There are a total of 5 CapitaLand REITs and business trusts Sponsored by CapitaLand Investment Ltd (in alphabetical order) – CapitaLand Ascendas REIT, CapitaLand China Trust, CapitaLand Ascott Trust, CapitaLand India Trust, and CapitaLand Integrated Commercial Trust.

Of which, I have investments in 3 of them – CapitaLand Ascendas REIT, CapitaLand India Trust, and CapitaLand Integrated Commercial Trust.

All 3 of them have since reported their financial results for the 1st half of the financial year ended 30 June – starting off with CapitaLand India Trust on 29 July, CapitaLand Ascendas REIT a day after (on 30 July), and finally, CapitaLand Integrated Commercial Trust on 13 August.

In this post, you will find my review of their results (arranged in order of their results release) in terms of their financial performance, portfolio occupancy and debt profile, as well as its distribution payout to unitholders.

Let’s get started:

CapitaLand India Trust (SGX: CY6U) – Results Released on 29 July 2024

Brief Introduction:

CapitaLand India Trust, or CLINT for short, is a property trust which owns 10 world-class IT business parks, 4 industrial and logistics facilities, along with 4 data centre developments in India (particularly in Bangalore, Chennai, Hyderabad, Mumbai, and Pune), valued at S$3.2 billion.

Financial Performance (1H FY2023 vs. 1H FY2024):

	1H FY2023	1H FY2024	% Variance
Gross Revenue (S$’mil)	$110.5m	$136.1m	+23.2%
Property Operating Expenses (S$’mil)	$24.9m	$32.6m	+30.9%
Net Property Income (S$’mil)	$85.6m	$103.5m	+20.9%
Distributable Income to Unitholders (S$’mil)	$44.0m	$48.7m	+10.6%

My Observations: Overall, it is a very good set of results reported by CLINT – where its gross revenue, net property income, and distributable income saw double-digit percentage growths compared to last year.

The 23.2% jump in CLINT’s gross revenue can be contributed by higher income from existing properties, income from completed property (Block A, ITPH, completed in January 2023), as well as from newly acquired properties (ITPP-H acquired in May 2023, IF2 and IF3, MWC acquired in December 2023, and aVance II, Pune, acquired in March 2024).

As property operating expenses spiked by 30.9%, as a result of higher property taxes incurred by ITPL, operations and maintenance expenses, as well as other property operating expenses from existing and newly acquired properties, net property income improved by 20.9% to S$103.5m.

Finally, CLINT’s distributable income to unitholders improved by 10.6% to S$48.7m, as a result of a higher net property income, partially offset by higher current income tax expenses, net finance costs, and Trustee-Manager’s fees.

Portfolio Occupancy Profile (Q1 FY2024 vs. Q2 FY2024):

The following table is a comparison of CLINT’s portfolio occupancy profile for the 2nd quarter of FY2024 ended 30 June, compared against that recorded in the 1st quarter of FY2024 ended 31 March:

	Q1 FY2024	Q2 FY2024
Portfolio Occupancy (%)	94.0%	96.0%
Portfolio WALE (years)	2.0 years	3.4 years

My Observations: Just like its financial performance which we have seen in the previous section, CLINT’s portfolio occupancy have also recorded an improvement compared to the previous quarter.

Particularly, the 2.0 percentage point (pp) improvement n its portfolio occupancy is mainly due to an improvement in the occupancy in ITPB (up from 97% in Q1 FY2024 to 98% in Q2 FY2024), aVance Hyderabad (up from 75% in Q1 FY2024 to 95% in Q2 FY2024), aVance I, Pune (up from 97% in Q1 FY2024 to 98% in Q2 FY2024), as well as in aVance II, Pune (up from 63% in Q1 FY2024 to 66% in Q2 FY2024).

In terms of lease expiries, about 8% of leases are due for renewal in the 2nd half of FY2024 (of which, about 40% of them are either renewed or highly likely to be renewed), another 7% of leases due for renewal in FY2025, 18% of leases due for renewal each year between FY2026 and FY2027, and 49% of leases due for renewal in FY2028 and beyond.

Debt Profile (Q1 FY2024 vs. Q2 FY2024):

Similar to how I have reviewed the business trust’s portfolio occupancy profile in the previous section, I will also be reviewing its debt profile by comparing the statistics reported in the current quarter under review (i.e., Q2 FY2024 ended 30 June), against that reported in the previous quarter 3 months ago (i.e., Q1 FY2024 ended 31 March):

	Q1 FY2024	Q2 FY2024
Aggregate Leverage (%)	37.0%	38.1%
Interest Coverage Ratio (times)	2.6x	2.7x
Average Cost of Debt (%)	6.3%	6.2%
% of Borrowings Hedged to Fixed Rates (%)	71%	71%

My Observations: Even though the business trust’s aggregate leverage went up by 1.1pp to 38.1%, but I understand that it has a debt headroom of approximately S$915m before the aggregate leverage limit of 50% is reached.

Debt maturity is also well-spread out in my opinion, with about 15.6% (or S$231.6m) of borrowings due for refinancing in the 2nd half of FY2024, with another 12.7% (or S$189.1m) due for refinancing in FY2025, 21.9% (or S$326.5m) due for refinancing in FY2026, and 49.8% (or S$742.1m) of borrowings due for refinancing in FY2027 or later.

Distribution Payout to Unitholders:

The management of CLINT declares a distribution payout to the unitholders on a half-yearly basis – once when it declares its results for the first half of the year, and another when it declares its results for the second half of the year.

For 1H FY2024, a distribution payout of 3.64 cents/unit was declared. Compared to its payout of 3.36 cents/unit in 1H FY2024, this represented a 8.0% improvement. The increase can be attributed to an improvement in the business trust’s net property income, partially offset by by an increase in unit base due to additional units issued in May last year from sponsor subscription relation to the acquisition of ITPP-H and Counter A preferential offering.

If you are a unitholder of CLINT, do take note of the following dates on its distribution payout:

Ex-Date: 19 August 2024
Record Date: 20 August 2024
Payout Date: 28 August 2024

CEO Sanjeev Dasgupta's Comments & Outlook (from the Business Trust’s Press Release):

“We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT's strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion and higher occupancy, and income recognition from properties acquired in FY 2023. The Trust's net property income increased by 21% in Singapore Dollar terms, while our committed occupancy, excluding the recent acquisition, increased from 93% as at 31 December 2023, to 96% as at 30 June 2024, driven primarily by leasing activities at aVance, HITEC City, Hyderabad and Building Q1, Aurum Q Parc, Navi Mumbai.

My Review on The Singaporean Investor’s YouTube Channel:

CapitaLand Ascendas REIT (SGX: A17U) – Results Released on 30 July 2024

Brief Introduction:

CapitaLand Ascendas REIT, or CLAR for short, is Singapore’s first and largest listed business space and industrial REIT. Its portfolio comprises 229 investment properties located in Singapore, Australia, United States, as well as in the United Kingdom/Europe used for business space, life sciences, logistics, industrial, and data centre purposes, valued at S$16.9 billion.

Financial Performance (1H FY2023 vs. 1H FY2024):

	1H FY2023	1H FY2024	% Variance
Gross Revenue (S$’mil)	$718.1m	$770.1m	+7.2%
Property Operating Expenses (S$’mil)	$209.3m	$241.7m	+15.5%
Net Property Income (S$’mil)	$508.8m	$528.4m	+3.9%
Distributable Income to Unitholders (S$’mil)	$327.5m	$330.8m	+1.0%

My Observations: In my opinion, CLAR’s financial performance for the 1st half of FY2024 is a stable one – with both its gross revenue and net property income saw an improvement at around a mid-single digit percentage (pretty much what I expected) – which can be attributed to the full period contribution from 3 properties in Singapore completed in the 1st half of FY2023, as well as acquisition of 1 data centre in the United Kingdom in August 2023, and convert-to-suit project of 6055 Lusk Boulevard in the United States in December 2023.

However, this was partially offset by the divestment of 3 properties in Australia in February 2024, and 1 logistics property in Singapore in May 2023, along with the decommissioning of 5 Toh Guan Road East in Singapore and Welwyn Garden City in the United Kingdom in November 2023 and June 2024 respectively.

Property operating expenses spiked by 15.5% to S$241.7m mainly due to properties that were acquired and completed in FY2023.

Finally, distribution payout to unitholders inched up by 1.0% to S$330.8m, as a result of a higher net property income, partially offset by a higher interest expense.

Portfolio Occupancy Profile (Q1 FY2024 vs. Q2 FY2024):

In the table below, you will find a comparison of CLAR’s portfolio occupancy profile recorded for the 2nd quarter of FY2024 (ended 30 June) compared against that recorded for the 1st quarter of FY2024 (ended 31 March):

	Q1 FY2024	Q2 FY2024
Portfolio Occupancy (%)	93.3%	93.1%
Rental Reversion (%)	+16.0%	+11.7%
Portfolio WALE (years)	3.9 years	3.8 years

My Observations: Portfolio occupancy have weakened slightly to 93.1%, as a result of slight declines recorded in the occupancy rates of its property in Singapore (by 0.3pp from 92.3% in Q1 FY2024 to 92.0% in Q2 FY2024), as well as in the United States (by 1.7pp from 89.5% in Q1 FY2024 to 87.7% in Q2 FY2024 – due to the expiration of leases at its 2 single-tenant properties).

Rental reversions for new and/or renewed leases in the Q2 FY2024 for Singapore, United States, Australia, and United Kingdom/Europe were at +11.9%, +11.9%, +7.7%, and +10.1% respectively – again, given the current circumstances, I consider it to be very resilient. Looking at the full year 2024 ahead, I understand that rental reversion is expected to be in the positive high-single digit range.

Lease expiries are also well-spread out in the years ahead – in the 2nd half of FY2024, there are only 6.8% of leases due for renewal; in the next 3 financial years (i.e., between FY2025 and FY2027), it has an average of about 19.1% of leases due for renewal each year, with 35.8% of leases only due for renewal in FY2028 or later.

Debt Profile (Q1 FY2024 vs. Q2 FY2024):

Next, let us have a look at CLAR’s debt profile, where I will also be comparing the stats reported for Q2 FY2024 against that reported in the previous quarter 3 months ago (i.e., Q1 FY2024):

	Q1 FY2024	Q2 FY2024
Aggregate Leverage (%)	38.3%	37.8%
Interest Coverage Ratio (times)	3.7x	3.7x
Average Term to Debt Maturity (years)	3.4 years	3.7 years
Average Cost of Debt (%)	3.8%	3.7%
% of Borrowings Hedged to Fixed Rates (%)	82.6%	83.0%

My Observations: Slight improvements can be seen in the REIT’s aggregate leverage (which inched down slightly to 37.8% – which is a very healthy level in my opinion), average cost of debt (which edged down to 3.7%), as well as in its percentage of borrowings hedged to fixed rates (which went up slightly to 83%).

In terms of debt maturity, it is very well-staggered – for the 2nd half of FY2024, it has just 7% (or S$481m) of borrowings due for refinancing. Over the next 5 years (i.e., between FY2025 and FY2029), it has 14.6% of borrowings due for refinancing each year, with about 20% of borrowings due for refinancing in FY2029 or later.

Distribution Payout to Unitholders:

The management of CLAR also declares a distribution payout to the unitholders on a half-yearly basis (just like CLINT).

For the 1st half of FY2024, a distribution payout of 7.524 cents/unit was declared – a slight 2.5% decline compared to the payout of 7.719 cents/unit declared for the same time period last year due to an enlarged unit base, which was up by 3.7%.

If you are a unitholder of CLAR, do take note of the following dates about its distribution payout:

Ex-Date: 06 August 2024
Record Date: 07 August 2024
Payout Date: 02 September 2024

CEO William Tay's Comments & Outlook (from the REIT's Press Release):

“Our well-diversified portfolio and diverse tenant mix continues to deliver a solid financial and operational performance in 1H 2024. Despite the high interest rate environment, distributable income for 1H 2024 rose 1.0% year-on-year to S$330.8 million. This growth is attributable to the higher revenue and net property income, as well as a stable cost of debt."

My Review on The Singaporean Investor’s YouTube Channel:

CapitaLand Integrated Commercial Trust (SGX: C38U) – Results Released on 13 August 2024

Brief Introduction:

CapitaLand Integrated Commercial Trust, or CICT, is Singapore’s first and largest REIT, where it invests in quality income-producing assets primarily used for retail and/or office purposes. Currently, its portfolio comprises 21 properties in Singapore, 2 in Germany, and 3 in Australia, valued at S$24.5 billion.

Financial Performance (1H FY2023 vs. 1H FY2024):

	1H FY2023	1H FY2024	% Variance
Gross Revenue (S$’mil)	$774.8m	$792.0m	+2.2%
Property Operating Expenses (S$’mil)	$222.4m	$209.6m	-5.8%
Net Property Income (S$’mil)	$552.3m	$582.4m	+5.4%
Distributable Income to Unitholders (S$’mil)	$361.7m	$375.3m	+3.8%

My Observations: CICT’s financial performance for the 1st half of FY2024 was a stable one, where its gross revenue, net property income, and distributable income to unitholders recorded a low- to mid-single digit percentage improvement.

Particularly, the 2.2% improvement in the REIT’s gross revenue can be attributed to an improved performance from existing properties, partially offset by the absence of revenue contribution from Gallileo due to the commencement of Asset Enhancement Works from February 2024 (with works well underway and on track with target phased handover to a new tenant in the European Central Bank from the 2nd half of 2025, with committed occupancy for the property at 96.7%).

As a result of a 5.8% decline in property operating expenses (due to lower property management reimbursements under the new property management agreement, as well as lower utilities expenses), net property income climbed by 5.4% to S$582.4m.

Distributable income rose by 3.8% to S$375.3m from higher revenue, along with savings in expenses.

Portfolio Occupancy Profile (Q1 FY2024 vs. Q2 FY2024):

In the table below, you will find a comparison of CICT’s portfolio occupancy profile reported for the current quarter under review (i.e., Q2 FY2024 ended 30 June) against that reported in the previous quarter 3 months ago (i.e., Q1 FY2024 ended 31 March):

	Q1 FY2024	Q2 FY2024
Portfolio Occupancy (%) (Retail)	98.7%	99.0%
Portfolio WALE (by GRI – years) (Retail)	2.0 years	2.0 years
Portfolio Occupancy (%) (Office)	95.8%	95.3%
Portfolio WALE (by GRI – years) (Office)	3.9 years	3.8 years
Portfolio Occupancy (%) (Integrated Development)	98.9%	98.8%
Portfolio WALE (by GRI – years) (Integrated Development)	4.7 years	4.6 years

My Observations: While there were slight dips in the REIT’s office and integrated development occupancy, but all of the 26 properties in its portfolio have an occupancy rate of above 90% – except for Main Airport Center in Germany (with an occupancy rate of 89.4%), as well as 100 Arthur Street in Australia (with an occupancy rate of 74.8%).

The 0.5pp decline in CICT’s occupancy for its office properties can be attributed to slight drop in occupancy rates in Asia Square Tower 2 (down from 97.2% in Q1 to 96.5% in Q2), Capital Tower (down from 99.4% in Q1 to 97.4% in Q2), Main Airport Center (down from 92.1% in Q1 to 89.4% in Q2), as well as 100 Arthur Street (down from 79.9% in Q1 to 74.8% in Q2).

For its integrated development properties, it was due to a slight dip in the occupancy rate in 101-103 Miller Street & Greenwood Plaza (from 91.7% in Q1 to 91.5% in Q2).

The 0.3pp improvement in the occupancy rate of its retail properties is due to an increase in occupancy rate in CQ @ Clarke Quay (up from 90.0% in Q1 to 92.7% in Q2), Funan (up from 97.3% in Q1 to 97.6% in Q2), The Atrium @ Orchard (up from 98.9% to 99.3% in Q2), as well as in Raffles City Singapore (up from 98.1% in Q1 to 99.6% in Q2).

Finally, a positive rental reversion of +9.3% and +15.0% were recorded for new and/or renewed leases for its retail and office properties respectively in the 1st half of FY2024.

Debt Profile (Q1 FY2024 vs. Q2 FY2024):

Moving on to the REIT’s debt profile, in the table below, you will find a comparison of the stats reported for Q2 FY2024 (ended 30 June) against that reported in Q1 FY2024 (ended 31 March):

	Q1 FY2024	Q2 FY2024
Aggregate Leverage (%)	40.0%	39.8%
Interest Coverage Ratio (times)	3.1x	3.0x
Average Term to Debt Maturity (years)	3.8 years	3.5 years
Average Cost of Debt (%)	3.5%	3.5%
% of Borrowings Hedged to Fixed Rates (%)	76%	76%

My Observations: Compared to the previous quarter (i.e., Q1 FY2024), CICT’s debt profile was little changed.

In terms of debt maturity, it is very-well staggered, with an average of about 13-15% of borrowings due for refinancing every single year between the 2nd half of FY2024 and FY2029.

If there’s one thing to highlight, it will be the gradual decline in its interest coverage ratio from a high of 4.3x in the 2nd quarter of FY2021 to a low of just 3.0x in the 2nd quarter of FY2024.

Distribution Payout to Unitholders:

Similar to both CLINT and CLAR, the management of CICT also declares a distribution payout to the unitholders on a half-yearly basis – once when it releases its results for the 1st half of the year, and another when it releases its results for the 2nd half of the year.

For 1H FY2024, a distribution payout of 5.43 cents/unit was declared – a slight 2.5% improvement compared to the payout of 5.30 cents/unit in 1H FY2023.

If you are a unitholder of the REIT, do take note of the following dates on its distribution payout:

Ex-Date: 20 August 2024
Record Date: 21 August 2024
Payout Date: 26 September 2024

CEO Tony Tan's Comments & Outlook (from the REIT's Press Release):

“We delivered stable returns to unitholders, increasing 1H 2024 DPU by 2.5% y-o-y. This is despite a temporary absence of income from Gallileo due to the ongoing AEI and an enlarged unit base from the distribution reinvestment plan in 1Q 2024. Leveraging our strong portfolio management capabilities, we achieved positive rent reversions by signing and renewing leases for over one million sq ft of space. We have also made significant strides in managing the remaining leases slated to expire in 2024, with the majority of them pending signing of agreements.

Our asset enhancement initiatives at IMM Building in Singapore and Gallileo in Germany are progressing well and are expected to complete in 2H 2025. Including leases under negotiation, phases 1 and 2 of IMM Building's AEI have achieved a high committed occupancy of 98.7%, while Gallileo's committed occupancy stands at 96.7%. Tenants have given positive feedback on our newly enhanced lobby at 101 Miller Street in Australia, which was unveiled on 10 July 2024. Looking ahead, our focus will remain on proactive portfolio, capital and cost management while staying agile and responsive to evolving market conditions as we actively seek growth opportunities to enhance the quality of our portfolio.”

My Review on The Singaporean Investor’s YouTube Channel:

Closing Thoughts

To sum up, here’s a quick summary of each of the REIT and business trust’s results for 1H FY2024:

CapitaLand India Trust:

Financial Performance:

• Resilient set of results with gross revenue, net property income, and distributable income to unitholders saw a double-digit percentage year-on-year growth by 23.2%, 20.9%, and 10.6% respectively.
• Growth in gross revenue and net property income can be attributed to higher income from existing properties, as well as from completed, and newly acquired properties.

Portfolio Occupancy Profile:

• Increased by 2.0pp to 96.0% compared to Q1 FY2024, with notable increase in occupancy rates seen in aVance Hyderabad (up from 75% in Q1 FY2024 to 95% in Q2 FY2024).
• Lease expiries very well-spread out over the years, with just 8% of leases due for renewal in the 2nd half of FY2024, and 49% of leases due for renewal only in FY2028 or later.

Debt Profile:

• Even though aggregate leverage increased to 38.1% compared to Q1 FY2024, but in my opinion, it is still at a healthy level.
• Debt maturity well-spread out, with about 15.6% of borrowings due for refinancing in the 2nd half of FY2024, and close to half of its borrowings due for refinancing only in FY2027 or later.

Distribution Payout to Unitholders:

• Up by 8.0% year on year to 3.64 cents/unit, as a result of an improvement in net property income.

CapitaLand Ascendas REIT:

Financial Performance:

• Stable set of results, with gross revenue and net property income up by 7.2% and 3.9% on a year on year basis to S$770.1m and S$528.4m respectively, contributed by newly acquired properties (3 in Singapore completed in 1H FY2023, and 1 data centre in the UK in August 2023), as well as from convert-to-suit project of 6055 Lusk Boulevard in the United States from February 2024.
• Property operating expenses spiked by 15.5% to S$241.7m mainly due to properties that were acquired and completed in FY2023.
• Distributable income to unitholders inched up by 1.0% to S$330.8m as a result of a higher net property income, partially offset by higher interest expense.

Portfolio Occupancy Profile:

• Inched down by 0.2pp from Q1 FY2024 to 93.3% in Q2 FY2024, attributed by slight declines in the occupancy rates of its properties in Singapore and in the United States.
• Rental reversion for new and/or renewed leases for Q2 FY2024 was at +11.7%, with positive rental reversions achieved in all the geographical locations.
• Lease expiries well-spread out. Apart from 6.8% of leases due for renewal in the 2nd half of FY2024. Between FY2025 and FY2027, it has an average of about 19.1% of leases due for renewal each year, with 35.8% of leases only due for renewal in FY2028 of later.

Debt Profile:

• Improved slightly compared to Q1 FY2024 – particularly in its aggregate leverage, average cost of debt, and percentage of borrowings hedged at fixed rates.
• Its aggregate leverage, at 37.8%, remains at a very healthy level, and a very good debt headroom away from the regulatory limit of 50.0%.
• Debt maturity is well-spread out, with just 7% of borrowings due for refinancing in 2H FY2024, and an average of 14.6% of borrowings due for refinancing each year in the next 5 years (i.e., between FY2025 and FY2029).

Distribution Payout to Unitholders:

• Declined by 2.5% compared to last year at 7.524 cents/unit due to an enlarged unit base.

CapitaLand Integrated Commercial Trust:

Financial Performance:

• Stable performance with its gross revenue, net property income, and distributable income to unitholders up by a low- to mid-single digit percentage (by 2.2%, 5.4%, and 3.8% respectively).
• Gross revenue was up by 2.2% to S$792m due to an improved performance in its existing properties.
• Due to a 5.8% decline in property operating expenses as a result of lower property management reimbursements under the new property management agreement, and lower utilities expenses, net property income climbed by 5.4% to S$582.4m.

Portfolio Occupancy Profile:

• Retail: 99.0%, Office: 95.3%, Integrated Development: 98.8%.
• Apart from Main Airport Center (Germany) and 100 Arthur Street (Australia), the REIT’s other properties have an occupancy rate of above 90%.

Debt Profile:

• Pretty much unchanged from Q1 FY2024, with aggregate leverage at a healthy level of 39.8%, interest coverage ratio at 3.0x, average cost of debt at 3.5%, and 76% of borrowings hedged to fixed rates.
• Between the 2nd half of FY2024 and FY2029, it has an average of about 13-15% of borrowings due for refinancing every single year – which is very well-staggered.

Distributable Payout to Unitholders:

• Up by 2.5% to 5.43 cents/unit.

In Closing:

All 3 CapitaLand REITs (CLAR and CICT) and business trust (CLINT) have displayed a stable set of results – whether is it in terms of its financial performance, portfolio occupancy profile, or debt profile.

In terms of its financial performance, I’m most impressed with CLINT’s results, where its top- and bottom-lines saw a double-digit percentage growth. Its distribution payout also recorded the highest improvement among the 3, by 8.0%, compared to 2.5% for CICT, and a decline of 2.5% for CLAR.

Portfolio occupancy for all 3 of them are also very resilient – where their overall portfolio occupancy have been maintained at above 90%, with positive rental reversions recorded for new and/or renewed leases. Lease expiries are also well-spaced out.

Finally, for its debt profile, they are also at very healthy levels (at under 40%), with debt maturity well-spread out over the next few years.

With that, I have come to the end of my review of the results of the 3 CapitaLand REITs and business trust for the 1st half of FY2024 ended 30 June. Do note that all the opinions expressed in this post are purely mine which I am sharing for educational purposes only. They do not imply any buy or sell calls for any of the REITs and business trust. You are strongly advised to do your own due diligence before you make any investment decisions.

Related Documents

CapitaLand India Trust:

• Press Release
• Financial Statements
• Presentation Slides

CapitaLand Ascendas REIT:

• Press Release
• Financial Statements
• Presentation Slides

CapitaLand Integrated Commercial Trust:

• Press Release
• Financial Statements
• Presentation Slides

Disclaimer: At the time of writing, I am a unitholder of CapitaLand Ascendas REIT, CapitaLand India Trust, and CapitaLand Integrated Commercial Trust.

The post Understanding CapitaLand India Trust, CapitaLand Ascendas REIT, and CapitaLand Integrated Commercial Trust's 1H FY2024 Results first appeared on The Singaporean Investor.