Business Overview As a global real asset manager, CapitaLand Investment Limited (CLI) is focused on delivering long-term value to shareholders and capital partners through a disciplined approach and a resilient business model. Our transition towards an asset-light, fee income-driven business is central to enhancing scalability, strengthening cash flow and driving sustainable profitability. CLI operates through two complementary business segments: Fee Income-related Business (FRB) and Real Estate Investment Business (REIB). Together, they create an integrated ecosystem driving fee income growth through four distinct products, supported by a strong global real asset portfolio. 1 Source: Bloomberg as at 31 December 2024. 2 Figures are as at 31 December 2024. 3 Excludes projects under development. 4 Based on CLI’s effective share of the investment properties’ open market value. CLI Business Model Private Funds Management Diversified fund offerings across strategies and asset classes. 20-year track record of value creation, with full in-house real asset capabilities. FUM: S$47 billion2 Investment Properties S$4.3 billion2,4 of pipeline assets on CLI’s balance sheet. Listed Funds Management Asia Pacific’s largest real estate investment trust (REIT) manager by market capitalisation1. FUM: S$70 billion2 Commercial Management Best-in-class operating platform managing properties across Singapore, China and India. Over 250 properties spanning approximately 20 million sqmķ of GFAĶ Lodging Management A leading, asset-light and vertically-integrated lodging platform. More than 980 properties and 168,000 units worldwideĶ Sponsor Stakes in Listed Funds and General Partner Stakes in Private Funds Holding stakes ranging from 18% to 41% in listed funds and an average of 25% in private funds. Real Estate Investment Business Fee Income-related Business Since its listing, the FRB segment’s contribution to CLI’s total operating PATMI has grown, from 40% in FY 2021 to 62% in FY 2024. FY 2024 Performance Review 16 CapitaLand Investment Limited Global Reach, Thematic Growth We are positioning ourselves to capture opportunities arising from key global megatrends, with a strategic focus on Demographics, Disruption and Digitalisation. Demographics Evolving lifestyles, ageing populations, and urban migration are reshaping how people live, work, and connect—driving demand for adaptable, future-ready real assets. Disruption In a world of volatility, disruption fuels opportunity. Market shifts, geopolitical changes, and economic cycles are reshaping capital flows, creating new avenues for strategic investment. Digitalisation The digital revolution is accelerating demand for data, AI, and smart infrastructure, transforming industries and redefining the way we build, operate, and invest in real assets. Thematics Thematics Private Credit Special Situations Logistics and Industrial Thematics Data Centres Renewables Lodging & Living Wellness Self Storage 17 Annual Report 2024
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