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MANAGER’S REPORT
• Prudent Capital Management
- Five diversifed sources of funding versus a single
source of debt in FY02/03
- Improved capital structure effciency - aggregate
leverage of 36.6% as at 31 March 2012 versus 19.6% as
at 31 March 2003
- Weighted average term of debt of 4.6 years versus less
than three years in FY02/03
FY11/12:
- Aggregate leverage reduced to 32.1% immediately after
private placement on 3 May 2012, pending deployment
of fund for intended usage
- 70.9% of interest rate risk hedged for the next 4.2 years
- A3 corporate family rating by Moody’s. Highest rating
amongst industrial S-REITs
• Disciplined Investment
Pioneered sale-and-leaseback transactions, built-to-suit
development projects and leveraged on development
capabilities to value-add to portfolio:
- Total investments of S$3.62 billion made since IPO;
unrealised capital gains of S$890 million or 24.5% on
purchase price were recorded
FY11/12:
- S$545.4 million in acquisitions of income producing
properties
- S$248.2 million in development projects
- S$152.8 million in asset enhancement projects
• Proactive Asset Management
- Well diversifed portfolio over fve segments of the
business space and industrial property market. An
increase from two segments (Business & Science Park
and Flatted Factories) in FY02/03
- Occupancy for multi-tenanted properties and portfolio
of 92.8% and 96.4% respectively and a WALE of 4 years
as at 31 March 2012. At IPO, occupancy rate was 82.5%
and WALE of 2.34 years
FY11/12:
- Positive rental reversion of between 5.2% and 15.7%
across all segments of portfolio
- On a same-store basis, occupancy rate for A-REIT’s
multi-tenanted portfolio grew by 0.7% point to 92.8%
yoy versus 92.1% while portfolio occupancy increased
to 96.4% yoy from 96.0%
FY11/12 Accolades:
• 1, 3 & 5 Changi Business Park Crescent was awarded
Runner-up for FIABCI PRIX D’Excellence Awards 2012 by
the International Real Estate Federation (FIABCI)
• A-REIT was awarded the Winner of the “Most Transparent
Company Award 2011” in the REITs category at the SIAS
Investor Choice Awards 2011
•A-REIT’s FY10/11 Annual Report was awarded Bronze in
the REITs & Business Trusts Category at the Singapore
Corporate Award
• A-REIT was awarded Certifcate of Excellence in Investor
Relations awarded by IR Magazine Awards 2011
• A-REIT was awarded Merit in the Mature Markets - Market
Disclosure Category at the 2011 APREA Best Practices
Award
• 5 Changi Business Park Crescent and FoodAxis @
Senoko were awarded Green Mark (Gold) Certifcation by
Singapore’s Building & Construction Authority
• 1, 3 & 5 Changi Business Park Crescent was named the
Winner in the Industrial Category of FIABCI Singapore
Property Awards 2011
• Mr Tan Ser Ping, CEO of AFM, was voted Asia Pacifc Best
CEO for Property Sector in the Institutional Investor 2011
All-Asia Executive Team survey
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
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