Ascendas REIT - Annual Report 2021

The Manager’s Review of FY2021 Annual Revaluation It is a mandatory requirement to revalue the portfolio once a year. The total valuation of Ascendas Reit’s 217 properties (excluding three properties under redevelopment) was S$16,293.7 million as at 31 December 2021. This comprised S$9,933.1 million (61%) of investment properties in Singapore, S$2,319.0 million (14%) in Australia, S$2,281.5 million (14%) in USA, and S$1,760.1 million (11%) in UK/Europe. Same-store valuation 4 saw an uplift of 3.4% to S$13,953.0 million as at 31 December 2021 from S$13,497.8 million as at 31 December 2020. This demonstrates the strong property fundamentals of the portfolio. For more details on the movement in valuation of the investment properties, please refer to pages 67 to 107. Weighted average land lease to expiry for the portfolio of properties (excluding freehold properties) was 43.1 years. 91.2% of Ascendas Reit’s portfolio had a remaining land lease tenure of more than 30 years. Land Lease Expiry Profile by Country / Asset Value Land Tenure Expiry (31 December 2021) Singapore (S$ million) Australia (S$ million) USA (S$ million) UK/Europe (S$ million) Total (S$ million) Total (%) ≤30 years left 1,407.5 – – 29.4 1,436.9 8.8 ≤ 60 years left 7,755.9 – – 239.7 7,995.6 49.1 >60 years left 769.7 – – – 769.7 4.7 Freehold (1) – 2,319.0 2,281.5 1,491.0 6,091.5 37.4 Total 9,933.1 (2) 2,319.0 2,281.5 1,760.1 16,293.7 100.0% (1) In the UK, one property on 999-year leasehold land and one property on 965-year leasehold land are classified under freehold properties. (2) Excludes 25 Ubi Road 4, 27 Ubi Road 4 and iQuest@IBP which were undergoing redevelopment as at 31 December 2021. 4 Same-store valuation comprises 192 properties, excluding divested, newly acquired properties and properties under redevelopment during FY2021. Light Industrial Properties and Flatted Factories Logistics & Distribution Centres Integrated Development, Amenities & Retail Properties Total No. of Properties Asset Value S$ million No. of Properties Asset Value S$ million No. of Properties Asset Value S$ million No. of Properties Asset Value S$ million 7 245.8 6 587.7 2 134.8 20 1,436.9 14 613.5 11 466.6 – – 42 2,657.7 1 42.6 3 132.6 – – 24 3,234.7 – – – – 1 580.0 6 2,103.3 – – – – – – 5 769.7 – – 78 2,621.8 – – 120 6,091.4 22 (3) 901.9 (3) 98 3,808.7 3 714.8 217 16,293.7 Annual Report 2021 55