CapitaLand Integrated Commercial Trust (C38U) Investor presentation summary

Key highlights and portfolio overview

• Market capitalization reached S$18.9B with a portfolio property value of S$30.9B and 12.9M sq ft net lettable area, with 95% of assets in Singapore and the remainder in Germany and Australia.

• Portfolio composition: 36% office, 35% integrated developments, and 29% retail, reflecting a diversified asset base.

• 1H 2026 gross revenue rose 7.5% YoY to S$846.8M, and net property income increased 8.7% YoY to S$630.5M.

• Distributable income grew 13.3% YoY to S$466.7M, with DPU up 7.1% YoY to 6.02 cents.

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

Financial performance and capital management

• Aggregate leverage stood at 37.4%, with total borrowings of S$9.8B and 78% of borrowings on fixed rates.

• Interest coverage ratio was 3.9x, and average cost of debt remained stable at 2.9%.

• Net asset value per unit was S$2.15, and 92.8% of total assets were unencumbered.

• Debt maturity is well spread, with no single-year concentration and a strong issuer rating of 'A3' by Moody's and 'A-' by S&P.

• Proactive capital management includes diversified funding sources and sustainability-linked/green loans.

Portfolio and asset performance

• Major asset enhancement initiatives (AEIs) and developments include Paragon (S$3.9B value), Tampines Mall, Lot One, and Hougang Central, with several projects progressing or completed.

• Retail portfolio achieved positive rent reversion of 4.0% in 1H 2026, with tenant sales per sq ft up 1.6% YoY.

• Office portfolio maintained strong occupancy and saw average rents rise 2.0% YoY to S$11.03 psf/month.

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

• Lease expiry profile is well managed, with advanced negotiations for upcoming expiries and a diversified tenant mix.