Unitholders of Ascendas Real Estate Investment Trust
(Constituted under a Trust Deed dated 9 October 2002 (as amended and restated) in the Republic of Singapore)
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Ascendas Real Estate Investment Trust (the Trust) and its subsidiaries (the Group),
which comprise the consolidated statement of financial position and consolidated portfolio statement of the Group and the
statement of financial position of the Trust as at 31 March 2016, the consolidated statement of total return, consolidated
distribution statement, consolidated statement of movements in unitholders’ funds and consolidated statement of cash flows of
the Group and the statement of movements in unitholders’ funds of the Trust for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies as set out on pages 127 to 216.
In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and
statement of movements in unitholders’ funds of the Trust present fairly, in all material respects, the consolidated financial
position of the Group and the financial position of the Trust as at 31 March 2016 and the consolidated total return, consolidated
distributable income, consolidated movements in unitholders’ funds and consolidated cash flows of the Group and the
movements in unitholders’ funds of the Trust for the year then ended in accordance with the recommendations of Statement
of Recommended Accounting Practice 7
Reporting Framework for Unit Trusts
issued by the Institute of Singapore Chartered
Accountants.
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards
are further described in the
“Auditor’s responsibilities for the audit of the financial statements”
section of our report. We
are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional
Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that
are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current financial year. These matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of investment properties
(Refer to Portfolio Statement, Notes 4 and 33 to the financial statements)
Risk
The Group owns a portfolio of investment properties, comprising business and science park properties, integrated development,
amenities and retail properties, hi-specifications industrial properties and data centres, light industrial and flatted factories and
logistics and distribution centres, located mainly in Singapore and Australia. As at 31 March 2016, the investment properties,
with a carrying amount of $9.6 billion, represent the single largest asset category on the statement of financial position.
Independent auditors’ report
.123
A-REIT ANNUAL REPORT
2015/2016
