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CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST). CapitaLand Integrated Commercial Trust has a market capitalization of US14.2 billion dollars or S18.2 billion dollars as at 31 December 2025. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT's portfolio comprises 20 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S27.0 billion dollars or US21.0 billion dollar based on valuations of its proportionate interests in the portfolio as at 31 December 2025. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand Integrated Commercial Trust was established in October 29, 2001 and incorporated in Singapore.
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CapitaLand Integrated Commercial Trust is a Singapore-listed REIT owning retail malls and office properties primarily in Singapore with limited international exposure. Long-term growth may be supported by recovery in leasing demand, active asset management and sponsor-linked scale; the trust may appeal to investors seeking diversified rental income and exposure to Singapore's commercial property market.
Key risks include sensitivity to interest rates and property valuations, leasing volatility and tenant concentration, and execution risk on asset enhancements.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 958.60M | 935.32M | 879.33M | 729.99M | 1102.29M |
| Minority interest | -14.14M | -8.09M | -6.65M | -2.52M | 0.02M |
| Net income | 937.29M | 933.68M | 862.57M | 723.37M | 1083.09M |
| Selling general administrative | 112.14M | 99.73M | 94.15M | 95.37M | 87.64M |
| Selling and marketing expenses | - | - | 56.51M | - | - |
| Gross profit | 1189.75M | 1153.48M | 1059.20M | 1043.28M | 951.08M |
| Reconciled depreciation | 0.58M | 0.72M | 4.73M | 4.17M | 4.86M |
| Ebit | 1239.68M | 1291.17M | 1021.57M | 961.92M | 1284.33M |
| Ebitda | 1240.26M | 1291.89M | 1022.28M | 966.09M | 1289.19M |
| Depreciation and amortization | 0.58M | 0.72M | 0.71M | 4.17M | 4.86M |
| Operating income | 1077.02M | 1049.57M | 1017.55M | 961.92M | 1284.33M |
| Other operating expenses | 542.16M | 536.76M | 542.38M | 493.83M | 441.61M |
| Interest expense | 281.08M | 355.85M | 345.63M | 232.33M | 182.04M |
| Tax provision | 7.18M | -6.46M | 10.11M | 4.11M | 19.22M |
| Interest income | 6.78M | 12.70M | 11.29M | 5.18M | 4.33M |
| Net interest income | -285.49M | -355.95M | -341.30M | -237.10M | -183.39M |
| Income tax expense | 7.18M | -6.46M | 10.11M | 4.11M | 19.22M |
| Total revenue | 1619.17M | 1586.33M | 1559.93M | 1441.75M | 1305.05M |
| Total operating expenses | 112.73M | 103.91M | 41.65M | 95.37M | 87.64M |
| Cost of revenue | 429.43M | 432.85M | 500.73M | 398.46M | 353.97M |
| Total other income expense net | -118.41M | -114.25M | -138.22M | -231.93M | -182.04M |
| Net income from continuing ops | 951.42M | 941.78M | 869.22M | 725.89M | 1083.07M |
| Net income applicable to common shares | - | - | - | 723.37M | 1083.09M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 27431.34M | 25513.00M | 24739.13M | 24666.62M | 22741.85M |
| Intangible assets | - | - | 24019.62M | - | - |
| Other current assets | 391.65M | 5.78M | 16.63M | 18.63M | 361.83M |
| Total liab | 10941.03M | 9790.83M | 10337.41M | 10387.23M | 9046.15M |
| Total stockholder equity | 16292.06M | 15524.46M | 14199.81M | 14073.45M | 13667.75M |
| Other current liab | 124.73M | 98.11M | 277.75M | 86.59M | 94.32M |
| Common stock | - | 15524.46M | 14199.81M | 14073.45M | 13667.75M |
| Retained earnings | - | - | 14199.81M | - | - |
| Other liab | - | - | - | 240.25M | 165.89M |
| Good will | - | - | 1.93M | - | - |
| Other assets | - | - | - | 45.45M | 203.53M |
| Cash | 149.49M | 156.36M | 140.70M | 248.40M | 365.13M |
| Total current liabilities | 1116.27M | 1510.86M | 1453.75M | 1605.16M | 1258.81M |
| Current deferred revenue | - | - | 101.96M | 115.79M | 392.21M |
| Net debt | 9863.13M | 8815.92M | 9362.56M | 9362.87M | 7820.37M |
| Short term debt | 656.31M | 1037.79M | 1002.83M | 1156.98M | 596.90M |
| Short long term debt | 654.63M | 1035.19M | 1001.36M | 1155.05M | 594.64M |
| Short long term debt total | 10012.62M | 8972.28M | 9503.26M | 9611.26M | 8185.50M |
| Other stockholder equity | 16292.06M | 15524.46M | 14199.81M | - | - |
| Property plant equipment | - | - | - | 23750.13M | 21437.19M |
| Total current assets | 643.84M | 243.06M | 194.54M | 328.86M | 762.04M |
| Net tangible assets | - | - | - | 14073.45M | 13667.75M |
| Short term investments | - | - | -15.97M | - | - |
| Net receivables | 102.70M | 80.93M | 37.21M | 31.32M | 35.05M |
| Long term debt | 9334.89M | 7909.95M | 8476.37M | 8430.22M | 7582.64M |
| Inventory | - | - | -3.35M | - | - |
| Accounts payable | 335.23M | 374.96M | 173.18M | 245.80M | 175.38M |
| Accumulated other comprehensive income | - | - | 14401.72M | - | - |
| Non currrent assets other | 19.22M | 23702.35M | 1.04M | 24328.24M | 21966.83M |
| Non current assets total | 26787.50M | 25269.94M | 24544.59M | 24337.76M | 21979.81M |
| Capital lease obligations | 23.10M | 27.13M | 25.53M | 26.00M | 8.22M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -520.57M | -38.88M | -926.02M | 336.45M |
| Change to liabilities | - | - | - | 43.53M | -34.51M |
| Total cashflows from investing activities | -653.85M | -520.57M | -38.88M | -926.02M | 256.40M |
| Net borrowings | 50.97M | -476.51M | -92.56M | 722.92M | -482.84M |
| Total cash from financing activities | -450.00M | -507.98M | -1148.62M | -214.25M | -902.42M |
| Change to operating activities | - | - | - | 29.32M | 7.53M |
| Net income | 951.42M | 941.78M | 862.57M | 725.89M | 1083.07M |
| Change in cash | -6.87M | 15.66M | -107.70M | -116.74M | 181.52M |
| Begin period cash flow | 156.36M | 140.70M | 248.40M | 365.13M | 183.62M |
| End period cash flow | 149.49M | 156.36M | 140.70M | 248.40M | 365.13M |
| Total cash from operating activities | 1096.98M | 1044.20M | 1079.81M | 1023.54M | 827.53M |
| Issuance of capital stock | 600.00M | 1107.59M | 0.00M | 0.00M | 250.00M |
| Depreciation | 0.58M | 0.72M | 4.73M | 4.17M | 4.86M |
| Other cashflows from investing activities | -205.37M | 559.17M | -38.42M | -1138.10M | 13.79M |
| Dividends paid | 750.12M | 758.53M | 708.18M | -684.85M | -448.05M |
| Change to account receivables | -21.84M | -73.34M | -12.09M | -19.18M | -23.63M |
| Other cashflows from financing activities | -350.85M | -376.16M | -345.94M | 4155.37M | 1437.77M |
| Change to netincome | - | - | - | 232.22M | -194.48M |
| Capital expenditures | 285.62M | 178.71M | 118.60M | 127.39M | 93.84M |
| Change in working capital | -34.15M | -27.43M | 24.52M | 53.67M | -50.62M |
| Stock based compensation | - | - | 45.60M | 43.98M | - |
| Other non cash items | 179.12M | 129.14M | 187.99M | 220.66M | -209.78M |
| Free cash flow | 811.35M | 865.49M | 961.21M | 896.15M | 733.69M |
Sector: Real Estate Industry: REIT - Retail
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CPAMF CapitaLand Integrated Commercial Trust |
- -% |
1.62 | 14.31 | 19.19 | 8.74 | 1.09 | 16.62 | 18.41 |
| O Realty Income Corporation |
-0.45 0.76% |
59.05 | 43.17 | 35.34 | 9.16 | 1.42 | 14.52 | 16.99 |
| SPG Simon Property Group Inc |
- -% |
228.42 | 21.31 | 24.69 | 9.77 | 16.15 | 12.96 | 14.98 |
| SPG-PJ Simon Property Group Inc |
0.04 0.08% |
53.00 | - | - | 7.12 | - | - | - |
| REG Regency Centers Corporation |
-1.44 1.89% |
74.84 | 24.93 | 29.59 | 8.21 | 2.05 | 11.85 | 15.94 |
CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST). CapitaLand Integrated Commercial Trust has a market capitalization of US14.2 billion dollars or S18.2 billion dollars as at 31 December 2025. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT's portfolio comprises 20 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S27.0 billion dollars or US21.0 billion dollar based on valuations of its proportionate interests in the portfolio as at 31 December 2025. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand Integrated Commercial Trust was established in October 29, 2001 and incorporated in Singapore.
| Name | Title | Year Born |
|---|---|---|
| Mr. Tee Hieong Tan | CEO & Exec. Non-Independent Director of CapitaLand Integrated Commercial Trust Management Ltd | 1967 |
| Ms. Mei Lian Wong | Chief Financial Officer of CapitaLand Integrated Commercial Trust Management Limited | 1971 |
| Ms. Jacqueline Lee | Head of Investment of CapitaLand Integrated Commercial Trust Mgmt Ltd | NA |
| Ms. Mei Peng Ho | Head of Investor Relations of CapitaLand Integrated Commercial Trust Management Limited | NA |
| Ms. Pei Siang Chia | VP of Group Communications | NA |
| Ms. Teresa Teow | Head of Retail Mgmt for Singapore & Director - CapitaLand Mall Trust Mgmt Ltd | NA |
| Mr. Chee Seng Pang | Dy GM & Head of Property Mgmt - Capitamall Trust Mgmt Ltd - Mngr | NA |
| Ms. Keng Looi | Head of Asset Management - CapitaLand Mall Trust Management Limited | NA |
| Mr. Jason Loy | Head of Operations for Singapore - Capitaland Mall Trust Management Limited | NA |
| Ms. Cindy Peh | Head of Leasing for Singapore - CapitaLand Mall Trust Management Limited | NA |
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