CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — FY2020 Earnings Presentation
69 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jan 21, 2021
Slide 1: CapitaLand Integrated Commercial Trust 4Q and Full Year 2020 Financial Results
CAPITALAND INTEGRATED COMMERCIAL TRUST 4Q and Full Year 2020 Financial Results 21 January 2021
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors incl
Slide 3: Contents
Contents Slide No. 1. Highlights 04 2. Financial Results 10 3. Portfolio Performance 19 4. Information by Asset Type 23 5. Going Forward 42 6. Value Creation Strategies 44 7. Market Information 53 8. Additional Information 63 * Any discrepancies in the tables and charts between the listed figures an
Slide 4: Highlights
Highlights Raffles City Singapore
Slide 5: CapitaLand Integrated Commercial Trust
CapitaLand Integrated Commercial Trust Largest proxy for Singapore’s commercial real estate market Market capitalisation Portfolio property value S$14.0 billion(1) S$22.3 billion(2) Portfolio occupancy rate Total net lettable area NAV per Unit 96.4% 10.4 million S$2.00(3) Leading integrated commerci
Slide 6: 4Q 2020 and FY 2020 DPU at 2.63 cents and 8.69 cents respectively
4Q 2020 and FY 2020 DPU at 2.63 cents(1) and 8.69 cents respectively FY 2020 Distributable Income Distributable Income 145.4 (6) S$369.4 (2) 114.3 (5) (4) 78.1 million (3) 31.6 16.4% Y-o-Y 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 Distribution Per Unit (DPU) DPU (cents) 3.10 2.63(1) 8.69 0.85 2.11 cen
Slide 7: Valuation largely stable over a six-month period
Valuation largely stable over a six-month period S$22.3 billion S$22.4 billion(1) Value as at 30 Jun 2020 Value as at 31 Dec 2020 -0.4% Valuation Valuation (1) Range of Cap Rates Variance as at 31 Dec 20 as at 31 Dec 20 as at 30 Jun 20 S$ million S$ million S$ million % % Retail Assets 7,379.5 7,357
Slide 8: Business Update
Business Update Capital • Issued HKD426.0 million fixed rate notes due 27 November 2030 which were swapped to S$75.2 management million at 2.156% per annum. • Issued S$250.0 million fixed rate notes due 7 December 2032 at 2.15% per annum. • As at end-2020, 96% of CICT’s Singapore assets are minimall
Slide 9: CapitaSpring achieved topping-out milestone
CapitaSpring achieved topping-out milestone • Achieved a committed occupancy of 38% as at 19 January 2021, with another 22% under advanced negotiation • On track to achieve completion in 2H 2021 Committed tenants include: CapitaSpring topping-out at level 51 9
Slide 10: Financial results
Financial results IMM Building
Slide 11: Increase in 4Q 2020 NPI largely due to contribution from properties acquired as part of the merger
Increase in 4Q 2020 NPI largely due to contribution from properties acquired as part of the merger Gross Revenue Net Property Income S$276.5 S$191.9 million million 36.0% Y-o-Y 36.4% Y-o-Y Retail Asset Performance Office Asset Performance (1) Integrated Development (S$ m) (S$ m) Performance (2) 153.
Slide 12: Lower FY 2020 results largely due to rental waivers disbursed
Lower FY 2020 results largely due to rental waivers disbursed Gross Revenue Net Property Income S$745.2 S$512.7 million million 5.3% Y-o-Y 8.1% Y-o-Y Retail Asset Performance Office Asset Performance (1) Integrated Development (S$ m) (S$ m) Performance (2) 616.1 (S$ m) 474.3 436.7 317.8 170.6 197.7
Slide 13: NPI contribution by Top 5 properties accounts for 43.7%
NPI contribution by Top 5 properties accounts for 43.7% Net Property Income Contribution Net Property Income Contribution by Asset Type by Top 5 properties(1)(2) Plaza Singapura+The Integrated Atrium@Orchard, 11.6% developments, 25.4%(2) Raffles City Singapore, 9.4% 4Q 2020 4Q 2020 Net Property Reta
Slide 14: Healthy balance sheet
Healthy balance sheet As at 31 December 2020 S$’000 Non-current Assets 22,143,395 Net Asset Value/Unit S$2.01 (as at 31 December 2020) Current Assets 272,983 Adjusted Net Asset Value/Unit Total Assets 22,416,378 S$2.00 (excluding distributable income) Current Liabilities 1,333,833 Non-current Liabil
Slide 15: CICT debt maturity profile as at 31 December 2020
CICT debt maturity profile as at 31 December 2020 Facilities in place to refinance debt expiring in 2021 S$ million 1,800 16% 16% 1,600 1,558 1,503 14% 1,400 13% 1,344 13% 1,212 1,184 1,200 900 10% 265 870 1,000 389 916 832 8% 800 761 299 438 350 600 185 418 4% 400 212 290 658 3% 633 481 2% 200 432
Slide 16: Key financial indicators
Key financial indicators As at As at 31 December 2020 30 September 2020 Unencumbered Assets as % of Total Assets 95.8% 100.0% Aggregate Leverage(1) 40.6% 34.4% Net Debt / EBITDA(2) N.M. 7.6x Interest Coverage(3) 3.8x 4.0x Average Term to Maturity (years) 4.1 4.3 Average Cost of Debt(4) 2.8% 3.1% CIC
Slide 17: Diversified sources of funding and certainty of interest expense
Diversified sources of funding and certainty of interest expense Borrowings on Floating Rate 17% Assuming +0.1% p.a. Unsecured Proforma impact on: Bank Loans increase in interest rate 32% Funding Sources Borrowings as at Estimated additional (2) (1) MTN & as at +S$1.6 million p.a. 31 December 2020 R
Slide 18: Distribution details
Distribution details • Of the 4Q 2020 DPU of 2.63 cents, a clean-up distribution of 0.89 cents for the period from 1 to 20 October 2020 was paid to CMT’s Unitholders on 19 November 2020 • Payment details for the DPU of 1.74 cents for the period 21 October to 31 December 2020 are as follows: Distribu
Slide 19: Portfolio Performance
Portfolio Performance CapitaGreen
Slide 20: Portfolio lease expiry profile as at 31 December 2020
Portfolio Portfolio lease expiry profile(1)(2) as at 31 December 2020 Portfolio 3.0 Years Weighted Average Expiry Retail 1.8 Years by Monthly Gross Rental Income Office 2.9 Years Integrated Development 4.7 Years 19.0% 16.3% 13.1% 9.8% 8.5% 6.9% 5.1% 5.3% 5.5% 5.2% 1.7% 2.3% 1.3% 2021 2022 2023 2024
Slide 21: Top tenants for the month of December 2020
Portfolio Top 10 tenants for the month of December 2020 No single tenant contributes more than 6.0% of total gross rental income (1) % of Total Ranking Tenant Trade Sector Gross Rent 1 RC Hotels (Pte) Ltd 5.7% Hotel Supermarket / Beauty & Health / Services / Food & 2 NTUC Enterprise Co-operative Lim
Slide 22: Diversified tenants' business trade mix
Portfolio Diversified tenants’ business trade mix IT, Media and Department Store Telecommunications 3.4% 3.9% Real Estate and Property Other Retail and Product Services Trades Other Retail and Product 4.0% Services 2.9% Trades 21.7% Gifts & Souvenirs / Toy & Fashion Hobbies / Books & Stationery / 5.
Slide 23: Information by Asset Type
Information by Asset Type Please note: The retail and office assets information included the respective retail and office components of integrated developments unless stated otherwise, in order to show the operating metrics and trends Westgate
Slide 24: Retail performance overview
Retail Retail performance overview(1) Retail 4Q 2020 New Retail Openings(2) Occupancy Beauty & 98.0% IT & Health, 3.1% Others, 0.8% as at 31 Dec 2020 Telecommunications, Services, 3.9% 4.6% Rental Reversion Retention Rate q6.6% 84.5% Fashion, 5.1% Electrical & Y-o-Y Y-o-Y Electronics, FY 2020 FY 202
Slide 25: Retail committed occupancy at 98.0%
Retail Retail committed occupancy at 98.0%(1) Above Singapore retail occupancy rate of 90.4% for 3Q 2020 based on URA’s island- wide retail space vacancy rate 100.0% 99.9% 100.0% 100.0% 99.0% 99.7% 99.4% 99.5% 100.0% 98.7% 100.0% 98.7% 98.9% 99.3% 98.9% 98.8% 100.0% 100.0% 99.5% 99.9% 98.3% 99.5% 99
Slide 26: FY 2020 rental reversions for all retail components
Retail FY 2020 rental reversions for all retail components From 1 January to 31 December 2020 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Change in Incoming Year 1 No. of Renewals / Retention Rate Rents vs Outgoing Final Rents Property Percentage of New Leases (%) Area (sq ft)
Slide 27: Retail lease expiry profile
Retail Retail lease expiry profile(1) Weighted Average Expiry by 1.8 Years Monthly Gross Rental Income Monthly Gross Rental Income(2) As at 31 December 2020 Number of Leases S$’000 % of Total 2021 960 17,915 28.8 2022 992 20,807 33.4 2023 681 14,375 23.1 2024 188 5,801 9.3 2025 31 1,862 3.0 2026 and
Slide 28: Addressing tenant space and leasing requirements with flexibility and optionality
Retail Addressing tenant space and leasing requirements with flexibility and optionality Net Lettable Area Gross Rental Income Retail lease expiry profile for 2021(1) No. of Leases As at 31 December 2020 % of Property NLA(2) % of Property Income(3) Tampines Mall 64 31.5 30.2 Junction 8 61 25.6 33.0
Slide 29: 4Q 2020 tenants' sales showed positive signs of recovery
Retail 4Q 2020 tenants’ sales showed positive signs of recovery Recovering shopper traffic and tenants’ sales in the quarter boosted by festive season; Singapore’s economy progressed into Phase 3 reopening on 28 Dec 2020 Shopper traffic: Tenants’ sales(2): recovered to 67.9% of the level a year ago
Slide 30: Shopper traffic performance (Jan – Dec 2020)
Retail Shopper traffic performance (Jan – Dec 2020) Gradual recovery to over 75% (last week of December vs 1st week of January) amidst safe management measures Weekly shopper traffic trend First COVID-19 case identified Dorscon level Circuit breaker raised to Orange measures started Phase 1 opening
Slide 31: 4Q 2020 tenants' sales improved Q-o-Q
Retail 4Q 2020 tenants’ sales improved Q-o-Q Top five trade categories(1) 4Q 2020 tenants’ sales $ psf / month(2) 7.2% Y-o-Y (3Q 2020: 12.7%) (by gross rental income for retail segment) : Percentage of total retail gross rental income(3) > 70% 4Q 2020 Tenants’ Sales by Trade Categories 27.8% Y-o-Y V
Slide 32: FY 2020 tenants' sales by trade categories
Retail FY 2020 tenants’ sales by trade categories Top five trade categories(1) FY 2020 tenants’ sales $ psf / month(2) 11.8% Y-o-Y : (by gross rental income for retail segment) Percentage of total retail gross rental income(3) > 70% 6.4% 5.8% 4.5% Y-o-Y Variance of Tenants’ Sales $ psf/month (%) -0.
Slide 33: Office performance overview
Office Office performance overview Singapore and Germany office assets New demand in Singapore office portfolio(5) Total New and Renewal % of New Leases Office Leases (sq ft) Occupancy(1) 167,000 25% 94.9% Energy, Commodities, Maritime and Logistics, Financial Services, 86% 4Q 2020 4Q 2020 as at 31
Slide 34: Occupancy rate of office portfolio at 94.9%
Office Occupancy rate of office portfolio at 94.9% Occupancy for Singapore: Occupancy for Germany: CICT’s office portfolio: 95.1% CICT’s portfolio: 94.0% Core CBD: 93.8% Frankfurt market(3): 93.1% 100.0% 98.2% 100.0% 98.0% 98.7% 100.0% 100.0% 100.0% 98.9% 100.0% 100.0% 100.0% 100.0% 100.0% 95.4% 95.
Slide 35: Achieved positive rent reversion for FY 2020
Office Achieved positive rent reversion for FY 2020 Market Rents of Average Committed Sub-Market Comparative Sub-Market (S$) Building Expired Rents Rents in 4Q 2020 (S$) (S$) Cushman & (1) Knight Frank(2) Wakefield Grade A Asia Square Tower 2 11.04 10.80 – 12.00 9.65 9.20 – 9.70 Raffles Place Grade
Slide 36: Proactively engaged with tenants to manage their requirements
Office Proactively engaged with tenants to manage their requirements Weighted Average Expiry 3.1 Years by NLA Weighted Average Expiry 2.9 Years by Monthly Gross Rental Income Total Office Portfolio(1) Lease Expiry Profile as at 31 December 2020 26% 27% 3% 22% 5% 18% 14% 14% 14% 12% 22% 18% (2) 6% 7%
Slide 37: Addressing tenant space and leasing requirements with flexibility and optionality
Office Addressing tenant space and leasing requirements with flexibility and optionality 4Q 2020 Grade A office market rent at S$10.40 psf per month (1) 2021 (2) Average rent of leases expiring is S$10.75 psf Period 1H 2021 2H 2021 20% 16 Rental Rental % of % of 11.97 Rates of Rates of 11.48 Buildin
Slide 38: Continue to proactively manage major leases
Office Continue to proactively manage major leases 2023 2022 Average rent of leases expiring is S$10.96 psf (1) (1) Average rent of leases expiring is S$9.25 psf 20% 16 20% 16 12.20 11.90 11.53 15% 11.15 12 15% 11.13 12 10.61 8.56 10% 8 10% 8 6.15 4.9% 4.5% 5% 3.7% 4.2% 4 5% 3.3% 4 3.2% 1.9% 0.2% 0%
Slide 39: Singapore office community returning
Office Singapore office community returning • Approximately 43%(1) of the office community has returned for the week ended 15 Jan 2021 • Government of Singapore(2) has allowed more to return to workplace from 28 September 2020 but no more than half of employees are permitted in the workplace at any
Slide 40: Occupancy rate of Integrated Developments at 97.8%
Integrated Development Occupancy rate of Integrated Developments at 97.8% 98.1% 95.9% 99.0% 99.8% 99.8% 98.4% Raffles City Singapore (1) Funan (2) Plaza Singapura & The Atrium@ Orchard(3) As at 31 Dec 2019 As at 31 Dec 2020 Notes: (1) Retail occupancy is 96.5% and office occupancy is 95.2% as at 31
Slide 41: Lease expiry profile as at 31 December 2020
Integrated Development Lease expiry profile(1)(2) as at 31 December 2020 Weighted Average Expiry 4.7 Years by Monthly Gross Rental Income 23.7% 16.7% 17.2% 10.2% 9.1% 5.3% 4.9% 3.5% 4.2% 2.8% 0.8% 1.2% 0.4% 2021 2022 2023 2024 2025 2026 and beyond Retail Office Hospitality Note: (1) Excluding retail
Slide 42: Going Forward
Going Forward 42 Plaza Singapura
Slide 43: Going forward
Going forward Singapore • 4Q 2020 GDP contracted by 3.8% year-on-year in 4Q 2020, an improvement from the contraction of 5.6% recorded in 3Q Economy 2020, according to advance estimates by Ministry of Trade and Industry. • Commenced phase 3 reopening on 28 December 2020. • November 2020’s retail sal
Slide 44: Value creation strategies
Value creation strategies 44 Asia Square 2
Slide 45: Value creation strategy
Value creation strategy To deliver stable distributions and sustainable returns to unitholders AEIs and Prudent Cost and Organic Growth Acquisition Portfolio Reconstitution Redevelopment Capital Management • Driving occupancy • Achieving the • Investing through • Undertaking • Procuring services in
Slide 46: Plan to enhance portfolio quality
Plan to enhance portfolio quality Immediate term (0.5 to 1 year) To complete ongoing AEIs and redevelopments Proactive leasing and tenant mix repositioning Medium to long term (>1 year) AEIs of selected existing assets Explore redevelopments of selected existing assets SIX BATTERY ROAD 21 COLLYER QU
Slide 47: Development for future growth
Office Development for future growth CAPITASPRING CapitaSpring has drawn down S$47.0 mil in 4Q 2020 – CICT’s 45.0% share amounts to S$21.2 mil CICT’s 45% interest in Drawdown (2) CICT’s 45% interest Glory Office Trust and as at Dec 2020 Balance Glory SR Trust Debt at Glory Office Trust and Glory SR
Slide 48: Transformation of space at Westgate
Retail Transformation of space at Westgate Basement 1 Harvey Norman opened in December 2020 Timezone opened its biggest outlet in December 2020 Basement 2 Excellente by HAO mart opened in October 2020 48
Slide 49: New retail openings in 4Q 2020
Retail New retail openings in 4Q 2020 Genki Sushi at Plaza Singapura TamJai SamGor Mixian at Bedok Mall Soi Thai Soi Nice at Raffles City Singapore Tai Cheong Bakery at Bukit Panjang Plaza Tempur at Plaza Singapura Vans outlet at IMM Building 49
Slide 50: Build portfolio resilience & resource efficiency
Sustainability - Environment Build portfolio resilience & resource efficiency CMT and CCT achieved 5-Star rating in Global Real Estate Sustainability Benchmark 2020 About 96% of CICT’s properties are at least Green Targets(2) 2020 2021 - 2030 Mark or LEED certified Low Carbon Transition • Reduce car
Slide 51: Enable thriving and future-adaptive communities
Sustainability - Social Enable thriving and future-adaptive communities Focus on health and safety of stakeholders, high performance culture for staff and delightful customer experiences Note: Photos of activities shown taken pre-COVID 19 51
Slide 52: Uphold high standards of corporate governance
Sustainability - Governance Uphold high standards of corporate governance CICT Manager Board Independence Non-independent Director 25% Independent Director Board 62.5% directors 8 Executive Director 13% • CCT(1) and CMT(1) ranked 1st and 2nd respectively for the second consecutive year in the Singap
Slide 53: Market Information
Market Information Bedok Mall
Slide 54: Available retail floor space
Retail Available retail floor space Total retail supply in Singapore averages approximately 0.3 million sq ft between 2020 and 2023, which is significantly lower than the last 5-year historical average supply of 1.4 million sq ft Retail Supply (million sq ft) 0.2 0.3 0.09 0.04 0.1 0.1 0.03 0.03 0.03
Slide 55: Slight drop in retail rents in view of weak economic environment
10.0% 15.0% -15.0% -10.0% 0.0% 5.0% -5.0% Q1 2009 Q2 2009 Retail Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Sources: CBRE, Department of Statistics Singapore. Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GDP Q/Q growth Q3 2013 Q4 2013 Q1 2014 Q2 2014 Orchard e
Slide 56: Annual new supply to average 0.7 mil sq ft over 5 years; CBD Core occupancy at 93.8%
Office - Singapore Annual new supply to average 0.7 mil sq ft over 5 years; CBD Core occupancy at 93.8% as at end-Dec 2020 Singapore Private Office Space (Central Area) (1) – Net Demand & Supply Forecast average annual gross new supply 2.5 2.2 (2021 to 2025): 0.7 mil sq ft 1.9 2.0 1.8 1.9 Includes 1
Slide 57: Known future office supply in Central Area (2021 – 2024)
Office - Singapore Known future office supply in Central Area (2021 – 2024) No commercial sites on Government Land Sales Confirmed List (24 Jun 2020); Three white sites (1) on reserve list, namely Marina View (Central Area), Kampong Bugis and Woodlands Ave 2 (Fringe Area) Expected Proposed Office Pr
Slide 58: Grade A office market rent down 2.8% Q-o-Q and down 10.0% in 2020
Office - Singapore Grade A office market rent down 2.8% Q-o-Q and down 10.0% in 2020 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Mthly rent (S$ / sq ft ) 9.70 10.10 10.45 10.80 11.15 11.30 11.45 11.55 11.50 11.15 10.70 10.40 % change 3.2% 4.1% 3.5% 3.3% 3.2% 1.3% 1.3% 0.9
Slide 59: Information on Frankfurt and two submarkets
Office - Germany Information on Frankfurt and two submarkets ('000 sqm) Frankfurt Office (%) 800.0 16.0 700.0 14.0 600.0 12.0 500.0 10.0 400.0 8.0 300.0 6.4 6.0 200.0 4.0 100.0 2.0 0.0 0.0 2015 2016 2017 2018 2019 2020 Demand ('000 sqm) New Supply ('000 sqm) Vacancy rate (%) (‘000 sqm) Banking Distr
Slide 60: New office supply in Frankfurt
Office - Germany New office supply in Frankfurt About 68% and 35% of 2021F and 2022F new supply are owner-occupied or committed 1,000 sqm 300 Actual New Supply Forecast New Supply 250 200 5-Year (2016-2020) Average: 145,960 sqm 150 100 50 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F Ba
Slide 61: Rental range in Frankfurt
Office - Germany Rental range in Frankfurt Rental range by submarket(1) Frankfurt West City CBD (€ / square metre / month) C Westend B 44.0 44.0 D Gallileo 27.0 40.4 Banking District 23.1 21.7 A5 B43 Niederrad South 18.0 19.0 7.0 MAC A3 Frankfurt Frankfurt Airport Office Frankfurt Total Banking Dist
Slide 62: Thank you
Thank you For enquiries, please contact: Ms Ho Mei Peng , Head, Investor Relations, Direct: (65) 6713 3668 Email: ho.meipeng@capitaland.com CapitaLand Integrated Commercial Trust Management Limited (http://www.cict.com.sg) 168 Robinson Road, #25-00 Capital Tower, Singapore 068912 Tel: (65) 6713 2888
Slide 63: Additional Information
Additional Information Capital Tower
Slide 64: Well-located properties across Singapore
Well-located properties across Singapore Integrated Developments Office 1 CapitaSpring 1 Asia Square Tower 2 2 Funan 2 CapitaGreen 3 Raffles City Singapore 3 Capital Tower 4 Plaza Singapura 4 One George Street 5 The Atrium@Orchard 5 Six Battery Road 6 21 Collyer Quay Retail 1 Bedok Mall 2 Bugis+ 3 B
Slide 65: Owns 2 properties strategically located in Frankfurt Airport Office District and Banking District
Owns 2 properties strategically located in Frankfurt Airport Office District and Banking District Excellent connectivity between Frankfurt airport and Frankfurt city centre via a comprehensive transportation infrastructure network Close proximity between Frankfurt airport office district and Frankfu
Slide 66: Retail valuations and cap rate assumptions largely unchanged
Retail valuations and cap rate assumptions largely unchanged Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 20 as at 30 Jun 20 as at 31 Dec 20 as at 31 Dec 20(1) as at 30 Jun 20 S$ million S$ million S$ million % S$ per sq ft NLA % % Bugis Junction 1,087.0 1,087.0 0.0 0.0 2,74
Slide 67: Office valuations and cap rate assumptions largely unchanged
Office valuations and cap rate assumptions largely unchanged Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 20 as at 30 Jun 20 as at 31 Dec 20 as at 31 Dec 20 as at 30 Jun 20 S$ million S$ million S$ million % S$ per sq ft NLA % % Asia Square Tower 2 2,128.0 2,134.0 (3) (6.0)
Slide 68: Integrated development valuations and cap rate assumptions
Integrated development valuations and cap rate assumptions Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 20 as at 30 Jun 20 as at 31 Dec 20 as at 31 Dec 20 as at 30 Jun 20 S$ million S$ million S$ million % S$ per sq ft NLA % % Retail: 4.70 Retail: 4.70 Raffles City Singapore
Slide 69: FY 2020 portfolio shopper traffic and tenants' sales performance
Retail FY 2020 portfolio shopper traffic and tenants’ sales performance(1) Shopper traffic impacted by circuit breaker period from 7 April to 1 June 2020 and safe management measures implemented leading to corresponding lower tenants’ sales Shopper traffic: Tenants’ sales(2): ($ psf/mth) recovered t
CapitaLand Integrated Commercial Trust — FY2020 Earnings Presentation on 6ix