Ascendas REIT - Annual Report 2021

The Manager’s Review of FY2021 • Gross revenue for the full year ended 31 December 2021 (FY2021) rose by 16.9% y-o-y to S$1,226.5 million. The increase was mainly attributable to full year contributions from acquisitions in FY2020 and contributions from new acquisitions and development in FY2021. • In tandem with the increase in gross revenue, NPI rose 18.6% y-o-y to S$920.8 million. • Total amount available for distribution rose 17.0% y-o-y to S$630.0 million. The increase was mainly due to the increase in NPI, partially offset by performance fee (S$7.4 million) and an increase in non-property operating expenses and tax expenses attributable to new acquisitions. • DPU rose 3.9% y-o-y to 15.258 cents after performance fee. DPU was 15.438 cents (+5.1% y-o-y) before performance fee. • Maintained A3 credit rating from Moody’s • Maintained high level of natural currency hedge of approximately 76% for overseas investments • 79.4% of borrowings are at fixed interest rates for a weighted average duration of 3.6 years • Good access to debt and equity markets and increased commitment to green financing: – Successfully raised gross proceeds of approximately S$420.0 million in equity through a private placement; – Issued an inaugural S$461.5 million (€300.0 million) 7-year Eurobond and a S$165.0 million (HK$950.0 million) 10-year HKD bond; – Increased commitment to green financing by securing a total of S$811.4 million in green USD and AUD bank loans and entering into an inaugural S$203.0 million (US$150.0 million) green interest rate swap. SUSTAINABLE RETURNS TO UNITHOLDERS PRUDENT CAPITAL MANAGEMENT Aggregate Leverage 31 December 2021: 35.9% 31 December 2020: 32.8% Weighted Average All-in Borrowing Cost 31 December 2021: 2.2% 31 December 2020: 2.7% Weighted Average Term of Debt 31 December 2021: 3.5 years 31 December 2020: 3.7 years Gross Revenue +16.9% FY2021: S$1,226.5 million FY2020: S$1,049.5 million Net Property Income (NPI) +18.6% FY2021: S$920.8 million FY2020: S$776.2 million Total Amount Available for Distribution +17.0% FY2021: S$630.0 million FY2020: S$538.4 million Distribution Per Unit (DPU) +3.9% FY2021: 15.258 Singapore cents (after performance fee) FY2020: 14.688 Singapore cents As at 31 December 2021 Ascendas Reit is the largest business space and industrial REIT listed on the SGX-ST with total assets and market capitalisation of S$17.7 billion and S$12.4 billion respectively. Annual Report 2021 33