Ascendas REIT - Annual Report 2021

Group Note 31/12/2021 31/12/2020 $’000 $’000 Gross revenue 18 1,226,525 1,049,460 Property operating expenses 19 (305,775) (273,214) Net property income 920,750 776,246 Management fees – Base management fee 20 (79,287) (67,065) – Performance fee 20 (7,394) – Trust expenses 21 (14,188) (10,203) Finance costs, net 22 (158,880) (159,489) Net foreign exchange differences 97 11,152 Remeasurement gain on the acquisition of remaining 75% equity interests in Ascendas Fusion 5 Pte Ltd ("AF5PL") 13,680 – Gain on disposal of investment properties 23,994 5,390 Net income 698,772 556,031 Net change in fair value of financial derivatives 64,832 (33,625) Net change in fair value of right-of-use assets 7 (6,642) (5,438) Net change in fair value of investment properties and investment properties under development 4 & 5 283,245 (32,322) Share of associated company’s and joint venture’s results 9 3,304 9,590 Total return for the year before tax 1,043,511 494,236 Tax expense 23 (86,472) (37,158) Total return for the year 957,039 457,078 Attributable to: Unitholders and perpetual securities holders 957,039 457,078 Total return for the year 957,039 457,078 Earnings per Unit (cents) – Basic and diluted 24 22.968 12.055 Distribution per Unit (cents) 24 15.258 14.688 The accompanying notes form an integral part of these financial statements. Statement of Total Return YEAR ENDED 31 DECEMBER 2021 Ascendas Reit 162