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    C38U   SG1M51904654

CAPITALAND INTEGRATED COMMERCIAL TRUST

(C38U)
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CapitaLand Integrated Commercial Trust : CICT Portfolio Information as at 30 June 2021 / 1H 2021

07/28/2021 | 04:33am EDT
CICT Portfolio Information Mar 2021
Retail
Information on CICT Properties (Retail) (1)
Tampines Mall Junction 8 IMM Building Westgate Bugis Junction Bugis+ Clarke Quay Lot One Shoppers' Mall Bedok Mall JCube Bukit Panjang Plaza(3)
Address 4 Tampines Central 5 9 Bishan Place 2 Jurong East Street 21 3 Gateway Drive 200 Victoria Street 201 Victoria Street 3A/B/C/D/E River Valley Road 21 Choa Chu Kang Avenue 4 311 New Upper Changi Road 2 Jurong East Central 1 1 Jelebu Road
Land Tenure Leasehold tenure of 99 years with effect from 1 September 1992 Leasehold tenure of 99 years with effect from 1 September 1991 Leasehold tenure of 30 + 30 years with effect from 23 Jan 1989 Leasehold tenure of 99 years with effect from 29 August 2011 Leasehold tenure of 99 years with effect from 10 September 1990 Leasehold tenure of 60 years with effect from 30 September 2005 Leasehold tenure of 99 years with effect from 13 January 1990 Leasehold tenure of 99 years with effect from 1 December 1993 Leasehold tenure of 99 years with effect from 21 November 2011 Leasehold tenure of 99 years with effect from 1 March 1991 Leasehold tenure of 99 years with effect from 1 December 1994
Joint Venture Partners' Interests N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Number of tenants 164 164 470 246 220 87 59 143 191 117 117
NLA (sq ft) 356,228 254,105 Total: 963,378 409,087 396,419 214,376 293,248 227,664 222,469 210,043 163,652
Retail: 424,408
Warehouse: 538,970
Valuation as at 31 December 2020 (S$ million) 1,074.00 794.00 670.00 1,087.00 1,087.00 353.00 394.00 531.00 779.00 276.00 334.50
Committed occupancy as at 30 June 2021 99.9% 100.0% 99.9%(2) 98.0% 99.1% 96.9% 82.9% 99.7% 98.0% N.A.(4) N.A.(4)
Carpark Lots 637 305 1,324 610 648 325 424 321 265 341 326
1H 2021 Gross revenue (S$ million) 38.3 28.4 42.7 31.5 36.9 13.7 6.9 19.3 26.2 N.A.(5) N.A.(5)
1H 2020 Gross revenue (S$ million) 30.9 23.8 36.1 28.4 31.3 12.6 14.5 16.0 21.8 N.A.(6) N.A.(6)
1H 2021 Net property income (S$ million) 28.1 20.7 30.7 21.9 27.0 9.6 1.7 13.1 19.7 N.A.(5) N.A.(5)
1H 2020 Net property income (S$ million) 21.2 16.3 24.3 19.1 21.3 8.3 8.9 10.2 15.1 N.A.(6) N.A.(6)
Notes:
(1) All information stated on a 100.0% basis, unless otherwise stated. Number of tenants, NLA and valuations are as at 31 December 2020.
(2) Includes retail leases only.
(3) Comprises 90 out of 91 strata lots.
(4) JCube and BPP are classified under Others Assets. The total committed occupancy as at 30 June 2021 was 97.3%.
(5) JCube and BPP are classified under Others Assets. The total gross revenue and net property income for 1H 2021 for Other Assets were S$23.8 million and S$16.1 million respectively.
(6) JCube and BPP are classified under Others Assets. The total gross revenue and net property income for 1H 2020 for Other Assets were S$19.1 million and S$11.2 million respectively.
Office
Information on CICT Properties (Office) (1)
Income contribution of the office properties to CICT effective from 21 October 2020 to 31 December 2020. The 1H 2020 financial information provided below is for reference.
Asia Square Tower 2 CapitaGreen Capital Tower Six Battery Road One George Street 21 Collyer Quay(3) Gallileo Main Airport Center
Address 12 Marina View 138 Market Street 168 Robinson Road 6 Battery Road 1 George Street 21 Collyer Quay Gallusanlage 7/Neckarstrasse 5, 60329 Frankfurt am Main, Germany Unterschweinstiege 2-14, 60549 Frankurt, Germany
Land Tenure Leasehold tenure of 99 years with effect from 3 March 2008 (land lot only) Leasehold tenure of 99 years with effect from 1 April 1974 Leasehold tenure of 99 years with effect from 1 January 1996 Leasehold tenure of 999 years with effect from 20 April 1826 Leasehold tenure of 99 years with effect from 22 January 2003 Leasehold tenure of 999 years with effect from 19 December 1850 Freehold Freehold
Joint Venture Partners' Interests N.A. N.A. N.A. N.A. CICT: 50.0% OGS (II) Limited: 50.0% N.A. CICT: 94.9% CapitaLand: 5.1% CICT: 94.9% CapitaLand: 5.1%
Number of tenants 70 52 29 99 52 1 7 33
NLA (sq ft) Total: 776,909 700,372 734,739 499,365 445,735 200,469 436,179 649,462
Retail: 25,568
Office: 751,341
Valuation as at 31 December 2020 (S$ million) 2,128.0 1,611.0 1,389.0 1,414.0 1,122.0 468.0 576.0(4) 420.5(4)
Committed occupancy as at 30 June 2021 84.7%(2) 96.0% 96.8% 78.3% 96.9% 100.0% 100.0% 92.5%
Carpark Lots 266 184 415 191 178 53 43 1,513
1H 2021 Gross revenue (S$ million) 50.7 46.9 35.0 27.5 13.0 (50.0% interest) 4.3(3) 14.4 13.2
1H 2020 Gross revenue (S$ million) 51.6 44.7 35.8 26.5 12.8 (50.0% interest) 9.2 13.8 12.3
1H 2021 Net property income (S$ million) 39.1 37.7 26.3 20.8 10.2 (50.0 interest) 2.7 12.0 8.5
1H 2020 Net property income (S$ million) 40.0 35.9 27.3 19.2 10.1 (50.0 interest) 8.5 11.2 8.3
Notes:
(1) All information stated on a 100.0% basis, unless otherwise stated. Number of tenants, NLA and valuation are as at 31 December 2020.
(2) Includes retail and office leases. Lower occupancy due to the lease expiry of an anchor tenant, Allianz in 2Q 2021, backfilling in progress.
(3) Refers to amortised rent upon handover of property to tenant.
(4) Valuation stated is on a 100.0% basis and not proportioned to interest. The conversion rate used for the 31 December 2020 valuations was EUR1 = S$1.595.
Integrated Devt
Information on CICT Properties (Integrated developments) (1)
Raffles City Singapore(2) Funan Plaza Singapura The Atrium@Orchard CapitaSpring
Address 250 & 252 North Bridge Road; 2 Stamford Road; 80 Bras Basah Road 107 and 109 North Bridge Road 68 Orchard Road 60A and 60B Orchard Road 86 & 88 Market Street
Land Tenure Leasehold tenure of 99 years with effect from 16 July 1979 Leasehold tenure of 99 years with effect from 12 December 1979 Freehold Leasehold tenure of 99 years with effect from 15 August 2008 Leasehold tenure of 99 years with effect from 1 February 1982
Joint Venture Partners' Interests N.A. N.A. N.A. N.A. CICT: 45.0%
CapitaLand: 45.0%
Mitsubishi Estate Co., Ltd.: 10.0%
Number of tenants 260 207 230 74 N.A.
NLA (sq ft) Total: 808,200 Total: 531,558 484,439 Total: 386,892 Total: 647,000
Retail: 426,833 Retail: 317,430 Retail: 134,584 Retail: 12,000
Office: 381,367 Office: 214,128 Office: 252,308 Office: 635,000
Valuation as at 31 December 2020 (S$ million) 3,179.00 742.00 1,300.00 750.00 1,037.0(4)
Committed occupancy as at 30 June 2021 Total: 93.6%(3) Total: 98.4%(3) 97.9% Total: 100.0%(3) 61.8%
Retail: 92.3% Retail: 97.3% - Retail: 94.2% -
Office: 95.1% Office: 100.0% - Office: 100.0% -
Carpark Lots 1,051 404 695 127 350
1H 2021 Gross revenue (S$ million) 93.1 (100% interest) 30.3 40.2 22.4 Under construction; Completion expected in 4Q 2021
1H 2020 Gross revenue (S$ million) 97.7 (100% interest) 26.5 34.9 22.5 Under construction; Completion expected in 4Q 2021
1H 2021 Net property income (S$ million) 69.7 (100% interest) 20.8 29.4 16.6 Under construction; Completion expected in 4Q 2021
1H 2020 Net property income (S$ million) 75.6 (100% interest) 18.7 25.0 16.8 Under construction; Completion expected in 4Q 2021
Notes:
(1) All information stated on a 100.0% basis, unless otherwise stated. Number of tenants, NLA and valuation are as at 31 December 2020.
(2) Income contribution from Raffles City Singapore on a 100.0% basis from 21 October 2020 onwards. Prior to 21 October 2020, Raffles City Singapore was a joint venture of CICT on a 40.0% interest basis.
(3) Includes retail and office leases.
(4) Valuation stated is on a 100.0% basis and not proportioned to interest.

Disclaimer

CapitaLand Integrated Commercial Trust published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 08:32:01 UTC.


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Financials
Sales 2021 1 315 M 972 M 972 M
Net income 2021 662 M 490 M 490 M
Net Debt 2021 8 571 M 6 337 M 6 337 M
P/E ratio 2021 20,0x
Yield 2021 5,06%
Capitalization 13 475 M 9 951 M 9 963 M
EV / Sales 2021 16,8x
EV / Sales 2022 15,8x
Nbr of Employees 665
Free-Float 99,8%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 2,08 SGD
Average target price 2,44 SGD
Spread / Average Target 17,4%
EPS Revisions
Managers and Directors
Ngiap Jong Low Chief Executive Officer & Director
Mei Lian Wong Chief Financial Officer
Swee Lian Teo Non-Executive Chairman
Jacqueline Lee Head-Investment & Portfolio Management
Khai Fatt Lee Independent Non-Executive Director