N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 28 May 2015.
1 General
Ascendas Real Estate Investment Trust (the “Trust”) is a Singapore-domiciled real estate investment trust constituted pursuant
to the trust deed dated 9 October 2002 between Ascendas Funds Management (S) Limited (the “Manager”) and HSBC
Institutional Trust Services (Singapore) Limited (the “Trustee”), as supplemented and amended by the First Supplemental
Deed dated 16 January 2004, the Second Supplemental Deed dated 23 February 2004, the Third Supplemental Deed dated
30 September 2004, the Fourth Supplemental Deed dated 17 November 2004, the Fifth Supplemental Deed dated 20 April
2006, the First Amending and Restating Deed dated 11 June 2008, the Seventh Supplemental Deed dated 22 January 2009,
the Eighth Supplemental Deed dated 17 September 2009, the Ninth Supplemental Deed dated 31 May 2010, the Tenth
Supplemental Deed dated 22 July 2010 and the Eleventh Supplemental Deed dated 14 October 2011 (“Trust Deed”).
The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on
19 November 2002 and was included under the Central Provident Fund (“CPF”) Investment Scheme on 15 October 2002.
The principal activity of the Trust is to invest in a diverse portfolio of properties and property related assets with the primary
objective of achieving an attractive level of return and long-term capital growth. The principal activities of the subsidiaries
are set out in Note 9.
The consolidated financial statements relate to the Trust and its subsidiaries (the “Group”).
The Trust has entered into several service agreements in relation to the management of the Trust and its property operations.
The fees structures of these services are as follows:
(a) Trustee fee
Trustee fee shall not exceed 0.25% per annum of the value of all the gross assets of the Group (“Deposited Property”)
(subject to a minimum of $10,000 per month) or such higher percentage as may be fixed by an Extraordinary
Resolution of a meeting of Unitholders. Based on the current agreement between the Manager and the Trustee,
the Trustee charges 0.03% per annum of the Deposited Property. The Trustee fee is payable out of the Deposited
Property of the Group monthly in arrears. The Trustee is also entitled to reimbursement of expenses incurred in the
performance of its duties under the Trust Deed.
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