Financial Highlights As at 31 December 2020i 2021 2022 2023 2024 Financial Performance Gross Revenue (RMB million) 1,147.4 1,826.1 1,851.5 1,912.5 1,837.6 Gross Revenue (S$ million) 228.7 378.0 383.2 364.7 341.5 Net Property Income (RMB million) 744.0 1,209.9 1,228.4 1,293.7 1,219.1 Net Property Income (S$ million) 148.3 250.4 254.2 246.7 226.6 Distributable Income (S$ million) 79.7 135.5 125.6 113.9 96.8 Distribution Per Unit (DPU) (S cents) 6.35 8.73 7.50ii 6.74ii 5.65 Key Financial Position Total Assets (S$ million) 4,310.3 5,575.9 5,226.1 4,995.8 4,722.8 Portfolio Property Valuation (S$ million)iii 3,895.3 5,239.0 4,904.3 4,700.1 4,443.9 Total Deposited Properties (S$ million)iv 4,281.9 5,226.6 4,893.4 4,670.3 4,390.1 Net Assets Attributable to Unitholders (S$ million) 2,245.2 2,588.2 2,306.2 2,039.9 1,926.6 Net Asset Value Per Unit (S$) - Before Income Distribution 1.49 1.56 1.38 1.21 1.12 - After income Distribution 1.48 1.54 1.34 1.18 1.09 Total Gross Borrowings (S$ million)v 1,359.7 1,993.4 1,950.9 1,956.4 1,857.3 Market Capitalisation (S$ million) 2,093.9 1,974.8 1,874.8 1,570.6 1,238.7 Capital Management Aggregate Leverage (%)vi 31.8 37.7 39.6 41.5 41.9 Average Cost of Debt (%)vii 2.76 2.62 2.97 3.57 3.51 Average Term to Maturity (years) 3.0 3.4 3.4 3.5 3.4 Interest Coverage Ratio (times)viii 3.8 4.5 3.6 3.1 3.0 Management Expense Ratio (%)ix 0.8% 0.9% 0.8% 0.9% 0.9% i Includes contributions from joint venture in 2020 (51% stake in Rock Square). Remaining 49% stake was acquired on 30 December 2020. ii Includes rental support of S$1.3 million in 2022 and S$0.6 million in 2023 (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park. The DPU impact of rental support is 0.08 S cents in 2022 and 0.04 S cents in 2023. No rental support was received in 2024. iii Based on valuation on a 100% basis as at 31 December 2024. The portfolio property valuation includes the valuation of nine retail malls, five business parks and four logistics parks. For more details, please refer to page 24. iv Total consolidated assets of CLCT and excludes share attributable to the non-controlling interest of the project companies if the ownership is less than 100%. v Excludes unamortised transaction costs and modification gain. vi In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings and deferred payments over deposited properties. CLCT does not have any deferred payments. vii Based on the consolidated interest expense for the respective financial year reflected over weighted average borrowings on balance sheet for that financial year. viii The ratio is calculated by dividing the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities (i.e. perpetual securities) in accordance with the revised Property Funds Appendix guidelines with effect from 28 November 2024. ix Refers to the expenses of CLCT excluding property expenses and interest expenses but including the performance component of CLCTML’s management fees, expressed as a percentage of weighted average net assets. 5 Annual Report 2024
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