Ascendas REIT - Annual Report 2021

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 Statement of Financial Position and Investment Properties Portfolio Statement of the Group and the Statement of Financial Position of the Trust as at 31 December 2021, the Statement of Total Return, Distribution Statement, Statement of Movements in Unitholders’ Funds and 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 160 to 257. 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 financial position of the Group and the Trust as at 31 December 2021 and the total return, distributable income, movements in Unitholders’ funds and 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 The Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts (“RAP 7”) 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 (“ACRA”) 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 period. 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. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements. Independent Auditor’s Report YEAR ENDED 31 DECEMBER 2021 Ascendas Reit 156