There are a total of 5 REITs managed by CapitaLand Investment Limited (SGX:9CI):
(i) CapitaLand Ascendas REIT (SGX:A17U) – it invests in industrial (including logistics) and data centre properties in Singapore, Australia, the United States, and the United Kingdom/Europe;
(ii) CapitaLand Ascott Trust (SGX:HMN) – it invests in hotels and serviced residences in 16 different geographical locations;
(iii) CapitaLand China Trust (SGX:AU8U) – it invests in retail, business park, and logistics properties in China;
(iv) CapitaLand India Trust (SGX:CY6U) – it invests in business park, industrial, logistics, and data centre properties in India;
(v) CapitaLand Integrated Commercial Trust (SGX:C38U) – it invests in retail and office properties in Singapore, Germany, and Australia.
Out of the 5, I am invested in 3 of them (you can click on the respective REIT names to find out why I’ve made the investment decision) – CapitaLand Ascendas REIT, CapitaLand India Trust, and CapitaLand Integrated Commercial Trust.
All the 3 REITs I have invested in have their financial years ending every 31 December, as well as declaring a distribution payout on a half-yearly basis (once when they release their financial results for the 1st half of the year and once when they release their results for the 2nd half of the year).
CapitaLand India Trust was the first to release its 2nd half and full year results on 29 January, followed by CapitaLand Ascendas REIT on 01 February, and finally CapitaLand Integrated Commercial Trust this morning (06 February).
In today’s post, you will find my review of the results of the 3 CapitaLand REITs I have investments in (where I will be sharing my thoughts about their latest financial figures, portfolio occupancy and debt profile, as well as distribution payout) in the order of their results release:
CapitaLand India Trust (SGX:CY6U) – Results Released on 29 January
As at 31 December 2023, CapitaLand India Trust’s portfolio comprises 9 IT parks, 3 industrial facilities, 1 logistics park, and 4 data centre developments in India – in Bangalore, Chennai, Hyderabad, Pune, and Mumbai valued at S$3.0 billion.
Financial Performances:
2H FY2022 vs. 2HFY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $107.3m | $123.6m | +15.1% |
| Property Operating Expenses (S$’mil) | $23.9m | $29.6m | +23.7% |
| Net Property Income (S$’mil) | $83.4m | $94.0m | +12.7% |
| Distributable Income to Unitholders (S$’mil) | $45.5m | $41.1m | -9.6% |
My Observations: A slight negative in CapitaLand India Trust’s financial performances for the 2nd half of FY2023 was its distributable income to unitholders, which saw a 9.6% decline in SGD-terms (but about only about 3% in Indian Rupee [INR]-terms) due to higher financing costs. Also, 10% of the distributable income to unitholders had been retained to provide for greater flexibility in growing the business trust.
Apart from that, its other key financial figures are still considered to be pretty decent – with its gross revenue and net property income up by 15.1% and 12.7% in SGD-terms respectively (in INR-terms, it is up by 23% and 21% respectively) mainly due to income from Arshiya Warehouse 7, Industrial Facility 1 in Mahindra World City, Block A of ITPH and ITPP-H, together with higher rental income from existing properties.
Property operating expenses saw a 23.7% hike mainly due to higher operation and maintenance expenses and property management fees.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $210.6m | $234.1m | +11.1% |
| Property Operating Expenses (S$’mil) | $43.8m | $54.4m | +24.3% |
| Net Property Income (S$’mil) | $166.8m | $179.6m | +7.7% |
| Distributable Income to Unitholders (S$’mil) | $95.1m | $85.2m | -10.5% |
My Observations: Apart from its distributable income to unitholders (which fell 10.5% in SGD-terms, but just 3% in INR-terms, mainly due to preferential offering, and higher finance costs), the other key financial figures recorded for the full year ended 31 December 2023 (compared against the previous year) is, in my opinion, a stable one.
Gross revenue was up by 11.1% in SGD-terms (but up by 21% in INR-terms), while net property income increased 7.7% in SGD-terms (but up by 17% in INR-terms) mainly due to new acquisitions (Arshiya Warehouse 7 acquired in March 2022, Industrial Facility 1 in Mahindra World City acquired in May 2022, ITPP-H acquired in May 2023), completion of Block A, ITPH, completed in January 2023, along with higher rental income of existing properties.
The 24.3% increase (in SGD-terms, but up by 35% in INR-terms) in its property operating expenses can be attributed to higher operations and maintenance expenses and property management fees from existing and newly acquired properties.
Portfolio Occupancy (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Portfolio Occupancy (%) | 92.0% | 93.0% |
| Portfolio WALE (years) | 3.5 years | 3.4 years |
My Observations: Portfolio occupancy remains largely the same compared to the previous quarter.
The slight 1.0 percentage point (pp) increase in its portfolio occupancy to 93.0% can be attributed to improvements in the occupancy rates in all of its properties. In terms of occupancy rates of its individual properties, apart from aVance Hyderabad (which have a committed occupancy of 75%), and Building Q1 (which have a committed occupancy of 62%), the other properties have a committed occupancy of at least 95.0%.
In terms of lease expiries, in FY2024, it is at 15% (however, I note that more than 50% of the leases are either renewed of highly likely to be renewed). In the next 3 years (i.e., FY2025, FY2026 and FY2027), it is at 8%, 19%, and 18% respectively. 40% of its leases will only be due for renewal in FY2028 or later.
Debt Profile (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Aggregate Leverage (%) | 37.0% | 35.8% |
| Interest Coverage Ratio (times) | 2.6x | 2.6x |
| Average Cost of Debt (%) | 6.3% | 6.3% |
| % of Borrowings Hedged to Fixed Rates (%) | 71% | 75% |
My Observations: Compared to the previous quarter, CapitaLand India Trust’s debt profile saw further improvements in its aggregate leverage (which fell by another 1.2pp to 35.8% – at its current level, the business trust has a debt headroom of approximately S$1.1 billion, and uncommitted facilities of S$90.2m), as well as an increase in the percentage of borrowings hedged to fixed rates (up from 71% in Q3 FY2023 to 75% in Q4 FY2023).
In terms of debt maturity, the business trust has about 31.6% (or S$447.8m) of borrowings due for refinancing in FY2024, 14.1% (or S$200.0m) of borrowings due for refinancing in FY2025, 24.7% (or S$350.0m) of borrowings due for refinancing in FY2026, and the remaining 29.6% (or S$420.2m) of borrowings due for refinancing in FY2027 or later.
Distribution Payout to Unitholders:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 3.36 cents | 3.09 cents | -21.0% |
The 21.0% decline in the business trust’s distribution payout to unitholders was due to an enlarged unit based due to preferential offering (without it, the distribution payout would have been down by about 12%).
If you are a unitholder of the business trust, do take note of the following dates regarding its payout:
Ex-Date: 19 February 2024
Record Date: 20 February 2024
Payout Date: 28 February 2024
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 8.19 cents | 6.45 cents | -21.2% |
CEO Sanjeev Dasgupta’s Comments and Outlook:
“CLINT achieved strong operating performance in FY 2023 driven by our acquisitions of quality assets to build a resilient and diversified portfolio. The Trust’s FY 2023 property income grew 21% in INR terms and 11% in SGD terms y-o-y while our committed occupancy improved to 93% across the portfolio. CLINT’s net assets increased by S$263 million or 19% from a year ago due to our new acquisitions and uplift in valuation. Despite the elevated interest rate environment, our weighted average cost of debt remained unchanged at 6.3% in both 1H 2023 and 2H 2023.
In FY 2024, we anticipate the full-year income from Block A, International Tech Park Hyderabad (ITPH) as well as 100% leased Industrial Facility 2 and 3 at Mahindra World City, Chennai (IF2 and IF3), to contribute to CLINT’s overall growth.”
CapitaLand Ascendas REIT (SGX:A17U) – Results Released on 01 February
As at 31 December 2023, CapitaLand Ascendas REIT has a total assets under management of S$16.9 billion – comprising of 227 properties belonging to 3 segments: business space and life sciences, logistics, and industrial and data centres located in the developed markets of Singapore, the United States, Australia, and in the United Kingdom/Europe.
Financial Performances:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $686.1m | $761.7m | +11.0% |
| Property Operating Expenses (S$’mil) | $194.3m | $247.3m | +27.3% |
| Net Property Income (S$’mil) | $491.8m | $514.3m | +4.6% |
| Distributable Income to Unitholders (S$’mil) | $333.2m | $326.9m | -1.9% |
My Observations: For the 2nd half of FY2023, it was a largely positive set of results, except for its distributable income to unitholders.
Gross revenue rose by 11.0% to S$761.7m (2H FY2022: S$686.1m), mainly due to the full period contribution from acquisitions of 3 properties in Singapore (622 Toa Payoh Lor 1 currently occupied by Philips Singapore, 1 Buroh Lane, and The Shugart) in 1H FY2023, as well as the acquisition of The Chess Building (located in the United Kingdom) in August 2023. This is on top of higher occupancy in several properties, higher service charge, and utilities income from the REIT’s Singapore portfolio.
The 27.3% jump in property operating expenses can be attributed to property operating expenses incurred by properties that are acquired and completed (MQX4 in Australia) in FY2022, as well as during the current financial period, coupled with higher marketing fees and property tax expenses. This led to its net property income to increase by just 4.6% to S$514.3m (2H FY2023: S$491.8m).
Due to higher net finance costs due to higher average debt balance and higher average interest rate, its distributable income to unitholders inched down by 1.9% to S$326.9m (2H FY2023: S$333.2m)
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $1,352.7m | $1,479.8m | +9.4% |
| Property Operating Expenses (S$’mil) | $383.9m | $456.6m | +18.9% |
| Net Property Income (S$’mil) | $968.8m | $1,023.2m | +5.6% |
| Distributable Income to Unitholders (S$’mil) | $663.9m | $654.4m | -1.4% |
My Observations: Pretty much in-line with its results for the 2nd half of the year, the only negative in CapitaLand Ascendas REIT’s results for FY2023 was the 1.4% decline in its distributable income to unitholders – mainly due to higher interest expenses as a result of the high interest rate environment.
Gross revenue saw a 9.4% improvement, driven by acquisitions completed in FY2023, and full-year contribution from the properties acquired in FY2022, along with higher occupancy and positive rental reversions achieved for its Singapore portfolio.
However, its net property income only rose by 5.6% due to higher utility expenses and higher property taxes related to its portfolio in Singapore.
Portfolio Occupancy (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Portfolio Occupancy (%) | 94.5% | 94.2% |
| Rental Reversion (%) | +10.2% | +15.2% |
| Portfolio WALE (years) | 3.9 years | 3.9 years |
My Observations: The 0.3pp decline in its portfolio occupancy (to 94.2%) is due to a slight dip in the occupancy rates in its properties in the United States (which edged down from 92.1% in Q3 FY2023 to 90.4% in Q4 FY2023), as well as in Australia (which inched down from 99.0% in Q3 FY2023 to 98.7% in Q4 FY2023).
On the other hand, rental reversion saw a huge 5.0pp jump to +15.2% (which is a huge plus in my opinion) – where new and/or renewed leases for the quarter in Singapore, United States, and Australia saw double-digit percentage improvements (at +16.9%, +11.0%, and +21.8% respectively). A slight negative can be seen in the rental reversion for new and/or renewed leases in the United Kingdom, at -6.6%.
Finally, lease expiries over the next couple of years are also well-spaced out, as follows: 14.6% in FY2024, 20.4% in FY2025, 20.5% in FY2026, and 44.5% in FY2027 or later.
Debt Profile (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Aggregate Leverage (%) | 37.2% | 37.9% |
| Interest Coverage Ratio (times) | 4.0x | 3.9x |
| Average Term to Debt Maturity (years) | 3.3 years | 3.4 years |
| Average Cost of Debt (%) | 3.3% | 3.5% |
| % of Borrowings Hedged to Fixed Rates (%) | 80.6% | 79.1% |
My Observations: Compared to the previous quarter, CapitaLand Ascendas REIT’s debt profile have weakened slightly – with its aggregate leverage up by 0.7pp to 37.9% (however, at this level, there is still a very good debt headroom before the regulatory limit of 50.0% is reached), average cost of debt up by 0.2pp to 3.5%, along with a slight dip in the percentage of borrowings hedged to fixed rates (down from 80.6% in Q3 FY2023 to 79.1% to Q4 FY2023; despite of that, even at 79.1%, it is at a very high level in my opinion).
In terms of debt maturity in the coming years ahead, it is also very well-staggered out, with an average of about S$895m of borrowings due for refinancing between FY2024 and FY2027, and more than S$2,700m of borrowings due for refinancing only in FY2028 or later.
Distribution Payout to Unitholders:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 7.925 cents | 7.441 cents | -6.1% |
The 6.1% decline in its distribution per unit can be attributed to a 1.9% decline in the distributable income to unitholders due to higher financing costs, along with a larger unit base.
If you are a unitholder of the REIT, do take note of the following dates regarding its payout:
Ex-Date: 08 February 2024
Record Date: 09 February 2024
Payout Date: 06 March 2024
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 15.795 cents | 15.160 cents | -4.0% |
CEO Mr William Tay’s Comments and Outlook:
“In FY2023, CLAR’s net property income exceeded S$1 billion for the first time since our IPO in 2002. We managed to achieve this despite the difficult and uncertain economic environment. We will build on our strong fundamentals and continue to maintain and improve CLAR’s portfolio.”
CapitaLand Integrated Commercial Trust (SGX:C38U) – Results Released on 06 February
CapitaLand Integrated Commercial Trust invests in commercial properties (used for retail and/or office) purpose. As at 31 December 2023, its portfolio comprises 21 properties in Singapore, 2 properties in Frankfurt, Germany, and 3 properties in Sydney, Australia, with a total assets under management of S$24.5 billion.
Financial Performances:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $754.1m | $785.2m | +4.1% |
| Property Operating Expenses (S$’mil) | $212.5m | $221.6m | +4.3% |
| Net Property Income (S$’mil) | $541.7m | $563.6m | +4.0% |
| Distributable Income to Unitholders (S$’mil) | $355.1m | $362.5m | +2.1% |
My Observations: CICT’s financial results for the 2nd half of FY2023 was pretty much muted (which was pretty much within my expectations due to the lack of acquisitions in the time period under review) – with its gross revenue, net property income, and distributable income to unitholders all up by a low single-digit percentage compared to the same time period last year.
The 4.1% rise in gross revenue was due to higher rental and occupancy rates. However, due to a slightly higher increase in its property operating expenses (by 4.3%) compared to its gross revenue due to higher utilities, maintenance, and marketing expenses, net property income saw a slightly lower improvement (compared to its gross revenue) of 4.0%.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Gross Revenue (S$’mil) | $1,441.7m | $1,560.0m | +8.2% |
| Property Operating Expenses (S$’mil) | $398.5m | $444.0m | +11.4% |
| Net Property Income (S$’mil) | $1,043.3m | $1,116.0m | +7.0% |
| Distributable Income to Unitholders (S$’mil) | $702.4m | $715.7m | +1.9% |
My Observations: In terms of growth in CapitaLand Integrated Commercial Trust’s financial results for the full-year, I must say it was a stable one.
The 8.2% increase in gross revenue can be attributed to full year contributions from newly acquired properties completed in 1H FY2022 (in 66 Goulburn Street, 100 Arthur Street, 50.0% interest in 101-103 Miller Street, and Greenwood Plaza in Sydney, Australia, along with CapitaSky), as well as improved performance from the existing properties during the year.
Property operating expenses went up by 11.4%, due to the full year impact from the newly acquired properties, as well as higher utilities, maintenance, and marketing expenses incurred during the year. This led to the REIT’s net property income increasing at a slower rate (compared to its gross revenue) at 7.0%.
Portfolio Occupancy (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Portfolio Occupancy (Retail) (%) | 99.0% | 98.5% |
| Portfolio WALE (by GRI – years) (Retail) | 2.1 years | 2.0 years |
| Portfolio Occupancy (Office) (%) | 96.4% | 96.7% |
| Portfolio WALE (by GRI – years) (Office) | 3.5 years | 3.4 years |
| Portfolio Occupancy (Integrated Development) (%) | 98.0% | 98.5% |
| Portfolio WALE (by GRI – years) (Integrated Development) | 5.0 years | 4.9 years |
My Observations: Apart from the occupancy rate of its retail properties (which edged down 0.5pp to 98.5%, due to slight dips in occupancy rates in IMM building [from 100.0% in Q3 FY2023 to 99.7% in Q4 FY2023] and Junction 8 [from 99.7% in Q3 FY2023 to 99.6% in Q4 FY2023]; however, all of its retail properties have maintained an occupancy rate of at least 97.0%), the occupancy rates of the other 2 property types (i.e., office and integrated development) saw slight improvements.
Zooming into occupancy rate of its office properties, all of them saw improvements except for Six Battery Road (from 97.9% in Q3 FY2023 to 97.8% in Q4 FY2023), Gallileo (from 100.0% in Q3 FY2023 to 99.2% in Q4 FY2023 – that said, Commerzbank had ended its lease in end-January 2024, and the Manager is in advanced talks with a prospective tenant from the financial services sector to take up most of the lettable space in the office property after the completion of the upgrading works [which will commence in February 2024 and take at least 18 months to be completed and carried out in 3 phases]), and Main Airport Center (from 92.5% in Q3 FY2023 to 91.4% in Q4 FY2023).
Finally, the occupancy rates of its integrated development properties (in CapitaSpring, Funan, Plaza Singapura & The Atrium@Orchard, Raffles City Singapore, as well as 101-103 Miller Street & Greenwood Plaza) either saw improvements in its occupancy rate or unchanged. Apart from 101-103 Miller Street & Greenwood Plaza (which have an occupancy rate of 91.7% in Q4 FY2023), the occupancy rates of the other integrated development properties are at least 98.4% occupied.
Debt Profile (Q3 FY2023 vs. Q4 FY2023):
| Q3 FY2023 | Q4 FY2023 | |
| Aggregate Leverage (%) | 40.8% | 39.9% |
| Interest Coverage Ratio (times) | 3.1x | 3.1x |
| Average Term to Debt Maturity (years) | 4.1 years | 3.9 years |
| Average Cost of Debt (%) | 3.3% | 3.4% |
| % of Borrowings Hedged to Fixed Rates (%) | 78% | 78% |
My Observations: In my opinion, CICT’s debt profile is considered to be healthy – with its aggregate leverage, at 39.9%, a good distance away from the regulatory limit of 50.0%, and a high percentage of borrowings hedged to fixed rates, at 78%.
Debt maturity is also well-staggered out over the years, where, between FY2024 and FY2027, it has an average of 14% of borrowings due for refinancing in a particular financial year. 44% of its borrowings are due for refinancing only in FY2028 or later.
Distribution Payout to Unitholders:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 5.36 cents | 5.45 cents | +1.7% |
Unitholders have the option to receive their distributions in cash (which is the default), units of the REIT, or a combination of both.
If you are a unitholder of the REIT, do take note of the following dates regarding its payout:
Ex-Date: 14 February 2024
Record Date: 15 February 2024
Payout Date: 28 March 2024
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| Distribution Per Unit (S$’cents) | 10.58 cents | 10.75 cents | +1.6% |
Management’s Comments and Outlook:
Chairperson Ms Teo Swee Lian:
“In 2023, CICT adopted a conservative approach in response to challenging market conditions and a high-cost environment. We focused on driving organic growth through proactive portfolio management, prudent cost management, and discipline in capital management. This strategy has yielded positive results. Despite the external circumstances, CICT’s financial performance in 2H 2023 remained stable, highlighting the resilience and effective management of the portfolio. Amidst prevailing global uncertainties, we will maintain a stance of caution and vigilance. At the same time, our commitment to driving sustainable growth and returns remains steadfast.”
CEO Mr Tony Tan:
“CICT achieved improvements in operational performance across its retail, office and integrated development portfolios, as evidenced by the higher committed occupancies and positive rent reversions. We have taken proactive measures to address headwinds in the Australia and Germany markets, by embarking on upgrading and asset enhancement initiatives that will drive stability and growth in our overseas portfolio. Despite cost challenges, we have maintained resilience in our home ground. The solid fundamentals of our Singapore portfolio have continued to serve as a strong anchor for CICT’s growth, strengthening the overall value of our portfolio.
In 2024, our focus remains on optimising our portfolio for growth through proactive portfolio management, value creation, and prudent cost and capital management. The limited new supply of retail and office spaces in Singapore over the medium term will contribute to the sustained demand for our properties. On the value creation front, the transformation of CQ @ Clarke Quay into a vibrant day-and-night lifestyle destination is on the home stretch. We are in the final stage of the asset enhancement works, and store fit-outs are progressing rapidly targeting to be in operations by 2Q 2024. Three of our properties, namely, IMM Building in Singapore, Gallileo in Germany, and 101 Miller Street in Australia, are slated for upgrading and asset enhancement initiatives. Concurrently, we will explore opportunities that complement our portfolio as we remain predominantly Singapore-focused.”
Closing Thoughts
In terms of distribution payout for the 2nd half of FY2023, only CapitaLand Integrated Commercial Trust saw an improvement (albeit just slightly), with the other 2 CapitaLand REITs saw its distribution payout declined – for CapitaLand India Trust, it was due to a higher unit base, higher borrowing costs, and a weaker Indian Rupee, while for CapitaLand Ascendas REIT, it was due to a higher finance costs.
Results-wise, I must say that all 3 of them have reported a stable set of results for the full-year, contributed by newly acquired properties, and higher revenue from the existing ones.
Portfolio occupancy of the 3 CapitaLand REITs are also maintained at a high level of at least 90%, with lease expiries well-spread out (which provides stability in its income), and debt profile continue to be maintained at healthy levels – with the aggregate leverage of the 3 REITs at under 40.0%, and a high percentage of their borrowings (above 75%) hedged at fixed rates.
Finally, for those who prefer to reinvest their distributions, CapitaLand Integrated Commercial Trust will be bringing back its distribution reinvestment plan, where unitholders have the option to choose whether to receive their distributions declared for 2H FY2023 in cash (which is the default), in additional units of the REIT, or a combination of both – for those whose unitholdings are in your CDP account, you should receive a letter in your mailbox to make your choice in due course; for those whose unitholdings are in a custodian brokerage account, you will receive a message from your brokerage to make your choice.
With that, I have come to the end of my review of the latest results of the 3 CapitaLand REITs (in CapitaLand India Trust, CapitaLand Ascendas REIT, as well as CapitaLand Integrated Commercial Trust) for the 2nd half, as well as for the full-year ended 31 December 2023. As always, please note that all the opinions expressed above are purely my own, which I’m sharing for educational purposes only, and they do not imply any buy or sell calls for the REITs’ units. You are strongly advised to do your own due diligence before making any investment decisions.
Related Documents
CapitaLand India Trust:
CapitaLand Ascendas REIT:
CapitaLand Integrated Commercial Trust:
Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust, CapitaLand Ascendas REIT, and CapitaLand Integrated Commercial Trust.
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