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Annual Report 2019 Making an Impact

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Annual Report 2019 Making an Impact M A K I N G A N I M P A C T CAPITALAND COMMERCIAL TRUST ANNUAL REPORT 2019 MAKING AN IMPACT CapitaLand Commercial Trust continues to make an impact in the way we grow our portfolio, curate our environment, build communities, nurture our people and shape our future. We pursue professional excellence and value creation to make a difference to our stakeholders, including creating delightful experiences for our customers and generating long-term sustainable returns for our Unitholders. The radial pattern on the report reflects our continuous focus and the dynamic relationship between our people, our community and the environment, while responding to the evolving trends around us. The results of our focus radiate from our vibrant workplace communities, resilient asset performance, timely investments, divestments and capital recycling, robust balance sheet as well as our efficient property operating platform. CORPORATE PROFILE OUR VISION CapitaLand Commercial Trust (CCT or the Trust) was the first commercial To be a leading commercial (office) REIT listed on Singapore Exchange Securities Trading Limited (SGX- REIT backed by a portfolio ST) with a market capitalisation of S$7.7 billion as at 31 December 2019. of quality income-producing CCT aims to own and invest in quality, income producing commercial real commercial buildings, and led estate and real estate-related assets, to secure stable earnings and ensure by a dedicated and experienced sustainable returns to unitholders of CCT (Unitholders). CCT remains management team. predominantly focused in Singapore and the Manager has guided that CCT will look to invest in key gateway cities in other developed markets over time. CCT’s overseas exposure is currently in Germany and accounts OUR MISSION for 8% of its portfolio property value. The total deposited properties of CCT was S$11.8 billion as at 31 December 2019, comprising a portfolio To deliver long-term sustainable of 10 prime commercial properties in Singapore and Germany, including distribution and total returns to joint ventures. Unitholders. Listed on SGX-ST since 11 May 2004, CCT was created through a distribution OUR VALUES in specie by Singapore-listed CapitaLand Limited (CapitaLand) to its shareholders. > Winning Mindset > Integrity The Trust is managed by CapitaLand Commercial Trust Management > Respect Limited (CCTML, or the Manager), which is a wholly owned subsidiary of > Enterprising CapitaLand, one of Asia’s largest diversified real estate groups. About the Report CCT Annual Report 2019 has been prepared in accordance with the International Integrated Reporting Council (IIRC) Framework and the Global Reporting Initiative (GRI) Standards: Core option. CCT welcomes stakeholders to send comments concerning our disclosures to [email protected]. CONTENTS FEATURES STAKEHOLDERS & COMMUNITIES PAGE PAGE 19 117 Main Airport Center, Frankfurt CCT Live It Up! 2019 MESSAGE TO UNITHOLDERS FY 2019 was a positive year for CCT as we continued to 10 2019 Highlights deliver strong total returns achieved through unit price 14 Property Portfolio appreciation and growth in DPU. 17 Global Trends 19 Message to Unitholders PROPERTIES 26 Sustainability Approach With the expiries of anchor 31 Trust Structure & Organisation Structure tenants at Six Battery Road and 21 Collyer Quay, we 32 Board of Directors plan to embark on AEIs for 37 The Manager the two assets to prepare 38 Corporate Governance our portfolio for longer 68 Enterprise Risk Management term growth. 74 Value Creation 76 Operations and Financial Review Artist's impression of Six Battery Road AEI 89 Independent Market Review PAGE 97 97 Properties 110 Environment FINANCIAL REVIEW 117 Stakeholders & Communities CCT established a Sustainability Financing Framework and issued 139 Financial Statements and Notes PAGE 82 our first green bond. Any discrepancies in the table and charts between the listed figures and totals thereof are due to rounding. Where applicable, figures and percentages are rounded to one decimal place. ANNUAL REPORT 2019 1 SHAPING SUSTAINABLE WORKPLACES A sustainable workplace is what companies strive to create and where we enjoy working in. At CCT, we invest in high quality and well-located assets and create nurturing spaces that empower businesses and their teams to thrive. Cargill's office at CapitaGreen Nourishing the world while“ preserving the environment is at the heart of what we do at Cargill We focus on three areas where we can make an impact in the right direction: Trade, nutrition and farmers’ prosperity. JITESH AVLANI” Former Country Head for Singapore at Cargill, shares what keeps him grounded and how the company is working towards a sustainable future. A tenant at CapitaGreen. “We believe in designing, building and implementing in a faster, bigger, stronger way. Our pace of work and change is so fast that you can never get bored. Being an entrepreneur is like being a tightrope walker − you’re always on the edge. ”CHRISTOPHER MUFFAT Founder and CEO of artificial intelligence (AI) and data protection startup Dathena, shares his passion in what he does. A tenant at One George Street. The Work Project, Asia Square Tower 2 CREATING ENTERPRISING SOLUTIONS It is important for companies to be nimble and responsive to the changing market environment. Creating enterprising solutions enables us to stay relevant as a trusted partner of choice. BUILDING ENGAGING COMMUNITIES We generate vibrancy by building engaging communities and developing secure environments for all to learn and grow. Through activities, we shape communities and facilitate connections; with technology, we enhance security and increase efficiency. CCT Gifts of Joy 2019: Outing to the Children's Biennale at the National Gallery “I believe in fostering an environment where our people can thrive and grow. ”ROB BRYSON Managing Director at recruitment firm Robert Walters, shares his guiding principles in leading a team. A tenant at Six Battery Road, Robert Walters has been an active supporter of Gifts of Joy over the years. LASTING Partner IMPACT We partnered CapitaLand, a forerunner in promoting We foster a positive workplace health and wellness, to make healthy lifestyle a community that enables default in the CapitaLand office community. The strong businesses to thrive, win-win collaboration between Health partnerships to flourish and Promotion Board and CCT had seen more than 3,500 strong relationships to grow. participation in Healthy Workplace Ecosystem activities This is how we make in 2019. Besides having meaningful impact and physical activities readily accessible, a whole range of create lasting impressions. holistic health activities, such as nutrition and mental well- being workshops, were also conducted. We look forward to strengthening this partnership Customer to impact workers’ health and Our office named Crimson well-being. House Singapore within SIMON LIM CapitaGreen offers us with Director, Analyst bright workspaces, green Workplace Health & Outreach Division, Health Promotion Board areas to relax, great views of We value the CCT team who Singapore and is conveniently consistently demonstrates a located. We highly value strong commitment towards the strong support from the Investor building lasting relationships building management team I value the forward-looking with the analyst and investor as well as close consulting community based on trust. attitude exemplified by with tenants. We are thrilled CCT through its tenant There were constructive to collaborate with a partner comments and clear guidance engagements to make that is aligned with our vision relationships more “sticky” and on the dynamic office of empowering people and operational environment, and offering more than office space communities and is committed solutions. This makes CCT we appreciate management’s to operating responsibly. execution on its strategy more resilient to upcoming Rakuten Asia values this disruptions. Management also of expanding to new relationship with CapitaLand geographies, especially delivered strong execution of and we look forward to work strategy in a timely manner, management’s abilities to with CapitaLand in strategizing anticipate questions well and creating value for Unitholders. our space requirements for the CCT has given me stable answer them with candour, next few years. transparency and timeliness. income and a total return of 128.9% over a 10-year period. TAKASHI WATANABE DEREK TAN WEI XIANG Chief Operation Officer, Equity Analyst, Rakuten Asia VINCENT TAN DBS Bank Tenant at CapitaGreen Retail Investor 8 CAPITALAND COMMERCIAL TRUST Employee I am proud to be part of CapitaLand and CCT's transformation journey and growth over the years, contributing through my Customer various roles in the commercial Thank you CapitaLand for your portfolio. continuous efforts in engaging with tenants and providing Working across different us with informative seminars functions and with business and healthy treats. Thanks for partners, architects, local being the leader to promote authorities, consultants and a healthy work environment construction companies has taught me to approach and initiatives in the workplace Investor for all tenants. Appreciate this challenges from different greatly! perspectives that enable From CCT's past actions and me to make more informed my conversations with the CHEN MEI RU decisions. These experiences directors and management, Staff of IINO Singapore Pte Ltd at I believe CCT is building a Capital Tower have also helped me gain a comprehensive perspective of resilient
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