CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — FY2023 Earnings Presentation
65 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Feb 6, 2024
Slide 1: FY 2023 Financial Results
CapitaLand Integrated Commercial Trust FY 2023 Financial Results Tuesday, 6 February 2024
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 Content
Table of Content 04 29 Highlights Focus & Outlook 11 34 Financials & Sustainability Capital Management 18 37 Property Details Portfolio and Asset Type Performance 45 Market Information CapitaSpring, Singapore CapitaSpring, Singapore
Slide 4: Highlights
Highlights CapitaSpring, Singapore
Slide 5: Fortifying Resilience and Positioning for Growth
Fortifying Resilience and Positioning for Growth Stable Portfolio Capital Value Financial Management Management Creation Performance • FY 2023 gross revenue • Achieved higher • Majority of total • Portfolio valuation up up 8.2% YoY driven by committed portfolio borrowings on fixed 1.2% underpinned h
Slide 6: Delivering Steady Operating Metrics YoY
Delivering Steady Operating Metrics YoY 97.3% S$24.5 3.4 Portfolio Years Portfolio billion Portfolio WALE Committed 1.5 ppts 0.3 years Property Value 1.2% Occupancy(1) Retail Portfolio Tenant Sales psf (3) ▲8.5% ▲1.8% FY 2023 Shopper Traffic(4) 16.3% Office Portfolio Retail Portfolio Occupancy Cost
Slide 7: Achieved FY 2023 DPU of 10.75 cents, Up 1.6% Year-on-year
Achieved FY 2023 DPU of 10.75 cents, Up 1.6% Year-on-year Distributable Income (S$ million) (1) FY 2023 702.4 (2) 715.7 Distributable Income 2H 2022 355.1 2H 2023 362.5 S$715.7 (1) 1H 2022 347.3 1H 2023 353.2 million FY 2022 FY 2023 DPU (cents) FY 2023 10.58 10.75 Distribution Per Unit (DPU) 2H 2022
Slide 8: Distribution Details
Distribution Details Distribution Period 1 July to 31 December 2023 Distribution Per Unit 5.45 cents Notice of Record Date Tuesday, 6 February 2024 Last Day of Trading on ‘cum’ Basis Tuesday, 13 February 2024, 5.00 pm Ex-Date Wednesday, 14 February 2024, 9.00 am Record Date Thursday, 15 February 202
Slide 9: Dominant Singapore Portfolio's Value Increase More Than Offset Drop In Overseas Portfolio Value
Dominant Singapore Portfolio's Value Increase More Than Offset Drop In Overseas Portfolio Value Expansion in cap rate (Australia) and terminal cap rate (Germany) impacted overseas portfolio value Germany, Australia, 2.7% 3.6% As at 31 Dec 23 As at 31 Dec 22 Variance Valuation by Country S$ million S
Slide 10: Portfolio Valuation up 1.2% YoY Driven by Robust Performance Across All Asset Type Portfolio in Singapore
Portfolio Valuation up 1.2% YoY Driven by Robust Performance Across All Asset Type Portfolio in Singapore S$24.5 billion(1) 1.2%(2) S$24.2 billion Appraised Value as at 31 Dec 2023 Appraised Value as at 31 Dec 2022 Valuation Valuation Range of Cap Rates Variance as at 31 Dec 23 as at 31 Dec 22 as at
Slide 11: Financials & Capital Management
Financials & Capital Management Capital Tower (left), CapitaSky (right) Singapore
Slide 12: 2H 2023 Financials: Gross Revenue Up 4.1%
2H 2023 Financials: Gross Revenue Up 4.1% NPI grew 4.0% YoY supported by broad-based growth in gross rental income across most of the properties Gross 2H 2023 YoY 2H 2023 YoY Net Property Revenue S$785.2M ▲ 4.1% Income S$563.6M ▲ 4.0% Retail Asset Performance Office Asset Performance Integrated Deve
Slide 13: FY 2023 Financials: Gross Revenue Rose 8.2%
FY 2023 Financials: Gross Revenue Rose 8.2% Growth contributed by full year contributions from acquisitions completed in 1H 2022, higher gross rental income from existing properties, partially offset by higher operating expenses Gross FY 2023 YoY FY 2023 YoY Net Property Revenue S$1,559.9M ▲ 8.2% In
Slide 14: Diversified Revenue Streams Provide Stability
Diversified Revenue Streams Provide Stability S$1,559.9 Singapore 92.8% million(1) Germany 3.6% Australia 3.6% Notes: (1) Based on FY 2023 gross revenue and excludes joint ventures. (2) Comprises office revenue contribution from Funan, Raffles City Singapore and The Atrium@Orchard. C a p i t a L a n
Slide 15: Balance Sheet
Balance Sheet As at 31 December 2023 S$’000 Non-current Assets 24,544,588 Net Asset Value/Unit S$2.13 Current Assets 194,538 Adjusted Net Asset Value/Unit S$2.07 (excluding distributable income) Total Assets 24,739,126 Current Liabilities 1,453,751 Non-current Liabilities 8,883,655 Total Liabilities
Slide 16: Long Debt Profile with an Average Maturity of 3.9 Years
Long Debt Profile with an Average Maturity of 3.9 Years Debt Maturity Profile(1) Exclude share of JVs’ borrowings S$ million Funding sources 1,800 16% 15% MTN 49% 1,541 14% 1,600 1,524 13% 13% 1,427 Unsecured Bank Loans 43% 100 1,400 1,308 1,328 11% Secured Bank Loans 8% (2) 1,200 541 281 1,076 770
Slide 17: Proactive Capital Management
Proactive Capital Management As at As at 31 December 2023 30 September 2023 Aggregate Leverage(1) 39.9% 40.8% Total Borrowings (S$ billion) 9.5 9.7 % of Borrowings on Fixed Interest Rate 78% 78% % of Total Assets that are Unencumbered 93.7% 93.2% Interest Coverage(2) 3.1x 3.1x Average Term to Maturi
Slide 18: Portfolio and Asset Type Performance
Portfolio and Asset Type Performance Note: Raffles City Singapore The retail and office asset information comprises the respective retail and office components of integrated developments unless stated otherwise, in order to show the operating metrics and trends.
Slide 19: Committed Occupancy Increased Across All Portfolios; WALE Remained Resilient
Committed Occupancy Increased Across All Portfolios; WALE Remained Resilient INTEGRATED RETAIL(1,2) OFFICE(2) PORTFOLIO(1) DEVELOPMENT 98.3% 98.5% 96.7% 97.1% 98.5% 95.8% 97.3% 94.4% Committed Occupancy 31 Dec 2022 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 31 Dec 2023 R
Slide 20: No Single Tenant Contributes More Than 5.1% of CICT's Total Gross Rental Income
No Single Tenant Contributes More Than 5.1% of CICT’s Total Gross Rental Income(1) % of Total Ranking Top 10 Tenants for December 2023 Trade Sector Gross Rental Income 1 RC Hotels (Pte) Ltd 5.1 Hotel 2 WeWork Singapore Pte. Ltd. 2.4(2) Real Estate and Property Services 3 Commerzbank A.G.(3) 1.8 Bank
Slide 21: Diversified Tenants' Business Trade Mix
Diversified Tenants’ Business Trade Mix Other Retail and Product Trades Gifts & Souvenirs / Toy & Hobbies / Books & Stationery 2.6% IT, Media and / Sporting goods Telecommunications, 4.7% Supermarket 2.5% Fashion, 5.0% Services 2.4% Travel and Other Retail and Hospitality, 5.7% Product Trades, IT &
Slide 22: Proactively Managed Leases to Ensure Well Spread Portfolio Lease Expiry
Proactively Managed Leases to Ensure Well Spread Portfolio Lease Expiry(1) Leases in advanced negotiation: ~1.5% and ~4.5% for retail and office respectively. 14.6% 14.8% 12.3% 9.6% 8.3% 7.5% 6.5% 6.9% 5.9% 5.0% 5.2% 2.4% 1.0% (2) 2024 2025 2026 2027 2028 2029 and beyond Retail Office Hospitality No
Slide 23: Healthy Leasing Activity Across CICT Portfolio
Healthy Leasing Activity Across CICT Portfolio RETAIL OFFICE FY 2023 FY 2023 Total New and Renewed Leases Total New and Renewed Leases For Singapore, Germany & Australia Portfolio 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q sq ft 252,700 260,400 138,000 120,400 (3) sq ft 210,900 304,200 150,700 303,400 Total: 771,500 s
Slide 24: Positive Momentum for Rent Reversion in FY 2023
Positive Momentum for Rent Reversion in FY 2023 Gross turnover rents ranged between 5% and 14% of respective mall’s gross rental income Net Lettable Area Rent Reversion(1) for FY 2023 Retention Percentage of Average Incoming Rents No. of Renewals Area vs Rate Retail Portfolio FY 2023 / New Leases(1)
Slide 25: Optimising Retail Tenant Mix in 4Q 2023
Optimising Retail Tenant Mix in 4Q 2023 Majority of 4Q 2023 retail offerings(1) are new-to-market or new-to-portfolio Food & Beverage Fashion & Lifestyle-related Fore Coffee, Bugis Junction Bingz, Westgate VIVAIA, Bedok Mall BOSS, Raffles City Singapore ANTA, Westgate (new-to-market) (new-to-market)
Slide 26: FY 2023 Shopper Traffic and Tenant Sales Up YoY
FY 2023 Shopper Traffic and Tenant Sales Up YoY Tenant sales psf achieved stable growth that surpassed 2019 level while shopper traffic has gradually recovered FY 2023 Tenant Sales psf (1) (YoY Performance) • Increase due to higher expenditures in 2023, driven by a surge in Retail Portfolio Suburban
Slide 27: Continued Improvement Seen for Most of the Trade Categories
Continued Improvement Seen for Most of the Trade Categories FY 2023 Tenant Sales(1) YoY Performance by Trade Categories 6.4% 5.7% 4.1% 3.8% 3.3% 3.3% 2.5% 0.6% 0.5% 0.4% -0.2% -1.0% -1.4% -7.1% -8.6% (2) Fashion Home Furnishing Shoes & Bags Sporting Goods Leisure & Entertainment Supermarket Food & B
Slide 28: Steady Improvement in Office Portfolio Occupancy
Steady Improvement in Office Portfolio Occupancy SINGAPORE GERMANY AUSTRALIA PORTFOLIO CICT Office Portfolio (1) (2) Major New Leases/Expansions committed in 4Q 2023: 98.0% 98.5% 96.7% • Colliers International (Singapore) Pte Ltd 95.5% 94.5% (3) 96.4% 87.7% 88.5% at Asia Square Tower 2 • Arthur J. G
Slide 29: Focus & Outlook
Focus & Outlook Main Airport Center, Frankfurt, Germany
Slide 30: Strengthening Position of IMM Building as a Regional Outlet Destination
SINGAPORE Strengthening Position of IMM Building as a Regional Outlet Destination Sharpen tenant mix to maximise rental yields and enhance shoppers’ experience IMM Building ✓ S$48.0 million AEI for 126,000 sq ft of net lettable area at ground floor to: ▪ Anchor IMM Building as largest outlet mall in
Slide 31: Taking Opportunity to Upgrade Gallileo For Continued Relevance
GERMANY Taking Opportunity to Upgrade Gallileo For Continued Relevance Gallileo ✓ Upgrade to modern Grade-A office specifications, including mechanical, electrical and plumbing systems, office lobby and ESG-related works ✓ Target to achieve minimum LEED Gold certification ✓ Total AEI cost estimated
Slide 32: Strategic Initiative to Revitalise Workspaces and Elevate Office Environment in North Sydney
AUSTRALIA Strategic Initiative to Revitalise Workspaces and Elevate Office Environment in North Sydney Activation of common spaces and creating vibrant social hubs to support tenants returning to office 101 Miller Street 100 Arthur Street ✓ ~A$9 million transformation of the lobby into a best-in-cla
Slide 33: Positioning for Future Growth
Positioning for Future Growth Portfolio • Driving higher occupancy and rents through active asset and portfolio management Management • Managing operating cost prudently • Executing phased AEIs at IMM Building, Singapore, Gallileo, Germany and Value revitalisation initiative at North Sydney Creation
Slide 34: Sustainability
Sustainability Westgate, Singapore
Slide 35: Sustainability Highlights
Sustainability Highlights Awards and Recognition ESG Initiatives GRESB Asia, Diversified – Office/Retail, Listed category 6 ongoing pilots Planning 2 5-Star Rating, 91 points (+3 points YoY) at Raffles City new pilots from Singapore, Funan, CapitaLand ‘A’ for Public Disclosure, 100 points CQ @ Clark
Slide 36: Proactive Engagements to Create Vibrant Communities
Proactive Engagements to Create Vibrant Communities FY 2023 Workplace Community 4Q 2023 Highlights of Shopper Engagements at Retail Malls Engagements RollerMania 3.0 at Plaza Singapura (17 November 2023 – 363 1 January 2024) activities/ campaigns Tenants’ Treats G.O.A.T Black Friday at Funan (24 - 2
Slide 37: Property Details
Property Details Six Battery Road, Singapore
Slide 38: Driving Occupancy Through Active Asset Management and Proactive Leasing Strategy
Driving Occupancy Through Active Asset Management and Proactive Leasing Strategy Improving occupancies higher than URA’s Singapore retail occupancy rate of 93.5%(1) Occupancy (%) (2) 100 100 99.9 100 100 99.7 99.7 99.6 100 100 100 100 98.4 98.9 99.9 99.9 100 99.9 99.5 96.7 97.4 96.6 95.4 97.4 Bedok
Slide 39: Proactive Leasing Strategy to Manage Tenant Mix and Mall Positioning
Proactive Leasing Strategy to Manage Tenant Mix and Mall Positioning Retail Portfolio WALE(1) : 2.0 years 28.2% 28.4% 23.7% 13.3% 4.5% 1.9% 2024 2025 2026 2027 2028 2029 and beyond Note: (1) Based on gross rental income of committed leases in retail properties and retail components in Integrated Dev
Slide 40: Occupancy of Office Portfolio at 96.7% as at 31 Dec 2023
Occupancy of Office Portfolio at 96.7% as at 31 Dec 2023 Higher than market occupancies for Singapore, Germany and Australia Singapore Occupancy: Germany Occupancy: Australia Occupancy: CICT Portfolio: 98.5% CICT Portfolio: 94.5% CICT Portfolio: 88.5% Singapore Core CBD: 94.8%(1) Frankfurt Sydney CB
Slide 41: Proactively Manage Lease Expiry for Stability Through Market Cycles
Proactively Manage Lease Expiry for Stability Through Market Cycles Office Portfolio WALE(1): 3.4 years 22.2% 19.3% 17.5% 15.1% 13.8% 12.1% (2) 2024 2025 2026 2027 2028 2029 and beyond Notes: (1) Based on gross rental income as at 31 December 2023. (2) Commerzbank ended its lease at Gallileo in end-
Slide 42: CICT's Average Expiring Rents at Selected Grade A Offices are Below Market Rent
CICT's Average Expiring Rents at Selected Grade A Offices are Below Grade A Office Market Rent(1) Already in talks for major leases due in 2024 2025 2024 (2) (2) Average rent of leases expiring is S$11.86 psf Average rent of leases expiring is S$11.08 psf 20% 20% 15% $12.14 $11.74 $11.92 15% $11.87
Slide 43: Occupancy of Integrated Developments at 98.5% as at 31 Dec 2023
Occupancy of Integrated Developments at 98.5% as at 31 Dec 2023 Occupancy (%) 100 100 98.0 98.4 99.5 99.9 98.7 97.7 89.8 91.7 Retail: 96.7 Retail: 97.4 Retail: 99.3 Retail: 99.9 Retail: 95.4 Retail: 97.4 Office: 100 Office: 100 Office: 100 Office: 100 Office: 100 Office: 100 CapitaSpring(1) Funan Pl
Slide 44: Long and Stable WALE for Integrated Development Portfolio
Long and Stable WALE for Integrated Development Portfolio Integrated Development Portfolio WALE(1) : 4.9 years 17.7% 16.1% 16.2% 11.3% 8.8% 6.6% 4.9% 5.2% 5.5% 4.3% 1.6% 1.5% 0.3% 2024 2025 2026 2027 2028 2029 and beyond Retail Office Hospitality Note: (1) Based on gross rental income as at 31 Decem
Slide 45: Market Information
Market Information 66 Goulburn Street, Sydney, Australia
Slide 46: Macroeconomic Outlook
Macroeconomic Outlook Australia Economic Outlook(2) Singapore Economic Outlook(1) 3Q 2023 2024 GDP Reported Forecast GDP 2.1% YoY Growth Forecast 1.75% YoY FY 2023 GDP 1.2% YoY 2024 GDP 1.0% to 3.0% YoY CPI and Unemployment Trend (%) Advance Estimates 8.4 4.0 3.4 Dec 2023 MAS 2024 MAS Core Inflation
Slide 47: CICT Remains the Largest Owner of Singapore Private Retail Space
CICT Remains the Largest Owner of Singapore Private Retail Space Islandwide Private Retail Stock (1) CICT’s Leading Position in Singapore’s Islandwide Private Retail Stock (2) CICT, 8.6% Downtown, 47.8% Peer REITs & Others, 91.4% 50.1 million 50.1 million Second largest entity sq ft sq ft owns no mo
Slide 48: Limited Retail Supply Between 2024 and 2027 at an Annual Average of 0.4 million sq ft
Limited Retail Supply Between 2024 and 2027 at an Annual Average of 0.4 million sq ft Singapore Private Retail Space (Islandwide)(1) – Net Demand & Supply Forecast average annual gross new supply (2024 to 2027): 0.4 mil sq ft 2.5 2.0 1.8 1.6 1.5 1.3 1.0 1.0 1.0 0.9 1.0 0.7 0.9 0.8 0.8 0.7 0.7 sq ft
Slide 49: Known Future Retail Supply in Singapore (2024 – 2027)
Known Future Retail Supply in Singapore (2024 – 2027) Future supply are mainly in the Outside Central Region and Fringe submarkets Expected Proposed Retail Projects Submarket Location NLA (sq ft) Completion 46 & 58 Kim Yam Road Rest of Central 46 & 58 Kim Yam Road 150,000 Dairy Farm Mall Outside Cen
Slide 50: Orchard Road Retail Rents Continued to Recover While Suburban Retail Rents Remained Resilient
Orchard Road Retail Rents Continued to Recover While Suburban Retail Rents Remained Resilient (1) 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Orchard Road (S$ 34.90 34.55 34.20 34.20 34.20 34.20 34.45 34.55 34.85 35.20 35.75 36.30 psf/mth) QoQ Change N.M. -1.00% -1.01% 0.
Slide 51: Singapore Retail Sales Performance
Singapore Retail Sales Performance Most industries within the retail trade sector recorded YoY sales decline in December 2023, with the largest drop by Recreational Goods; Watches & Jewellery and Food & Alcohol were higher YoY 2020 2021 2022 2023 Total Retail Sales (S$ bn) 32.8 36.2 41.6 42.7 Averag
Slide 52: Singapore Tourism Activity Poised to Continue Recovery
Singapore Tourism Activity Poised to Continue Recovery Singapore’s international visitor arrivals (IVA) hit 13.6 million in 2023; IVA expected to reach around 15 to 16 million visitors in 2024(1) (2) Singapore Tourist Arrival and Hotel Occupancy Further relaxation of travel restrictions globally Fro
Slide 53: CICT Remains the Largest Owner of Singapore Private Office Space
CICT Remains the Largest Owner of Singapore Private Office Space CICT’s Leading Position in Singapore’s Islandwide Private Office Stock (1) Islandwide Private Office Stock (2) CICT, 7.1% Decentralised, 23.6% Peer REITs & Others, 92.9% Second largest entity owns no 62.0 million Core CBD, 62.0 million
Slide 54: Annual New Supply Averages 0.8 million sq ft Over 3 Years
Annual New Supply Averages 0.8 million sq ft Over 3 Years Forecast average Singapore Private Office Space (Central Area)(1) – Net Demand & Supply annual gross new supply 2.5 2.2 (2024 to 2026): 0.8 mil sq ft 1.9 2.0 1.8 1.9 1.6 1.6 1.7 1.5 1.4 1.3 1.0 0.9 1.0 1.0 0.7 0.7 0.8 0.8 0.6 sq ft million 0.
Slide 55: Known Future Office Supply in Central Area (2024 – 2026)
Known Future Office Supply in Central Area (2024 – 2026) Limited supply in CBD core(1) for the next two years (2025 – 2026); no commercial sites in CBD Core on the Government Land Sales reserve list and confirmed list(2) Expected Completion Proposed Office Projects Location NLA (sq ft) IOI Central B
Slide 56: Grade A Office Market Rent Grew 1.7% since 4Q 2022
Grade A Office Market Rent Grew 1.7% since 4Q 2022 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Mthly rent (S$ / sq ft) 10.40 10.50 10.65 10.80 10.95 11.30 11.60 11.70 11.75 11.80 11.85 11.90 QoQ Change 0.0% 1.0% 1.4% 0.5% 1.4% 3.2% 2.7% 0.9% 0.4% 0.4% 0.4% 0.4% S$18.80 20
Slide 57: Office Demand and Supply in Frankfurt and Two Submarkets
Office Demand and Supply in Frankfurt and Two Submarkets Occupiers remain cautious in line with overall economic situation; Take-up was down YoY, of which ~80% of take-up comprised largely for spaces up to 5,000 sqm (‘000 sq m) Frankfurt Office 800 0 600 8.9% 0 400 0 200 0 0 2015 2016 2017 2018 2019
Slide 58: Rental Range in Frankfurt
Rental Range in Frankfurt Prime rents increased slightly QoQ, which can be achieved for new-build, sustainably certified offices in the Banking District Frankfurt Rental range by submarket City West C CBD (EUR / square metre / month) Westend B 47.50 47.50 Gallileo D Banking District 35.74 A5 26.00 B
Slide 59: Sydney CBD 4Q 2023 Prime Net Effective Rent Up 3.5% YoY
Sydney CBD 4Q 2023 Prime Net Effective Rent Up 3.5% YoY Prime net effective rent was marginally up by 0.5% QoQ; Negative net absorption was driven by contraction and consolidation of large occupiers Sydney CBD Office Space - Net Demand, Net Absorption & Vacancy Sydney CBD - Net Effective Rent 220 20
Slide 60: North Sydney CBD 4Q 2023 Prime Net Effective Rent Up 1.8% YoY
North Sydney CBD 4Q 2023 Prime Net Effective Rent Up 1.8% YoY Prime net effective rent inched up 0.5% QoQ; Higher vacancy recorded due to consolidation of larger corporates but vacancy rate projected to trend down over the medium term North Sydney CBD - Net Demand, Net Absorption & Vacancy North Syd
Slide 61: Additional Information
Additional Information IMM Building, Singapore
Slide 62: Valuation – Retail Portfolio
Valuation – Retail Portfolio Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 23 as at 31 Dec 22 as at 31 Dec 23 as at 31 Dec 23 as at 31 Dec 22 S$ per sq ft S$ million S$ million S$ million % % % NLA Bedok Mall 805.0 786.0 19.0 2.4 3,618 4.60 4.60 Bugis Junction 1,130.0 1,109.0
Slide 63: Valuation – Office Portfolio
Valuation – Office Portfolio Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 23 as at 31 Dec 22 as at 31 Dec 23 as at 31 Dec 23 as at 31 Dec 22 S$ million S$ million S$ million % S$ per sq ft NLA % % Asia Square Tower 2 2,243.0 2,235.5 7.5 0.3 2,895 3.40 3.40 CapitaGreen 1,681.
Slide 64: Valuation – Integrated Development Portfolio
Valuation – Integrated Development Portfolio Valuation Valuation Valuation Cap Rate Cap Rate Variance as at 31 Dec 23 as at 31 Dec 22 as at 31 Dec 23 as at 31 Dec 23 as at 31 Dec 22 S$ million S$ million S$ million % S$ per sq ft NLA % % Retail: 4.85 Retail: 4.85 Funan 814.0 794.0 20.0 2.5 1,586(1)
Slide 65: The End
The End 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) Tel: (65) 6713 2888 | Fax: (65) 6713 2999
CapitaLand Integrated Commercial Trust — FY2023 Earnings Presentation on 6ix