LEASE RENEWALS AND NEW LEASES In 2023, CLCT continued to attract new tenants from diverse trade sectors. The three largest sectors for new leases are F&B, professional services, and electronics. For the retail portfolio, CLCT achieved a positive rental reversion of 0.2% with the completion of three AEIs at Rock Square, CapitaMall Yuhuating and CapitaMall Grand Canyon. During the year, CLCT signed 1,129 new and renewal retail leases, accounting for 114,592 sq m or 28.2% of the multi-tenanted malls’ Net Lettable Area (NLA). For new economy portfolio, a total of 334 new and renewal leases were signed in FY 2023. This accounted for 376,327 sq m or 38.6% of the new economy portfolio's NLA. These new and renewal leases recorded a negative rental reversion of 2.0%. SUMMARY OF RENEWALS/NEW LEASESI (From 1 January 2023 to 31 December 2023) Number of New Leases/ Renewals in FY 2023 Area (sq m) % of Total Net Lettable Area Variance Over Preceding Rentali Retail Portfolioii,iii 1129 114,592 28.2% 0.2% New Economy Portfolioiv,v 334 376,327 38.6% -2.0% BP Portfolio 320 255,944 35.9% 1.6% Logistics Portfolio 14 120,383 45.8% -20.5% i Includes re-configured units. ii Excludes gross turnover component, newly created units leased, short term renewals (< 1 year) and units vacant for ≥ 1 year. iii Calculated as last period outgoing rent of old lease versus first period incoming rent of new lease. iv Excludes Amenity tenants' gross turnover component, newly created units leased, short-term renewals (< 1 year) and units vacant for ≥ 1 year. v Calculated as change in effective rent of outgoing old lease versus effective rent of incoming new lease. PORTFOLIO LEASE EXPIRY PROFILE As at 31 December 2023, the portfolio’s weighted average lease expiry (WALE)9 is 1.9 years by GRI and 2.1 years by NLA. For new and renewed leases signed in 202310, the weighted average lease expiry is 2.0 years by GRI and accounts for 45.5% of the committed GRI in the month of December. The leases due in the next two years in FY 2024 and FY 2025 account for 42.7% and 24.9% of CLCT portfolio’s GRI respectively. PORTFOLIO LEASE EXPIRY PROFILE (%) (As at 31 December 2023) 2024 2025 2026 2027 2028 Beyond 2028 % of Total Gross Rental Income for the month of December 2023 42.7% 24.9% 16.6% 6.7% 3.5% 5.6% % of Total NLA for the month of December 2023 37.1% 29.2% 16.8% 7.3% 2.3% 7.3% 9 Based on leases commenced before 2024, the portfolio's WALE by GRI and NLA would be 1.8 years and 2.1 years respectively. 10 Based on leases entered into and commenced in 2023, the portfolio's WALE by GRI would be 1.9 years and account for 41.6% of the GRI in the month of December. ANNUAL REPORT 2023 57 Financials Framework Portfolio Performance Leadership Overview
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