Real Estate Investment Business Performance CLI’s REIB invests in a diversified portfolio of real assets across various markets. It comprises assets held on our balance sheet, as well as our share of assets held under our listed and private fund vehicles. 8.6 FY 2023 FY 2024 4.3 FY 2023 FY 2024 5.1 5.3 FY 2023 FY 2024 7.9 8.3 Based on open market value Balance Sheet Based on carrying value Private Funds Based on carrying value Listed Funds Value of Effective Stakes in Assets by Holding Structure (S$ billion) A significantly stronger balance sheet S$4 billion1 was divested from CLI's balance sheet in FY 2024, unlocking proceeds and creating significant capacity to invest for growth. Carrying value in private funds increased slightly Due to CLI's general partner stakes in new private funds launched in FY 2024. Increase in carrying value and capital efficiency in listed funds stakes Due to CICT’s equity fundraising for its acquisition of ION Orchard in Singapore, partially offset by the sale of a 4.9% stake in CLAS, which reduced our holding in CLAS to approximately 24%. 1 Refers to effective divestment value based on CLI’s effective stake divested. 2 Assumes the same level of equity as at 31 December 2024. 3 Refers to gross divestment values based on agreed property value (100% basis) or sales consideration. FY 2024 Performance Review 36 CapitaLand Investment Limited Accelerated Capital Recycling Strengthens Balance Sheet With major central banks initiating rate cuts and dealmaking momentum returning, CLI’s capital recycling accelerated significantly in the second half of the year, to S$5.5 billion in total gross divestments for FY 2024 — more than double the S$2.1 billion divested in FY 2023. Of the total gross divestments, S$3.6 billion in balance sheet assets (66%) was strategically recycled into CLI’s listed and private funds, supporting FUM growth. Key transactions included CLI's divestment of its 50% stake in ION Orchard to CICT, lyf Shibuya Tokyo and a 50% stake in lyf Bugis Singapore to CLARA II, and Ascendas iHub Suzhou to China Business Park RMB Fund III. Following greater traction in capital recycling in FY 2024, CLI’s balance sheet assets available for divestments halved to S$4.3 billion. Harnessing Our Balance Sheet As A Strategic Asset For Growth On the back of our strong performance in capital recycling, CLI’s net debt-to-equity ratio decreased to 0.39 times as at 31 December 2024 from 0.56 times a year ago, creating approximately S$4.5 billion to S$7.4 billion in debt headroom2, expanding CLI’s capacity to grow. Of the available debt headroom, more than S$1.2 billion has been committed to supporting the growth of funds under SCCP and Wingate as well as the build up of private credit funds in FY 2025 through the warehousing of loans on CLI’s balance sheet. In addition, approximately S$500 million will be allocated towards our strategic investments in SCCP and Wingate. This leaves an estimated S$2 billion to S$5 billion in dry powder for growth opportunities in FY 2025, including asset warehousing, seeding capital for new funds and pursuing new platform acquisitions. 39% 27% 25% 9% FY 2024 Gross Divestments Divested to Listed Funds Divested to Private Funds Divested to External by CLI Divested to External by Funds S$5.5 billion3
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