CapitaLand Investment Limited Annual Report 2024
CapitaLand was founded in Singapore at the turn of the millennium. 25 years of shaping cities, economies, and societies around the world. We have been building people and communities. Becoming a global leader in real asset management. 25 years on, We continue reimagining the way we experience the world. Forging ahead with thematic investments. Driving strong returns and long-term sustainable growth. Creating long-term value for all our stakeholders. Our Vision The preferred global real asset manager creating sustainable positive impact. Our Mission Creating long-term sustainable returns through responsible capital stewardship and impactful investment in real assets globally. Forging Ahead, Shaping The Future The cover design embodies our continuing drive to forge ahead with clarity, conviction and confidence in our strategies to grow our business. The dynamic interplay of circular nodes and diagonal beams conveys upward momentum achieved through embracing innovation and transformation. Set within a structured yet evolving grid, the design underscores adaptability and agility, reflecting our relentless quest to create superior value for our investors and contribute positively to the communities where we operate. The focal red circle that proudly represents the red dot in CapitaLand’s logo symbolises our Group’s foundation in Singapore, established in 2000. CapitaLand Investment is well on its journey to becoming a global leader in real asset management and making an impact in shaping a better future for all our stakeholders. Contents Overview About Us 2 FY 2024 Performance Highlights 3 Message to Shareholders 4 Our Board of Directors 8 Our Senior Leadership Council 12 ESG Highlights 14 Performance FY 2024 Performance Review 16 Our Stakeholders 40 Governance Sustainability Management 44 Risk Management 45 Corporate Governance 50 Financial Statements Financial Statements 76 Other Information Key Management 193 Principal Subsidiaries Property Portfolio 195 Shareholding Statistics 197 Interested Person Transactions 199 Directors Seeking Re-election 200 Glossary 206 Corporate Information 207 1 Annual Report 2024
About Us Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. We operate in 270 cities in 45 countries, and our core markets are Southeast Asia, China and India. We also have an expanding presence in Australia, Japan, Korea, UK and Europe, as well as the USA. Our real asset management expertise has helped us build up a diversified portfolio of recognisable brands, assets and operating platforms, across asset classes including retail, office, lodging, industrial, logistics, business parks, wellness, self storage, data centres, private credit and special opportunities. As at 31 December 2024, CLI had S$136 billion of assets under management, as well as S$117 billion of funds under management held in seven listed real estate investment trusts1 and business trusts and a suite of private fund vehicles that invest in Demographics, Disruption and Digitalisation-themed strategies. Our core markets Southeast Asia China India Other key markets Australia Japan Korea UK and Europe USA Our Global Presence 1 Includes Japan Hotel REIT (JHR). CLI made a strategic investment of a 40% stake in SC Capital Partners Group, which owns 87.6% of Japan Hotel REIT Advisors Co., Ltd. The transaction was completed on 7 March 2025. 2 RE AUM represents total value of real estate managed by CLI Group entities stated at 100% property carrying value. Includes RE AUM of lodging assets which are operational and under development. 3 As at 31 December 2024. 4 FUM refers to the share of total assets under CLI listed funds and private funds. Includes announced acquisitions/divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis and forward purchase contracts. Map & Dots are for illustrative purposes and not plotted to scale and exact location Southeast Asia 41% China Real Estate Assets Under Management (RE AUM2): S$136 billion3 35% India 4% Australia, Japan, Korea 12% UK & Europe, USA 8% Southeast Asia 39% China Funds Under Management (FUM4): S$117 billion3 26% India 7% Australia, Japan, Korea 20% UK & Europe, USA 8% 2 CapitaLand Investment Limited FY 2024 Performance Highlights Revenue S$ 2,815 M (FY 2023: S$2,784M) Total PATMI S$ 479 M (FY 2023: S$181M) Operating PATMI S$ 510 M (FY 2023: S$568M) Revenue Under Management1 S$ 7,960 M (FY 2023: S$7,768M) REIB Revenue S$ 1,864 M (FY 2023: S$1,930M) REIB EBITDA S$ 1,008 M (FY 2023: S$669M) FRB Revenue S$ 1,169 M (FY 2023: S$1,070M) Funds Under Management S$ 117 B (FY 2023: S$99B) Fund Management (FM) Fee Related Earnings (FRE) S$ 440 M (FY 2023: S$410M) Sustainable Group Returns Real Estate Investment Business (REIB) Disciplined Capital Management Fee Income-related Business (FRB) 1 Revenue under management includes the full revenue of CLI’s global portfolio, including revenue of its non-consolidated funds and its six listed real estate investment trusts and business trusts, and excluding the funds under SC Capital Partners Group and Wingate Group Holdings. This is used to derive CLI’s carbon intensity by revenue which is calculated by total Scope 1 and 2 carbon emissions from its global portfolio divided by revenue under management. 2 The proposed dividends for FY 2024 consist of an ordinary dividend of 12 Singapore cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust (CICT) units per share, valued at approximately 6 Singapore cents, based on CLI’s issued shares as at 31 December 2024 and CICT’s share price at market close on 26 February 2025 of S$1.98. The actual dividend payment will be determined on the book closure date. Net Debt / Equity 0.39x (FY 2023: 0.56x) Capital Recycled S$ 5.5 B (FY 2023: S$2.1B) Capital Deployment S$ 5.4 B (FY 2023: S$2.9B) Dividends 18 (FY 2023: 12 Singapore cents) Singapore cents2 3 Annual Report 2024
Message to Shareholders Mr Miguel Ko Chairman Mr Lee Chee Koon Group Chief Executive Officer Forging Ahead, Shaping The Future Dear Shareholders, For 25 years, CapitaLand Group has been a builder—of properties, investment strategies, and long-term value. Our 2021 restructuring sharpened our focus, making CapitaLand Investment (CLI) a real asset manager. As we mark CapitaLand Group’s 25th anniversary this year, our commitment remains unchanged: delivering sustainable growth and compounding returns for those who place their trust in us. Strengthening Our Foundation, Scaling Our Portfolio In 2024, market conditions remained mixed. Some clouds lifted, particularly as central banks moved toward interest rate cuts. But global growth stayed uneven, and geopolitical uncertainty was a reality we navigated daily. Through it all, our strategy held firm—stick to fundamentals, allocate capital wisely, and position CLI for the long game. Our base remains strong in Singapore, India, and China, with thoughtful expansion into other Asian markets. Singapore continues to be a steady anchor, giving us a vantage point to seize opportunities across Southeast Asia. In India, our ambition is to more than double our Funds Under Management (FUM) by 2028. In China, we are steadily building domestic capital partnerships. Beyond these core markets, we are methodically growing our presence in Australia, Japan, and Korea. Our 4Q 2024 acquisition of Wingate Group Holdings (Wingate) in Australia expanded our FUM in the country by 30%, strengthening our private credit capabilities, and opening doors to new investors. Our strategic investment in SC Capital Partners Group (SCCP)ĵ tripled our exposure in Japan and added access to the country’s REIT market through its Japan Hotel REIT manager. These acquisitions added S$13 billion in FUM, bringing CLI’s total to S$117 billion as at 31 December 2024. In Europe and the USA, we continue to build teams, deepen partnerships, and evaluate strategic acquisitions. As always, we will move decisively but patiently—only when the numbers make sense. Delivering Consistent Financial Performance CLI delivered S$479 million in Profit After Tax and Minority Interests (PATMI) in FY 2024, up 165% from the previous year. Fee income from our four business lines—Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management—continued to grow. Revenue from the real estate investment business was mainly affected by the absence of income from divested assets as CLI continued its asset-light strategy. We divested S$5.5 billion in assets, more than doubling our 2023 figure. Though asset valuations remain under pressure, the impact has eased from the previous year. Based on S$740 million in Cash PATMI, we propose a core dividend of 12 Singapore cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust (CICT) units per share, valued at about 6 Singapore centsĶ. In total, this returns S$904 million to shareholders. On top of this, we executed S$358 million in share buybacks in 2024. Our Board has also proposed raising CLI’s annual dividend payout to at least 50% of Cash PATMI. As always, our guiding principle is simple: we return capital when it makes sense, and we reinvest when we see better opportunities. Transition into a Fee-based Business Taking Shape CLI’s transformation into a fee-based business gained further momentum in 2024. Our four core pillars, Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management are driving growth. Our Listed Funds Management and Private Funds Management platforms are built around three enduring investment thematics—Demographics, Disruption and Digitalisation. In 2024, we attracted more than S$3.3 billion across both fund management platforms and launched eight new private funds, including two private credit funds, a Japan logistics fund, and a follow-on global lodging fund. We deployed S$4.6 billion across CLI’s listed and private funds, with five of our REITs allocating S$2.5 billion into logistics, industrial, lodging and retail assets—assets that add resilience and long-term income stability. 1 CLI made a strategic investment of a 40% stake in SCCP, which was completed on 7 March 2025. 2 Based on CLI’s issued shares as at 31 December 2024 and CICT’s share price at market close on 26 February 2025 of S$1.98. The actual dividend payment can only be determined on the book closure date. 5 Annual Report 2024
Message to Shareholders Meanwhile, our private funds increased exposure into high conviction asset classes: under Demographics, to self storage, wellness, lodging & living, while under Disruption, private credit and logistics gained momentum. Under Digitalisation, we announced in February 2025, a US$700 million Osaka data centre development, which will seed a new fund product this year. Strategic platforms are accelerating our expansion. Our investments in SCCP and Wingate illustrate how targeted investments can strengthen expertise, expand investor access, and diversify product offerings. We will continue to look for opportunities that align with our core strengths—whether through acquisitions, partnerships, or joint ventures. Meanwhile, Lodging Management and Commercial Management remain key home-grown platforms that reinforce our ecosystem. The Ascott Limited (Ascott) celebrated its 40th anniversary in 2024, with record fee earnings of S$343 million and the largest-ever pipeline expansion—adding 11,700 units across 54 properties. The Oakwood platform saw a 30% increase in signings year-on-year. Memberships of the Ascott Star Rewards (ASR) programme grew by over 40%, fuelling more than 30% increase in ASR-driven revenue. Our partnership with Chelsea Football Club gave us exposure to a global fanbase of over 600 million people. Ascott’s recurring income grew by 12% year-on-year. Commercial Management also gained momentum beyond CapitaLand, securing nine third-party management contracts in Singapore and China. We remain on track to reach S$200 billion in FUM and S$500 million in Lodging Management fee income by 2028. In 2024, total fee income rose 9% for the third straight year, now contributing 62% of Operating PATMI, up from 54% in 2023. Financial Strength as a Competitive Advantage In a world where capital is increasingly constrained, CLI’s strong balance sheet is a competitive advantage. First, it allows us to move when opportunities arise. Second, it gives us flexibility—both in how we leverage debt and how we allocate capital. Third, it enables us to seed new fund products, investing alongside our capital partners. In FY 2024, we deployed S$5.4 billion across CLI Group, including S$300 million to warehouse assets for future funds and REITs. We also co-invested S$415 million in eight new private funds, aligning interests with investors. One example: the successful closure of the S$240 million Australia Credit Program, CLI’s first credit fund, where we initially acquired loan assets before attracting third-party investors. We have committed S$700 million to co-invest alongside SCCP and Wingate over the next few years. This reinforces CLI’s reputation as a trusted partner with deep operational expertise and financial strength. With our gearing at a low 39%, we have approximately S$7.4 billion in debt headroom3 to support future growth. Disciplined Capital Management In 2024, we divested S$5.5 billion of assets, with 66% of this amount recycled into fund vehicles. This included the S$1.85 billion divestment of ION Orchard, successfully transferred to CICT. We also reduced our stake in CapitaLand Ascott Trust (CLAS) to 24%, allowing its deconsolidation as a subsidiary. With our on-balance-sheet assets halved to S$4.3 billion, we are now focused on scaling our fund management platform and capturing new opportunities. Building for the Future Our people are our greatest asset. In 2024, we strengthened our leadership with 28 senior hires across investment, asset management, and corporate functions. In addition, we appointed two independent non-executive directors to our board: Mr Tham Kui Seng, who has extensive experience in real estate services, investment and hospitality, and Mr Eugene Paul Lai Chin Look, who brings deep expertise in private equity and investment banking. We are also deepening our commitment to AI-driven innovation. Since 2016, CLI has been at the forefront of AI adoption. Our goal is to implement 100 AI-driven projects by 2025, driving efficiencies across investment insights, smart building technologies, and customer engagement. Sustainability is core to our strategy. In 2024, CLI expanded renewable energy adoption, including a 21-megawatt solar power plant in India under CapitaLand India Trust, which generates over 30 million kilowatthours of electricity annually. Additionally, CLI introduced Cooling-as-a-Service systems across key Singapore properties, cutting energy use by more than 30%. Our leadership in sustainability is reflected in our inclusion in major sustainability indices such as the Dow Jones Bestin-Class World and Asia Pacific Indices, MSCI ESG Leaders Index (AAA rating), FTSE4Good Index Series, and achieving a leading position in the GRESB assessment. 3 Based on the available debt headroom, assuming the capacity to raise the net debt-to-equity ratio to 0.9 times. 6 CapitaLand Investment Limited Looking Ahead As we move into 2025, we remain focused on building a stronger, more competitive CLI. Market dislocations and financing pressures will create opportunities for patient capital, and we intend to seize them. While transaction volumes remain low, we see value in targeted investments— backed by a strong balance sheet, financial discipline, and a steady hand. We have set a S$50 million cost savings target to improve efficiency and position CLI as a globally competitive asset manager. Geopolitical and economic shifts will continue reshaping capital flows and delaying not just large-scale projects but broader capital spending decisions as well. Winning in this environment requires the ability to generate alpha—driving efficiency, targeting mispriced assets, and capitalising on structural trends such as digital infrastructure, demographic shifts, and private credit. Staying ahead means being decisive—deepening investor partnerships, strengthening our platforms, and doubling down on areas where we have a clear edge, while maintaining a rigorous approach to risk management amid heightened uncertainty. At the same time, ambition must always be matched by stewardship. As we execute our strategy, we must remain steadfast in safeguarding CLI’s reputation—one built over decades of discipline and integrity. Success is not just about doing the right deals, but doing them the right way. When making decisions, we must hold ourselves to the highest standards and apply the “newspaper test”— ensuring that every action we take reflects the trust placed in us by our stakeholders. We thank our team, Board, customers, and partners for their trust. And most importantly, we thank you, our shareholders, for believing in CLI. Sincerely, MIGUEL KO Chairman LEE CHEE KOON Group Chief Executive Officer 7 Annual Report 2024
Miguel Ko, 72 Chairman Non-Executive Non-Independent Director • Bachelor of Arts in Economics, University of Massachusetts, Boston, USA • Master of Business Administration, Suffolk University, USA • Certified Public Accountant by the State of New Hampshire Board of Accountancy, New Hampshire, USA Date of first appointment as a Director 2 June 2021 Date of appointment as Chairman 2 June 2021 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2024) 5 years 4 months1 Present principal commitments • CapitaLand Investment Limited (Chairman) • CapitaLand Group Pte. Ltd.2 (Deputy Chairman) Other major appointments • CapitaLand Hope Foundation (Chairman) • CLA Real Estate Holdings Pte. Ltd. (Deputy Chairman) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 Awards • Lifetime Achievement Award in 2021 (Hotel Investment Conference Asia Pacific - HICAP) • Lifetime Achievement Award in 2012 (China Hotel Investment Conference, Shanghai) • Regional Hotel Chief of the Year in 2007 and 2008 (voted by Readers of Travel Weekly) • Visionary Leader in 2007 (Travel Weekly Asia Industry Awards) • Global Award in 2007 (World Travel Mart in London) Anthony Lim Weng Kin, 66 Lead Independent Director Non-Executive Independent Director • Bachelor of Science, National University of Singapore • Advanced Management Program, Harvard Business School, USA Date of first appointment as a Director 3 June 2021 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2024) 7 years 4 months1 Present directorship in other listed company • DBS Group Holdings Ltd. Present principal commitments (other than directorship in other listed company) • CapitaLand Investment Limited (Lead Independent Director) • Central Provident Fund Board (Board Member) • Non-Resident Ambassador of the Republic of Singapore to the Republic of Colombia • Queensway Secondary School (Member of School Advisory Committee) • Temasek International Advisors Pte. Ltd. (Senior International Advisor) Other major appointment • CapitaLand Hope Foundation (Director) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 As the Lead Independent Director, Mr Anthony Lim is available to shareholders if they have concerns that could not be resolved through the normal channels of the Chairman or Group CEO, or where such contact is inappropriate. Mr Lim may be contacted at notify.secretariat@ capitaland.com. Lee Chee Koon, 50 Group Chief Executive Officer Executive Non-Independent Director • Bachelor of Science in Mechanical Engineering, National University of Singapore • Master of Science in Advanced Mechanical Engineering, Imperial College London, UK Date of first appointment as a Director 1 July 20194 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2024) 6 years1 Present principal commitment • CapitaLand Investment Limited (Group Chief Executive Officer and Executive Director) Other major appointments • CapitaLand Group Pte. Ltd.2 (Director) • CapitaLand Hope Foundation (Director) • St. Joseph’s Institution International Elementary School Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Ltd (Member of the Board of Governors) Past directorships in other listed companies held over the preceding five years • CapitaLand Limited3 • Managers of Ascott Residence Trust5 Award • Outstanding Chief Executive of the Year at the Singapore Business Awards 2022 1 Includes the relevant period of service as a director of CapitaLand Limited (now known as CapitaLand Group Pte. Ltd.) and, for Mr Lee Chee Koon, excludes his period of service as a Director of the Company (then known as CapitaLand Financial Limited) during the period from 1 May 2018 to 15 September 2018. 2 Previously known as CapitaLand Limited, which was delisted from the Official List of the Singapore Exchange Securities Trading Limited on 21 September 2021. 3 CapitaLand Limited was delisted from the Official List of the Singapore Exchange Securities Trading Limited on 21 September 2021. 4 Mr Lee Chee Koon was a Director of the Company (then known as CapitaLand Financial Limited) for a brief period from 1 May 2018 to 15 September 2018, when it was a wholly-owned subsidiary of CapitaLand Limited (now known as CapitaLand Group Pte. Ltd.). 5 Managers of Ascott Residence Trust (now known as CapitaLand Ascott Trust) comprising Ascott Residence Trust Management Limited (now known as CapitaLand Ascott Trust Management Limited) (Manager of Ascott Real Estate Investment Trust (now known as CapitaLand Ascott Real Estate Investment Trust), or “CLAS REIT”) and Ascott Business Trust Management Pte. Ltd. (now known as CapitaLand Ascott Business Trust Management Pte. Ltd.) (Trustee-Manager of Ascott Business Trust (now known as CapitaLand Ascott Business Trust), or “CLAS BT”). Ascott Residence Trust (now known as CapitaLand Ascott Trust) is a stapled group comprising CLAS REIT and CLAS BT with effect from 31 December 2019. Our Board of Directors 8 CapitaLand Investment Limited Chaly Mah Chee Kheong, 69 Non-Executive Independent Director • Bachelor of Commerce, University of Melbourne, Australia • Fellow, Institute of Chartered Accountants, Australia and New Zealand • Fellow, Certified Practising Accountants, Australia • Fellow, The Institute of Singapore Chartered Accountants • Fellow, Association of Chartered Certified Accountants, UK Date of first appointment as a Director 2 June 2021 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2024) 7 years 11 months1 Present directorship in other listed company • Netlink NBN Management Pte. Ltd. (Manager of Netlink NBN Trust) (Chairman) Present principal commitment (other than directorship in other listed company) • Surbana Jurong Private Limited (Chairman) Other major appointments • Flipkart Private Limited (Director) • Monetary Authority of Singapore (Director) • National Environment Agency (Deputy Chairman) • National University of Singapore (Member of the Board of Trustees) • Non-Resident Ambassador of the Republic of Singapore to the Republic of Costa Rica • SG Eco Fund (Member of Board of Trustees) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 Awards • Public Service Star (BBM) Singapore National Day Award 2022 • Public Service Medal (PBM) Singapore National Day Award 2014 Judy Hsu Chung Wei, 61 Non-Executive Independent Director • Bachelor of Science in Microbiology, University of British Columbia, Canada • Master of Business Administration in Finance, University of British Columbia, Canada Date of first appointment as a Director 1 June 2021 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2024) 3 years 7 months1 Present principal commitment • Standard Chartered Bank (CEO of Wealth & Retail Banking and Greater China & North Asia) Other major appointments • Hype Records Pte Ltd (Director) • Trust Bank Singapore Limited (Chairman) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 Gabriel Lim Meng Liang, 49 Non-Executive Non-Independent Director • Bachelor of Arts in Economics, University of Cambridge, UK • Master of Science in Economics, London School of Economics, UK • Master of Science in Management, University of Stanford, USA Date of first appointment as a Director 2 June 2021 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2024) 7 years 4 months1 Present principal commitment • Temasek International Pte. Ltd. (Joint Head, Corporate Strategy) Other major appointments • St. Joseph’s Institution International Elementary School Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Preschool Ltd (Member of the Board of Governors) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 9 Annual Report 2024
David Su Tuong Sing, 53 Non-Executive Independent Director • Bachelor of Applied Science in Computer Engineering, Nanyang Technological University, Singapore Date of first appointment as a Director 1 January 2022 Date of last re-election as a Director 29 April 2022 Length of service as a Director (as at 31 December 2024) 3 years Present principal commitments • Business China (Director) • MPCi (Founding Managing Partner) • MPC Management Pte. Ltd. (CEO) Other major appointments • EDBI Pte. Ltd. (Director) • Nanyang Technological University (Member of the Board of Trustees) Tan Sri Abdul Farid Alias, 57 Non-Executive Independent Director • Bachelor of Science in Accounting, Pennsylvania State University, University Park, USA • Master of Business Administration (Finance), University of Denver, USA • Advanced Management Program, Harvard Business School • Fellow Chartered Banker, Asian Institute of Chartered Bankers Date of first appointment as a Director 1 January 2023 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2024) 2 years Present directorships in other listed companies • Bursa Malaysia Berhad • CelcomDigi Berhad • Lotus Technology Inc. Other major appointments • Asian Institute of Chartered Bankers (Council Member) • Etika Automotive Sdn. Bhd. (Director) • Lotus Advance Technologies Sdn. Bhd. (Director) • Lotus Group International Limited (Director) Past directorships in other listed companies held over the preceding five years • Malayan Banking Berhad • PT Bank Maybank Indonesia Tbk Awards • Winner of The William “Bill” Seidman Awards for Lifetime Achievement in Leadership in the Financial Services Industry at The Asian Banker Leadership Achievement Awards 2022 • Outstanding CEO & Value Creator by The Edge Billion Ringgit Club in 2021 • CNBC Asia Business Leader Award for Corporate Social Responsibility in 2015 Helen Wong Siu Ming, 68 Non-Executive Independent Director • Bachelor of Science in Biology, University of Dayton, Ohio, USA • Master of Business Administration in Finance, Fordham University, New York, USA Date of first appointment as a Director 1 January 2022 Date of last re-election as a Director 29 April 2022 Length of service as a Director (as at 31 December 2024) 3 years Present principal commitment • LAPIS Global Limited (Director and CEO) Other major appointment • Lingotto Singapore Pte. Ltd. (Director) Past directorship in other listed company held over the preceding five years • Aseana Properties Limited Our Board of Directors 10 CapitaLand Investment Limited Belita Ong, 67 Non-Executive Independent Director • Bachelor of Arts (Honours) in Mathematics and Economics, University of Cambridge, UK • Master of Arts in Mathematics and Economics, University of Cambridge, UK Date of first appointment as a Director 1 January 2024 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2024) 1 year Present principal commitment • Dalton Investments LLC (Chairman) Other major appointments • Federal Reserve Bank of New York (Member of Investor Advisory Committee on Financial Markets) • Elings Park Foundation (Director) Award • President’s Scholarship and Overseas Merit Scholarship from the Government of Singapore Eugene Lai, 61 Non-Executive Independent Director • Bachelor of Laws (First Class Honours), The London School of Economics and Political Science, University of London, UK • Master of Laws, Harvard University, USA • Masters in Christian Studies (Cum Laude), Biblical Graduate School of Theology, Singapore • Admitted to the Roll of Solicitors, England & Wales • Admitted to the New York State Bar • Admitted to the Singapore Bar • Admitted to the Malaysian Bar Date of first appointment as a Director 1 January 2025 Date of last re-election as a Director Not applicable Length of service as a Director (as at 31 December 2024) Not applicable Present directorship in other listed company • Paragon REIT Management Pte. Ltd. (Manager of Paragon REIT) Present principal commitments (other than directorship in other listed company) • Boardroom Pte. Ltd. (Chairman and Director) • Heliconia Capital Management Pte. Ltd. (Deputy Chairman and Director) Other major appointment • Apricus Global Pte. Ltd. (Director) Past directorship in other listed company held over the preceding five years • Perennial Real Estate Holdings Limited Tham Kui Seng, 67 Non-Executive Independent Director • Bachelor of Arts in Natural Science - Engineering Science, University of Oxford, UK Date of first appointment as a Director 1 January 2025 Date of last re-election as a Director Not applicable Length of service as a Director (as at 31 December 2024) Not applicable Other major appointments • Avanda Investment Management Pte. Ltd. (Director) • Mellford Pte. Ltd. (Advisor) • Peachwood & Co Pte. Ltd. (Director) • Straits Real Estate Pte. Ltd. (Director) Past directorships in other listed companies held over the preceding five years • Banyan Tree Holdings Limited • Sembcorp Industries Ltd 11 Annual Report 2024
Our Senior Leadership Council Lee Chee Koon Group Chief ñàܧëŁE ĝÒ Andrew Lim Group Chief EÏÒ~ܧ¾¡ŁE ĝÒ Paul Tham Group Chief #§¾~¾§~·ŁE ĝÒ Ervin Yeo Group Chief WÜÒ~Ü¡òŁE ĝÒŁ and Chief Executive E ĝÒŅŁ Ľ½Ò§~·Ł >~¾~¡½¾Ü Patricia Goh Chief Executive E ĝÒŅŁWÄàÜ¥~ÖÜŁ Ö§~Ł*¾ëÖܽ¾Ü Suzanne Spells $¾Ò~·Ł Äà¾Ö· Tan Tze Wooi $ÒÄàÏŁ ¥§ ŁS§ÖµŁ E ĝÒ Tony Tan Chief Executive E ĝÒŅŁ ~ϧÜ~8~¾Ł *¾Ü¡Ò~ÜŁ Ľ½Ò§~·Ł]ÒàÖÜŁ >~¾~¡½¾ÜŁ 8§½§Ü Manohar Khiatani Senior Executive Director 12 CapitaLand Investment Limited Kevin Goh Chief Executive E ĝÒŅŁ8Ä¡§¾¡ Quah Ley Hoon Group Chief ÄÒÏÄÒ~ÜŁE ĝÒ Puah Tze Shyang Chief Executive E ĝÒŅŁ ¥§¾~ Sanjeev Dasgupta Chief Executive E ĝÒŅŁ*¾§~ Hideto Yamada Chief Executive E ĝÒŅŁ5~Ï~¾ Janine Gui ¥§ Ł>ŵ ŁE ĝÒŅŁ 8*Ł~¾Ł ÏàÜòŁ EŅ 8*Ł*¾ÜÒ¾~ܧľ~· Vinamra Srivastava ¥§ ŁWàÖÜ~§¾~§·§ÜòŁ ŵŁWàÖÜ~§¾~·Ł *¾ëÖܽ¾ÜÖŁE ĝÒ William Tay Chief Executive E ĝÒŅŁ ~ϧÜ~8~¾Ł Ö¾~ÖŁS *]Ł >~¾~¡½¾ÜŁ 8§½§Ü Please visit our website at www.capitalandinvest.com or scan the QR code for detailed profiles. 13 Annual Report 2024
Environmental and Social Highlights as at 31 December 2024 Accolades 92% of staff attended at least 1 ESG training staff engagement score 85% ESG Highlights 1 Percentage based on m2 of CLI’s owned and operationally-managed properties. 37% women in senior management S$4.3 billion Ò~§ÖŁ§¾ŁÖàÖÜ~§¾~·Łĝ¾~¾§¾¡ŁòŁ 8*Ł~¾Ł§ÜÖŁ·§ÖÜŁS *]ÖŁ~¾Ł business trusts in FY 2024 62% of global portfolio achieved ¡Ò¾Łà§·§¾¡ŁÒܧĝ~ܧľ1 8*Ł§ÖŁÄ½½§ÜÜŁÜÄŁ§¾¡Ł~ŁÒÖÏľ֧·ŁÄ½Ï~¾òŁ~¾ŁÏ·~ÖŁÖàÖÜ~§¾~§·§ÜòŁ~ÜŁÜ¥ŁÄÒŁÄ Łì¥~ÜŁ§ÜŁÄÖńŁ 8*Ł¥~ÖŁÄ½½§ÜÜŁ ÜÄŁ~¥§ë§¾¡Ł?ÜŁyÒÄŁ~ÒľŁ½§ÖÖ§Ä¾ÖŁ ÄÒŁWÄÏŁģŁ~¾ŁĤŁòŁĤĢħĢŅŁÄ¾ÜÒ§àܧ¾¡ŁÜÄŁÜ¥Ł¾ë§Òľ½¾Ü~·Ł~¾ŁÖħ~·Łì··ŕ§¾¡Ł Ä ŁÜ¥ŁÄ½½à¾§Ü§ÖŁì¥ÒŁ§ÜŁÄÏÒ~ÜÖŁ~ÖŁ§ÜŁ·§ëÒÖŁ·Ä¾¡ŕÜÒ½ŁÄ¾Ä½§Łë~·àŁÜÄŁ§ÜÖŁÖÜ~µ¥Ä·ÒÖń >ÄÒŁÜ~§·ÖŁì§··ŁŁ~ë~§·~·Ł§¾ŁÜ¥Ł 8*Ł$·Ä~·ŁWàÖÜ~§¾~§·§ÜòŁSÏÄÒÜŁĤĢĤĦŅŁì¥§¥Ł§ÖŁÖ¥à·Ł ÄÒŁÏà·§~ܧľŁòŁĥģŁ>~òŁĤĢĤħń 2 0 2 4 CLI scored “A” for GRESB Public Disclosure Dow Jones Best-in-Class World Index Dow Jones Best-in-Class Asia Pacific Index 14 CapitaLand Investment Limited 2 Includes Southeast Asia, China and India. Board Matters 50 S½à¾Ò~ܧľŁ>~ÜÜÒÖ 60 Äà¾Ü~§·§ÜòŁ~¾Ł à§Ü 68 W¥~Ò¥Ä·ÒŁS§¡¥ÜÖŁ~¾Ł ¾¡~¡½¾Ü 71 Compliance with the Code of Corporate Governance Board Composition Committee Composition Expertise and Experience #ÄÒŁ½ÄÒŁ§¾ ÄÒ½~ܧľŅŁÏ·~ÖŁÒ ÒŁÜÄŁÜ¥ŁÒ·ë~¾ÜŁÏ~¡ÖŁ§¾ŁÜ¥§ÖŁ~¾¾à~·ŁÒÏÄÒÜń Gender Diversity 7 Males 3 Females Governance Highlights as at 31 December 2024 Board Independence 7 Independent 3 Non-Independent Strategy and Sustainability Committee ħŁ½½ÒÖŁ Executive Resource and Compensation Committee 4 members *¾Ï¾¾Ü ?ľŕ*¾Ï¾¾Ü Executive Committee 4 members Audit Committee 4 members Risk Committee 4 members ¡ŁPÒÄĝ· 5 3 2 ħħŁò~ÒÖŁŵŁ·Äì ħĨŕĨħŁò~ÒÖŁÄ· ĨĨŁò~ÒÖŁŵŁ~Äë Tenure Mix 3 2 5 ĢŕĥŁò~ÒÖ ĥŕĨŁò~ÒÖ ƓĨŁò~ÒÖ Core Markets2 Investment Management Investment Banking Retail/Workspace/Hospitality Financial/Accounting/ Capital Management/Risk Management Global/Regional Technology Government Relations General Management & Business Operations 7 4 4 6 9 5 2 3 10 Number of Directors Nominating Committee 3 members 15 Annual Report 2024
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
5 The transaction was completed on 7 March 2025 and CLI will acquire the remaining stake in SCCP in phases over the next five years, subject to the fulfilment of conditions. 6 2028P refers to projections in 2028 based on CLI’s growth strategy. 7 Ascott entered into a joint venture with Jin Jiang Hotels (China Region) in October 2024 to advance the asset-light expansion of their apartment hotel brands in China. CLI has built deep expertise in our core markets of Singapore, China, and Indiaover more than three decades. In 2024, CLI marked 30 years of operations in China and India, underscoring our established networks and investment track record in these key markets. With Singapore integrated into the broader Southeast Asia strategy, 39% of CLI’s FUM is contributed by this region, a level we expect to largely maintain. In India, CLI aims to double our FUM by 2028. China currently accounts for approximately a quarter of CLI's total FUM, and we remain committed to optimising our presence through a domestic-for-domestic fund strategy. Further strengthening our leadership in Asia Pacific, we have expanded our footprint in key markets such as Australia and Japan through our fund management platform. Notably, we tripled our presence in Japan and grew our portfolio in Australia by 30% through two strategic transactions in 2024: • Investment in a 40% stake in SC Capital Partners Group (SCCP)5, a diversified real estate investment manager • Acquisition of Wingate Group Holdings (Wingate), one of the largest private credit investment managers in Australia. CLI also continued to scale our presence in Korea through its fund strategies, managing a total of nine private funds, including two launched in 2024. Looking ahead, CLI will strategically expand in UK, Europe and the USA to capture new growth opportunities. Our established operating platforms and fund vehicles will provide a strong foundation to scale across highconviction themes and penetrate strategic markets. 2024 UK & Europe and the USA % of FUM 2028P6 8% 10-15% Positioned for Growth With thematic strategies, established operating platforms, and scalable investment vehicles, CLI is positioned to grow its FUM to S$200 billion by 2028. FY 2024 Performance Review 18 CapitaLand Investment Limited 2024 2024 2028P6 2028P6 7% 10-15% 26% 20% 39% 25-35% 30-40% 15-20% 2024 2024 2028P6 2028P6 Listed Funds Operating Platforms Primary Growth Drivers Southeast Asia China Australia, Japan & Korea UK & Europe, USA India Thematics and Strategies • Data Centres • Lodging & Living • Logistics • Self Storage • Wellness • Data Centres • Lodging & Living • RMB funds • Special Situations • Data Centres • Lodging & Living • Logistics • Private Credit • Data Centres • Lodging & Living • Logistics • Private Credit • Self Storage • Special Situations • Data Centres • Lodging & Living • Logistics Singapore China % of FUM Australia, Japan and Korea % of FUM Southeast Asia % of FUM India % of FUM 7 19 Annual Report 2024
Financial Performance CLI achieved an overall Profit After Tax and Minority Interests (PATMI) of S$479 million in FY 2024, 165% higher than FY 2023. This was mainly due to reduced revaluation losses, better performance from the FRB segment and higher portfolio gains. Through concerted capital recycling efforts, CLI generated net portfolio gains of S$230 million in FY 2024, which has significantly reduced CLI’s holdings in non-fund investments, enhancing capital efficiency and increasing CLI’s capacity to invest for growth. Components of PATMI (S$ million) FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 568 510 213 230 781 740 (600) (261)1 181 479 Operating PATMI 10% YoY Lower in FY 2024 mainly due to • absence of contribution from divested properties • lower one-off income from lodging operations • higher foreign exchange losses and interest expenses • partially mitigated by improved performance mainly from FRB Total PATMI 165% YoY Cash PATMI 5% YoY Portfolio Gains 8% YoY • Higher due to stronger divestment activity • Largely attributed to divestments of a retail mall in Singapore, as well as business parks in India and China Revaluation (unrealised)/ Impairment 57% YoY Revaluation losses were mainly in China and the UK, partially mitigated by gains in India and Singapore = = + + 1 Includes S$82 million of non-cash, accounting loss from the deconsolidation of CapitaLand Ascott Trust (CLAS), which includes the realisation of foreign currency translation losses and remeasurement of the retained stake. FY 2024 Performance Review 20 CapitaLand Investment Limited Revenue by Business Segments (S$ million) Revenue increased in FY 2024, driven by a 9% growth in revenue from FRB, partially offset by the absence of revenue contribution from divested properties. In terms of geographical segment, CLI’s two core markets, Singapore and China, accounted for 37% (FY 2023: 36%) of total revenue. The remaining revenue was contributed by other developed markets (50%) and other emerging markets (13%). 2,784 2,815 1,070 1,930 1,169 1,864 (218) (216) FRB Corporate and elimination REIB FY 2023 FY2024 EBITDA by Geography (S$ million) FY 2023 Total: 1,104 FY 2024 Total: 1,421 (306) 759 395 256 (29) 446 305 China Other Developed Countries Other Emerging Countries Singapore 699 EBITDA from Singapore declined mainly due to the losses recognised from the divestment of CLI's stake in CLAS and absence of contribution from divested properties, partially mitigated by higher event-driven fees earned from the fund management business. EBITDA from China improved mainly due to reduced losses from the revaluation of investment properties. EBITDA by Business Segments (S$ million) EBITDA was higher in FY 2024 primarily due to lower revaluation losses from investment properties. Operating EBITDA was comparable to FY 2023 as the absence of contribution from divested properties in Singapore, the USA and China was partially mitigated by the improved performance from the FRB segment. FY 2023 FY2024 1,104 1,421 436 1,038 Operating (23) (30) Nonoperating 404 FRB Corporate and elimination REIB operating REIB non-operating 1,040 Operating (371) Nonoperating 31 21 Annual Report 2024
Revenue and EBITDA – by Business Segments Fee Income-related Business (FRB) FRB Revenue by Segments (S$ million) 318 299 1,169 1,070 122 Listed Funds Management 6% YoY FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Private Funds Management Lodging Management Commercial Management 17% YoY Total 9% YoY 279 4% YoY 10% YoY 329 331 111 299 386 343 122 318 20 36 9 16 282 111 102 106 331 343 386 329 Event Driven / One-off Recurring The 9% increase in FRB revenue was bolstered by growth in revenue across all four FRB segments, driven by the increase in FUM, new openings and additional third-party management contracts. In line with higher revenue, FRB EBITDA grew 8% to S$436 million. Overall EBITDA margin remained stable at 37% year-on-year (YoY). As at 31 December 2024, FUM stood at S$117 billion2. This is an increase of S$18 billion over the FUM of S$99 billion as at 31 December 2023, mainly from the strategic investment in SCCP and acquisition of Wingate3, coupled with asset acquisitions by CLI’s listed and private funds, additional capital raised from existing funds, as well as the establishment of new funds during the year. For FY 2024, CLI achieved fund management fee-related earnings (FRE) over FUM4 of 48 basis points (bps), higher than the 46 bps achieved for FY 2023. 2 Includes announced acquisitions/divestments not yet completed; committed but undeployed capital for private funds on a leveraged basis; and forward purchase contracts. 3 CLI made a strategic investment of a 40% stake in SCCP, which was completed on 7 March 2025, and a strategic acquisition of 100% of Wingate, expected to be completed in 1H 2025. 4 Refers to revenue from listed and private funds management over average FUM deployed for the year. FY 2024 Performance Review 22 CapitaLand Investment Limited Real Estate Investment Business (REIB) REIB revenue for FY 2024 declined 3% to S$1,864 million5 (FY 2023: S$1,930 million), mainly due to the absence of contribution from divested properties, partially mitigated by higher rental revenue from CLI’s lodging properties, which registered both revenue per available unit (RevPAU) and occupancy growth across most geographies. EBITDA for FY 2024 increased 51% to S$1,008 million (FY 2023: S$669 million), mainly attributed to reduced revaluation losses from investment properties. Excluding the impact of unrealised revaluation/impairment and portfolio gains, the operating EBITDA in FY 2024 of S$1,038 million was comparable to S$1,040 million achieved in FY 2023. The loss of income from the divested on-balance sheet properties was offset by higher returns from CLI’s investments in listed and private funds due to enlarged portfolios and improved operating performance from existing properties. CLI’s Financial Position Arising from disciplined capital recycling and the deconsolidation of CLAS during FY 2024, CLI’s balance sheet has strengthened considerably. As at 31 December 2024, CLI’s total assets amounted to S$25 billion (FY 2023: S$34 billion), with equity-accounted associates and joint ventures contributing 55% and investment properties accounting for 20%. In terms of geography, Singapore and China collectively accounted for approximately 72% of CLI’s total assets. Cash and cash equivalents remained stable at S$2.3 billion (FY 2023: S$2.5 billion). Repayment of borrowings from divestment proceeds as well as the deconsolidation of CLAS has improved CLI’s net debt position by almost 45% to S$5.6 billion from S$10.1 billion. Shareholders’ Equity As at 31 December 2024, the issued and paid-up ordinary share capital (excluding treasury shares) of the Company comprised 5.0 billion shares amounting to S$10.8 billion. CLI’s total reserves decreased from S$3.2 billion in FY 2023 to S$2.8 billion in FY 2024, mainly due to the distribution of FY 2023 dividends and purchase of treasury shares, partially mitigated by net profits generated for the year. As at 31 December 2024, total shareholders’ funds was S$13.5 billion (FY 2023: S$14.0 billion). Dividends The Board of Directors of the Company (the Board) has proposed a total dividend of 18.0 Singapore cents in respect of the financial year ended 31 December 2024, comprising: (a) a tax-exempt ordinary dividend of 12.0 Singapore cents per share which would amount to a payout of approximately S$598 million6; and (b) a special dividend-in-specie of up to 155 million units in CapitaLand Integrated Commercial Trust (CICT) that CLI holds on the basis of 0.031 CICT units per share valued at approximately 6.0 Singapore cents7. The distribution of CICT units will reduce CLI’s shareholdings in CICT by approximately 2%, bringing it to 21%. The Board considers that it is an opportune time to unlock value for shareholders by offering them the chance to benefit from the positive momentum of CICT’s financial performance through the unit distribution, while also rebalancing CLI’s holding in CICT and improving capital efficiency. 5 Lodging operations contributed S$1.4 billion to REIB revenue in FY 2024, of which 65% was contributed by room rental from owned properties. 6 Based on the number of issued shares (excluding treasury shares) as at 31 December 2024. 7 Based on CICT’s share price at market close on 26 February 2025 of S$1.98. 23 Annual Report 2024
Financial Highlights 2022 2023 2024 (A) INCOME STATEMENT (S$ million) Revenue 2,876 2,784 2,815 FRB revenue 984 i 1,070 1,169 Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,966 1,104 1,421 Profit After Tax and Minority Interests (PATMI) 861 181 479 Comprising: Operating PATMI 609 568 510 Portfolio gains 222 213 230 Revaluation (unrealised) and impairment 30 (600) (261)ii (B) BALANCE SHEET (S$ million) Investment properties 14,706 13,572 4,995 Associates and joint ventures 13,152 13,043 13,652 Cash and cash equivalents 2,668 2,460 2,308 Other assets 4,584 5,058 3,755 Less: Total borrowings and debt securities 12,590 12,590 7,901 Other liabilities 3,591 3,306 2,398 Net assets 18,929 18,237 14,411iii Equity attributable to owners of the Company 15,133 13,961 13,546 Non-controlling interests and perpetual securities 3,796 4,276 865 Total equity 18,929 18,237 14,411 (C) ECONOMIC VALUE ADDED (EVA) (S$ million) Net operating profit after tax (NOPAT) 1,523 694 1,026 Capital charge 1,747 2,094 2,056 EVA attributable to owners of the Company (145) (1,175) (840) (D) KEY PERFORMANCE METRICS Earnings per share (cents) 16.8 3.5 9.5 Return on equityiv (%) 5.5 1.2 3.5 Net asset value per share (S$) 2.96 2.74 2.72 Funds under management (FUM)v (S$ billion) 92 99 117 Overall all-in FRE/FUMvi (bps) 78 81 85 (E) DIVIDENDS (cents) Ordinary dividend per share 12.0 12.0 12.0 Special dividend per share 6.1vii – 6.0viii Total dividend per share 18.1 12.0 18.0 Notes i Includes performance fees of S$29 million recognised under other operating income. ii Includes S$82 million of non-cash, accounting loss from the deconsolidation of CLAS, which includes realisation of foreign currency translation losses and remeasurement of the retained stake. iii On 19 December 2024, CLI sold a 4.88% stake in CLAS, leading to the deconsolidation of CLAS as a subsidiary of CLI and its reclassification as an associate. The deconsolidation has resulted in a reduction of net assets and various balance sheet items and a corresponding increase in the balance of associates and joint ventures in 2024. iv Computed based on PATMI (after distribution to perpetual securities) over average equity attributable to owners of the Company. v Includes announced acquisitions/divestments not yet completed; committed but undeployed capital for private funds on a leveraged basis; and forward purchase contracts. vi Refers to FRE including fund management, lodging management and commercial management fees earned from the listed and private funds managed by the Group. The overall all-in FRE/FUM ratio is computed based on average FUM deployed for the year. vii Based on the distribution of 0.057013 CLAS stapled securities per CLI share and the closing market price of CLAS stapled securities on 11 May 2023 of S$1.07. viii Based on the estimated distribution of 0.031 CICT units per CLI share and the closing market price of CICT units on 26 February 2025 of S$1.98. The actual dividend payment can only be determined on book closure date. FY 2024 Performance Review 24 CapitaLand Investment Limited Treasury Highlights 2023 2024 Unutilised bank facilities and funds available for use (S$ million)i 7,635 8,120 Unutilised debt securities capacity (S$ million) 9,632 5,634 Net debtii/Equity (times) 0.56 0.39 Interest cover ratio (times)iii 3.8 3.5 Implied interest cost (per annum) 3.9% 4.1% Secured debt ratio 25% 23% Bank borrowings/Debt securities 83%/17% 78%/22% Average debt maturity 3.3 years 3.7 years Fixed/Floating rate debt 63%/37% 73%/27% i Includes S$6,373 million and S$7,784 million of Group cash and unutilised committed and uncommitted bank facilities of CLI’s treasury vehicles for 2023 and 2024 respectively. ii Includes S$728 million and S$579 million of lease liabilities for 2023 and 2024 respectively. iii Interest Cover Ratio excludes unrealised revaluation/impairment. Funding Sources and Interest Rate Profile As at 31 December 2024, 78% of CLI’s total debt was funded by bank borrowings and the balance of 22% was funded through debt securities. Fixed rate borrowings constituted 73% of the portfolio, with the balance on a floating rate basis. A high percentage of fixed rate funding is maintained for funding cost certainty. In managing its interest rate profile, CLI takes into account the interest rate outlook, the holding periods of its investment portfolio, the timing certainty of its planned divestments and operating cashflow generated from operations. Debt Maturity Profile As part of its financing strategy, CLI regularly reviews its loan portfolio, taking into account divestment and investment plans, the interest rate outlook and the prevailing credit market conditions. In its review, CLI aims to mitigate refinancing risks, diversify its sources of funding and extend its maturity profile where possible. Capital Management CLI is in a strong liquidity position of S$8,120 million, comprising S$2,308 million of cash and cash equivalents and S$5,812 million in available undrawn bank facilities. As at 31 December 2024, the unutilised debt securities capacity stood at S$5,634 million taking into account the deconsolidation of CLAS. Net gearing as at end 2024 was lower at 0.39 times as compared to 0.56 times as at end 2023, as a result of lower debt attributed to the disposal of subsidiaries (including the deconsolidation of CLAS) and net repayment of external borrowings and lower equity due to the deconsolidation of CLAS. CLI’s Interest Cover Ratio (ICR) was 3.5 times. The lower ICR in 2024 was mainly due to lower profits arising from the loss of contribution from divested properties and higher net interest expense during the year, partially mitigated by the improved performance from FRB. Finance costs for CLI were S$507 million for FY 2024. This was approximately 4% higher compared to S$488 million in FY 2023, mainly due to higher interest rates. Implied interest cost for FY 2024 was slightly higher at 4.1% (FY 2023: 3.9%) per annum. 2025 2026 2027 2028 2029 2030+ Debt1 Maturity Profile (S$ billion) 1.0 0.8 1.6 1.5 1.0 1.4 1 Debt excludes S$579 million of lease liabilities. 25 Annual Report 2024
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