Page 29 - ar2012

MANAGER’S REPORT
Diversifed Sources Of Funding
1%
5%
14%
14%
15%
20%
31%
Term Loan Facility (RMB denominated)
Committed revolving Credit Facility
Exchangeable Collateralised Securities
Medium Term Note (JPY denominated)
Medium Term Note
Commercial Mortgage Backed Securities
Term Loan Facility
31%
1% 5%
20%
14%
15%
14%
Enabling Customer Choice: Disciplined & Yield-Accretive Investments
Disciplined and value-adding investment in properties with good fundamentals is an important component of our success. We
have relied on a wide variety of ways in executing our investment strategy: acquisitions of income-producing properties, selective
development of high-quality properties as well as asset enhancements to existing properties to add value to the portfolio.
A-REIT’s portfolio has grown from eight properties (total assets of S$636 million) in FY02/03 to 102 properties with a total asset
of about S$6.6 billion on 31 March 2012. In FY11/12, about S$946.4 million of investments were committed:
It is a mandatory requirement to revalue the portfolio once a year. On 31 March 2012, the portfolio recorded a net appreciation
of S$224.5 million over the latest book value on revaluation of its investment properties and investment properties under
development. The portfolio weighted average capitalisation rate compressed marginally to 6.6% from 6.7% a year ago.
Total Investments in FY11/12 Value (S$m)
Acquisition of income producing properties 545.4
Development projects 248.2
Asset enhancement projects 152.8
Total Investment in FY11/12 946.4
Investment committed in prior FY
- Forward Purchase of a Business Park
Property at Jinqiao, Shanghai, China 117.6
Investment amount yet to be funded 244.5
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A DECADE OF ENABLING BUSINESSES