q 2026. At Lot One Shoppers’ Mall, an estimated S$37 million AEI commenced in November 2025 to add about 15,000 sq ft of NLA in Basement 2, leveraging the Urban Redevelopment Authority’s surplus carpark conversion scheme. FairPrice will expand into this new space. Separately, a new sheltered bridge linking Keat Hong Community Club to Level 2 of the mall will enhance accessibility. Completion is on track for 1Q 2027. 5 Cushman & Wakefield VHS Pte Ltd had valued the serviced residence (SR) Component of CapitaSpring at S$278.5 million as at 31 December 2024 using the income capitalisation and discounted cashflow methods. The agreed property value of the SR Component was S$280.0 million on a 100% interest basis. 6 Based on 55% of the agreed property value of S$1.9 billion. Savills Valuation and Professional Services (S) Pte Ltd and Knight Frank Pte Ltd had respectively valued the Commercial Component at CapitaSpring at S$1,905.0 million and S$1,895.0 million as at 30 June 2025 using the income capitalisation and discounted cashflow methods.
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