Capitaland China Trust · SGX:AU8U
Capitaland China Trust — FY2024 Earnings Presentation
52 slides from Capitaland China Trust's earnings presentation, Feb 6, 2025
Slide 1: Financial Results for FY 2024
CapitaLand China Trust Financial Results for FY 2024 6 February 2025 CapitaMall Xizhimen, Beijing, China Financial Results for FY 2024 1
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: Table of Contents
Table of Contents 01 05 Key Highlights Business Park Portfolio 02 06 Financial Results & Logistics Park Portfolio Capital Management 03 07 Portfolio Overview Looking Forward 04 08 Retail Portfolio Appendix Kunshan Bacheng Logistics Park, Kunshan, China Financial Results for FY 2024 3
Slide 4: First and Largest China-Focused S-REIT
First and Largest China-Focused S-REIT Retail is CLCT’s Largest and Most Resilient Asset Class % 29.3 Re Retail (70.7% by GRI): y, ta m il, Key asset class positioned to benefit from government initiatives n o 7 0. o aimed at boosting domestic consumption, enhancing long-term Ec 7% New retail demand
Slide 5: Key Highlights
Key Highlights Ascendas Xinsu Portfolio, Suzhou, China Financial Results for FY 2024 5
Slide 6: FY 2024 Key Highlights
FY 2024 Key Highlights Steady Contributions from the Retail Sector, Offset by Lower Performance in Business Parks and Logistics Parks Gross Revenue -3.9% YoY Net Property Income (NPI) -5.8% YoY 1,293.7 1,219.1 • Decline attributed to exited malls as well as lower performance of 1,912.5 RMB million R
Slide 7: Retail Portfolio Boosted by 2023 AEIs
Retail Portfolio Boosted by 2023 AEIs Achieved blended ROI of ~14% across 3 AEIs malls Maintained high retail YoY Improvements in Retail Occupancy Cost1 Retail operating metrics occupancy of 98.2%, FY 2024 Tenant Sales of 18.4%: including reversion, (Dec 2023: 98.2%) and Shopper Traffic impacted by
Slide 8: Portfolio Shopper Traffic and Tenant Sales
Portfolio Shopper Traffic1 and Tenant Sales1 Slower Growth to Tenant Sales and Shopper Traffic in 4Q 2024 FY YoY Shopper Traffic 4Q YoY Shopper Traffic Performance of AEI malls: (million) (million) Shopper Tenant YoY: +8.7% FY 2024 (YoY) YoY: +4.4% Traffic Sales 150 40 100 CapitaMall Grand Canyon +2
Slide 9: Business Park and Logistics Park Occupancy
Business Park and Logistics Park Occupancy Above or On Par with Market Occupancy Business Park Portfolio: Amidst Ample Supply Logistics Park Portfolio: Improved across China, Maintained Occupancy at 87.6% Occupancy to 97.6% (Dec 2023: 82.0%), (Dec 2023: 91.0%) Exceeding Market Occupancy of 75.0%1 •
Slide 10: Proactive Leasing Management
Proactive Leasing Management Retail Reversion1: -1.1% Business Park Reversion1: -4.5% Logistics Park Reversion1: -24.5% Renewed Renewed Renewed Leases, 54.0% Leases, 65.8% Leases, 42.8% FY 2024 FY 2024 FY 2024 Business Logistics Retail Park Park Retention New Leases, Retention by New Leases, Retenti
Slide 11: Portfolio Valuation
Portfolio Valuation1 Valuation (RMB million) Investment Property Portfolio Valuation Down As at 31 Dec 2024 As at 31 Dec 2023 Variance (%) CapitaMall Xizhimen 3,668 3,668 0.0% Approximately 1.7%; Cap Rock Square 3,410 3,410 0.0% Rates Remain Largely CapitaMall Wangjing 2,844 2,844 0.0% CapitaMall Gr
Slide 12: Sustainability Milestones and Achievements
Sustainability Milestones and Achievements ~60%1 of CLCT’s portfolio (by GFA) Renewable energy accounts for ‘5 Star’ Rating is green certified (FY 2023: 36%) ~10% of portfolio’s electricity 2024 GRESB Real Estate Assessment consumption in FY 2024 ✓ Attained LEED Gold Certification for 4 (FY 2023: 3.
Slide 13: Financial Results & Capital Management
Financial Results & Capital Management Shanghai Fengxian Logistics Park, Shanghai, China Financial Results for FY 2024 13
Slide 14: FY 2024 Financial Highlights
FY 2024 Financial Highlights Impacted by Cautious Consumer and Business Sentiments in China 2H 2024 vs FY 2024 vs 2H 2024 2H 2023 FY 2024 FY 2023 2H 2023 (%) FY 2023 (%) Gross Revenue (RMB’000) 911,631 964,687 -5.5% 1,837,560 1,912,468 -3.9% Net Property Income (RMB’000) 587,735 630,014 -6.7% 1,219,
Slide 15: Balance Sheet
Balance Sheet As at 31 December 2024 S$’000 Non-Current Assets 4,453,240 Current Assets 269,594 1.12 Total Assets 4,722,834 Net Asset Value (NAV) Current Liabilities 360,260 per Unit (S$) Non-Current Liabilities 2,052,840 Total Liabilities 2,413,100 Unitholders' Funds 1,926,644 Perpetual Securities
Slide 16: Capital Management Updates
Capital Management Updates Increasing Natural Hedge to Mitigate Currency Risk and Enhance Stability Maintained Healthy Gearing Executing our Strategy to Sustainability/Green Loans and Cost of Debt Increase Natural Hedging • Leveraged the Sustainability-Linked • Issued a CNH400 million bond due Finan
Slide 17: Healthy Financial Position
Healthy Financial Position1 Impact to Distribution from Floating Loan Interest Rates Movement 31 Dec 2024 30 Sep 2024 Distribution Impact DPU Impact DPU Impact Change in Interest Rates (p.a) (S$ million)6 (S cents)7 (%)8 Total Debt (S$ million) 1,857.3 1,846.1 SGD loans + 50 bps - 1.1 - 0.06 - 1.1 R
Slide 18: Well-Staggered Maturity Profile
Increased RMB-denominated debt Well-Staggered Maturity Profile to 35% post CNH400 million bond issuance in Oct 2024 Completed All Debt Refinancings for 2025 (Dec 2023: 20%) RMB Bond S$ million FTZ Bond 4% 6% CCIRS 450.0 13% 7.0 400.0 Onshore 11.0 76.6 RMB Loan Debt Maturity Profile 74.2 (31 December
Slide 19: Distribution Details
Distribution Details Distribution Schedule Distribution Per Unit (S Cents) Last Day of Trading on “cum” Basis 12 February 2025, 5.00 pm 2.64 Ex-Date 13 February 2025, 9.00 am Record Date 14 February 2025, 5.00 pm Distribution Period Distribution Payment Date 27 March 2025 1 July 2024 to 31 December
Slide 20: Portfolio Overview
Portfolio Overview Kunshan Bacheng Logistics Park, Kunshan, China Financial Results for FY 2024 20
Slide 21: Improved Portfolio Stability by Mitigating Tenant Concentration Risks
Improved Portfolio Stability by Mitigating Tenant Concentration Risks % of Total Rental Well represented and No. Tenant Trade Sector Asset Class Income diversified leases across the retail, business park, 1 BHG Group of Companies Supermarket Retail 1.7% and logistics park sectors E-commerce, Logisti
Slide 22: Portfolio Lease Expiry Profile
Portfolio Lease Expiry Profile1 Increased WALE for Logistics Park Portfolio to 2.6 years by GRI (December 2023: 1.4 years) WALE (years) Retail Business Park Logistics Park Portfolio By Gross Rental Income2 1.9 1.7 2.6 1.8 % of total Gross Rental Income2 By Net Lettable Area 3.2 1.8 2.9 2.4 33.7% 15.
Slide 23: Retail Portfolio
Retail Portfolio CapitaMall Yuhuating, Changsha, China Financial Results for FY 2024 23
Slide 24: Retail Portfolio Overview
Retail Portfolio Overview Harbin, 12.7% 17.1 9 6 Total Valuation1 Retail Cities (across 4 Hohhot, 6.0% (RMB billion) Malls2 core city clusters) Beijing, 48.6% Chengdu, 8.1% Guangzhou, 20.0% Changsha, 4.6% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. 2. Excluding CapitaMall Qib
Slide 25: Building Strength through Active Retail Tenancy Remixing
Building Strength through Active Retail Tenancy Remixing Retail contributes 70.7% of Portfolio GRI Food & Beverages 38.4% Fashion 17.5% Services 6.7% Beauty & Healthcare 6.1% F&B increased from 36.8%2 to 38.4% with specialty F&B tenants introduced to attract footfall. Tenant Leisure & Entertainment
Slide 26: High Retail Occupancy at 98.2%
High Retail Occupancy at 98.2%1 Occupancy of Retail 98.2% 97.7% 97.8% 97.9% 98.2% Portfolio Investment Property 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 CapitaMall Xizhimen 99.5% 98.2% 99.1% 100.0% 100.0% Rock Square 98.9% 98.9% 98.2% 98.3% 99.2% CapitaMall Wangjing 96.2% 95.5% 96.8% 97.0%
Slide 27: Retail Portfolio Lease Expiry Profile
Retail Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of Total Gross % of Total Year No. of Leases Lease Expiry (years) Rental Income2,3 Net Lettable Area4 2025 1,412 47.2% 34.5% 1.9 2026 422 22.2% 16.7% By Gross Rental Income2 2027 228 12.6% 13.7% 2028 83 6.0% 6.6%
Slide 28: Leveraging the Rising Popularity of Toys and Collectibles
Leveraging the Rising Popularity of Toys and Collectibles to Curate Retail Experiences Exclusive Pop-up Store by Pop-up Store featuring Jay Interactive Pop-up POP MART Chou Merchandise Experience by NIA 麦麦 at CapitaMall Xizhimen at CapitaMall Grand Canyon at CapitaMall Nuohemule Capitalised on the r
Slide 29: Designing Engaging Lifestyle Experiences Incorporating Sustainability
Designing Engaging Incorporating Sustainability Lifestyle Experiences in Our Operations Cheese Street Dance Biodiversity Charity Festival Carnival Awareness Sale at Rock Square at CapitaMall Aidemengdun at CapitaMall Wangjing at CapitaMall Xuefu Organised South China's First Organised Halloween Stre
Slide 30: Business Park Portfolio
Business Park Portfolio Singapore-Hangzhou Science & Technology Park Phase II, Hangzhou, China Financial Results for FY 2024 30
Slide 31: Business Park Portfolio Overview
Business Park Portfolio Overview 5.4 5 3 Total Valuation1 Cities Xi’an, 22.6% Business (RMB billion) Parks Suzhou, 43.4% Hangzhou, 34.0% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. C a p i t a L a n d C h i n a Tr u s t Financial Results for FY 2024 31
Slide 32: Proactively Attracting Tenants Across Sectors
Proactively Attracting Tenants Across Sectors for Business and Logistics Parks Business Parks and Logistics Parks contribute 25.8% and 3.5% of Portfolio GRI respectively Electronics 20.1% Engineering 12.8% Engineering increased Information & Communications Technology 9.5% from 12.22 to 12.8% Tenant
Slide 33: Business Park Occupancy at 87.6%
Business Park Occupancy at 87.6%1 Occupancy of Business 91.0% 90.2% 90.5% 87.3% 87.6% Park Portfolio Investment Property 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 Ascendas Xinsu Portfolio 97.5% 97.4% 97.1% 96.7% 96.6% Ascendas Innovation Towers 90.1% 88.9% 91.0% 71.9%2 71.8%2 Ascendas Innova
Slide 34: Business Parks Occupancy Outpacing or On Par with Market
Business Parks Occupancy Outpacing or On Par with Market Occupancy Despite Oversupply 96.6% 79.6%1 76.7% 80.1% 68.5%1 63.3%1 Suzhou Business Ascendas Xinsu Xi'an Business AIT & AIH Hangzhou Business SHSTP Park Market Portfolio Park Market (Combined Park Market Phase I & II Occupancy) (Combined Occup
Slide 35: Business Park Portfolio Lease Expiry Profile
Business Park Portfolio Lease Expiry Profile Lease Expiry Profile By Year1 % of Total Gross % of Total Year No. of Leases Weighted Average Rental Income2 Net Lettable Area3 Lease Expiry (years) 2025 304 38.7% 37.6% 2026 206 28.2% 26.7% 1.7 By Gross Rental Income 2027 116 26.3% 28.0% 2028 8 1.8% 2.2%
Slide 36: Nurturing our Business Park Community
Nurturing Obstacle Run Halloween Table Tennis Tournament E-Gaming Competition our at Ascendas Innovation Towers at Ascendas Innovation Hub at SHSTP Phase I & II Organised an obstacle run at Held a Halloween-themed Table Teamed up with “King of Glory” Business Ascendas Innovation Towers to enhance co
Slide 37: Logistics Park Portfolio
Logistics Park Portfolio Kunshan Bacheng Logistics Park, Kunshan, China Financial Results for FY 2024 37
Slide 38: Logistics Park Portfolio Overview
Logistics Park Portfolio Overview 1.51 4 4 Wuhan, 22.6% Total Valuation Logistics Cities (RMB billion) Parks Kunshan, 19.8% Shanghai, 34.7% Chengdu, 22.9% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. C a p i t a L a n d C h i n a Tr u s t Financial Results for FY 2024 38
Slide 39: Boosted Logistics Park Occupancy to 97.6%
Boosted Logistics Park Occupancy to 97.6%1 Occupancy of Logistics 82.0% 67.6% 70.4% 72.5% 97.6% Park Portfolio2 Investment Property 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 • Achieved a 25.1% QoQ increase in portfolio Shanghai Fengxian Logistics Park 60.3% Under repositioning evaluation 100
Slide 40: Logistics Park Portfolio Lease Expiry Profile
Logistics Park Portfolio Lease Expiry Profile Lease Expiry Profile By Year1 % of Total Gross % of Total Year No. of Leases Rental Income2 Net Lettable Area3 Weighted Average Lease Expiry (years) 2025 32 57.1% 56.1% 2026 8 9.1% 6.2% 2.6 By Gross Rental Income 2027 17 12.7% 11.0% 2028 1 0.03% 0.02% 2.
Slide 41: Looking Forward
Looking Forward CapitaMall Xinnan, Chengdu, China Financial Results for FY 2024 41
Slide 42: CLCT's Strategy
CLCT’s Strategy Build a Balanced Multi-Asset Portfolio to Leverage China’s Domestic Consumption Growth and Innovation- Driven Economy Create Value: Increase Unlock Value: Monetised 6 of diversification and resilience 7 IPO assets to-date, reducing of revenue streams and seek exposure to mature, non-
Slide 43: Asset Enhancement Initiatives Track Record
Asset Enhancement Initiatives Track Record Converting Low-Yielding Anchor Spaces into Higher-Yielding Areas with Improved Trade Mix and Circulation 2023 AEIs Unlocking Higher Rental Value in 2024 Achieved blended ROI of ~14% across CapitaMall Yuhuating’s AEI Rock Square’s AEI CapitaMall Grand Canyon
Slide 44: 2024 Reconfigurations and Upcoming AEI
2024 Reconfigurations and Upcoming AEI To Enhance Shopper Experience and Drive Revenue Growth Completed in FY 2024 Upcoming in FY 2025 CapitaMall Xizhimen CapitaMall Xuefu Rock Square CapitaMall Wangjing Launched: 3Q 2024 Launched: 3Q 2024 Launched: 4Q 2024 Target Opening: 4Q 2025 Reconfigured three
Slide 45: Business Outlook
Business Outlook CLCT’s portfolio aligns with government priorities, focusing on domestic consumption, innovation, and driving “new-quality productive forces.” China achieved GDP growth of 5% in 2024, with key provinces and cities setting ambitious economic growth targets for 20251. This underscores
Slide 46: Thank you
Thank you For enquiries, please contact: Ms Nicole Chen, Investor Relations Direct: (65) 6713 1648, Email: nicole.chen@capitaland.com CapitaLand China Trust Management Limited (https://www.clct.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888, Fax: (65) 6713 2999
Slide 47: Gross Revenue (in RMB'mil)
Gross Revenue (in RMB’mil) Portfolio1 1,400.0 1,313.4 1,336.1 FY 2024 FY 2023 1,200.0 FY 2024 1,000.0 1,837.6 RMB mil 800.0 -3.9% YoY 600.0 475.4 491.7 400.0 FY 2023 200.0 84.7 1,912.5 48.8 RMB mil - Retail Business Parks Logistics Parks Note: 1. Presented based on 100% interest. C a p i t a L a n d
Slide 48: Net Property Income (in RMB'mil)
Net Property Income (in RMB’mil) 1,000.0 Portfolio1 867.3 FY 2024 FY 2023 858.9 800.0 FY 2024 1,219.1 600.0 RMB mil -5.8% YoY 400.0 365.3 332.8 FY 2023 200.0 61.1 1,293.7 27.4 RMB mil - Retail Business Parks Logistics Parks Note: 1. Presented based on 100% interest. C a p i t a L a n d C h i n a Tr
Slide 49: Portfolio at a Glance
Portfolio at a Glance1 CapitaMall CapitaMall CapitaMall Grand Rock Square CapitaMall Xuefu Xizhimen Wangjing Canyon 乐峰广场 凯德广场•学府 凯德MALL•西直门 凯德MALL•望京 凯德MALL• 大峡谷 Location Beijing Guangzhou Beijing Beijing Harbin GFA (sq m) 83,075 88,279 83,768 92,918 123,811 NLA (sq m) 50,553 52,450 45,409 40,210 64
Slide 50: Portfolio at a Glance
Portfolio at a Glance1 CapitaMall CapitaMall CapitaMall Xinnan CapitaMall Yuhuating Nuohemule Aidemengdun 凯德广场• 新南 凯德广场•雨花亭 凯德广场•诺和木勒 凯德广场•埃德蒙顿 Location Chengdu Hohhot Changsha Harbin GFA (sq m) 91,816 100,047 75,431 49,040 NLA (sq m) 36,810 44,231 43,279 28,130 Land Use Right Expiry 17 Oct 2047 26
Slide 51: Portfolio at a Glance
Portfolio at a Glance1 • Portfolio at a Xinsu Glance Ascendas Portfolio Ascendas Innovation Towers Ascendas Innovation Hub Singapore-Hangzhou Science Technology Singapore-Hangzhou Science Technology Park Phase I Park Phase II 腾飞新苏 新加坡腾飞科汇城 腾飞创新中心 新加坡杭州科技园一期 新加坡杭州科技园二期 Location Suzhou Xi’an Xi’an Han
Slide 52: Portfolio at a Glance
Portfolio at a Glance1 Shanghai Fengxian Kunshan Bacheng Wuhan Yangluo Chengdu Shuangliu Logistics Park Logistics Park Logistics Park Logistics Park 上海奉贤物流园 昆山巴城物流园 武汉阳逻物流园 成都双流物流园 Location Shanghai Kunshan Wuhan Chengdu GFA (sq m) 62,785 43,945 86,973 71,556 Land Use Right Expiry 20 July 2059 16 Ju
CapitaLand China Trust — FY2024 Earnings Presentation on 6ix