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The accompanying notes form an integral part of these fnancial statements.
Investment properties comprise a diverse portfolio of industrial properties that are leased to external customers. Most of the leases for
multi-tenanted buildings contain an initial non-cancellable period ranging from one to three years. Subsequent renewals are negotiated
with the respective lessees.
(a) In March 2012, independent valuations for 99 (2011: 92) properties were undertaken by CBRE Pte. Ltd., CBRE HK Limited, DTZ Debenham
Tie Leung (SEA) Pte Ltd, Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Jones Lang LaSalle, Cushman & Wakefeld
VHS Pte Ltd and Knight Frank Pte Ltd. These frms are independent valuers having appropriate professional qualifcations and recent
experience in the location and category of the properties being valued. The valuations for these properties were based on the direct
comparison method, capitalisation approach and discounted cash fow analysis. The valuations adopted amounted to $5,984.8 million
(2011: $5,127.1 million). The net increase in valuation of $224.5 million (2011: net increase in valuation of $344.8 million) has been recognised
in the Statement of Total Return.
(b) As at 31 March 2012, Cintech I, Cintech II and Cintech III & IV were acquired in March 2012 and were recorded at the costs incurred
upon acquisition. Neuros & Immunos were acquired in March 2011 and was recorded at the costs incurred upon acquisition.
(c) Includes an option for the Trust to renew the land lease for a further term of 30 years upon expiry.
(d) Includes an option for the Trust to renew the land lease for a further term of 28 years upon expiry.
(e) Includes an option for the Trust to renew the land lease for a further term of 17 years upon expiry.
(f) Includes an option for the Trust to renew the land lease for a further term of 24.4 years upon expiry.
(g) Includes an option for the Trust to renew the land lease for a further term of 15 years upon expiry.
(h) Includes an option for the Trust to renew the land lease for a further term of 13 years upon expiry.
(i) Includes an option for the Trust to renew the land lease for a further term of 12 years upon expiry.
(j) At the end of the 30 years lease, the Trust has the option to renew the land lease for Building A for a further term of 26 years upon
expiry and to renew the land lease for Building B for a further term of 16 years, 4 months and 16 days upon expiry.
(k) Cintech I, Cintech II and Cintech III & IV were acquired from a related party of the Manager, Ascendas Land (Singapore) Pte Ltd, during
the current fnancial year.
(l) Ascendas Z-Link (“Z-Link”) was acquired from a related party of the Manager, Ascendas China Industrial and Business Parks Fund
(acting through its trustee, Ascendas China Trustee Pte. Ltd.), during the current fnancial year. This property was acquired via the
acquisition of shares in Ascendas ZPark (Singapore) Pte. Ltd. (“AZPark”). AZPark owns all the paid in capital in Ascendas Hi-Tech
Development (Beijing) Co., Limited (“AHTDBC”), which in turn owns the investment property, Z-Link (see Note 9).
(m) FoodAxis @ Senoko (previously known as 1 Senoko Avenue) was frst acquired on 15 May 2007 and was subsequently redeveloped to
maximise the allowable plot ratio. The redevelopment was completed on 16 February 2012 and transferred from investment properties
under development to investment properties in the current fnancial year.
@ Portfolio 3 – Properties pledged as securities for the credit facilities granted by Emerald Assets Limited in relation to the term loan of
$395.0 million (see Note 17).
# Portfolio CL – Properties pledged as securities for the credit facilities granted by Ruby Assets Pte. Ltd. in relation to the collateral loan
of $300.0 million (see Note 18).
& Property pledged as security for a credit facility granted by United Overseas Bank Limited, Shanghai Branch.
INVESTMENT PROPERTIES PORTFOLIO STATEMENT
As at 31 March 2012
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
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