CapLand IntCom T C38U
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+0.88% +0.02 Updated 29 Oct 2026, 16:46 SGT
Financials
Annual Report 2025
Explore the statements
12 tablesStatement of Total Return — Group
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Gross revenue$’000 | 1,619,174 | 1,586,329 | PDF p. 106 |
| Expenses | |||
| Property operating expenses$’000 | (429,425) | (432,851) | PDF p. 106 |
| Income | |||
| Net property income$’000 | 1,189,749 | 1,153,478 | PDF p. 106 |
| Interest and other income$’000 | 6,781 | 12,765 | PDF p. 106 |
| Investment income$’000 | 9,083 | 9,381 | PDF p. 106 |
| Expenses | |||
| Management fees – Base component$’000 | (53,434) | (48,162) | PDF p. 106 |
| Management fees – Performance component$’000 | (52,193) | (47,471) | PDF p. 106 |
| Professional fees1$’000 | (1,981) | (3,175) | PDF p. 106 |
| Valuation fees$’000 | (587) | (800) | PDF p. 106 |
| Trustee’s fees$’000 | (3,654) | (3,442) | PDF p. 106 |
| Audit fees2$’000 | (882) | (923) | PDF p. 106 |
| Finance costs$’000 | (314,704) | (345,394) | PDF p. 106 |
| Other expenses$’000 | (4,470) | (10,586) | PDF p. 106 |
| Income | |||
| Net income before share of results of joint ventures$’000 | 773,708 | 715,671 | PDF p. 106 |
| Share of results (net of tax) of: | |||
| – Joint ventures$’000 | 116,753 | 33,756 | PDF p. 106 |
| Income | |||
| Net income$’000 | 890,461 | 749,427 | PDF p. 106 |
| Net change in fair value of investment properties$’000 | 68,117 | 153,127 | PDF p. 106 |
| Gain on divestment of investment property$’000 | – | 32,765 | PDF p. 106 |
| Gain on divestment of a joint venture$’000 | 26 | – | PDF p. 106 |
| Total return for the year before tax$’000 | 958,604 | 935,319 | PDF p. 106 |
| Expenses | |||
| Taxation$’000 | (7,180) | 6,458 | PDF p. 106 |
| Income | |||
| Total return for the year$’000 | 951,424 | 941,777 | PDF p. 106 |
| Total return attributable to: | |||
| Unitholders$’000 | 937,287 | 933,683 | PDF p. 106 |
| Non-controlling interests$’000 | 14,137 | 8,094 | PDF p. 106 |
| Total return for the year$’000 | 951,424 | 941,777 | PDF p. 106 |
| Earnings per unit | |||
| Basiccents per unit | 12.62 | 13.60 | PDF p. 106 |
| Dilutedcents per unit | 12.60 | 13.57 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
1 2024 includes non-audit fees paid and payable of $39,000 to auditors of the Trust and Deloitte network firms.
2 2025 and 2024 relates to audit fees paid and payable to auditors of the Trust and Deloitte network firms.
Statement of Financial Position
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Plant and equipment$’000 | 5,058 | 4,627 | 1,032 | 1,105 | PDF p. 105 |
| Investment properties$’000 | 25,601,573 | 23,702,305 | 8,012,765 | 8,323,559 | PDF p. 105 |
| Subsidiaries$’000 | – | – | 16,012,921 | 13,519,327 | PDF p. 105 |
| Joint ventures$’000 | 1,047,801 | 1,431,840 | – | 197,624 | PDF p. 105 |
| Equity investments at fair value$’000 | 132,693 | 123,920 | 103,370 | 96,034 | PDF p. 105 |
| Financial derivatives$’000 | 379 | 3,567 | – | 2,956 | PDF p. 105 |
| Deferred tax assets$’000 | – | 3,638 | – | – | PDF p. 105 |
| Other non-current assets$’000 | – | 42 | – | 12 | PDF p. 105 |
| Subtotal$’000 | 26,787,504 | 25,269,939 | 24,130,088 | 22,140,617 | PDF p. 105 |
| Current assets | |||||
| Asset held for sale$’000 | 390,885 | – | 390,885 | – | PDF p. 105 |
| Trade and other receivables$’000 | 102,702 | 80,929 | 419,033 | 242,302 | PDF p. 105 |
| Cash and cash equivalents$’000 | 149,489 | 156,358 | 64,325 | 73,732 | PDF p. 105 |
| Financial derivatives$’000 | 764 | 5,776 | 764 | 528 | PDF p. 105 |
| Subtotal$’000 | 643,840 | 243,063 | 875,007 | 316,562 | PDF p. 105 |
| Assets | |||||
| Total assets$’000 | 27,431,344 | 25,513,002 | 25,005,095 | 22,457,179 | PDF p. 105 |
| Current liabilities | |||||
| Financial derivatives$’000 | 8,083 | 2,114 | 632 | 69 | PDF p. 105 |
| Trade and other payables$’000 | 335,226 | 374,964 | 328,808 | 216,073 | PDF p. 105 |
| Current portion of security deposits$’000 | 103,281 | 89,961 | 46,513 | 48,053 | PDF p. 105 |
| Loans and borrowings$’000 | 654,630 | 1,035,195 | 398,967 | 357,019 | PDF p. 105 |
| Lease liabilities$’000 | 1,684 | 2,595 | 888 | 1,825 | PDF p. 105 |
| Provision for taxation$’000 | 5,078 | 6,030 | – | – | PDF p. 105 |
| Liabilities held for sale$’000 | 8,285 | – | 8,285 | – | PDF p. 105 |
| Subtotal$’000 | 1,116,267 | 1,510,859 | 784,093 | 623,039 | PDF p. 105 |
| Non-current liabilities | |||||
| Financial derivatives$’000 | 203,510 | 105,343 | 60,058 | 23,979 | PDF p. 105 |
| Trade and other payables$’000 | 49,261 | 34,622 | 105,000 | 182,439 | PDF p. 105 |
| Loans and borrowings$’000 | 9,334,893 | 7,909,952 | 8,355,435 | 6,629,481 | PDF p. 105 |
| Lease liabilities$’000 | 21,414 | 24,536 | 308 | 2,578 | PDF p. 105 |
| Non-current portion of security deposits$’000 | 215,659 | 204,201 | 85,769 | 89,344 | PDF p. 105 |
| Deferred tax liabilities$’000 | 23 | 1,318 | – | – | PDF p. 105 |
| Subtotal$’000 | 9,824,760 | 8,279,972 | 8,606,570 | 6,927,821 | PDF p. 105 |
| Total liabilities | |||||
| Total liabilities$’000 | 10,941,027 | 9,790,831 | 9,390,663 | 7,550,860 | PDF p. 105 |
| Equity | |||||
| Net assets$’000 | 16,490,317 | 15,722,171 | 15,614,432 | 14,906,319 | PDF p. 105 |
| Represented by: | |||||
| Unitholders’ funds$’000 | 16,292,063 | 15,524,456 | 15,614,432 | 14,906,319 | PDF p. 105 |
| Non-controlling interests (“NCI”)$’000 | 198,254 | 197,715 | – | – | PDF p. 105 |
| Subtotal$’000 | 16,490,317 | 15,722,171 | 15,614,432 | 14,906,319 | PDF p. 105 |
| Memo items | |||||
| Units in issue (’000)’000 Units | 7,611,318 | 7,298,470 | 7,611,318 | 7,298,470 | PDF p. 105 |
| Net asset value per unit attributable to Unitholders1 ($)$ per unit | 2.14 | 2.12 | 2.05 | 2.04 | PDF p. 105 |
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Definitions & sources
Original report: PDF p. 105 ↗
1 Excludes management fees to be issued in units.
Statement of Cash Flows
49 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year$’000 | 951,424 | 941,777 | PDF p. 111 |
| Cash flows from operating activities — Adjustments for | |||
| Amortisation of lease incentive and marketing fee$’000 | 10,170 | (7,441) | PDF p. 111 |
| Assets written off$’000 | – | 4 | PDF p. 111 |
| Depreciation and amortisation$’000 | 584 | 719 | PDF p. 111 |
| Doubtful debts written off/(recovered)$’000 | 326 | (11) | PDF p. 111 |
| Finance costs$’000 | 314,704 | 345,394 | PDF p. 111 |
| Gain on divestment of investment property$’000 | – | (32,765) | PDF p. 111 |
| Gain on divestment of a joint venture$’000 | (26) | – | PDF p. 111 |
| Gain on disposal of property, plant and equipment$’000 | (1) | – | PDF p. 111 |
| Interest and other income$’000 | (6,781) | (12,765) | PDF p. 111 |
| Investment income$’000 | (9,083) | (9,381) | PDF p. 111 |
| Management fees paid/payable in units$’000 | 52,812 | 47,820 | PDF p. 111 |
| Net change in fair value of investment properties$’000 | (68,117) | (153,127) | PDF p. 111 |
| Share of results of joint ventures$’000 | (116,753) | (33,756) | PDF p. 111 |
| Taxation$’000 | 7,180 | (6,458) | PDF p. 111 |
| Allowance of doubtful debts$’000 | 513 | 252 | PDF p. 111 |
| Cash flows from operating activities | |||
| Operating income before working capital changes$’000 | 1,136,952 | 1,080,262 | PDF p. 111 |
| Cash flows from operating activities — Changes in working capital | |||
| Trade and other receivables$’000 | (21,844) | (73,336) | PDF p. 111 |
| Trade and other payables$’000 | (18,810) | 42,086 | PDF p. 111 |
| Security deposits$’000 | 6,505 | 3,816 | PDF p. 111 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 1,102,803 | 1,052,828 | PDF p. 111 |
| Income tax paid$’000 | (5,826) | (8,630) | PDF p. 111 |
| Net cash from operating activities$’000 | 1,096,977 | 1,044,198 | PDF p. 111 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties$’000 | (285,040) | (178,294) | PDF p. 111 |
| Distributions received from joint ventures$’000 | 72,608 | 37,495 | PDF p. 111 |
| Distributions received from equity investments at fair value$’000 | 9,083 | 10,330 | PDF p. 111 |
| Interest received$’000 | 6,675 | 12,696 | PDF p. 111 |
| Payment of tender deposit for land acquisition1$’000 | (34,000) | – | PDF p. 111 |
| Net cash inflow on divestment of investment property (Note 33)$’000 | – | 672,607 | PDF p. 111 |
| Net cash inflow on divestment of joint venture (Note 34)$’000 | 14,211 | – | PDF p. 111 |
| Net cash outflow on acquisition of subsidiary (Note 32)$’000 | (462,099) | (1,079,322) | PDF p. 111 |
| Purchase of plant and equipment$’000 | (585) | (411) | PDF p. 111 |
| Proceeds from disposal of plant and equipment$’000 | 2 | 2 | PDF p. 111 |
| Repayment of loan from a joint venture$’000 | 25,300 | – | PDF p. 111 |
| Return of capital from joint ventures$’000 | – | 4,332 | PDF p. 111 |
| Net cash used in investing activities$’000 | (653,845) | (520,565) | PDF p. 111 |
| Cash flows from financing activities | |||
| Distributions paid to Unitholders$’000 | (750,125) | (758,529) | PDF p. 112 |
| Distributions paid to non-controlling interests$’000 | (12,044) | (12,463) | PDF p. 112 |
| Interest paid$’000 | (317,122) | (341,294) | PDF p. 112 |
| Payment of issue and financing expenses$’000 | (18,423) | (24,188) | PDF p. 112 |
| Payment of lease liabilities$’000 | (3,262) | (2,580) | PDF p. 112 |
| Proceeds from issue of units$’000 | 600,002 | 1,107,592 | PDF p. 112 |
| Proceeds from loans and borrowings$’000 | 4,981,237 | 3,388,752 | PDF p. 112 |
| Proceeds from loans and borrowings from non-controlling interests$’000 | 19,481 | 4,361 | PDF p. 112 |
| Repayment of loans and borrowings$’000 | (4,949,745) | (3,869,626) | PDF p. 112 |
| Net cash used in financing activities$’000 | (450,001) | (507,975) | PDF p. 112 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (6,869) | 15,658 | PDF p. 112 |
| Cash and cash equivalents at beginning of the year$’000 | 156,358 | 140,700 | PDF p. 112 |
| Cash and cash equivalents at end of the year (Note 14)$’000 | 149,489 | 156,358 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 111 ↗ PDF p. 112 ↗
1 Tender deposit paid for a mixed-use commercial and residential site at Hougang Central (refer to Note 37b Events after the reporting period).
Significant Non-Cash Transactions: In 2025, 24,642,942 (2024: 22,835,333) Units were issued to the Manager as payment for management fees payable in units, amounting to $49,765,000 (2024: $45,884,000). In 2025, 3,844,078 Units were issued to the Manager as payment of acquisition fees payable in units for the acquisition of the remaining 55.0% interest in Glory Office Trust, amounting to $8,550,000. In 2024, 9,041,779 Units were issued to the Manager as payment of acquisition fees payable in units for the acquisition of CapitaLand Retail Singapore Investments Pte. Ltd., which holds an indirect 50.0% interest in ION Orchard and ION Orchard Link, amounting to $18,655,000. In 2024, 59,828,333 Units were issued under CICT’s distribution reinvestment plan for the 5.45 cents per Unit distribution for 1 July 2023 to 31 December 2023.
The accompanying notes form an integral part of these financial statements.
Financial Highlights — Selected Statement of Total Return and Distribution Data
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021CICT Group, S$ million | 2022CICT Group, S$ million | 2023CICT Group, S$ million | 2024CICT Group, S$ million | 2025CICT Group, S$ million | Source |
|---|---|---|---|---|---|---|
| Selected Statement of Total Return and Distribution Data | ||||||
| Gross RevenueS$ million | 1,305.1 | 1,441.7 | 1,559.9 | 1,586.3 | 1,619.2 | PDF p. 5 |
| Net Property IncomeS$ million | 951.1 | 1,043.3 | 1,115.9 | 1,153.5 | 1,189.7 | PDF p. 5 |
| Distributable IncomeS$ million | 674.7 | 702.4 | 715.7 | 752.2 | 860.9 | PDF p. 5 |
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Original report: PDF p. 5 ↗
Financial Highlights — Selected Statement of Financial Position Data
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021CICT Group, S$ million unless row specifies otherwise | 2022CICT Group, S$ million unless row specifies otherwise | 2023CICT Group, S$ million unless row specifies otherwise | 2024CICT Group, S$ million unless row specifies otherwise | 2025CICT Group, S$ million unless row specifies otherwise | Source |
|---|---|---|---|---|---|---|
| Selected Statement of Financial Position Data | ||||||
| Total AssetsS$ million | 22,741.9 | 24,666.6 | 24,739.1 | 25,513.0 | 27,431.3 | PDF p. 5 |
| Investment PropertiesS$ million | 21,431.1 | 23,744.8 | 24,024.9 | 23,702.3 | 25,601.6 | PDF p. 5 |
| Total BorrowingsS$ million | 8,177.3 | 9,585.3 | 9,477.7 | 8,945.1 | 9,989.5 | PDF p. 5 |
| Unitholders’ FundsS$ million | 13,667.8 | 14,073.4 | 14,199.8 | 15,524.5 | 16,292.1 | PDF p. 5 |
| Net Asset Value Per UnitS$ per Unit | 2.06 | 2.12 | 2.13 | 2.12 | 2.14 | PDF p. 5 |
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Original report: PDF p. 5 ↗
Financial Highlights — Key Financial Indicators
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021CICT Group | 2022CICT Group | 2023CICT Group | 2024CICT Group | 2025CICT Group | Source |
|---|---|---|---|---|---|---|
| Key Financial Indicators | ||||||
| Distribution Per Unit¢ per Unit | 10.40 | 10.58 | 10.75 | 10.88 | 11.58 | PDF p. 5 |
| Management Expense Ratio1% | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | PDF p. 5 |
| % of Total Assets that are Unencumbered% | 96.1 | 93.5 | 93.7 | 93.8 | 90.9 | PDF p. 5 |
| Aggregate Leverage% | 37.2 | 40.4 | 39.9 | 38.5 | 38.6 | PDF p. 5 |
| Interest Coveragetimes | 4.1 | 3.7 | 3.1 | 3.1 | 3.7 | PDF p. 5 |
| Average Term to Maturityyears | 3.9 | 3.9 | 3.9 | 3.9 | 4.0 | PDF p. 5 |
| Average Cost of Debt% | 2.3 | 2.7 | 3.4 | 3.6 | 3.2 | PDF p. 5 |
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Original report: PDF p. 5 ↗
1 Refers to the expenses excluding property expenses and finance costs but including performance component of management fees, expressed as a percentage of weighted average net assets.
2025 Highlights — Financial Performance
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CICT; information for financial year 2025 or as at 31 December 2025, unless otherwise stated | Source |
|---|---|---|
| Financial Performance | ||
| Distribution per Unit¢ per Unit | 11.58 | PDF p. 4 |
| Distributable IncomeS$ million | 860.9 | PDF p. 4 |
| Net Property IncomeS$ million | 1,189.7 | PDF p. 4 |
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Definitions & sources
Original report: PDF p. 4 ↗
All information for financial year 2025 or as at 31 December 2025, unless otherwise stated. The cited rows also report YoY changes: distributable income 14.4% YoY and net property income 3.1% YoY.
Total Unitholder Return as at 31 December 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CICT; 1-year period | 2025CICT; 3-year period | 2025CICT; 5-year period | Source |
|---|---|---|---|---|
| Total Unitholder Return | ||||
| Closing price on the last trading day prior to the commencement of the periodS$ | 1.93 | 2.04 | 2.16 | PDF p. 30 |
| Capital appreciation/(depreciation)% | 23.8 | 17.2 | 10.6 | PDF p. 30 |
| Distribution yield1% | 6.0 | 16.3 | 25.1 | PDF p. 30 |
| Total return2% | 29.8 | 33.4 | 35.7 | PDF p. 30 |
| Total return - assuming dividends reinvested3% | 29.9 | 38.5 | 41.9 | PDF p. 30 |
| Total Returns for Indices- Assuming dividends reinvested3 | ||||
| Straits Times Index% | 28.8 | 66.6 | 105.0 | PDF p. 30 |
| FTSE ST REIT Index% | 16.9 | 16.7 | 9.8 | PDF p. 30 |
| FTSE ST Real Estate Index% | 22.4 | 17.2 | 19.7 | PDF p. 30 |
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Definitions & sources
Original report: PDF p. 30 ↗
Figures may not add up due to rounding.
1 Distribution yield is the ratio of the sum of distributions to Unitholders for the financial year(s) to the closing Unit price on the last trading day prior to the commencement of the period.
2 Total return is the sum of distributions to Unitholders for the financial year(s) and capital gains (or losses), expressed as a percentage of the initial investment.
3 Based on Bloomberg data.
Five-Year Trading Performance
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021CICT | 2022CICT | 2023CICT | 2024CICT | 2025CICT | Source |
|---|---|---|---|---|---|---|
| Five-Year Trading Performance | ||||||
| Opening price on first trading day of the yearS$ | 2.16 | 2.04 | 2.04 | 2.06 | 1.93 | PDF p. 30 |
| Closing price on last trading day of the yearS$ | 2.04 | 2.04 | 2.06 | 1.93 | 2.39 | PDF p. 30 |
| Highest closing priceS$ | 2.35 | 2.35 | 2.15 | 2.17 | 2.42 | PDF p. 30 |
| Lowest closing priceS$ | 1.96 | 1.74 | 1.69 | 1.85 | 1.91 | PDF p. 30 |
| Market capitalisationS$ million | 13,481.6 | 13,535.6 | 13,714.9 | 14,086.0 | 18,191.1 | PDF p. 30 |
| Trading volumemillion Units | 4,607.8 | 5,656.2 | 4,324.1 | 6,190.4 | 6,167.9 | PDF p. 30 |
| Net asset value per UnitS$ per Unit | 2.06 | 2.12 | 2.13 | 2.12 | 2.14 | PDF p. 30 |
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Definitions & sources
Original report: PDF p. 30 ↗
Distribution Statement — Distribution per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | Source |
|---|---|---|---|
| Distribution Statement | |||
| Distribution per unit1cents per unit | 11.58 | 10.88 | PDF p. 107 |
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Definitions & sources
Original report: PDF p. 107 ↗
1 Distribution per unit relates to the distributions in respect of the relevant financial year. The distribution relating to the period 14 August to 31 December 2025 will be paid after 31 December 2025.
Statements of Movements in Unitholders’ Funds
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Movements in Unitholders’ funds | |||||
| Net assets attributable to Unitholders at beginning of the year$’000 | 15,524,456 | 14,199,813 | 14,906,319 | 13,307,471 | PDF p. 108 |
| Total return attributable to Unitholders for the year$’000 | 937,287 | 933,683 | 835,865 | 1,235,669 | PDF p. 108 |
| Effective portion of changes in fair value of cash flow hedges$’000 | (132,870) | 47,085 | (58,976) | 6,944 | PDF p. 108 |
| Net change in fair value of cash flow hedges reclassified to Statement of Total Return$’000 | 63,133 | (44,848) | 19,614 | (15,978) | PDF p. 108 |
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | (13,912) | 907 | – | – | PDF p. 108 |
| Movement in foreign currency translation reserves (“FCTR”)$’000 | 922 | 14,232 | – | – | PDF p. 108 |
| Movement in fair value reserves$’000 | 8,773 | (26,639) | 7,336 | (28,010) | PDF p. 108 |
| Management fees paid$’000 | 19,651 | 17,706 | 19,651 | 17,706 | PDF p. 108 |
| Management fees payable$’000 | 33,160 | 30,114 | 33,160 | 30,114 | PDF p. 108 |
| Acquisition fee$’000 | 8,550 | 18,655 | 8,550 | 18,655 | PDF p. 108 |
| Private placement$’000 | 600,002 | 350,343 | 600,002 | 350,343 | PDF p. 108 |
| Distribution reinvestment plan$’000 | – | 115,543 | – | 115,543 | PDF p. 108 |
| Preferential offering$’000 | – | 757,249 | – | 757,249 | PDF p. 108 |
| Creation of units | |||||
| Subtotal$’000 | 661,363 | 1,289,610 | 661,363 | 1,289,610 | PDF p. 108 |
| Movements in Unitholders’ funds | |||||
| Issue expenses$’000 | (6,964) | (15,315) | (6,964) | (15,315) | PDF p. 108 |
| Distributions to Unitholders$’000 | (750,125) | (874,072) | (750,125) | (874,072) | PDF p. 108 |
| Net (decrease)/increase in net assets resulting from Unitholders’ transactions$’000 | (95,726) | 400,223 | (95,726) | 400,223 | PDF p. 108 |
| Net assets attributable to Unitholders at end of the year$’000 | 16,292,063 | 15,524,456 | 15,614,432 | 14,906,319 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 108 ↗
Non-controlling interests
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-controlling interests | |||
| At beginning of the year$’000 | 197,715 | 201,907 | PDF p. 108 |
| Total return attributable to NCI$’000 | 14,137 | 8,094 | PDF p. 108 |
| Distributions to NCI$’000 | (12,574) | (10,945) | PDF p. 108 |
| Hedging reserves attributable to NCI$’000 | (1,905) | (802) | PDF p. 108 |
| Translation differences from financial statements of foreign operations$’000 | 881 | (539) | PDF p. 108 |
| At end of the year$’000 | 198,254 | 197,715 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 108 ↗
Where the money comes from
Segment information
By business
Operating segments 2025 – income statement items 4 lines
| Item / unit | 2025Retail | 2025Office | 2025Integrated Developments | 2025Group | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Gross revenue$'000 | 607,767 | 525,275 | 486,132 | 1,619,174 | PDF p. 184 |
| Segment net property income$'000 | 439,012 | 396,839 | 353,898 | 1,189,749 | PDF p. 184 |
| Net change in fair value of investment properties$'000 | 24,220 | (30,982) | 74,879 | 68,117 | PDF p. 184 |
| Gain on disposal of a joint venture$'000 | – | 26 | – | 26 | PDF p. 184 |
Notes
Rows with a single value show only the Group column (no segment split printed). Unallocated items are in the Group column.
Operating segments 2025 – assets, liabilities and other segmental information 7 lines
| Item / unit | 2025Retail | 2025Office | 2025Integrated Developments | 2025Group | Source |
|---|---|---|---|---|---|
| Assets and liabilities | |||||
| Segment assets$'000 | 7,688,068 | 11,694,910 | 6,801,325 | 26,184,303 | PDF p. 185 |
| Segment liabilities$'000 | 226,758 | 296,740 | 157,279 | 680,777 | PDF p. 185 |
| Other segmental information | |||||
| Depreciation and amortisation$'000 | 247 | 228 | 109 | 584 | PDF p. 185 |
| Plant and equipment – capital expenditure$'000 | 148 | 299 | 138 | 585 | PDF p. 185 |
| Investment properties – capital expenditure$'000 | 60,364 | 175,606 | 25,296 | 261,266 | PDF p. 185 |
| Allowance of doubtful debts$'000 | 18 | 222 | 273 | 513 | PDF p. 185 |
| Doubtful debts written off$'000 | 121 | 205 | – | 326 | PDF p. 185 |
Notes
Single-value rows show only the Group column. The capital expenditure rows are printed under the headings 'Plant and equipment' and 'Investment properties' respectively; the unallocated totals (1,247,041 assets; 10,260,250 liabilities) are also printed.
Operating segments 2024 – income statement items, assets and liabilities 6 lines
| Item / unit | 2024Retail | 2024Office | 2024Integrated Developments | 2024Group | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| Gross revenue$'000 | 590,313 | 513,316 | 482,700 | 1,586,329 | PDF p. 186 |
| Segment net property income$'000 | 420,146 | 387,646 | 345,686 | 1,153,478 | PDF p. 186 |
| Net change in fair value of investment properties$'000 | 82,488 | (77,202) | 147,841 | 153,127 | PDF p. 186 |
| Gain on divestment of investment property$'000 | – | 32,765 | – | 32,765 | PDF p. 186 |
| Assets and liabilities | |||||
| Segment assets$'000 | 7,422,570 | 9,586,872 | 6,306,536 | 23,315,978 | PDF p. 186 |
| Segment liabilities$'000 | 234,281 | 285,011 | 157,895 | 677,187 | PDF p. 186 |
Notes
Single-value rows show only the Group column. Unallocated totals 2,197,024 (assets) and 9,113,644 (liabilities) also printed.
Operating segments 2024 – other segmental information 5 lines
| Item / unit | 2024Retail | 2024Office | 2024Integrated Developments | 2024Group | Source |
|---|---|---|---|---|---|
| Other segmental information | |||||
| Depreciation and amortisation$'000 | 275 | 271 | 173 | 719 | PDF p. 187 |
| Plant and equipment – capital expenditure$'000 | 178 | 180 | 53 | 411 | PDF p. 187 |
| Investment properties – capital expenditure$'000 | 37,489 | 115,269 | 18,130 | 170,888 | PDF p. 187 |
| Allowance/ (write back) of doubtful debts$'000 | 77 | (208) | 383 | 252 | PDF p. 187 |
| Doubtful debts written off/(recovered)$'000 | – | 6 | (17) | (11) | PDF p. 187 |
Notes
Capital expenditure rows are printed under the headings 'Plant and equipment' and 'Investment properties' respectively.
By geography
Geographical information 8 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Gross Revenue | |||
| Singapore$'000 | 1,537,226 | 1,501,176 | PDF p. 187 |
| Australia$'000 | 53,081 | 54,591 | PDF p. 187 |
| Germany$'000 | 28,867 | 30,562 | PDF p. 187 |
| Gross Revenue total$'000 | 1,619,174 | 1,586,329 | PDF p. 187 |
| Non-current assets | |||
| Singapore$'000 | 25,048,768 | 23,653,181 | PDF p. 187 |
| Australia$'000 | 737,355 | 770,202 | PDF p. 187 |
| Germany$'000 | 868,309 | 715,431 | PDF p. 187 |
| Non-current assets total$'000 | 26,654,432 | 25,138,814 | PDF p. 187 |
Notes
Non-current assets exclude financial instruments (other than equity-accounted investees) and deferred tax assets.
Total rows have no printed label; descriptors used.
Debt
Borrowings
Terms and debt repayment schedule – Group Unsecured (nominal rate, maturity, face value, carrying amount)
| Item / unit | 2025Face value $'000 | 2025Carrying amount $'000 | 2024Face value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Unsecured (rate 3.61%, maturity 2029) | |||||
| USD fixed rate MTN$'000 | 389,571 | 389,202 | 402,603 | 402,121 | PDF p. 150 |
| Unsecured (rate 0.73%, maturity 2027) | |||||
| JPY fixed rate MTN$'000 | 83,965 | 83,912 | 86,877 | 86,798 | PDF p. 150 |
| Unsecured (rate 2.50 – 4.85%, maturity 2026 to 2033) | |||||
| HKD fixed rate MTN$'000 | 744,486 | 743,560 | 976,301 | 975,108 | PDF p. 150 |
| Unsecured (rate 2.10 – 3.94%, maturity 2026 to 2035) | |||||
| SGD fixed rate MTN$'000 | 2,510,000 | 2,506,600 | 2,686,258 | 2,682,993 | PDF p. 150 |
| Unsecured (SORA + Margin, maturity 2026 to 2034) | |||||
| SGD bank loans$'000 | 4,412,075 | 4,406,084 | 2,483,247 | 2,479,013 | PDF p. 150 |
| Unsecured (rate 0.88%, maturity 2026) | |||||
| EUR fixed bank loans$'000 | 77,460 | 77,406 | 72,637 | 72,511 | PDF p. 150 |
| Unsecured (EURIBOR + Margin, maturity 2028 to 2030) | |||||
| EUR floating bank$'000 | 531,188 | 530,428 | 391,502 | 390,447 | PDF p. 150 |
| Unsecured (BBSW + Margin, maturity 2027) | |||||
| AUD bank loans$'000 | 125,559 | 125,559 | 986,369 | 984,613 | PDF p. 150 |
| Unsecured | |||||
| Unsecured subtotal (unlabelled)$'000 | 8,874,304 | 8,862,751 | 8,085,794 | 8,073,604 | PDF p. 150 |
Notes
Values list face 2025, carrying 2025, face 2024, carrying 2024. Nominal interest rate (%) and year of maturity are given per row in the quote and label notes. Rates are same-row printed.
SORA – Singapore Overnight Average Rate; EURIBOR - Euro InterBank Offered Rate; BBSW – Bank Bill Swap Rate; BBSY – Bank Bill Swap Bid Rate
Terms and debt repayment schedule – Group Secured and Trust Unsecured
| Item / unit | 2025Face value $'000 | 2025Carrying amount $'000 | 2024Face value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Group Secured (SORA + Margin, 2029) | |||||
| SGD bank loans$'000 | 505,000 | 504,118 | 501,000 | 499,865 | PDF p. 151 |
| Group Secured (0.75%, 2026) | |||||
| EUR bank loans$'000 | 183,830 | 183,745 | 371,943 | 371,678 | PDF p. 151 |
| Group Secured (BBSY + Margin, 2028) | |||||
| AUD bank loans$'000 | 439,795 | 438,909 | – | – | PDF p. 151 |
| Group Secured | |||||
| Secured subtotal (unlabelled)$'000 | 1,128,625 | 1,126,772 | 872,943 | 871,543 | PDF p. 151 |
| Group Total | |||||
| Total loans and borrowings$'000 | 10,002,929 | 9,989,523 | 8,958,737 | 8,945,147 | PDF p. 151 |
| Trust Unsecured (2.10 – 4.03%, 2026 to 2035) | |||||
| SGD fixed rate term loans from CMT MTN$'000 | 3,697,026 | 3,692,332 | 3,604,116 | 3,599,221 | PDF p. 151 |
| Trust Unsecured (SORA + Margin, 2026 to 2034) | |||||
| SGD bank loans$'000 | 4,412,075 | 4,406,084 | 2,483,247 | 2,479,013 | PDF p. 151 |
| Trust Unsecured (EURIBOR + Margin, 2028 to 2030) | |||||
| EUR bank loans$'000 | 531,188 | 530,427 | 391,502 | 390,447 | PDF p. 151 |
| Trust Unsecured (BBSW + Margin, 2027) | |||||
| AUD bank loans$'000 | 125,559 | 125,559 | 518,118 | 517,819 | PDF p. 151 |
| Trust Total | |||||
| Total loans and borrowings$'000 | 8,765,848 | 8,754,402 | 6,996,983 | 6,986,500 | PDF p. 151 |
Notes
Values: face 2025, carrying 2025, face 2024, carrying 2024. SORA – Singapore Overnight Average Rate; EURIBOR - Euro InterBank Offered Rate; BBSW – Bank Bill Swap Rate; BBSY – Bank Bill Swap Bid Rate
Secured: 79RR LLP loan secured on CapitaSky; MAC entities EUR121.9m fixed 0.75% secured on Main Airport Center; CICT AU Trust AUD518.4m (2024: Nil) secured on Sydney properties; Gallileo Co. EUR140.0m at 1.33% repaid September 2025.
Unsecured bank loans: Group drawn $5,146.3m (2024: $3,933.8m), Trust $5,068.8m (2024: $3,392.9m), maturities up to 10 years.
Borrowing notes 4 tables
Loans and Borrowings – current and non-current
| Item / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current | |||||
| Medium term notes (“MTN”)$'000 | 293,520 | 558,420 | – | – | PDF p. 150 |
| Euro-Medium term notes (“EMTN”)$'000 | – | 275,580 | – | – | PDF p. 150 |
| Bank loans$'000 | 361,290 | 201,399 | 100,000 | – | PDF p. 150 |
| Term loans$'000 | – | – | 299,008 | 357,090 | PDF p. 150 |
| Unamortised transaction costs$'000 | (180) | (204) | (41) | (71) | PDF p. 150 |
| Total current (unlabelled subtotal)$'000 | 654,630 | 1,035,195 | 398,967 | 357,019 | PDF p. 150 |
| Non-current | |||||
| MTN$'000 | 1,808,117 | 2,132,717 | – | – | PDF p. 150 |
| EMTN$'000 | 1,626,385 | 1,185,322 | – | – | PDF p. 150 |
| Bank loans$'000 | 5,913,617 | 4,605,299 | 4,968,822 | 3,392,867 | PDF p. 150 |
| Term loans$'000 | – | – | 3,398,018 | 3,247,026 | PDF p. 150 |
| Unamortised transaction costs$'000 | (13,226) | (13,386) | (11,405) | (10,412) | PDF p. 150 |
| Total non-current (unlabelled subtotal)$'000 | 9,334,893 | 7,909,952 | 8,355,435 | 6,629,481 | PDF p. 150 |
| Total | |||||
| Total loans and borrowings$'000 | 9,989,523 | 8,945,147 | 8,754,402 | 6,986,500 | PDF p. 150 |
Notes
Current/non-current subtotals are printed unlabeled lines below the transaction cost rows.
Lease Liabilities
| Item / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current | |||||
| Lease liabilities$'000 | 1,684 | 2,595 | 888 | 1,825 | PDF p. 155 |
| Non-current | |||||
| Lease liabilities$'000 | 21,414 | 24,536 | 308 | 2,578 | PDF p. 155 |
| Total | |||||
| Total lease liabilities$'000 | 23,098 | 27,131 | 1,196 | 4,403 | PDF p. 155 |
Liquidity risk – contractual cash flows, Group 31 December
| Item / unit | 2025Group Carrying amount | 2025Group Contractual cash flows | 2025Group Within 1 year | 2025Group Within 2 to 5 years | 2025Group More than 5 years | 2024Group Carrying amount | 2024Group Contractual cash flows | 2024Group Within 1 year | 2024Group Within 2 to 5 years | 2024Group More than 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured | |||||||||||
| SGD bank loans$'000 | 504,118 | (532,922) | (10,798) | (522,124) | – | 499,865 | (589,738) | (18,482) | (571,256) | – | PDF p. 165PDF p. 166 |
| EUR bank loans$'000 | 183,745 | (184,990) | (184,990) | – | – | 371,678 | (374,806) | (201,340) | (173,466) | – | PDF p. 165PDF p. 166 |
| AUD bank loans$'000 | 438,909 | (473,768) | (20,325) | (453,443) | – | PDF p. 165 | |||||
| Unsecured | |||||||||||
| USD fixed rate MTN$'000 | 389,202 | (438,722) | (14,021) | (424,701) | – | 402,121 | (468,008) | (14,610) | (453,398) | – | PDF p. 165PDF p. 166 |
| JPY fixed rate MTN$'000 | 83,912 | (84,487) | (603) | (83,884) | – | 86,798 | (94,749) | (649) | (94,100) | – | PDF p. 165PDF p. 166 |
| HKD fixed rate MTN and EMTN$'000 | 743,560 | (855,235) | (116,513) | (318,212) | (420,510) | 975,108 | (1,119,800) | (236,911) | (359,533) | (523,356) | PDF p. 165PDF p. 166 |
| SGD fixed rate MTN and EMTN$'000 | 2,506,600 | (2,923,450) | (271,313) | (1,191,147) | (1,460,990) | 2,682,993 | (3,092,198) | (696,186) | (969,378) | (1,426,634) | PDF p. 165PDF p. 166 |
| SGD bank loans$'000 | 4,406,084 | (4,792,172) | (197,743) | (3,391,854) | (1,202,575) | 2,479,013 | (2,877,211) | (99,712) | (2,019,251) | (758,248) | PDF p. 165PDF p. 166 |
| EUR bank loans$'000 | 607,834 | (658,716) | (94,223) | (564,493) | – | 462,958 | (545,387) | (16,158) | (430,848) | (98,381) | PDF p. 165PDF p. 166 |
| AUD bank loans$'000 | 125,559 | (127,869) | (5,823) | (122,046) | – | 984,613 | (1,057,959) | (54,632) | (1,003,327) | – | PDF p. 165PDF p. 166 |
| Unsecured / other | |||||||||||
| Lease liabilities$'000 | 23,098 | (23,098) | (1,684) | (724) | (20,690) | 27,131 | (27,131) | (2,595) | (3,744) | (20,792) | PDF p. 165PDF p. 166 |
Notes
Expected contractual undiscounted cash outflows including interest payments and excluding netting agreements. Trade and other payables exclude deferred income.
Trade and other payables exclude deferred income.
Capital Management – Key Financial Indicators (debt-related)
| Item / unit | 2024As at 31 December 2024 | 2025As at 31 December 2025 | Source |
|---|---|---|---|
| Key Financial Indicators | |||
| Aggregate Leverage1 (%)% | 38.5 | 38.6 | PDF p. 27 |
| Total Borrowings (S$ billion)S$ billion | 8.9 | 10.0 | PDF p. 27 |
| % of Borrowings on Fixed Interest Rate% | 81 | 74 | PDF p. 27 |
| Average Term to Maturity (years)years | 3.9 | 4.0 | PDF p. 27 |
| Average Cost of Debt3 (%)% | 3.6 | 3.2 | PDF p. 27 |
Notes
Total borrowings including proportionate share of joint ventures were S$10.7 billion and S$10.2 billion as at 31 December 2025 and 2024 respectively.
Average Cost of Debt: ratio of interest expense over weighted average borrowings.
Aggregate leverage includes proportionate share of JV borrowings.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy | CICT’s distribution policy is to distribute at least 90.0% of its taxable income | CICT | PDF p. 85 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per unit (cents) | 11.58 cents per unit | Group, FY2025 total distribution per unit | PDF p. 107 |
| Distribution per unit (cents) | 10.88 cents per unit | Group, FY2024 total distribution per unit (comparative) | PDF p. 107 |
| Cumulative Distribution of 6.97 cents per unit for period from 01/01/2025 to | 6.97 cents per unit | Group, distribution paid during 2025 for period 01/01/2025 to 13/08/2025 | PDF p. 107 |
| Distribution of 3.29 cents per unit for period from 12/09/2024 to 31/12/2024 | 3.29 cents per unit | Group, distribution paid during 2025 for period 12/09/2024 to 31/12/2024 | PDF p. 107 |
| Advanced Distribution of 2.16 cents per unit for period from 01/07/2024 to | 2.16 cents per unit | Group, advanced distribution paid during 2024 for period 01/07/2024 to 11/09/2024 | PDF p. 107 |
| Distribution of 5.43 cents per unit for period from 01/01/2024 to 30/06/2024 | 5.43 cents per unit | Group, distribution paid during 2024 for period 01/01/2024 to 30/06/2024 | PDF p. 107 |
| Distribution of 5.45 cents per unit for period from 01/07/2023 to 31/12/2023 | 5.45 cents per unit | Group, distribution paid during 2024 for period 01/07/2023 to 31/12/2023 | PDF p. 107 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage1 (%) | 38.6% | CICT Group, as at 31 December 2025; comparative 31 December 2024: 38.5 · As at 2025-12-31 | PDF p. 27 |
| Interest Coverage Ratio (ICR)2 (times) | 3.7 times | CICT Group, trailing 12 months to 31 December 2025; comparative 31 December 2024: 3.1 · As at 2025-12-31 | PDF p. 27 |
| Average Cost of Debt3 (%) | 3.2% | CICT Group, as at 31 December 2025; comparative 31 December 2024: 3.6 · As at 2025-12-31 | PDF p. 27 |
| % of Borrowings on Fixed Interest Rate | 74% | CICT Group, as at 31 December 2025; comparative 31 December 2024: 81 · As at 2025-12-31 | PDF p. 27 |
| Average Term to Maturity (years) | 4.0 years | CICT Group, as at 31 December 2025; comparative 31 December 2024: 3.9 · As at 2025-12-31 | PDF p. 27 |
| portfolio WALE by committed GRI | 3.0 years | CICT portfolio, proportionate interests, as at 31 December 2025; comparative 31 December 2024: 3.3 years · As at 2025-12-31 | PDF p. 32 |
| Total Portfolio Property Value1 | S$27.4b | As at 31 December 2025; YoY change 5.2% · As at 2025-12-31 | PDF p. 4 |
| Net Asset Value Per Unit (S$) | 2.14 S$ | CICT Group, as at 31 December 2025; comparative 31 December 2024: 2.12 · As at 2025-12-31 | PDF p. 5 |
| Distribution Per Unit (¢) | 11.58 cents | CICT Group, FY2025; comparative FY2024: 10.88 | PDF p. 5 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Deloitte & Touche LLP | Group | PDF p. 104 |
| Engagement partner | Chua How Kiat | Group | PDF p. 104 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of movements in unitholders’ funds of the Trust present fairly, in all material respects | Group and Trust | PDF p. 100 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.