Fee Income-related Business Performance Review Listed Funds Management CLI is the largest manager of REITs in Asia Pacific by market capitalisation1, with six listed CLI REITs and business trusts, along with JHR2. As at 31 December 2024, the total market capitalisation1 of these seven listed funds, which are listed across the stock exchanges of Singapore, Malaysia and Japan, was approximately S$35 billion. Snapshot of CLI Listed Funds CapitaLand Integrated Commercial Trust (CICT) CapitaLand Ascendas REIT (CLAR) CapitaLand Ascott Trust (CLAS) CapitaLand China Trust (CLCT) CapitaLand India Trust (CLINT) CapitaLand Malaysia Trust (CLMT) Japan Hotel REIT (JHR) Total FUM (S$ billion) 26.5 18.4 8.7 4.4 4.9 1.6 5.53 70 Market Capitalisation (S$ billion) 14.1 11.3 3.3 1.2 1.4 0.7 3.1 35.1 CLI’s Stake 23% 18% 24% 24% 25% 41% 0.03%4 Figures are as at 31 December 2024. CLI maintains stakes in all our directly managed listed funds, aligning our interests with unitholders while ensuring capital efficiency. In the medium-term, we aim to hold stakes of approximately 15% to 20% in these funds. In December 2024, we sold a 4.9% interest in CLAS, generating S$162 million in proceeds and reducing our stake from 28.9% to 24%. Expansion into New REIT Markets With the US$300 billion Asia Pacific REIT market expected to grow by close to 8% per annum between 2024 and 20295, we look to expand our listed fund offerings in our key markets as part of our broader growth strategy. In 2024, we announced our maiden entry into the S$124 billion6 Japan REIT market—the largest in Asia Pacific—through our 40% strategic investment in SCCP. 1 Source: Bloomberg as at 31 December 2024. 2 CLI made a strategic investment of a 40% stake in SCCP, which owns 87.6% of Japan Hotel REIT Advisors Co., Ltd., the sponsor of JHR. The transaction was completed on 7 March 2025. 3 Based on total appraisal value of JHR's portfolio as at 31 December 2024 of JPY631,040 million, converted at the exchange rate of JPY 1 to S$0.008696. 4 Based on CLI's 40% stake in SCCP. 5 Mordor Intelligence, APAC REIT Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028). 6 Total market capitalisation of Tokyo Stock Exchange-listed REITs as at 31 December 2024. Market Capitalisation FUM S$3.1 billion S$5.5 billion3 2nd largest hospitality REIT and 13th largest REIT listed on the Tokyo Stock Exchange (TSE). Focus on full-service hotel and resort hotel segments, typically with higher entry barriers, in high-demand areas. Assets are located in key destinations such as Tokyo, Osaka/Kyoto, Fukuoka, Hokkaido and Okinawa in Japan. Okinawa Area Fukuoka Area Osaka / Kyoto Area Hokkaido Area Tokyo and Bay Area Map & Dots are for illustrative purposes and not plotted to scale and exact location JHR Properties FY 2024 Performance Review 28 CapitaLand Investment Limited Sustained Operational Strength in 2024 FY 2024 Performance Snapshot7 NPI 3-21%8 DPU Yield 6-8% Portfolio Occupancy ƕŁīĤ%ī Rental Reversion ƕŁħ%10 In FY 2024, CLI’s listed funds demonstrated resilience amid an elevated interest rate environment, delivering stable performance across key financial and operational metrics. Income increased across most funds, with double-digit growth in net property income (NPI) for CLINT and CLMT and gross profit for CLAS. This was driven by a strong acquisition momentum over the past two years, the completion of asset enhancement initiatives (AEI), and healthy leasing activity. Similarly, across most funds, distribution per unit (DPU) increased, while portfolio occupancy remained robust and rental reversion was positive. CLI’s listed funds maintained a disciplined approach to capital management, with aggregate leverage below 40% as at 31 December 2024. The cost of debt was between 3% and 6%, with a moderate increase across most funds during the year. 7 Excludes JHR. 8 Includes all listed funds with the exception of CLCT. Instead of NPI, CLAS measures gross profit. 9 Includes all listed funds with the exception of CLAS. 10 Includes all listed funds with the exception of CLCT. Instead of rental reversion, CLAS measures revenue per available unit. 40% 18% 16% 12% 11% 3% CICT Equity CICT Debt CLAS Debt CLINT Debt CLAR Debt CLCT Debt S$2.8 billion Total Capital Raised by Listed Funds in FY 2024 FY 2023 FY 2024 532 1,162 2,479 1,110 Investments Divestments 3,589 1,694 >2x Total Listed Funds Investments and Divestments (S$ million) Despite a challenging fundraising environment in FY 2024, CLI’s listed funds collectively raised S$2.8 billion, demonstrating strong investor confidence and financial resilience. Notably, 40% (S$1.1 billion) was equity capital secured for CICT’s acquisition of ION Orchard in Singapore, with its private placement tranche approximately 3.7 times subscribed. The remaining S$1.7 billion was raised through debt financing, reflecting our well-diversified funding sources. Transactional Activities Gained Momentum in the Second Half of 2024 Following the US Federal Reserve’s first rate cut in September 2024, transactional activity among CLI’s listed funds accelerated, reaching S$3.4 billion in the second half of 2024. This brought the full-year total to S$3.6 billion—double the amount recorded in the previous year. During the year, investments were made across CLAR, CLAS, CLINT, CLMT, and CICT, with CICT’s S$1.9 billion acquisition of ION Orchard in Singapore serving as an example of CLI's ability to enhance the portfolio of our listed funds. Similarly, divestments nearly doubled YoY, unlocking S$1.1 billion in capital. Ongoing Value Creation from AEIs and Redevelopments CLI’s listed funds actively review and rejuvenate portfolio assets to ensure continued market relevance and long-term value creation. Sustainability remains a core priority, with green standards systematically integrated into the asset enhancement and redevelopment process. As at 31 December 2024, CLI’s listed funds have committed more than S$960 million towards AEI and redevelopment projects. In FY 2024, projects totaling approximately S$150 million were completed. 29 Annual Report 2024
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