CICT FY2025: Portfolio S$27.4B (+5.2%), CapitaSpring 100% Owned, DPU 11.58¢ +6.4%, CEO Transition

CapitaLand Integrated Commercial Trust FY2025 Annual Report (year ended 31 December 2025) marks a landmark year — portfolio value grew 5.2% to S$27.4 billion driven by the acquisition of full ownership of CapitaSpring and strong operating performance across Singapore retail and office assets. DPU rose 6.4% YoY to 11.58 S¢ on distributable income of S$860.9 million (+14.4% YoY). CEO transition: Tan Choon Siang succeeded Tony Tan Tee Hieong effective 1 May 2025.

CapitaSpring (100% ownership): CICT's defining FY2025 transaction. Divested the Serviced Residence (SR) component to RP Riverside on 30 May 2025 for S$280.0M (agreed value). Acquired the remaining 55% interest in the Commercial Component on 26 August 2025 for S$1,045.0M, funded via a S$600M private placement upsized from S$500M on strong institutional demand. CapitaSpring is now 100% owned (reclassified from Integrated Development to Office), val S$1,900.0M; 673,800 sf; 30 tenants; 100% committed occ. JPMorgan Chase, SMBC and Millennium Capital among anchor tenants.

Bukit Panjang Plaza (Post year-end divestment): CICT announced the sale of 90 of 91 strata lots on 14 January 2026 for S$428.0M. Completed 27 February 2026 — a premium to the S$389.0M 31 Dec 2025 valuation. Exit yield indicative of healthy suburban retail pricing.

Retail: Portfolio ~4.7M sf; committed occ 98.7% (FY2024: 98.4%); positive rent reversion of 6.6% for FY2025. Key highlights: IMM Building S$48M AEI completed 3Q 2025 (Singapore's largest outlet mall); Tampines Mall S$24M AEI underway (3Q 2026); Lot One S$37M AEI commenced Nov 2025 (1Q 2027). ION Orchard (50%) delivered first full-year contribution; NPI +14.9% YoY (psf basis) excluding ION: +1.2%.

Office (Singapore): Portfolio ~4.6M sf NLA; committed occ 95.1% (FY2024: 94.2%). Six Battery Road occ -4.0pp to 95.7%; CapitaGreen occ +2.7pp to 97.8%; Asia Square Tower 2 occ +1.6pp to 95.3%; CapitaSpring 100% occ.

Germany: Gallileo +42.9% val uplift to S$519.7M (EUR363.0M) on progressive AEI completion and ECB lease commencement. Main Airport Center val -3.6% to S$303.5M on prior period lower occupancy; occ recovered +5.6pp to 87.4% in FY2025. Germany portfolio +21.4% YoY total.

Australia: 100 Arthur Street occ recovery +8.1pp to 85.3%; 66 Goulburn Street occ -3.9pp to 94.2%. Australian portfolio -4.4% in S$ terms — AUD depreciation vs SGD weighing on reported values; North Sydney cap rate expansion. 101-103 Miller Street & Greenwood Plaza (50% Mirvac JV) occ stable 92.8%.

• ▸Gross Revenue: S$1,619.2M (FY2024: S$1,586.3M; +2.1%).
• ▸NPI: S$1,189.7M (FY2024: S$1,153.4M; +3.1%).
• ▸Distributable Income: S$860.9M (FY2024: S$752.2M; +14.4% — largely from CapitaSpring contribution uplift).
• ▸DPU: 11.58 S¢ (FY2024: 10.88 S¢; +6.4%).
• ▸Total Portfolio Value: S$27.4B (FY2024: S$26.0B; +5.2%).
• ▸Aggregate Leverage: Below regulatory limit.
• ▸Capital: S$600M private placement completed Aug 2025 (upsized from S$500M); S$300M 7-year fixed notes at 2.25% secured Sep 2025.

• ▸Tony Tan Tee Hieong (Jan–Apr 2025): S$425,828 total (37% salary / 44% bonus / 2% benefits / 17% deferred awards). Bonus paid fully in cash.
• ▸Tan Choon Siang (May–Dec 2025): S$734,444 total (39% salary / 37% bonus / 11% benefits / 13% deferred awards). Full-year equivalent ~S$1.1M.
• ▸KMP (excl. CEO, 6 individuals): S$3,003,665 aggregate. Individual figures not disclosed.
• ▸Board fees aggregate: S$802,000 (8 directors receiving fees; Janine Gui as CLI employee receives nil).

CICT's FY2025 is a transformation story — full CapitaSpring ownership deepens the Singapore Grade A office platform, Bukit Panjang Plaza divestment rationalises the retail mix, and S$27.4B portfolio value marks a new high. The 6.4% DPU growth on distributable income at +14.4% signals the step-change in CapitaSpring income contribution is real. Singapore retail resilience (98.7% occ, +6.6% rent reversion), AEI pipeline at IMM/Tampines/Lot One, and Gallileo's ECB lease commencement in Germany are the organic growth levers heading into 2026. Key watchpoints: Capital Tower and Six Battery Road occupancy softening; Australian portfolio FX/cap rate headwinds.