CAPITALAND COMMERCIAL TRUST

Annual Report 2018

WE ARE

SHAPING OUR FUTURE

WE ARE

SHAPING OUR FUTURE

Grounded with the right values and learning experiences, children have the potential to develop into pillars of strength and models of success.

Similarly, grounded on firm values, responsibility, foresight and agility, CapitaLand Commercial Trust continues to succeed from strength to strength through professional excellence and value creation. It is about the way we nurture our people, build communities, curate our environment, grow our portfolio and shape our future.

OUR VISION

OUR MISSION

To be a leading commercial REIT backed by a portfolio of quality income-producing commercial buildings, and led by a dedicated and experienced management team.

To deliver long-term sustainable distribution and total returns to Unitholders.

CONTENTS

SHAPING OUR FUTURE ON FIRM VALUES

Overview

  • 02 2018 Highlights

  • 04 Financial Highlights

  • 07 Year in Brief 2018

  • 08 Message to Unitholders

  • 15 Property Portfolio

  • 18 Value Creation

SHAPING OUR FUTURE WITH RESPONSIBILITY

Corporate Governance & Transparency

  • 22 Trust Structure & Organisation Structure

  • 23 Board of Directors

  • 28 The Manager

  • 29 Corporate Governance

  • 55 Enterprise Risk Management

  • 59 Investor Relations & Communications

Sustainability

61 Sustainability Management

SHAPING OUR FUTURE WITH FORESIGHT AND AGILITY

Business Review

92 Independent Market Review

100 Operations Review

108 Financial Review

116 Property Details

125 Glossary

Financials & Additional Information

127 Financial Statements and Notes

222 Additional Information

230 Statistics of Unitholdings

Corporate Information

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.

CORPORATE PROFILE

CapitaLand Commercial Trust

(CCT or the Trust) was the first and is the largest commercial (office) REIT listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$6.6 billion as at

31 December 2018. CCT aims to own and invest in commercial real estate and real estate-related assets which are largely income producing, in Singapore and key gateway cities in developed markets. CCT will remain predominantly focused in Singapore with an overseas exposure of up to 20% of its portfolio property value over time. The total deposited properties of CCT was S$11.2 billion as at 31 December 2018, comprising a portfolio of 10 prime commercial properties in Singapore and Germany, including joint ventures. CCT's overseas exposure is currently in Germany and accounts for 5% of its portfolio property value.

Listed on SGX-ST since 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.

SHAPING OUR FUTURE ON FIRM VALUES

We shape our future on firm values of respect, integrity, creativity and excellence. We also shape our future on principles of consistent and disciplined portfolio investment and capital management to generate sustainable income and distribution growth.

This is evident through our vibrant workplace communities, our resilient asset performance, our timely investments, divestments and capital recycling, our robust balance sheet as well as our efficient property operating platform.

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Disclaimer

CapitaLand Commercial Trust published this content on 13 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 March 2019 00:02:07 UTC