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S$’000 FY02/03 FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
Doubtful debt - 124 121 60 58 324 102 - 6 12
Doubtful debt provided/bad
debt write-off/(write back) 351 133 37 45 21 266 (222) (72) 6 6
Trade receivables 627 1,123 4,033 2,134 1,589 1,977 2,137 3,066 1,583 2,817
Total annual gross revenue 22,836 65,914 128,987 227,153 283,007 322,270 396,534 413,678 447,634 503,304
Doubtful debt provision/bad
debts write-off/(write back) as
% of gross revenue
1.54% 0.20% 0.03% 0.02% 0.01% 0.08% (0.06%) (0.02)% 0.001% 0.002%
We maintain a rigorous and conscientious effort in account
receivable management. This has resulted in low doubtful debt
provisions as a percentage of total gross revenue. In addition,
about 89.7% of rental receipts via Interbank GIRO services. This
has enabled us to react effciently and appropriately towards
any inadequacy in payment.
Proactive asset management has also resulted in improvement
in occupancy rates as well as rental rates for renewal leases. On
a same-store basis, occupancy rate for A-REIT’s multi-tenanted
properties grew by 0.7% point to 92.8% yoy versus 92.1% while
portfolio occupancy increased to 96.4% yoy from 96.0%. The
weighted average occupancy for investments completed in
FY11/12 is 78.1%, largely due to FoodAxis @ Senoko. Excluding
FoodAxis @ Senoko, the occupancy rate would be is 92.2%
(multi-tenanted buildings) and 95.8% (portfolio).
MANAGER’S REPORT
-20.0% 10.0
0.0% 20.0
20.0%
30.0
40.0%
40.0
60.0%
50.0
80.0%
60.0
100.0%
Notes:
Singapore GDP Growth numbers are based on calendar year.
A-REIT’s occupancy for FY11/12 is based on a same-store basis for comparison with FY10/11
Source: Singapore Purchasing Manager’s Index (PMI), Singapore Department of Statistics
Singapore Ministry of Trade & Industry and A-REIT
70.0
80.0
Singapore Puchasing Manager’s Index (PMI) Occupancy / Singapore GDP GrowthFY03/02 FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
85.1%
82.5%
89.0% 91.4%
93.7% 96.4% 95.3%
91.2% 92.1% 92.8%
4.6% 4.2%
9.2% 7.4% 8.7% 8.8%
1.5% -0.8%
14.5%
4.9%
88.8%
82.5%
94.1% 95.0% 96.6%
98.4% 97.8%
95.7% 96.0% 96.4%
53.4
49.7 50.8 49.6 51.1 49.4
47.1
51.1 50.1 50.2
Portfolio Occupancy
Singapore GDP Growth
Multi-Tenanted Building Occupancy
PMI (RHS)
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
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