CapitaLand Integrated Commercial Trust (C38U) Investor presentation summary

Portfolio overview and performance

• Portfolio value reached S$30.9B with 12.9M sq ft net lettable area, 95% in Singapore, diversified across office (36%), integrated developments (35%), and retail (29%).

• 1H 2026 gross revenue rose 7.5% YoY to S$846.8M, with net property income up 8.7% YoY to S$630.5M, driven by acquisitions and asset enhancements.

• Portfolio occupancy remained high at 95.6%, with retail at 97.7% and office at 94.4%.

• Weighted average lease expiry (WALE) stable at 3.0 years, supporting income visibility.

• Top 10 tenants contributed 16% of gross rental income, with no single tenant above 5%.

Financials and capital management

• Distributable income for 1H 2026 increased 13.3% YoY to S$466.7M; DPU grew 7.1% YoY to 6.02 cents.

• Aggregate leverage stood at 37.4% with S$9.8B in borrowings, 78% on fixed rates, and interest coverage ratio at 3.9x.

• Net asset value per unit was S$2.15 as of 30 June 2026.

• Debt maturity profile is well spread, with no major concentration in any single year.

• Moody’s and S&P affirmed investment-grade ratings with stable outlook.

Asset and leasing activity

• Major transactions included Paragon (S$3.9B value, 3.9% yield) and Asia Square Tower 2 divestment (S$2.45B, 3.0% exit yield).

• Active asset enhancement initiatives (AEIs) at Tampines Mall, Lot One, Raffles City Tower, Capital Tower, and Plaza Singapura, targeting ROI of 6–7%.

• Retail leasing retention rate at 83.9% and office at 70.8% for 1H 2026.

• Positive retail rent reversion of 4.0% and tenant sales per sq ft up 1.6% YoY.

• Office portfolio occupancy at 94.4%, with average rents at S$11.03 psf/month and expiring leases below market rent.