CapitaLand Integrated Commercial Trust
CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalization of 18.2 billion 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. CICT o… Read more
CapitaLand Integrated Commercial Trust (CPAMF) - Net Assets
Latest net assets as of December 2025: $16.49 Billion USD
Based on the latest financial reports, CapitaLand Integrated Commercial Trust (CPAMF) has net assets worth $16.49 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($27.43 Billion) and total liabilities ($10.94 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $16.49 Billion |
| % of Total Assets | 60.11% |
| Annual Growth Rate | 14.31% |
| 5-Year Change | 20.41% |
| 10-Year Change | 146.41% |
| Growth Volatility | 19.11 |
CapitaLand Integrated Commercial Trust - Net Assets Trend (2002–2025)
This chart illustrates how CapitaLand Integrated Commercial Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for CapitaLand Integrated Commercial Trust (2002–2025)
The table below shows the annual net assets of CapitaLand Integrated Commercial Trust from 2002 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $16.49 Billion | +4.89% |
| 2024-12-31 | $15.72 Billion | +9.17% |
| 2023-12-31 | $14.40 Billion | +0.86% |
| 2022-12-31 | $14.28 Billion | +4.26% |
| 2021-12-31 | $13.70 Billion | +4.80% |
| 2020-12-31 | $13.07 Billion | +68.24% |
| 2019-12-31 | $7.77 Billion | +4.55% |
| 2018-12-31 | $7.43 Billion | +7.24% |
| 2017-12-31 | $6.93 Billion | +3.52% |
| 2016-12-31 | $6.69 Billion | -0.01% |
| 2015-12-31 | $6.69 Billion | +6.54% |
| 2014-12-31 | $6.28 Billion | +4.55% |
| 2013-12-31 | $6.01 Billion | +5.36% |
| 2012-12-31 | $5.70 Billion | +8.71% |
| 2011-12-31 | $5.25 Billion | +6.21% |
| 2010-12-31 | $4.94 Billion | -0.61% |
| 2009-12-31 | $4.97 Billion | +21.82% |
| 2008-12-31 | $4.08 Billion | +9.61% |
| 2007-12-31 | $3.72 Billion | +25.07% |
| 2006-12-31 | $2.98 Billion | +30.29% |
| 2005-12-31 | $2.28 Billion | +41.80% |
| 2004-12-31 | $1.61 Billion | +65.63% |
| 2003-12-31 | $972.44 Million | +27.75% |
| 2002-12-31 | $761.22 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to CapitaLand Integrated Commercial Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | $16.29 Billion | 100.00% |
| Total Equity | $16.29 Billion | 100.00% |
CapitaLand Integrated Commercial Trust Competitors by Market Cap
The table below lists competitors of CapitaLand Integrated Commercial Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Celsius Holdings Inc
NASDAQ:CELH
|
$8.67 Billion |
|
Crane Company
NYSE:CR
|
$8.69 Billion |
|
Orion Oyj B
HE:ORNBV
|
$8.70 Billion |
|
G2EV34
SA:G2EV34
|
$8.70 Billion |
|
Owens Corning Inc
NYSE:OC
|
$8.67 Billion |
|
Kuang Chi Technologies Co Ltd
SHE:002625
|
$8.62 Billion |
|
Brixmor Property
NYSE:BRX
|
$8.61 Billion |
|
Centrica plc
PINK:CPYYF
|
$8.61 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in CapitaLand Integrated Commercial Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 15,524,456,000 to 16,292,063,000, a change of 767,607,000 (4.9%).
- Net income of 937,287,000 contributed positively to equity growth.
- Dividend payments of 750,125,000 reduced retained earnings.
- New share issuances of 600,002,000 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $937.29 Million | +5.75% |
| Dividends Paid | $750.12 Million | -4.6% |
| Share Issuances | $600.00 Million | +3.68% |
| Other Changes | $-19.56 Million | -0.12% |
| Total Change | $- | 4.94% |
Book Value vs Market Value Analysis
This analysis compares CapitaLand Integrated Commercial Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.50x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 2.07x to 0.50x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | $0.69 | $1.42 | x |
| 2003-12-31 | $0.88 | $1.42 | x |
| 2004-12-31 | $1.09 | $1.42 | x |
| 2005-12-31 | $1.35 | $1.42 | x |
| 2006-12-31 | $1.56 | $1.42 | x |
| 2007-12-31 | $1.92 | $1.42 | x |
| 2008-12-31 | $1.91 | $1.42 | x |
| 2009-12-31 | $1.60 | $1.42 | x |
| 2010-12-31 | $1.47 | $1.42 | x |
| 2011-12-31 | $1.53 | $1.42 | x |
| 2012-12-31 | $1.60 | $1.42 | x |
| 2013-12-31 | $1.66 | $1.42 | x |
| 2014-12-31 | $1.79 | $1.42 | x |
| 2015-12-31 | $1.92 | $1.42 | x |
| 2016-12-31 | $1.89 | $1.42 | x |
| 2017-12-31 | $1.95 | $1.42 | x |
| 2018-12-31 | $2.08 | $1.42 | x |
| 2019-12-31 | $2.11 | $1.42 | x |
| 2020-12-31 | $3.11 | $1.42 | x |
| 2021-12-31 | $2.10 | $1.42 | x |
| 2022-12-31 | $2.12 | $1.42 | x |
| 2023-12-31 | $2.13 | $1.42 | x |
| 2024-12-31 | $2.26 | $1.42 | x |
| 2025-12-31 | $2.82 | $1.42 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently CapitaLand Integrated Commercial Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.75%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 57.89%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 1.68x
- Recent ROE (5.75%) is below the historical average (8.63%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 5.91% | 55.82% | 0.08x | 1.30x | $-31.13 Million |
| 2003 | 6.35% | 57.58% | 0.08x | 1.39x | $-35.52 Million |
| 2004 | 15.47% | 153.03% | 0.07x | 1.46x | $88.12 Million |
| 2005 | 17.96% | 183.60% | 0.06x | 1.53x | $181.91 Million |
| 2006 | 14.13% | 136.79% | 0.06x | 1.62x | $122.78 Million |
| 2007 | 16.33% | 152.29% | 0.07x | 1.60x | $235.77 Million |
| 2008 | 13.75% | 109.79% | 0.07x | 1.84x | $152.94 Million |
| 2009 | -1.31% | -11.79% | 0.07x | 1.49x | $-562.15 Million |
| 2010 | 5.47% | 46.47% | 0.07x | 1.65x | $-223.88 Million |
| 2011 | 7.32% | 60.93% | 0.07x | 1.75x | $-140.38 Million |
| 2012 | 9.40% | 81.07% | 0.07x | 1.73x | $-33.96 Million |
| 2013 | 9.56% | 78.77% | 0.07x | 1.67x | $-26.51 Million |
| 2014 | 9.85% | 93.93% | 0.07x | 1.57x | $-9.37 Million |
| 2015 | 8.66% | 86.67% | 0.06x | 1.55x | $-89.51 Million |
| 2016 | 7.01% | 68.06% | 0.07x | 1.54x | $-199.82 Million |
| 2017 | 9.49% | 96.36% | 0.06x | 1.52x | $-35.16 Million |
| 2018 | 9.11% | 97.02% | 0.06x | 1.55x | $-66.19 Million |
| 2019 | 8.97% | 88.58% | 0.07x | 1.51x | $-79.79 Million |
| 2020 | 2.68% | 46.94% | 0.03x | 1.72x | $-953.94 Million |
| 2021 | 7.92% | 82.99% | 0.06x | 1.66x | $-283.69 Million |
| 2022 | 5.14% | 50.17% | 0.06x | 1.75x | $-683.98 Million |
| 2023 | 6.07% | 55.30% | 0.06x | 1.74x | $-557.41 Million |
| 2024 | 6.01% | 58.86% | 0.06x | 1.64x | $-618.76 Million |
| 2025 | 5.75% | 57.89% | 0.06x | 1.68x | $-691.92 Million |
Industry Comparison
This section compares CapitaLand Integrated Commercial Trust's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $22,048,860,627
- Average return on equity (ROE) among peers: 3.28%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| CapitaLand Integrated Commercial Trust (CPAMF) | $16.49 Billion | 5.91% | 0.66x | $8.67 Billion |
| Agree Realty Corporation (ADC) | $137.98 Million | 10.88% | 0.90x | $9.41 Billion |
| AEORF (AEORF) | $210.91 Billion | 5.61% | 0.83x | $1.34 Billion |
| Acadia Realty Trust (AKR) | $83.00 Million | 4.58% | 2.01x | $2.69 Billion |
| Alexander & Baldwin Holdings Inc (ALEX) | $1.07 Billion | 3.30% | 0.75x | $1.50 Billion |
| Alexanders Inc (ALX) | $50.92 Million | -34.84% | 17.09x | $515.62 Million |
| Saul Centers Inc (BFS) | $-4.60 Million | 0.00% | 0.00x | $453.57 Million |
| Brixmor Property (BRX) | $2.72 Billion | 9.94% | 2.08x | $8.61 Billion |
| CBL & Associates Properties Inc (CBL) | $1.08 Billion | 10.83% | 4.49x | $694.28 Million |
| Capital & Counties Properties PLC (CCPPF) | $2.51 Billion | 17.90% | 0.23x | $1.88 Billion |
| CapitaLand China Trust (CLDHF) | $1.93 Billion | 4.63% | 1.02x | $745.61 Million |