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Transforming Value TRANSFORMING VALUE CapitaLand Commercial Trust Annual Report 2016 Corporate Profile CapitaLand Commercial Trust (CCT or the Trust) is the first and largest commercial real estate investment trust (REIT) on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$4.4 billion as at 31 December 2016. CCT aims to own and invest in commercial real estate and real estate-related assets which are income producing. The total deposited properties of CCT is S$8.8 billion as at 31 December 2016, comprising a portfolio of 10 prime commercial properties in Singapore, including a 60.0% interest in Raffles City Singapore. CCT has a credit rating of A- with stable outlook by Standard & Poor’s. Listed on SGX-ST on 11 May 2004, CCT was created through a distribution in specie by CapitaLand Limited (CapitaLand) to its shareholders. The Trust is managed by an external manager, CapitaLand Commercial Trust Management Limited (CCTML or the Manager), which is an indirect wholly owned subsidiary of CapitaLand, one of Asia’s largest real estate companies headquartered and listed in Singapore. Vision Mission To be a leading commercial REIT in Singapore and To deliver long-term sustainable distribution and total Asia, backed by a portfolio of quality income-producing returns to Unitholders. commercial buildings, and led by a dedicated and experienced management team. Cover photo: CapitaGreen lights up Singapore’s city skyline with its iconic design and distinctive red and white sculptural petal-like funnel. Inside photo: La Rencontre, an art piece at CapitaGreen, by French artist, Etienne. Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. Where applicable, figures and percentages are rounded to one decimal place. TRANSFORMING VALUE With strong foresight and a forward-looking, proactive strategy, CapitaLand Commercial Trust persisted in delivering exceptional performance by generating higher distributions against the backdrop of an uncertain economic environment. The acquisition of the remaining 60.0% stake in CapitaGreen during the financial year not only bolstered CCT’s distribution per Unit and created new value for Unitholders, it also strengthened our portfolio of quality commercial properties. We maintain a strong balance sheet that stands CCT in good stead to overcome economic headwinds as well as capitalise on growth opportunities. Beyond embracing sustainability in our operations, we continue to make leaps in innovation to improve our portfolio, enhance stakeholders’ experiences and anchor our position as a leading owner of commercial real estate. Contents Corporate Governance & Overview Transparency Sustainability 02 2016 Highlights 18 Board of Directors 52 Sustainability Management 03 Financial Highlights 24 The Manager 06 Year in Brief 2016 26 Corporate Governance 07 Message to Unitholders 47 Enterprise Risk Management 13 Trust Structure & 50 Investor Relations Organisation Structure 14 Property Portfolio 16 Value Creation Financials & Additional Business Review Portfolio Details Information 82 Independent Market Review 102 Property Details 113 Financial Statements and 89 Financial Review 111 Glossary Notes 96 Operations Review 189 Additional Information 195 Statistics of Unitholdings Corporate Information CapitaLand Commercial Trust 02 Annual Report 2016 2016 Highlights1 Distributable Income Distribution Per Unit (DPU) S$269.0 million 9.08 cents 5.7% YoY 5.3% YoY Due to higher distributable income from CapitaGreen Due to higher distributable income from CapitaGreen and Raffles City Singapore and Raffles City Singapore Market Capitalisation Total Deposited Properties S$4.4 billion S$8.8 billion Increased from S$4.0 billion as at 31 December 2015 Grew from S$7.7 billion with higher capital values and 100.0% interest in CapitaGreen Aggregate Leverage Average Cost of Debt 37.8% 2.6% per annum (p.a.) Increased from 29.5% in 2015 due to acquisition of Maintained a stable average cost of debt compared 60.0% interest in MSO Trust which holds CapitaGreen to 2.5% p.a. in 2015 Portfolio Committed Occupancy Rate Credit Rating 97.1% A- Maintained stable occupancy compared to 97.1% in With stable outlook by Standard & Poor’s 2015 and this rate is above CBRE’s CBD core market occupancy of 95.8% 1 Information as at 31 December 2016 or for FY 2016. Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information 03 Financial Highlights 1 1 Gross Revenue 2 Net Property Income 2 (S$ million) +7.0% (S$ million) +8.3% 459.3 352.2 429.1 325.1 402.1 386.9 160.7 295.5 296.5 307.1 120.9 375.8 155.9 112.3 139.5 101.9 132.6 135.5 96.1 99.4 298.6 231.3 262.6 273.2 205.2 212.8 243.2 251.4 199.4 197.1 2012 2013 2014 2015 20163 2012 2013 2014 2015 20163 CCT Group CCT Group Joint ventures Joint ventures Distributable Income 2 Distribution Per Unit 2 (S$ million) +5.7% (cents) +5.3% 269.0 9.08 254.5 8.46 8.62 249.2 8.04 8.14 228.5 234.2 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 1 Total Assets 2 Adjusted Net Asset Value Per Unit (S$ million) +22.1% (S$) 8,051.1 1.71 1.73 1.73 1.62 1.67 6,521.1 6,592.5 6,107.0 6,245.5 2012 2013 2014 2015 20163 2012 2013 2014 2015 2016 1 With the adoption of FRS 111 Joint Arrangements since 2014, CCT’s 60.0% interest in RCS Trust and 40.0% interest in MSO Trust are accounted for as interests in joint ventures. The 2012 and 2013 figures are restated for reference. 2 Year-on-year comparison for FY 2015 and FY 2016. 3 MSO Trust ceased to be CCT’s joint venture and is now a wholly owned subsidiary after CCT completed the acquisition of 60.0% of units in MSO Trust which holds CapitaGreen on 31 August 2016. CapitaLand Commercial Trust 04 Annual Report 2016 Financial Highlights Selected Balance Sheet Data (S$ million) As at 31 December 2012 2013 2014 2015 2016 Valuation (including Raffles City Singapore and CapitaGreen) 6,695.1 6,959.8 7,358.5 7,478.1 8,491.91 Unitholders’ Funds 4,714.7 4,912.7 5,153.5 5,234.1 5,278.5 Total Borrowings (including RCS Trust and MSO Trust) 2,072.1 2,060.9 2,182.7 2,234.8 3,289.1 Market Capitalisation 4,790.4 4,174.2 5,168.2 3,986.5 4,386.0 1 Due to increased stake in CapitaGreen. Key Financial Indicators As at 31 December 2012 2013 2014 2015 2016 Distribution Per Unit (cents) 8.04 8.14 8.46 8.62 9.08 Earnings Per Unit (cents) 13.60 13.08 15.41 10.42 8.81 Aggregate Leverage (%) 30.1 29.3 29.3 29.5 37.8 Interest Cover (times)2 4.5 5.9 7.2 7.4 5.83 Management Expense Ratio (%)2 0.35 0.32 0.33 0.34 0.34 For more details, please refer to CCT’s Financial Statements and Operations Review in this report. 2 With the adoption of FRS 111 Joint Arrangements since 2014, CCT’s 60.0% interest in RCS Trust and 40.0% interest in MSO Trust are accounted for as interests in joint ventures. 2012 and 2013 figures are restated for reference. 3 MSO Trust ceased to be CCT’s joint venture and is now a wholly owned subsidiary after CCT completed the acquisition of 60.0% of units in MSO Trust which holds CapitaGreen on 31 August 2016. The Trust Offers Attractive Yield Compared to Other Investments As at 31 December 2016 FTSE ST REIT Index dividend yield 6.3% CCT’s distribution yield4 6.1% CCT’s net property yield5 4.2% Straits Times Index dividend yield 3.8% Office property transaction yields6 2.0% - 3.5% CPF (ordinary) account interest rate 2.5% 10-year SG government bond yield 2.5% 5-year SG government bond yield 1.9% 12-month fixed deposit rate 0.4% Savings deposit rate 0.1% 4 Based on CCT’s FY 2016 distribution per Unit of 9.08 cents over closing price of S$1.48 as at 31 December 2016. 5 Based on proportionate interests in respective properties for FY 2016 net property income and valuation as at 31 December 2016. 6 Estimated from reported market transactions in FY 2016. Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information 05 CCT Unit Price Performance 2012 2013 2014 2015 2016 Opening price on first trading day of the year (S$) 1.06 1.70 1.45 1.75 1.36 Closing price on last trading day of the year (S$) 1.69 1.45 1.76 1.35 1.48 Highest (S$) 1.69 1.73 1.76 1.93 1.64 Lowest (S$) 1.05 1.34 1.39 1.27 1.29 Weighted Average (S$) 1.34 1.53 1.60 1.54 1.47 Trading Volume (million units) 1,952.6 1,956.3 1,868.3 2,306.3 2,116.1 Trading Performance for 2016 1.55 1.59 1.58 1.47 1.48 1.51 1.53 1.48 1.43 1.43 1.39 1.30 250.7 196.5 181.5 175.8 180.4 176.8 162.0 167.2 174.0 146.5 148.7 156.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly Trading Volume (million units) Unit Price (S$) as at last trading day of the month CCT’s market capitalisation was approximately Index, where the indices changed by -0.1%, +2.0% and S$4.4 billion as at 31 December 2016.
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