Download Full Report - Ascendas REIT

8th Annual Report FY09/10
C H A N G I N G T I M E S . E N D U R I N G V A L U E S .
CREATing
VALUE

CONTENTS
03 About A-REIT
04 A-REIT Structure
05 A-REIT’s Competitive Edge
06 Significant Events
08 Financial Highlights
14 Chairman’s Message
20 Manager’s Report
34 Board of Directors
36 The A-REIT Team
40 The Property Manager
46 A-REIT’s Portfolio
52 Business & Science Park
Properties
56 Hi-Tech Industrial Properties
60 Light Industrial/ Flatted Factories
Properties
66 Logistics & Distribution Centres
72 Warehouse Retail Facilities
74 Independent Market Study
84 Integrating Corporate Social
Responsibilities
86 Investor Relations
90 Corporate Governance
99 Financial Statements
159 Statistics of Unitholdings
161 Additional Information
164 Glossary
165 How to Contact Us
166 Corporate Directory
Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding.
Where applicable, figures and percentages are rounded to one decimal place.

Changing
Times...
The implosion of the US and its
inter-twined financial markets under
the combined weight of misguided
assumptions and theories, greed and
distorted risk-reward compensation,
misplaced and absentee regulations
have started a tectonic shift in the
economic world.
The re-emergence of major economies like
China and India, while their current state of
affairs are grossly far from perfect, is shifting
hope and economic power to the East. The world
is rapidly changing, threats and opportunities
abound, awaiting the prepared and the abled.
Enduring
Values...
A-REIT is a business that is not only
driven to grow and prosper, but one
that seeks long-lasting success and
resilience by continuously adapting
to a changing world brought about
by the forces both within and outside
its operating sphere. Our enduring
values provide us with the compass
to navigate the treacherous waters of
the commercial ocean.
The resilience of our portfolio demonstrates our
immutable commitment to our core focus of:
a) Continuously improving our products and
services
b) Motivating and rewarding our employees and
c) Pleasing our customers

A-REIT’s
Mission
To deliver predictable
distributions and achieve
long term capital stability
for unitholders

About A-REIT
Ascendas Real Estate Investment
Trust (“A-REIT”) is the first and largest
business space and industrial Real
Estate Investment Trust (“REIT”) listed
on Singapore Exchange Securities
Trading Limited (“SGX-ST”)
A-REIT owns a diversified
portfolio of properties in
Singapore comprising:
LIGHT INDUSTRIAL/
FLATTED FACTORIES
Low office content combined
with manufacturing space.
BUSINESS &
SCIENCE PARKS
Suburban office,
corporate HQ buildings
and R&D space.
LOGISTICS &
DISTRIBUTION
CENTRES
Warehousing and
distribution centres.
Hi-Tech Industrial
Properties
High office content
combined with high
specifications mixed-use
industrial space.
WAREHOUSE
RETAIL FACILITIES
Single-user retail and
warehouse space.
These properties house a tenant
base of about 930 international
and local companies from a
range of industries, including
research and development, life
sciences, information technology,
engineering, light manufacturing,
logistics service providers,
electronics, telecommunications,
manufacturing services and backroom
office support.
Ascendas Funds Management (S)
Limited (“AFM”) is the manager of
A-REIT (the “Manager”).
The Manager is committed to
delivering long-term sustainable
distributions and capital stability
to unitholders through a threepronged
strategy of:
• Yield accretive investments
comprising development as
well as acquisition of incomeproducing
properties with
strong underlying real estate
fundamentals
• Organic portfolio growth
through proactive asset
management
• Prudent capital & risk
management
8th Annual Report FY09/10
03

A-REIT Structure
HSBC INSTITUTIONAL
TRUST SERVICES
(SINGAPORE) LIMITED
(A-REIT Trustee)
UNITHOLDERS
Acts on behalf
of Unitholders
Trustee
Fee
PROPERTIES
Distributions
Ownership of Assets
Investment in A-REIT
Net Property Income
Management Fees
Management Services
20.7%
ASCENDAS
GROUP
Property
Management
Fees
Property
Management
Services
100%
100%
ASCENDAS FUNDS MANAGEMENT
(S) LIMITED
(A-REIT MANAGER)
(Reports to AFM Board of Directors)
ASCENDAS SERVICES PTE LTD (”ASPL”)
(PROPERTY MANAGER)
(Reports to ASPL Board of Directors)
Responsible for
Responsible for
STRATEGIES
Capital & Risk
Management
• Equity funding
• Debt funding
• Interest rate
risk management
• Optimise capital
structure
Proactive
Asset
Management
• Portfolio
positioning and
strategies
• Supervise
execution of asset
management
activities
Value Adding
Investments
• Yield accretive
acquisitions
• Built-to-Suit
projects
• Development
Responsible for
OUTCOME Stability Growth
Revenue Management
• Occupancy improvements
• Rental rates improvements
Expense Management
• Efficiency improvements
• Cost management
Property Management
• Property maintenance service
• Site staff management
Customer Care
• Customer retention
• Customer satisfaction
TOTAL
RETURNS
Predictable Income
Capital Stability
04 Ascendas real estate investment trust

A-REIT’s Competitive Edge
OperationS Platform
Our Property Manager, Ascendas
Services Pte Ltd (“ASPL”), has a
dedicated sales/marketing, leasing
and property management team of
over 80 people, all of whom
possess in-depth understanding of
the business space and industrial
sector and its customers’ needs.
Stability & Sustainability
A-REIT’s value offering is stability
and sustainability built on three
cornerstones of prudent capital
and risk management, disciplined
and value-adding investment and
proactive asset management.
We continue to build upon our
strengths to create a competitive
edge to differentiate ourselves
and to enhance sustainability and
stability in our portfolio.
Diversity and Depth
We are the largest business space
and industrial REIT in Singapore
spanning across six sub-sectors in
the business space and industrial
property industry. The portfolio of
properties is well-located, of high
quality and is well-diversified in
terms of tenants’ industries and
country of origins. There is a good
balance of long-term and short-term
leases which provides stability and
potential for rental growth.
Market Leader
A-REIT is focused on the business
space and industrial property
sector with a committed sponsor,
Ascendas Group which has a
proven track record of more than
20 year of experience in this sector.
With a relentless focus on the
business space sector since its
listing in 2002, A-REIT has
established itself as the market
leader in most of the sub-sectors
that it operates in.
Customer Focus
We have a track record of
customers growing with us and
have consistently maintained a high
customer retention ratio when
leases are due for renewal.
Size Advantage
As at 31 Mar 2010, A-REIT
accounted for 14.2% of the S-REIT
sector and 8.6% of Asian REIT
ex-Japan sector. In FY09/10, it
accounted for about 10.2% of the
trading volume for S-REIT on the
SGX-ST, making it one of the most
liquid REIT in the Singapore market.
8th Annual Report FY09/10
05

Significant Events
apr 09
17
30
Announced results for
financial year ended 31
Mar 2009 – Net property
income rose by 21.8% y-o-y
Issued S$110m 4.75%
Medium Term Note due
2011
may 09
4
A-REIT’s built-to-suit
development for Citibank
N.A. at 3 Changi Business
Park Crescent was awarded
the Platinum Green Mark
Certification, the highest
accolade in Singapore for
environmental sustainability,
by Singapore’s Building &
Construction Authority
jun 09
30
Held A-REIT’s
Unitholders’ Meeting
for the 3rd consecutive
financial year although it
was not mandatory to do
so. All resolutions were
approved.
25
Issued S$40m 4.75% Medium
Term Note due 2011
jul 09
17
22
Announced results for
1QFY09/10: Net property
income rose by 15.8% y-o-y
Issued S$125m 5.0% Medium
Term Note due 2013
aug 09
11
Issued 185m new units
at S$1.63 per unit (which
represent a 6.8% discount
to the adjusted volume
weighted average price of
the market day immediately
prior to the launch) to
raise gross proceeds of
approximately S$301.6m
sep 09
2
25
Completed development of
71 Alps Avenue – a builtto-suit
logistics facility for
Expeditors Singapore
Completed Plaza8 @ CBP
– a business park cum
amenity centre at Changi
Business Park
06 Ascendas real estate investment trust

oct 09
7
19
A-REIT was voted the
Winner of the “Most
Transparent Company
Award 2009” in the REITs
Category at the SIAS
Investors’ Choice Award
2009
Announced results for
2QFY09/10: Net property
income rose by 11.7% y-o-y
dec 09
11
Completed development
of 38A Kim Chuan Road
– a built-to-suit Hi-Tech
Industrial facility for SingTel
jan 10
18
Announced results for
3QFY09/10: Net property
income rose by 9.7% y-o-y
feb 10
25
A-REIT was voted:
• 1st in “Best for
Responsibilities of
Management and the
Board of Directors in
Singapore” and
• 3rd in “Best Overall for
Corporate Governance
in Singapore”
in the 7th Annual
Asiamoney Corporate
Governance Poll 2009
mar 10
apr 10
19
23
Extended tenure of
S$300m Term Loan Facility
for 7 years
to March 2017
Successfully completed
the early redemption of
the €165m (S$350m) Class
AAA Secured Floating Rate
Notes due in May 2012 at a
discount to par
26
30
31
Successfully issued S$300m
Exchangeable Collateralized
Securities at 1.6% p.a.
coupon due 2017 with a put
option in 2015
Completed acquisition of 31
Joo Koon Circle
Completed acquisition of
DBS Asia Hub
19
30
Announced results for
financial year ended 31 Mar
2010 – Net property income
rose by 7.9% y-o-y
A-REIT was voted
Singapore’s 8th Best
Managed Company (after
SIA, Singtel, ST Engineering,
Olam International, DBS,
OCBC and Keppel Corp)
and 11th Best Corporate
Governance in FinanceAsia’s
2010 annual poll of Asia’s
best managed companies
8th Annual Report FY09/10
07

Financial Highlights
NET PROPERTY INCOME (S$’m)
S$320.0m
173.6
210.3
243.5
320.0
296.6
NET INCOME AVAILABLE
FOR DISTRIBUTION (S$’m)
S$234.9m
142.6
163.8
187.3
210.9
234.9
FY 05/06
FY 06/07
FY 07/08
FY 08/09
FY 09/10
FY 05/06
FY 06/07
FY 07/08
FY 08/09
FY 09/10
EARNINGS PER UNIT
(”EPU”) (cents) (1)
8.23¢
50.31
DISTRIBUTION PER UNIT
(”DPU”) (cents)
13.10¢
11.68
14.13
12.75
15.18
13.10
26.13
11.84
6.11 8.23
FY 05/06
FY 06/07
FY 07/08
FY 08/09
FY 09/10
FY 05/06
FY 06/07
FY 07/08
FY 08/09
FY 09/10
Note:
(1) The EPU has been calculated using total return for the period and the weighted average number of units on issue during the period.
08 Ascendas real estate investment trust

NUMBER OF
PROPERTIES
IN PORTFOLIO
93
Properties
64
77
84
89
93
TOTAL ASSETS (S$’m)
S$4,854.4m
4,854.4
4,547.6
4,205.2
3,307.0
2,807.5
06
As at 31 March
07
08
09
10
06
As at 31 March
07
08
09
10
NET ASSET
VALUE PER UNIT (S$)
S$1.57
1.34 1.49 1.84
1.61 1.57
06
As at 31 March
07
08
09
10
8th Annual Report FY09/10
09

Financial Highlights
Comparable YIELD Returns
A-REIT yield for IPO Investors (1) 14.9%
FTSE S-REIT Index (2) 6.9%
A-REIT yield as at 31 Mar 10 (3) 6.8%
FTSE ST Mid Cap Index (2) 3.5%
10 year Government bond (4) 2.9%
FTSE Straits Times Index (2) 2.8%
CPF (ordinary) account (5) 2.5%
Bank fixed deposit (12 months) (4) 0.5%
Interbank overnight interest rate (4) 0.2%
Bank savings deposits (4) 0.1%
Notes:
(1) Based on A-REIT’s IPO price of S$0.88 per unit and DPU of 13.10 cents for FY09/10
(2) As at 31 Mar 2010. Source: Bloomberg
(3) Based on A-REIT’s closing price of S$1.92 per unit as at 31 Mar 2010 and DPU of 13.10 cents for FY09/10
(4) As at 31 Mar 10. Source: Singapore Government Securities website
(5) Based on interest paid on Central Provident Fund (“CPF”) ordinary account from 1 Jan to 31 Mar 10. Source: CPF Website
As at 31 Mar 10 As at 31 Mar 09 As at 31 Mar 08 As at 31 Mar 07 As at 31 Mar 06
Total net borrowings (S$’m) 1,515.6 1,588.7 1,559.9 1,183.5 969.8
Total Unitholders’ funds (S$’m) (1) 2,947.0 2,703.0 2,438.0 1,970.0 1,708.4
Market capitalisation (S$’m) (2) 3,592.6 2,053.8 3,154.8 3,158.6 2,663.0
Aggregate leverage (3) 31.6% 35.5% 38.2% 37.3% 36.8%
Unit price (2) (S$) 1.92 1.22 2.38 2.39 2.17
Number of Units in issue (m) 1,871.2 1,683.5 1,325.6 1,321.6 1,227.2
Notes:
(1) Before adjustment for distributable income not yet distributed
(2) Based on respective closing prices on the last trading day of the respective financial year
(3) Computed based on aggregate of total borrowings and deferred payments on acquisition of properties as a percentage of total assets.
10 Ascendas real estate investment trust

A-REIT Unit Price
Performance
FY09/10 FY08/09 FY07/08 FY06/07 FY05/06
Opening Price (S$) 1.23 2.33 2.39 2.17 1.88
Closing Price (S$) 1.92 1.22 2.38 2.39 2.17
High (S$) 2.24 2.72 3.32 2.75 2.38
Low (S$) 1.22 1.02 1.84 1.82 1.78
Trading Volume (million units) 1,697.5 1,211.9 1,363.6 942.9 703.0
A-REIT PERFORMANCE IN FY09/10
Volume traded (‘m)
Unit Price (S$)
250 2.5
200 2.0
150 1.5
100 1.0
50 0.5
0 0
Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10
Trading volume (units)
Unit price (S$)
8th Annual Report FY09/10
11

CREATING
Value
Creating a sustainable niche in today’s fast-paced and competitive
environment is by no means an easy feat. Just as the world changes,
so must we.
Our dedicated efforts and continuous pursuit of excellence have led us
to constantly improve our stable of products and services. This in turn
allows us to capitalise on rising opportunities, creating mutually beneficial
experiences for our customers, employees, business partners and
unitholders alike.
12 Ascendas real estate investment trust

8th Annual Report FY09/10
13

Chairman’s Message
Changing Times … Enduring Values
FY09/10 was a remarkable year. The
extreme challenges brought about by
the implosion of the global financial
market were relatively short-lived.
However, the consequent impact on
the global economic order may linger
on for years to come.
Singapore, being one of the world’s
most open economies, was not
spared the tumult, resulting in a
contraction of 2.0% in GDP in 2009.
Throughout this difficult period,
A-REIT remained focused on its
core strategies, but re-calibrated its
approach to adapt to the changing
market conditions. This has produced
a commendable set of financial
results for the year.
On behalf of the Board, I am pleased
to present A-REIT’s 8th annual report
for the financial year ended 31 March
2010. I am glad to report a successful
year in which the strategies pursued
by the Manager have delivered
stable and predictable distributions
for the Unitholders of A-REIT. This
achievement is commendable
especially in the light of the global
economic uncertainties.
A-REIT’s distributable income
increased by 11.4% to S$234.9m
compared to S$210.9m in the
previous financial year. The main
contributing factors include a positive
rental reversion on the renewal of
expiring leases in the portfolio, full
year’s revenue contribution from
investments completed in FY08/09,
one-off cost savings arising from
the various rebates offered by the
Government in 2009, and the lower
cost of utilities. The portfolio grew
to 93 properties from 89 properties
last year and total assets under
management amounted to S$4.9bn
as at 31 March 2010, up from S$4.5bn
a year ago, an increase of about
6.7% after taking into consideration
a devaluation of S$53.7m on the
portfolio following the annual
revaluation exercise.
Let me now elaborate on some of
the enduring values backing our core
strategies:
Enduring Value 1: Disciplined
Investment
The Manager’s disciplined investment
strategy has resulted in enhanced
returns per investment dollar from
development activities and the
selective acquisition of quality income
producing properties. During the
financial year, A-REIT completed
two acquisitions worth S$131.0m
and completed three development
projects worth about S$293.0m.
The three development projects
at 71 Alps Avenue, Plaza8 @ CBP
and 38A Kim Chuan Road, were
completed on schedule and within
budget, and delivered a gain of 3.9%
upon their respective revaluation.
Since commencing its development
strategy in 2006, A-REIT has
achieved an unrealized capital gain
of $130.9m (approximately 21.5%
over development cost) on the nine
development projects undertaken
so far.
In view of the limited supply of
business space in Changi Business
Park over the next 2 years, A-REIT
commenced construction of a partial
built-to-suit business park property
for Citibank N.A. which is expected
to complete in 1Q 2011. Citibank N.A.
has committed to take up 50% of the
space upon completion for a period
of 6 years with options to extend.
A-REIT will continue to pursue quality
and sustainable yield accretive
acquisitions and engage selectively in
development (especially built-to-suit)
opportunities for enhanced returns.
Enduring Value 2: Proactive
Capital and Risk Management
We persevere in proactive capital
and risk management of A-REIT’s
finances in order to optimize its
14 Ascendas real estate investment trust

capital structure. A-REIT issued a
total of S$275m fixed rate notes
in April and July 2009 as part of
the S$1bn multi-currency Medium
Term Note program established
on 20 March 2009 to diversify its
sources of funding.
In addition, it raised new equity of
approximately S$301.6m (issue price
was above NAV and at a 6.8%
discount to the adjusted volume
weighted average price of the
market day immediately prior to the
launch) in August 2009 to fund the
development of 38A Kim Chuan
Road and the acquisitions of DBS
Asia Hub and 31 Joo Koon Circle.
In March 2010, in view of the
significant refinancing requirements
within the S-REIT sector in 2012, the
Manager strategically embarked
on an early redemption of A-REIT’s
Commercial Mortgage Backed
Securities (“CMBS”) of €165m
(S$350m) due in May 2012. The early
redemption was at a discount to par
and was partly refinanced with a new
7-year Exchangeable Collateralised
Securities (“ECS”) issue of S$300m
with a put option in 2015 and a
coupon rate of 1.6% p.a. The ECS is
convertible to ordinary A-REIT units
at S$2.45 per unit, which is over 50%
above the current NAV.
Consequently, the weighted average diversified our sources of funding,
term to maturity of A-REIT’s debt and contained our cost of borrowing.
portfolio has increased from 2.2 years We will continue to strike a balance
a year ago to 4.0 years as at
between certainty in our capital
31 March 2010. Aggregate leverage structure and the cost of capital, in
was 31.6% as at 31 March 2010 with order to achieve optimal returns for
100% of A-REIT’s total debt hedged our Unitholders.
into fixed rate for the next 3.1 years.
Though we have observed an
Enduring Value 3: A Resilient
easing of credit spreads in the past Portfolio Performance
financial year compared to FY08/09, As at 31 March 2010, A-REIT’s
they are, nevertheless, still higher overall portfolio occupancy stands
than pre-crisis levels. Weighted at a healthy 95.7% after taking into
average interest cost increased from account a net increase of about
3.67% to 3.94% in FY09/10.
94,000 sqm (4.2%) of new space;
occupancy for multi-tenanted
The proactive management of buildings is 91.2%. The portfolio
A-REIT’s capital structure has
continues to enjoy positive rental
strengthened our balance sheet, reversion in renewal rates across
Throughout this difficult period,
A-REIT remained focused on its
core strategies, but re-calibrated its
approach to adapt to the changing
market conditions. This has produced
a commendable set of financial results
for the year.
8th Annual Report FY09/10
15

Chairman’s Message
Changing Times … Enduring Values
most sub-sectors, albeit at a lower
rate compared to the previous
financial year. This positive result
can be attributed to active lease
management and to the fact that
current market rental rates are higher
than the passing rental rates of
those leases being renewed. This is
particularly true for the Business &
Science Parks and Hi-Tech Industrial
sub-sectors. Moving forward, the
Manager will continue to focus on
maintaining occupancy and retaining
customers to ensure a stable return
on A-REIT's existing portfolio.
Looking Ahead
The financial markets rebounded
significantly since April 2009 and
the economic climate improved in
the past financial year. However,
while the near term outlook appears
to be positive, considerable
uncertainties remain given the high
unemployment, muted growth
dynamics, large budget deficits and
regulatory uncertainty in certain
developed and developing countries.
We will build on A-REIT’s position
as the leader in business space and
industrial properties and will continue
to focus on our core activities,
including:
a) Continuously improving our
products and services
b) Motivating and rewarding our
employees and
c) Pleasing our customers
The Manager will continue to explore
potential investment opportunities
in Singapore and evaluate regional
markets on a prudent and selective
basis to ensure yield-accretive and
stable returns for its stakeholders.
Barring unforeseen circumstances,
the Manager aims to at least maintain
the current level of net income for
A-REIT in this new financial year.
In Appreciation
A-REIT’s success would not
have been possible without the
concerted effort of many parties.
First, I would like to thank my fellow
Board members for their invaluable
advice and contributions throughout
the year. Mr Benedict Kwek and
Mr Swee Kee Siong retired from
the Board in September 2009 after
serving diligently since the
inception of A-REIT in 2002. On behalf
of the Board and Management, I
would like to thank them for their
significant contributions to A-REIT
since its IPO. Their invaluable
counsel and wisdom shared over
the past 7 years have helped to
steer A-REIT into becoming what it
is today - the largest business space
and industrial REIT in Singapore.
Please also join me in welcoming
Mr Koh Soo Keong, Mr Henry Tan
Song Kok and Mrs Monica Tomlin,
who were appointed to our
Board in September 2009 as
independent directors. Their
background and experience add
considerable strength to our Board.
We are also very grateful to our
tenants and business partners for
their unwavering support, which has
been the basis of the success of our
Trust over all these years.
On behalf of all Unitholders, I also
would like to extend our sincere
appreciation to the hardworking
team at AFM (the Manager of
A-REIT) for their dedication and
discipline in pursuing the core
strategies that underlie the success
of our Trust. Last but not least,
I would like to thank you, our
Unitholders, for your trust and
confidence in us, and for your
investment in A-REIT.
With unwavering focus on our
enduring values and core strategies,
I am confident that we will be able to
capitalize on the opportunities that
are available in a challenging business
environment and continue to deliver
another year of stable performance.
David Wong Cheong Fook
3rd June 2010
16 Ascendas real estate investment trust

董 事 会 主 席 献 辞
变 迁 的 时 代 。。。 持 久 的 信 念
2009/10 财 政 年 是 个 不 同 凡 响 的 一
年 。 全 球 金 融 风 暴 所 带 来 的 巨 大 挑 战
并 未 持 续 多 久 , 但 它 对 全 球 经 济 秩 序
产 生 的 影 响 还 将 延 续 数 年 。
作 为 全 世 界 最 开 放 经 济 体 之 一 的 新 加
坡 , 无 可 避 免 的 , 也 受 到 世 界 经 济 动 荡
的 影 响 , 导 致 其 2 0 0 9 年 的 国 内 生 产 总
值 下 降 了 两 个 百 分 点 。
在 这 个 举 步 维 艰 的 时 期 , 腾 飞 房 产 投
资 信 托 基 金 (Ascendas REIT, 腾 飞
瑞 资 ) 始 终 将 工 作 重 点 放 在 企 业 核 心
战 略 上 , 同 时 也 对 经 营 思 路 做 了 重 新
调 整 以 适 应 不 断 变 化 的 市 场 形 势 。
这 一 举 措 使 得 腾 飞 瑞 资 在 当 年 取 得 了
一 系 列 骄 人 的 财 务 业 绩 。
本 人 谨 代 表 董 事 会 , 很 荣 幸 呈 报 腾 飞
瑞 资 截 至 2010 年 3 月 31 日 的 第 八 年 度
年 报 。 同 时 我 也 欣 喜 地 向 大 家 汇 报 我
们 在 这 一 年 来 成 绩 斐 然 , 经 理 人 所
实 施 的 战 略 为 腾 飞 瑞 资 的 单 位 持 有 人
带 来 了 稳 定 且 可 预 测 的 收 益 。 在 全 球
经 济 充 满 了 不 确 定 性 的 背 景 下 , 腾 飞
瑞 资 所 取 下 如 此 的 成 绩 的 确 令 人 感
到 可 喜 可 贺 。
腾 飞 瑞 资 的 可 派 发 收 入 达 到 2 亿 3490
万 新 元 , 较 上 一 财 政 年 度 的 2 亿 1090
万 新 元 增 长 了 11.4%。 可 派 发 收 入 增
长 的 主 要 因 素 包 括 现 有 房 产 的 业 务
保 持 健 康 发 展 、 续 约 租 金 继 续 保 持 正
面 上 升 的 趋 势 、 上 个 财 政 年 度 完 成 的
各 项 投 资 与 开 发 项 目 所 贡 献 的 全 年 收
入 、 政 府 2 0 0 9 年 出 台 的 各 项 减 税 措
施 所 取 得 的 一 次 性 成 本 节 约 以 及 水
电 费 用 的 降 低 。 去 年 腾 飞 瑞 资 的 房 产
组 合 从 89 项 产 业 增 加 到 93 项 产 业 , 截
至 2010 年 3 月 31 日 腾 飞 瑞 资 所 拥 有 的
总 资 产 总 额 达 到 49 亿 新 元 , 其 中 已
扣 除 了 在 常 年 重 新 估 价 后 所 承 受 的
5370 万 新 元 的 房 产 减 值 , 仍 然 取 得
6.7% 的 增 长 。
我 想 在 此 为 您 把 支 撑 腾 飞 瑞 资 核 心
战 略 的 持 久 信 念 做 详 细 阐 述 :
持 久 信 念 之 一 : 严 谨 的 投 资 纪 律
经 理 人 的 严 谨 投 资 策 略 , 实 现 了 通 过
房 产 开 发 活 动 , 取 得 更 高 的 单 元 投 资
回 报 率 和 有 选 择 性 的 收 购 高 质 量 的
收 益 型 房 产 的 目 的 。 在 本 财 政 年 度 ,
腾 飞 瑞 资 成 功 完 成 了 两 项 价 值 总 额
达 1 亿 3100 万 新 元 的 收 购 以 及 三 个 总
额 约 为 2 亿 9300 万 新 元 的 开 发 项 目 。
完 成 开 发 的 三 个 项 目 分 别 位 于 阿 尔 卑
斯 大 街 71 号 (71 Alps Avenue)、 樟
宜 商 务 园 八 坊 大 厦 (Plaza8@CBP)
和 金 泉 道 38A 号 (38A Kim Chuan
Road)。 三 个 项 目 都 在 预 期 的 时 间 与
预 算 内 完 成 , 各 自 经 过 重 新 估 价 后 的
资 本 增 值 率 为 3.9%。 自 2006 年 实 施
房 产 开 发 策 略 以 来 , 腾 飞 瑞 资 在 其 承
揽 的 九 个 开 发 项 目 上 的 账 面 资 本 增 值
达 到 1 亿 3090 万 新 元 ( 比 开 发 成 本 超
出 约 21.5%)。
考 虑 到 今 后 两 年 内 樟 宜 商 务 园 中 的 新
的 空 间 供 给 量 相 对 有 限 , 腾 飞 瑞 资 开
始 为 花 旗 银 行 打 造 一 栋 新 楼 。 该 项 目
预 定 在 2011 年 第 一 季 度 完 成 。 花 旗 银
行 承 诺 , 项 目 完 工 后 , 该 行 将 承 租 该
项 目 的 五 成 可 使 用 面 积 , 为 期 六 年 ,
并 且 有 权 在 租 约 期 满 后 续 租 。
腾 飞 瑞 资 将 继 续 寻 求 高 质 量 、 收 益 可
持 续 与 具 备 增 值 作 用 的 收 购 项 目 ; 同
时 有 选 择 性 地 参 与 到 能 够 提 高 收 益
的 开 发 项 目 ( 特 别 是 预 租 的 订 建 开 发
项 目 ) 中 。
持 久 信 念 之 二 : 积 极 的 资 本 与 风 险
管 理
我 们 坚 持 对 腾 飞 瑞 资 的 财 务 采 取 积
极 的 资 本 和 风 险 管 理 , 以 便 优 化 基 金
的 资 本 结 构 。 为 了 使 企 业 融 资 来 源 更
加 多 元 化 , 腾 飞 瑞 资 在 2009 年 3 月 20
日 推 出 了 总 金 额 达 10 亿 新 元 的 多 币 种
中 期 票 据 方 案 , 并 在 2009 年 4 月 和 7
月 发 行 了 总 价 值 为 2 亿 7500 万 新 元 的
定 息 票 据 。
8th Annual Report FY09/10
17

董 事 会 主 席 献 辞
变 迁 的 时 代 。。。 持 久 的 信 念
此 外 , 公 司 在 2009 年 8 月 还 募 集 大 约
3 亿 160 万 新 元 的 新 股 权 资 本 。 新 股 的
发 售 价 格 高 于 净 资 产 价 值 ― 比 发 行
日 的 调 整 后 加 权 交 易 平 均 价 格 低 6.8%
。 所 募 集 的 资 金 用 作 为 金 泉 道 38A 号
(38A Kim Chuan Road) 开 发 项 目 以
及 收 购 星 展 银 行 亚 洲 中 心 (DBS Asia
Hub) 和 位 于 裕 群 圈 31 号 (31 Joo
Koon Circle) 厂 房 项 目 的 融 资 。
鉴 于 新 加 坡 房 地 产 投 资 信 托 行 业 在
2012 年 将 有 巨 大 的 再 融 资 需 求 , 经
理 人 在 2010 年 3 月 做 出 战 略 性 决 策 ,
提 前 收 赎 将 于 2012 年 到 期 的 价 值 3 亿
5000 万 新 元 的 腾 飞 瑞 资 商 业 抵 押 担
保 证 券 (Commercial Mortgaged
Backed Securities,CMBS)。 提 前
收 赎 价 格 低 于 票 面 价 值 , 而 部 分 再
融 资 采 用 发 行 价 值 3 亿 新 元 、 年 利
率 为 1.6% 的 新 五 年 期 可 交 换 担 保 债
券 (Exchangeable Collateralised
Securities,ECS) 来 实 现 。 可 交 换 担
保 债 券 能 以 每 单 位 2.45 新 元 的 价 格 (
比 净 资 产 价 值 超 出 约 50%) 转 换 为 普
通 腾 飞 瑞 资 单 位 。
因 此 , 腾 飞 瑞 资 债 务 组 合 的 加 权 平
均 偿 还 期 限 就 从 一 年 前 的 2.2 年 增 加
到 4.0 年 。 截 止 到 2010 年 3 月 31 日 腾
飞 瑞 资 的 总 杠 杆 为 31.6%。100% 的
利 率 风 险 已 通 过 定 期 利 率 对 冲 , 剩
余 有 效 年 限 为 3.1 年 。 虽 然 信 贷 利 差
对 比 上 个 财 政 年 度 有 所 缓 解 , 但 仍 高
于 危 机 前 的 水 平 。 因 此 , 腾 飞 瑞 资 平
均 贷 款 成 本 从 3.67% 增 加 到 本 财 政
年 度 的 3.94%。
腾 飞 瑞 资 对 资 本 结 构 实 行 的 积 极 管
理 加 强 了 公 司 的 资 产 负 债 表 , 使 融 资
来 源 实 现 多 元 化 , 同 时 也 有 效 抑 制 了
借 贷 成 本 的 上 涨 。 我 们 将 继 续 在 资 本
结 构 的 确 定 性 与 借 贷 成 本 之 间 达 成
平 衡 , 以 便 为 我 们 的 单 位 特 有 人 取 得
最 佳 的 投 资 回 报 。
持 久 信 念 之 三 : 房 产 组 合 业 绩 : 高 质
量 与 稳 定
截 止 到 2010 年 3 月 31 日 , 虽 然 腾 飞 瑞
资 增 加 了 大 约 9 万 4 千 平 方 米 ( 约 总
面 积 的 4.2%) 的 新 房 产 面 积 , 整 体 房
产 出 租 率 维 持 在 95.7%; 多 租 户 房 产
的 出 租 率 为 91.2%。 在 经 理 人 的 积 极
管 理 下 和 续 约 租 金 比 期 满 的 合 同 的
租 金 高 的 情 况 下 ( 特 别 是 商 务 与 科 技
园 区 以 及 高 科 技 工 业 房 产 ), 租 金 走
势 继 续 正 面 上 升 , 但 具 体 数 额 要 低
于 上 一 财 年 度 的 水 平 。 今 后 , 经 理 人
的 重 点 仍 是 维 持 房 产 出 租 率 和 维 系 客
户 , 从 而 确 保 腾 飞 瑞 资 现 有 的 资 产 组
合 能 产 生 稳 定 的 收 益 。
展 望 未 来
自 2009 年 4 月 以 来 金 融 市 场 出 现 大 幅
回 升 , 而 在 财 政 年 度 的 下 半 年 , 经 济
环 境 也 有 所 好 转 。 然 而 , 尽 管 市 场 短
期 展 望 似 乎 比 较 乐 观 , 但 由 于 目 前 许
多 发 达 国 家 的 失 业 率 居 高 不 下 , 世 界
经 济 发 展 速 度 料 将 趋 低 , 预 算 赤 字 相
对 较 大 并 且 某 些 发 达 国 家 的 监 管 政
策 仍 未 明 朗 , 因 此 经 济 前 景 仍 旧 面 临
相 当 大 的 不 确 定 性 。
我 们 将 依 托 腾 飞 瑞 资 位 居 商 务 与 工
业 房 产 的 领 导 地 位 的 优 势 , 继 续 将 工
作 重 点 放 在 企 业 的 核 心 经 营 活 动 上 ,
这 包 括 :
( 一 ) 持 续 不 断 地 改 进 我 们 的 产 品
和 服 务
( 二 ) 实 行 有 效 的 员 工 激 励 和 奖 励
措 施
( 三 ) 服 务 好 客 户 并 让 他 们 感 到 满 意
经 理 人 将 继 续 在 新 加 坡 寻 求 有 潜 力
的 投 资 机 会 , 谨 慎 和 有 选 择 性 地 对 区
域 市 场 进 行 评 估 以 寻 求 能 为 利 益 相
关 方 创 造 可 增 进 收 益 和 稳 定 的 投 资
机 会 。
如 果 没 有 意 外 的 发 展 , 经 理 人 将 尽 力
在 新 的 财 政 年 度 里 保 持 腾 飞 瑞 资 现
有 的 净 收 入 水 平 。
18 Ascendas real estate investment trust

在 这 个 举 步 维 艰 的 时 期 , 腾 飞 房 产 投 资 信 托 基 金 (Ascendas REIT 腾 飞
瑞 资 ) 始 终 将 工 作 重 点 放 在 企 业 核 心 战 略 上 , 同 时 也 对 经 营 思 路 做 了 重
新 调 整 以 适 应 不 断 变 化 的 市 场 形 势 。 这 一 举 措 使 得 腾 飞 瑞 资 在 当 年 取
得 了 一 系 列 骄 人 的 财 务 业 绩 。
致 谢
腾 飞 瑞 资 的 成 功 离 不 开 多 方 的 齐 心
协 力 。 首 先 我 要 向 各 位 董 事 会 同 仁 致
谢 , 感 谢 大 家 在 一 年 当 中 为 基 金 提 供
的 宝 贵 建 议 和 各 自 所 做 的 贡 献 。
郭 锦 松 先 生 和 徐 旗 祥 先 生 在 2002 年
腾 飞 瑞 资 创 建 之 初 便 在 董 事 会 兢 兢
业 业 地 做 贡 献 , 直 到 2009 年 9 月 他 们
退 休 离 开 董 事 会 。 我 仅 代 表 公 司 董
事 会 和 管 理 层 向 他 们 自 基 金 上 市 以 来
为 腾 飞 瑞 资 所 做 的 巨 大 贡 献 表 示 由
衷 的 感 谢 。 他 们 在 过 去 七 年 中 所 贡 献
的 策 略 及 智 慧 使 得 基 金 发 展 到 如 今
的 规 模 : 成 为 新 加 坡 最 大 的 工 商 房 产
投 资 基 金 。
此 外 , 让 我 们 一 起 向 新 任 董 事 许 思 强
先 生 、 陈 颂 国 先 生 和 孟 妮 卡 东 林 女 士
表 示 欢 迎 。 他 们 是 在 2009 年 9 月 以 独
立 董 事 的 身 份 加 入 基 金 董 事 会 。 他 们
的 专 业 背 景 和 经 验 将 使 董 事 会 如 虎
添 翼 。
还 要 特 别 感 谢 我 们 的 租 户 和 商 业 伙
伴 , 感 谢 他 们 对 腾 飞 瑞 资 坚 定 不 移 的
支 持 。 这 些 年 来 , 正 是 有 了 他 们 的 支
持 才 有 腾 飞 瑞 资 的 成 功 。
我 还 要 代 表 所 有 单 位 特 有 人 向 腾 飞 瑞
资 经 理 人 辛 勤 工 作 的 团 员 表 达 我 们 真
挚 的 谢 意 。 他 们 在 执 行 基 金 核 心 战
略 过 程 中 所 表 现 出 的 奉 献 和 自 律 精 神
为 腾 飞 瑞 资 的 成 功 奠 定 了 基 础 。
最 后 , 我 要 感 谢 您 们 , 我 们 尊 敬 的 单
位 特 有 人 , 感 谢 您 们 对 我 们 的 信 任 和
信 心 以 及 对 腾 飞 瑞 资 所 做 的 投 资 。
我 们 会 毫 不 动 摇 地 将 工 作 重 点 放 在
确 保 基 金 持 久 的 价 值 信 念 与 核 心 战 略
上 。 由 此 我 可 以 满 怀 信 心 地 说 我 们
有 能 力 抓 住 存 在 于 一 个 充 满 挑 战 的 商
业 环 境 中 的 发 展 机 遇 , 并 继 续 在 新
的 一 年 中 创 造 稳 健 的 经 营 业 绩 。
董 事 会 主 席
黄 昌 福 敬 上
2010 年 6 月 3 日
8th Annual Report FY09/10
19

MANAGER’S REPORT
The highlights of fy09/10 for a-reit are:
• Gross revenue grew 4.3% y-o-y to S$413.7m from S$396.5m
• Net property income increased 7.9 % y-o-y to S$320.0m from
S$296.6m
• Income available for distribution increased 11.4% y-o-y to S$234.9m
from S$210.9m
• Completed three development projects and two acquisitions worth
about S$424.0m
• Portfolio occupancy of 95.7%; occupancy for multi-tenanted
properties is 91.2%
• Weighted average lease to expiry remains high at 4.8 years
• Strengthened balance sheet and extended debt maturity to about
4 years with 100% interest rate exposure hedged for 3.1 years.
Weighted average cost of borrowings contained at 3.9%
• Raised new equity of about S$301.6m in August 2009 to fund
the development of 38A Kim Chuan Road (a built-to-suit Hi-Tech
Industrial facility for SingTel) and the acquisitions of DBS Asia Hub
and 31 Joo Koon Circle
• Extended S$300m term loan which matured in March 2010 for
7 years to March 2017
• Early redemption of €165m (S$350m) Commercial Mortgage Backed
Securities (“CMBS”) due 2012 at a discount to par and refinanced
it via issuance of a 7-year S$300m Exchangeable Collaterised
Securities (“ECS”) at 1.6% p.a. coupon with an option to put in 2015
ACCOLADES:
• A-REIT was ranked 1st in “Best for Responsibilities of Management
and the Board of Directors in Singapore” and 3rd in “Best Overall for
Corporate Governance in Singapore” in the 7th Annual Asiamoney
Corporate Governance Poll 2009
• A-REIT was the winner of the “Most Transparent Company Award
2009” in the REITs Category awarded by SIAS
• In April 2010, A-REIT was voted Singapore’s 8th Best Managed
Company (after SIA, SingTel, ST Engineering, Olam International,
DBS, OCBC and Keppel Corp) and 11th Best Corporate Governance
in the annual poll undertaken by FinanceAsia
Changing times, enduring
values
FY09/10 was a remarkable year. The
global financial markets melt down
started in the US in the third quarter
of 2008 and continued into the first
quarter of 2009. We started FY09/10
with the extreme challenges brought
about by the implosion of the global
financial market. Fortunately, its
duration was relatively short-lived.
However, the consequent impact on
the global economic order may linger
on for years to come.
Singapore, being one of the world’s
most open economies, was not spared
the tumult, resulting in a contraction of
2.0% in GDP in 2009.
A-REIT continued on its relentless
pursuit based on its core
competencies and re-calibrated its
strategies to adapt to the changing
market conditions and delivered a
commendable set of financial results
for the year.
20 Ascendas real estate investment trust

Portfolio organic growth of 2.9% was achieved in FY09/10
Business &
Science Parks
Hi-Tech
Industrial
Light
Industrial
Logistics &
Distribution
Centres
Warehouse
Retail
Facilities
FY FY FY FY FY
S$’m 09/10 08/09 09/10 08/09 09/10 08/09 09/10 08/09 09/10 08/09
Gross Revenue 115.0 103.1 101.6 106.2 78.5 78.0 105.6 96.0 13.0 13.2
Operating Expenses 29.5 28.5 27.7 36.6 15.9 16.2 18.6 16.7 2.0 1.9
Net Property Income 85.5 74.6 73.9 69.6 62.6 61.8 87.0 79.3 11.0 11.3
Breakdown of Net Property Income :
Investments made in
FY09/10
- - - - - - 1.0 - - -
Investments made in
FY08/09
18.6 11.4 - - 1.7 1.5 10.3 3.4 - -
Investments made in
13.0
1.6
0.8
3.7
FY07/08 66.9
73.9
60.9
75.7
11.0
-
Properties held > 1 year 50.2 68.0 59.5 72.2 11.3
Organic growth (%) 5.9 6.2 1.0 (0.3) (2.7)
Through the talent and dedication
of our people, the Manager
continues to grow A-REIT’s
business, adding depth and
diversity to its portfolio of quality
properties and maximising returns
for Unitholders. Consequently,
A-REIT remains the market leader
in the business space and industrial
REIT in Singapore with total assets
and market capitalization of S$4.9bn
and S$3.6bn respectively as at 31
Mar 2010.
A-REIT’s gross revenue increased
by 4.3% to S$413.7m compared to
S$396.5m while income available for
distribution increased by 11.4% to
S$234.9m compared to S$210.9m in
the prior financial year.
Net Property Income (“NPI”) grew
by 7.9% to S$320.0m compared
to S$296.6m a year ago, of which
34.6% was contributed organically
through positive rental reversions
and asset enhancement activities.
A-REIT also enjoyed approximately
S$12.9m savings in operating
expenses in FY09/10 mainly as a
result of lower energy cost and oneoff
initiatives by the Government of
Singapore on property tax rebate
and land rent rebate in 2009. Full
year contribution from investments
made in the prior financial year
accounted for 61.5% of NPI growth
while new investment (including
completion of development
projects) made in FY09/10
contributed the remaining 3.9%.
Sources of NPI Growth
for FY09/10
Organic Growth
(rental growth, asset
enhancements, etc)
Investments made in
FY08/09*
Investments made in
FY09/10
34.6%
61.5%
3.9%
Note:
* Investment made in FY08/09 contributing full year NPI
impact in FY09/10
8th Annual Report FY09/10
21

MANAGER’S REPORT
Despite the turbulent times, the
Manager remains committed to
paying out 100% of A-REIT’s
distributable income. A-REIT
achieved a full year DPU of 13.10
cents, which translated to a yield of
6.8% based on the closing price of
S$1.92 per unit on 31 March 2010.
In view of the new units issued in
August 2009, the fully diluted pro
forma DPU for FY08/09 would be
11.76 cents.
Debt Profile 31 Mar 2010 31 Mar 2009
Aggregate leverage 31.6%* 35.5%
Total debt S$1,522m S$1,590m
Fixed as a % of total debt 100.0% 90.0%
Weighted average all-in funding cost 3.94% 3.67%
Weighted average term of debt 4.0 years 2.2 years
Weighted average term for fixed debt 3.1 years 3.4 years
Interest cover ratio 4.7 times 4.6 times
* 34.0% after the funding of DBS Asia Hub was completed on 6 April 2010
Debt maturity profile as at 31 March 2010
Capital and Risk
Management: Securing
Certainty, Enhancing
Flexibility
Maintaining a fundamentally sound
and efficient capital structure was
crucial in the challenging and tough
credit environment at the depth
of the financial crisis. In FY09/10,
the Manager initiated a series of
proactive capital management
actions to enhance A-REIT’s capital
structure. These initiatives include:
• Issuance of a total of S$275m
fixed rate notes in April and
July 2009 as part of the S$1bn
multi-currency Medium Term
Note program established on
20 March 2009 to diversify its
sources of debt funding
• Private placement of 185m new
units at S$1.63 per unit which
was above net asset value to
raise approximately S$301.6m
($’m)
$450
$400
$350
$300
$250
$200
$150
$100
$50
0
2010 2011 2012 2013 2014 2015 2016 2017
Revolving Credit Facilities
Committed Revolving Credit Facility
Medium Term Note
to fund the development of
the 38A Kim Chuan Road and
acquisitions of DBS Asia Hub
and 31 Joo Koon Circle
• Repayment of the €144m
(S$300m) CMBS due in August
2009 using existing unsecured
Commercial Mortgage Backed
Securities
Exchangable Collaterised Securities
Term Loan Facility
credit facilities. 14 properties
worth about S$936.1m were
released from the security pool
• Early redemption of the €165m
(S$350m) Class AAA Secured
Floating Rate Notes due in May
2012 at a discount to par. This
22 Ascendas real estate investment trust

was in view of the significant
amount of refinancing expected
in the Singapore REITs sector in
2012. 23 properties worth about
S$1,223.4m were released from
the security pool
• Issuance of the first ever S$300m
ECS due 2017 with a put option
in 2015 at a coupon of 1.6% p.a.
and exchange price of S$2.45
which was over 50% premium
over A-REIT’s current NAV.
19 properties worth about
S$935.2m were provided as
security for the ECS
• Extension of a S$300m term
loan due in March 2010 by 7
years to March 2017
The ECS, which was rated “AAA”
by S&P and “Aaa” by Moody’s,
has allowed A-REIT to diversify
its sources of debt financing. With
a quality underlying portfolio and
an understanding of investors’
needs, the Manager was able to
tap a new investor base in the
international capital markets and
obtain very competitive mediumterm
debt financing.
Consequently, A-REIT’s weighted
average debt maturity was extended
from 2.2 years to 4.0 years.
Liquidity Risk Management
Despite the challenging credit
market environment in the first
half of 2009, the Manager had
successfully diversified A-REIT’s
sources of debt funding through
proactive capital management
initiatives to mitigate any potential
liquidity risk. The issuance of the
medium term notes in 2009 and the
ECS in 2010 has reduced A-REIT’s
reliance on any single source of
debt funding as follows:
Commercial Mortgage 26.0%
Backed Securities
Exchangable Collaterised 19.7%
Securities
Term Loan Facility 19.7%
Medium Term Note 18.1%
Committed Revolving 13.1%
Credit Facility
Revolving Credit Facilities 3.4%
As at 31 March 2010, less than
30% of A-REIT’s credit facilities were
utilized, and about S$2.5bn of its
properties (representing 53.0% of
total investment properties) were
free from encumbrance, thereby
providing greater flexibility to
manage its capital and balance sheet.
With diversified sources of funding
and a well-spread debt maturity
profile, A-REIT is well positioned to
manage its refinancing and liquidity
risk at an acceptable cost of interest
to ensure a sustainable stream of
distributions to Unitholders.
Interest Rate Risk Management
The Manager continued to adopt
a prudent stance on interest rate
exposure. As at 31 March 2010, the
weighted average cost of funding
increased from 3.67% a year ago
to 3.94% due to higher interest
margins required by lenders.
Aggregate leverage was 31.6% as at
31 March 2010 and was 34.0% after
the acquisition of DBS Asia Hub was
funded in early April 2010. 100% of
A-REIT’s interest rate exposure is
fixed for the next 3.1 years.
Tenant and Credit Risk Management
The Manager has an established
credit evaluation process to assess
the creditworthiness of customers
to minimize potential credit risk.
Monthly total gross rental income
of the top ten tenants remained
constant at approximately 26.8% as
at 31 March 2010. The portfolio has
8th Annual Report FY09/10
23

MANAGER’S REPORT
a well-diversified customer base
and a large number of properties
across six sub-sectors.
By diversifying A-REIT’s portfolio,
it has also reduced its reliance
on any one property such that
no single property accounts for
more than 4.5% of gross revenue.
A-REIT’s risk and exposure to
any particular tenant’s country of
origin or industrial sector is also
reduced due to the diversified
nature of the portfolio. With 93
properties and about 930 tenants,
A-REIT’s tenants ranges from
multi-national companies, small
medium enterprises, and listed
companies in various trades
such as telecommunications, life
sciences, food, fragrances and
flavours, research & development,
light manufacturing, information
technology, engineering,
electronics, manufacturing services,
back-room office support as well as
storage and warehousing.
Top 10 tenants by monthly gross rental income
(% of Gross revenue)
7.0%
5.9%
6.0%
5.0%
4.4%
4.0%
3.0%
2.0%
1.0%
0
SingTel
C&P Holdings
Creative
3.5%
DBS
Tenants’ country of origin
(by monthly gross rental
income)
Siemens
Singapore 60.2%
USA 16.6%
Europe 9.5%
Japan 3.2%
UK 2.2%
Bermuda 2.1%
Hong Kong 1.5%
Switzerland 1.2%
Australia 0.9%
Others* 2.6%
Note:
Others include India, Taiwan, Malaysia, South Korea,
Canada, China, New Zealand.
2.5%
2.0% 2.0% 1.9%
1.6% 1.5% 1.5%
Cold Storage
SenKee Logistics
Hewlett Packard
Toll Asia
Courts
Tenant base by industry
(by monthly gross rental
income)
3rd Party Logistics, Freight Forwarding 16.6%
Electronics 13.7%
M&E and Machinery & Equipment 10.3%
Telecommunications & Datacentre 9.3%
Information Technology 8.7%
Distributors, Trading Company 5.4%
Financial 4.9%
Life Science 3.1%
Food Product & Beverages 2.4%
Textiles & Wearing Apparels 2.3%
Rubber and Plastic Products 1.8%
Healthcare Products 1.4%
Chemical 1.1%
Printing & Reproduction of Recorded 1.1%
Media
Hotel and Restaurants 1.0%
Repair and Servicing of Vehicles 1.0%
Construction 1.0%
Fabricated Metal Products 1.0%
Medical, Precision & Optical
0.7%
Instruments, Clocks
Others 13.2%
24 Ascendas real estate investment trust

S$’000 FY09/10 FY08/09 FY07/08 FY06/07 FY05/06 FY04/05 FY03/04 FY02/03
Provision for doubtful debt - 102 324 58 60 121 124 -
Doubtful debt provided/bad (72) (222) 266 21 45 37 133 351
debt write-off/(write back)
Trade receivables 3,066 2,137 1,977 1,589 2,134 4,033 1,123 627
Total annual gross revenue 413,678 396,534 322,270 283,007 227,153 128,987 65,914 22,836
Doubtful debt provision/bad
debts write-off/(write back)
as % of gross revenue
(0.02)% (0.06)% 0.08% 0.01% 0.02% 0.03% 0.20% 1.54%
Bad debt provisions and Write Offs
Rigorous management of account
receivables has resulted in low
doubtful debt provisions as a
percentage of total gross revenue.
Despite the challenging business
environment, A-REIT did not
experience a significant increase
in past due account receivables as
the Manager has a well established
internal credit control process in
place. About 87% of rental receipts
are deducted through Interbank
GIRO services. In addition, specific
operational actions, such as
increased tenant visits and
increased vigilance on tenant’s
activities, stricter issuance of letter
of demand are primed for early
signs of trouble.
As at 31 March 2010, outstanding
accounts receivables that are
more than two months past due
amounted to about S$1.3m or
about 0.3% of gross revenue. These
are adequately secured by way of
bankers’ guarantee or cash security
deposit held by A-REIT.
Security Deposit for Sale-and-
Leaseback Properties
The standard industry practice is
to hold one month rent as security
deposit for each year’s lease.
However, for sale-and-leaseback
transactions, depending on the
credit-standing of the counterparty
and commercial negotiation, a
larger sum of security deposits may
be held so as to balance between
long term lease and the credit risk
of such tenants. Security deposits
for A-REIT’s sale & leaseback
properties range from 7 to 14
months rental income equivalent.
The average security deposit for
the portfolio is approximately 7
months of rental income equivalent.
In addition, the Manager has
withheld some part of the purchase
considerations on four properties
which will be paid out in accordance
with a pre-agreed schedule.
The total amount withheld was
S$14.5m which is about 0.3% of
Total Assets as at 31 March 2010.
This amount has to be included in
the computation of aggregated
leverage of A-REIT under the
prevailing REIT guidelines.
No. of Single
Tenanted
Properties
Weighted
Average No.
of Months
Rent as
Security
Deposit*
Business 4 14
& Science
Parks
Hi-Tech 7 7
Industrial
Light
26 11
Industrial
Logistics & 13 8
Distribution
Centres
Warehouse 2 11
Retail
Facilities
Total 52 9
Note:
* Excluding cases where rental is paid upfront
8th Annual Report FY09/10
25

MANAGER’S REPORT
Disciplined & Value-adding
Investment: Harnessing
Opportunities; Developing Growth
Amidst the turbulent economic
climate, the Manager did not rest
on its laurels but took proactive
steps to harness growth
opportunities. Disciplined
investment through selective
acquisitions and development
of high-quality properties were
made to grow A-REIT’s portfolio of
properties, ensuring a fine balance
between near term returns and
longer term sustainability. The
Manager continued to focus on the
following key areas of activity:
38A Kim Chuan Road Plaza8 @ CBP 71 Alps Avenue
Value (S$’m)
Completion
Date
Acquisitions
DBS Asia Hub 116.0 March 2010
31 Joo Koon Circle 15.0 March 2010
Completed Development Projects
71 Alps Avenue 24.2 Sept 2009
Plaza8 @ CBP 98.8 Sept 2009
38A Kim Chuan Road 170.0 Dec 2009
Total 424.0
• Acquisitions of income
producing properties with
established tenants;
• Built-to-suit/lease development
projects to capitalize on our
development capabilities and
to strengthen and broaden our
customer base; and
• Acquisitions of good quality
multi-tenanted properties with
strong income stream and asset
enhancement potential.
The Manager continues to add
scale and value to A-REIT’s
portfolio with investment in five
properties amounting to S$424.0m
in FY09/10.
In addition, the Manager has signed
a memorandum of understanding
for the purchase of a property
under development in Jurong for
S$97.5m. This property will only be
acquired upon its completion which
is expected to be over two phases
in 2011 and 2012.
A-REIT has completed nine
development projects worth
S$606.0m since it first started to
undertake development projects in
2006. These properties now have
a book value of S$736.5m as at 31
March 2010, representing a 21.5%
capital appreciation over their cost
of development.
Taking advantage of the lower
construction cost and a limited
new supply in the Changi Business
Park (other than those owned by
A-REIT), the Manager embarked
on the development of Phase II,
Plot 8 Changi Business Park – a
partial built-to-suit business park
development for Citibank N.A. With
an estimated development cost of
S$37.4m, construction is expected
to be completed by 4QFY10/11 and
will have a gross floor area of 20,600
26 Ascendas real estate investment trust

Sector
Revaluation
Gain / (Loss) @ 31
Mar 10 (S$’m)
%
Change
Business & Science Parks 2.0 0.1
Hi-Tech Industrial 6.8 0.6
Light Industrial (25.8) (3.0)
Logistics & Distribution Centres (36.9) (3.1)
Warehouse Retail Facilities 0.2 0.1
Total (53.7) (1.1)
Asset Class Diversification
(by Asset Value)
Note:
* Excludes DBS Asia Hub and 31 Joo Koon Circle which were acquired in March 2010
sqm of which Citibank N.A. has
committed to lease 50% of the space.
Stable Portfolio Value
The Manager, required under the
REIT guidelines, has obtained a
new independent valuation, as
of 31 March 2010, for its portfolio
of 91 properties. An average
capitalization rate of 6.8%
was applied by the valuers. A
marginal devaluation of S$53.7m
representing a 1.1% of decline in the
total value of the property portfolio.
As at 31 March 2010, based on
the revalued property values, the
passing NPI yield on the portfolio
was about 7.3%.
Proactive Asset Management:
Extracting Growth; Accreting
Portfolio
Diversified Portfolio with a Well
Balance Lease Tenure
A-REIT has a balanced and
well-diversified portfolio of 93
properties across six sub-sectors
providing real estate solutions to
an array of customers from various
industries. These sub-sectors
comprise, by asset value, Business
& Science Parks (32.9%), Hi-Tech
Industrial (22.2%), Light Industrial
(12.0%), Flatted Factories (5.6%) and
Logistics & Distribution Centres
(24.4%) as well as Warehouse Retail
Facilities (2.9%).
Business & Science Parks 32.9%
Hi-Tech Industrial 22.2%
Light Industrial 12.0%
Flatted Factories 5.6%
Logistics & Distribution
Centres
24.4%
Warehouse Retail Facilities 2.9%
Business &
Science Parks
28.1%
71.9%
Hi-Tech
Industrial
46.0%
Logistics &
Distribution Centres
57.5%
42.5%
Light Industrial
23.2%
54.0%
76.8%
Short Term Leases
Long Term Leases
8th Annual Report FY09/10
27

MANAGER’S REPORT
Within the portfolio, there is a fine
mix, by asset value, of single-tenanted
properties (45.6%) typically with
long term leases and multi-tenanted
properties (54.4%) with short term
leases. Long term leases usually
incorporate periodic stepped rental
increases of which 32.5% of such
leases have rental escalation pegged
to CPI. Long term leases provide
stable growth for the portfolio while
short term leases could enjoy positive
rental reversion during the upswing of
the economy.
Short term & long term leases
(by Asset Value)
Long term leases typically
with periodic rental
escalation, of which 32.5%
of leases are pegged to CPI
Multi-Tenanted Buildings 54.4%
Single-Tenanted Buildings 45.6%
Typically 3-year
rolling leases
The weighted average lease to
expiry is 4.8 years as at 31 March
2010 with 15.3% of A-REIT’s gross
rental income due for renewal in
FY10/11. The lease expiry profile
remains well balanced and extends
beyond 2024.
Diversified tenant base
A-REIT’s portfolio of 93 properties
currently house a tenant base of
about 930 international and local
companies from over 20 countries
and spread over a wide range of
industries and activities, including
research and development, life
sciences, information technology,
engineering, light manufacturing,
logistics service providers,
electronics, telecommunications,
manufacturing services and backroom
office support. These sub-
FY10/11 Weighted Average Lease Term to Expiry
20%
15%
10%
5%
Business & Science Parks 23.3%
Hi-Tech Industrial 24.9%
Light Industrial/ Flatted
Factories
Logistics & Distribution
Centres
% of Gross Rental Income
0
15.3%
FY10/11
FY11/12
15.7%
12.5%
FY12/13
14.5%
FY13/14
10.4%
FY14/15
20.4%
31.4%
FY15/16
6.2% 5.9%
1.6%
FY16/17
FY17/18
3.5%
FY18/19
1.7%
FY19/20
4.3%
FY20/21
0.0% 0.5% 8.0%
FY21/22
FY22/23
FY23/24
28 Ascendas real estate investment trust

land lease expiry for A-REIT’s portfolio
Land Tenure Expiry Year
Business &
Science Parks
Hi-Tech
Industrial
Light
Industrial
Logistics &
Distribution
Centres
Warehouse
Retail
Facilities
Total
Pty S$‘m Pty S$‘m Pty S$‘m Pty S$‘m Pty S$‘m Pty S$‘m

MANAGER’S REPORT
A-REIT’s Portfolio Occupancy
Rate Vs Industry
100%
80%
60%
40%
A-REIT
Occupany rate (%)
URA
89.7% 93.3% 96.9% 98.5%
88.3% 88.3% 90.0%
80.8%
Multi-tenanted
properties
Net lettable
area (sqm)
Vacant
space (sqm)
As at 31 March 10
Increase / Increase /
(decrease) (decrease) in
in renewal new take up
rates (1) rates (2)
Business & Science 252,495 38,388 10.3% 13.8%
Parks
Hi-Tech Industrial 203,634 22,309 7.6% 1.0%
Light Industrial 205,259 14,865 (2.6)% 9.0%
Logistics &
Distribution Centres
317,516 10,677 2.7% (4.1)%
Notes:
(1)
FY09/10 renewal rental rates versus previously contracted rates
(2)
Rental rates for new take up (including expansion by existing tenants) in 4Q FY09/10 versus similar rates in 3Q
FY09/10
20%
0
Business &
Science Parks
Hi-Tech
Industrial
Light
Industrial
Logistics &
Distribution
Centre
portfolio occupancy still exceeded
the Urban Redevelopment
Authority’s (“URA”) island-wide
occupancy rates by between 5.0%
and 8.9%.
A-REIT leased and renewed a total
of 274,316 sqm of space within
the portfolio in FY09/10, of which,
186,637 sqm are renewal of leases,
demonstrating the effectiveness of
A-REIT’s active lease management
and its positive relations with
customers. New demand was 87,679
sqm which showed a 23.4% y-o-y
growth. Customer retention rate
stands at a healthy 74.6% signifying a
large majority of customers renewed
their tenancy with A-REIT upon
expiration of their existing leases.
Organic Growth: Rent Reversions
Renewal rates and new take-up rental
rates continued to remain strong in
the Business & Science Park property
sector with growth of 10.3% in renewal
rental rate over existing contract
rates and a 13.8% q-o-q growth in
the rental rates for new leases at the
end of the financial year. In the Hi-
Tech Industrial property sector, the
corresponding figures were 7.6% and
1.0% respectively. However, Light
Industrial properties registered a
decline in renewal rates while Logistics
& Distribution properties noted a
modest increase in renewal rates.
Outlook for FY10/11
Relative stable rental expected on
renewal
31.0% of total lease (by total gross
lease revenue) in the portfolio will
be due for renewal in the current
and next financial year. As of 31
March 2010, about 280,000 sqm
accounting for about 15.3% of the
portfolio gross revenue are due for
renewal in FY10/11. The current
passing rent for most of these leases
is below the prevailing market rental
rate. Though market rental rate has
been on the decline since the
outbreak of the economic crisis, the
Manager has noted a moderation in
the rate of decline. We continue to
expect some potential for positive
rental reversion, however, the extent
of such reversion will largely depend
on the strength and sustainability of
the recovery of the economy.
Potential Investment
The Manager will continue with its
emphasis to achieve better returns
per investment dollar through the
creation of assets by utilizing our
development capability and capacity
by targeting high quality prospective
tenants in more promising and
stable industries. This will allow the
30 Ascendas real estate investment trust

Area due for renewal (‘000sf)
Average existing rental rates (psf pm)
1,400 $4.00
1,200
$3.50
$3.00
1,000
$3.28
$2.99
$2.75
$2.50
800
$2.36
$2.00
$1.53 $1.53 $1.57
600
$1.50
$1.03
400
$1.28 $1.27
$1.00
200
$0.50
0
Area (sf) for Renewal in FY10/11
Area (sf) for Renewal in FY11/12
Average Existing Rates (psf pm) for
FY10/11
Average Existing Rates (psf pm) for
FY11/12
Business &
Science Parks
Hi-Tech
Industrial
Light
Industrial
Flatted
Factory
Logistics &
Distribution Centres
Manager to selectively develop
properties which are in line with the
economic drivers of Singapore.
The Manager will also continue to
evaluate and make disciplined
acquisitions of high quality properties
that could be yield accretive to the
portfolio. We will focus on choice
properties which are versatile in use
and offer sustainable long term returns.
In addition, the Manager will continue
to assess potential investment
opportunities in the region on a
prudent and discerning basis.
Overseas investments will only
materialise if we could find suitable
opportunities with acceptable riskadjusted
returns.
CONCLUSION
The financial markets have
rebounded significantly since April
2009 and the economic climate
has improved over the past year.
The near term outlook appears to
be positive; however, considerable
uncertainties remain given the
sovereign debt risk, the unusually
high unemployment, muted growth
dynamics, persistently large deficits
and regulatory uncertainty in certain
developed and developing countries.
Asia is likely to see positive growth
rates and lead the global economic
recovery. In April 2010, Ministry
of Trade and Industry, Singapore,
revised Singapore’s growth estimates
for 2010 to between 7.0% and 9.0%
as compared to February 2010
growth estimates of between 4.5%
and 6.5%. The Singapore industrial
property sector seems to be turning
the corner with a pause in the decline
of rental rates and marginal upturn in
rental rates for selected sub-sectors.
If the current rate of economic
recovery is sustained, the industrial
property market could begin its
recovery soon.
In the new financial year, about
15.3% of A-REIT’s revenue is due for
renewal, the outlook of which will
largely depend on the sustainability
and strength of the global
economic recovery.
A-REIT’s portfolio has a weighted
average lease to expiry of about
4.8 years. The diversified nature of
A-REIT’s portfolio across six subsectors
of the industrial property
and a good mix of long and short
term leases provide a high degree
of predictability and sustainability of
the earnings for its portfolio.
Barring any unforeseen
circumstances, the Manager aims
to at least maintain the current level
of net income for A-REIT in the new
financial year.
8th Annual Report FY09/10
31

Developing
Talent
Our strength as capital managers is built on the quality of human capital
in our organisation and our partners. Each member across our business
operations plays a vital role in the shaping of our future.
We cultivate, nurture and retain the best people who are committed to the
cause of A-REIT, to build the collective strength that will take us to greater
heights in the years to come.
Responsibility, Authority and Accountability are the three inseparable legs
of a balanced tripod upon which good execution is possible. People must
be accountable for the outcomes for which they have been empowered
with the authority to deliver.
32 Ascendas real estate investment trust

8th Annual Report FY09/10
33

Board of Directors
1
2
3
4
1 Mr David Wong Cheong Fook
Chairman,
Independent Director
Mr Wong is a Director on the
boards of LMA International
NV, PacificMas Bhd, Banking
Computer Services Pte Ltd, Jurong
International Holdings Pte Ltd,
OCBC Bank (Malaysia) Bhd and
Teva Pharmaceutical Investments
(Singapore) Pte Ltd. He is also a
Member of the Casino Regulatory
Authority and is a board member of
the National Environment Agency.
He is a Fellow of the Institute of
Certified Public Accountants in
Singapore, and a member of the
Institute of Chartered Accountants
in England and Wales.
2 Ms Chong Siak Ching
Vice Chairman,
Non-executive Director
Ms Chong is the President and
Chief Executive Officer of Ascendas
Pte Ltd. She sits on the boards
of Ascendas Pte Ltd and its
subsidiaries. Ascendas pioneered
Singapore’s first business space
trust, Ascendas REIT in November
2002, and Singapore’s first Indiabased
properties business trust,
Ascendas India Trust in August
2008. She is also the Deputy
Chairman of Spring Singapore, the
enterprise development agency
of Singapore and Chairman of
IE Singapore’s Network India
Steering Committee. Ms Chong
is Singapore’s representative
for the APEC Business Advisory
Council. Previously Jurong Town
Corporation’s Deputy Chief
Executive Officer, she has extensive
experience in business space
management.
Ms Chong studied Estate
Management at the National
University of Singapore where, in
1981, she graduated with honours
and was awarded a Gold Medal by
the Singapore Institute of Surveyors
and Valuers. In 1991, Ms Chong
obtained a Masters in Business
Administration from the same
university. Ms Chong was registered
as a licensed valuer in 1983 and
has also completed the Advanced
Management Programme at
Harvard Business School in 1998.
In recognition of her unwavering
commitment and service to
her alma mater, Ms Chong was
conferred the National University
of Singapore (NUS) Distinguished
Alumni Service Award in 2009. She
was also previously conferred the
NUS Distinguished Alumni Award
by the Faculty of Architecture and
Building Management in 1999.
3 Mr Joseph Chen Seow Chan
Independent Director
Chairman, Audit Committee
Mr Chen has 29 years of experience
in the treasury and fixed income
business. He worked in a number
of major foreign banks and the
Monetary Authority of Singapore,
prior to joining United Overseas
Bank (“UOB”), where he worked for
17 years. He was Managing Director,
Global Treasury of UOB when he
retired in November 2005. He was
also a Director of UOB Bullion &
Futures, a subsidiary of UOB, until
retirement. Mr Chen was also a
member of the UOB Management
Committee and the Assets &
Liabilities Committee.
4 Mr Chia Kim Huat
Independent Director
Mr Chia is presently a partner of
Rajah & Tann LLP and heads its
Corporate and China Practice
Group. Mr Chia has more than 16
years experience as a practicing
lawyer and his main areas of practice
include capital market transactions,
cross-border joint ventures, private
equity investments, mergers and
acquisitions, corporate and banking
transactions. He graduated from
National University of Singapore
with a Bachelor of Laws (Honours)
degree in 1992 and is a member of
the Singapore Academy of Law and
The Law Society of Singapore.
34 Ascendas real estate investment trust

5
6
7
8
5 Mr Koh Soo Keong
Independent Director
Mr Koh is presently a Managing
Director with EcoSave Pte Ltd. He
was the President & Chief Executive
Officer of SembCorp Logistics
Ltd, a publicly listed company, for
more than eight years and retired
in April 2007 after the company was
bought over by Toll Holdings. He is
also the Chairman of the Board of
Agrifood & Veterinary Authority of
Singapore. Mr Koh holds a Bachelor
of Engineering (Honors), a Master of
Business Administration and a postgraduate
diploma in Law from the
National University of Singapore.
6 Mr Henry Tan song kok
Independent Director
Mr Tan is presently a Director
with Nexia TS Public Accounting
Corporation (“Nexia”). Nexia is a
member of Nexia International,
an international network of
independent accounting and
consulting firms. Prior to joining
Nexia, he was with KPMG for more
than 5 years. He holds a Bachelor of
Accountancy (First Class Honours)
from the National University of
Singapore.
Mr Tan is Chairman of Nexia
International (Asia). He has more
than 10 years experience in the
China market and been helping
companies in Singapore to set up
and expand in China. He sits on the
Accounting Standards Committee
of the Institute of Certified Public
Accountants in Singapore. He is
also a director of listed companies
namely, Chosen Holdings Limited,
Pertama Holdings Limited, YHI
International Ltd and Raffles
Education Corporation Limited.
7 Mrs Monica Tomlin
Independent Director
Mrs Monica Tomlin is presently an
independent senior management
advisor. Most recently she held the
post of Assistant Chief Executive
(Planning) at the Singapore Tourism
Board, after spending over 20 years
in management consulting with
international firms including Arthur
D Little and McKinsey & Company.
Mrs Tomlin holds a Master’s degree
of Science in Management from
the Sloan School of Management
at the Massachusetts Institute of
Technology, U.S.A.
8 Mr Tan Ser Ping
Executive Director, CEO
Mr Tan, Executive Director and
CEO of the Manager, is responsible
for the overall management and
operation of A-REIT. He works with
the Board of Directors to determine
the business strategies and plans
for the strategic development of
A-REIT and together with the AFM
team and the Property Manager
(ASPL), they ensure that the
operations of A-REIT are aligned
with the stated business strategies.
Prior to joining the Manager, he was
the Executive Vice President of Real
Estate Development & Investment
(REDI) of Ascendas Pte Ltd. He
was responsible for formulating
REDI policies, strategies and plans
across all country operations and
developing new product offerings
and markets for Ascendas. He
headed the task force for the
establishment of A-REIT prior to
its IPO. Before joining Ascendas
in 2001, he was Senior General
Manager, Residential & Commercial
Properties Business Group of
China-Singapore Suzhou Industrial
Park Development Company Ltd.
He lived and worked in China for
about seven years.
8th Annual Report FY09/10
35

The A-REIT Team
04 06 02 09 11
03
05 07
01
08 10 12
01 Tan Ser Ping
02 Yong Kok Fong
03 Roy Teo
04 Teo Mui Lynn
05 Ng Kok Hua
06 Leong Sai Keong
07 Theresa Belmonte
08 Lee Yong Kian
09 Tan Shu Lin
10 Chae Meng Kern
11 Kevin Lee
12 Foo Pei Teng
36 Ascendas real estate investment trust

Tan Ser Ping
Executive Director
Chief Executive Officer
(Please see page 35)
Tan Shu Lin
Head, Capital Markets
As Head of Capital Markets for the
Manager, Shu Lin is responsible
for managing the capital structure
of A-REIT as well as to oversee
and manage both equity and
debt capital market transactions
and other capital market related
activities. She is also responsible
for investor relations.
Prior to joining the Manager, Shu
Lin was Assistant Vice President
of Real Estate Fund Management
at Ascendas Pte Ltd where she
was responsible for developing
property fund management
activities in the region. She was
also responsible for sourcing and
evaluating potential investment
opportunities in the region.
Before joining Ascendas, Shu
Lin has had more than six years
of working experience with
various financial institutions.
She graduated with a First Class
Honours degree in Economics
from University of Portsmouth,
United Kingdom and is also a
Chartered Financial Analyst.
Kevin Lee
Foo Pei Teng
Co-Head, Business
Development & Investment
Kevin and Pei Teng are jointly
responsible for developing and
executing A-REIT’s business
development and investment
strategy. Their team is responsible
for generating and evaluating
opportunities for acquisitions
and development, structuring
deals, negotiating and closing
such transactions.
Kevin Lee
Head, Industrial Property
Portfolio
As Portfolio Manager (Industrial
Properties), Kevin oversees the
Property Manager, ASPL, in its
asset management strategies and
execution for A-REIT’s portfolio
of Hi-Tech Industrial and Light
Industrial properties.
Prior to joining the Manager, Kevin
was Director at an international
property consultant where he
has served corporate clients and
banks involving assets appraisal
and also investment advisory.
Kevin is a licensed valuer and also
a member of the Royal Institution
of Chartered Surveyors. He holds a
Bachelor of Science degree in Land
Management from University of
Reading, United Kingdom.
Foo Pei Teng
Head, Business & Science
Park and Warehouse Retail
Facilities Portfolio
As Portfolio Manager (Business &
Science Park and Warehouse Retail
Properties), Pei Teng oversees the
Property Manager, ASPL, in its
asset management strategies and
execution for A-REIT’s portfolio
of Business & Science Park and
Warehouse Retail properties.
Prior to joining the Manager,
Pei Teng was a Business
Development Manager with
Ascendas Pte Ltd. She was involved
in the evaluation of several regional
real estate development and
investment deals in South Korea,
Australia and the Philippines.
Pei Teng graduated with a Bachelor
of Business (Honours) degree in
8th Annual Report FY09/10
37

The A-REIT Team
Financial Analysis from Nanyang
Technological University and a
Master of Science degree in Real
Estate from National University
of Singapore.
Roy Teo
Head, Logistics &
Distribution Centres
Portfolio
Coordinator, Asset
Management
Roy oversees the Property
Manager, ASPL in its asset
management strategies and
execution for A-REIT’s portfolio of
Logistics and Distribution Centres
properties. As Coordinator for
Asset Management, he is a crucial
link between the Manager and the
Property Manager to ensure that
the optimal level of service and
the best possible outcome are
delivered for the A-REIT properties.
Prior to his current role with the
Manager, Roy was the Assistant
Manager for Business Development
at Keppel Logistics Pte Ltd. He has
over eight years of experience in
the logistics industry in areas
including finance, accounting,
project management and business
development in Singapore and
regionally. Roy holds a Bachelor of
Science (Honours) degree in
Applied Accountancy from Oxford
Brookes University and is an
Affiliate member of the Association of
Chartered Certified Accountants.
Chae Meng Kern
Head, Reporting and
Corporate Services
Meng Kern is responsible for
accounting, financial reporting
and analysis, taxation, compliance
execution and corporate
services. She has over 18 years
of experience in the areas of
budgeting, financial analysis,
cashflow management, taxation
and consolidation of management
and statutory accounts.
Prior to joining the Manager, Meng
Kern was Senior Finance Manager
of Lend Lease Asia Holdings Pte Ltd
where she was responsible for the
financial reporting and analysis of
Bovis Lend Lease (Asia). Meng Kern
holds a Bachelor of Accountancy
degree from the National University
of Singapore and is a Member of
the Institute of Certified Public
Accountants of Singapore.
Maria Theresa Belmonte
Legal Counsel &
Compliance Manager
Assistant Company
Secretary
Theresa’s responsibilities include
providing legal advice in all
areas for A-REIT including legal
documentation for acquisitions
and developments. She also serves
as the Compliance Manager for
A-REIT and assists in the Manager’s
corporate secretarial matters
related to A-REIT. She was formerly
an in-house legal counsel in a SGXlisted
company and prior to that
was a practicing lawyer. She has
previous experience in the areas of
real property law, general corporate
law and corporate secretarial work.
Theresa was called to the Singapore
Bar after graduating with an LL.B
(Hons) from the National University
of Singapore.
38 Ascendas real estate investment trust

13 Kathryn Chew
14 Chan Lai Kuan
15 Rina Ang
16 Stefanie Tan
17 Ho Sok Teng
21 Sharon Seet
22 Ryan Tan
23 Sabrina Tay
24 Crystal Koh
25 Patricia Goh
13
14
15
16 18 19
17
20 21
22
23 24 25
27 28
26
18 Mary De Souza
26 Cassie Ang
19 Jaslyn Lee
27 Joanne Neo
20 Carol Ng
28 Calvin Tay
Not in picture: Jeffrey Toh
8th Annual Report FY09/10
39

THE PROPERTY MANAGER
Ascendas Services Pte Ltd (ASPL)
03
08
04
07
06
05
01
02
01 Mr Thomas Teo
02 Ms Han Tui Heng
03 Ms Foo Sheg Heong
04 Ms Toh Lay Gan
05 Ms Karen Lee
06 Mr Mark Chan Swee Kee
07 Mr Lee Chin Leong
08 Mr Dacon Pao Yah Chow
The asset management function for
A-REIT’s properties is outsourced to
Ascendas Services Pte Ltd (“ASPL”,
the “Property Manager”), a 100%
owned subsidiary of Ascendas Land
(Singapore) Pte Ltd.
Under the leadership of its CEO,
Mr Thomas Teo, the ASPL team is
committed to provide proactive and
professional services by working
closely with the Manager of A-REIT
to enhance the market positioning
and attractiveness of A-REIT’s
properties so as to maximize returns
to unitholders.
The Asset Management team
oversees day-to-day operational
matters such as marketing and
leasing of space, property
management and maintenance,
providing high quality customer care,
coordinating customers’ fitting out
requirements, supervising the
performance of contractors and
ensuring building and safety
regulations are complied with. It is
also responsible for the management
of operating expenses and the
achievement of organic growth within
the portfolio.
40 Ascendas real estate investment trust

UNITHOLDERS
ASCENDAS FUNDS
MANAGEMENT
(S) LIMITED
(A-REIT MANAGER)
(Reports to Board of
Directors)
STRATEGIES
Capital & Risk
Management
• Equity funding
• Debt funding
• Interest rate
risk
management
• Optimise capital
structure
Distributions
Investment in
A-REIT
HSBC INSTITUTIONAL TRUST SERVICES
(SINGAPORE) LIMITED
(A-REIT TRUSTEE)
Management
Fees
100%
Responsible for
Acts on behalf
of Unitholders
Management
Services
Proactive
Asset
Management
• Portfolio
positioning and
strategies
• Supervise
execution of asset
management
activities
20.7%
Trustee
Fee
ASCENDAS
GROUP
Value Adding
Investments
• Yield accretive
acquisitions
• Built-to-Suit
projects
• Development
Responsible for
OUTCOME Stability Growth
TOTAL
RETURNS
Predictable Income
Capital Stability
Ownership of
Assets
Net Property
Income
Property
Management
Fees
100%
PROPERTIES
ASCENDAS SERVICES
PTE LTD (”ASPL”)
(PROPERTY
MANAGER)
(Reports to ASPL
Board of Directors)
Responsible for
Property
Management
Services
Revenue Management
• Occupancy improvements
• Rental rates
improvements
Expense Management
• Efficiency improvements
• Cost management
Property Management
• Property maintenance
service
• Site staff management
Customer Care
• Customer retention
• Customer satisfaction
return without compromising its
service standards. They strive to
continuously improve operating
processes to improve productivity
and enhance operational
effectiveness so as to optimize
operational cost.
Customer Care
The ASPL team plays a pivotal role
in maximising customer retention
through the implementation of
the Customer Care Program.
The program is set up through
periodic discussion between the
ASPL team and the Manager’s
Portfolio Management team to
ensure that the desired level of
customer service is delivered to
A-REIT’s customers. The team is
also responsible for the active
management of accounts receivable
where they strive to minimize arrears
and bad debts by continuously
monitoring customer credit.
More specifically, ASPL is tasked
with the following responsibilities:
Revenue and Occupancy
Management
The ASPL team actively markets and
leases vacant space within A-REIT’s
portfolio of properties. They also
work on expanding and renewing
leases with existing customers to
maximize gross revenue. In addition,
the ASPL team conducts proactive
prospecting of new tenants to
enhance occupancy and revenue.
Property Management
Working hand-in-hand with the
Manager’s Portfolio Management
team, ASPL ensures that the property
specifications and service level
commensurates with the intended
market positioning of the property.
The ASPL team is also responsible
for managing site staff to ensure that
the desired level of property and
customer care is implemented at the
respective properties.
Expense Management
The ASPL team adopts a prudent
operational strategy in line with the
Manager’s objective in maximizing
Project Management
In addition, on a need basis, the
ASPL team provides expertise
in the area of construction and
project for the development
projects undertaken by A-REIT.
They liaise closely with the
Manager and architects to ensure
each project is carried out in a
timely and efficient manner.
The team at ASPL is committed to
providing optimal solutions and
services to meet the needs of A-REIT’s
customers as well as to enhance the
value of A-REIT’s portfolio.
8th Annual Report FY09/10
41

THE PROPERTY MANAGER
Ascendas Services Pte Ltd (ASPL)
MR THOMAS TEO
CHIEF EXECUTIVE OFFICER
Mr Thomas Teo is the Chief
Executive Officer of Ascendas
Services Pte Ltd, the property
management arm of Ascendas
Pte Ltd. Thomas is responsible for
asset management, property &
facilities management, lease and
customer service management and
project management.
Thomas was previously the Senior
Vice President, Development &
Project Management of Ascendas,
responsible for the Singapore
property portfolio. He has over
20 years of working experience in
companies including DBS Land
and OCBC Property Services. He
joined Technology Parks in 1996
as Senior Manager to head the
Project Management division.
He was CEO of Ascendas Land
(Singapore) Pte Ltd from 2002
to 2008 looking after Ascendas’
Singapore real estate investment
and development portfolio.
Thomas holds a Master of
Science degree in Construction
Management from the University
of Bath as well as professional
memberships from the
Chartered Institute of Building
(UK) and the Association for
Project Management (UK). He
also completed the Advanced
Management Programme at
Berkerley-Nanyang Business
Schools in 2010.
MS HAN TUI HENG
ASSISTANT CHIEF EXECUTIVE
OFFICER
As the Assistant Chief Executive
Officer, Ms Han Tui Heng works
closely with Thomas to grow ASPL’s
businesses and provide excellent
service to asset owners and tenants.
She also oversees the Asset
Management, Marketing and Lease
Management Departments directly.
Tui Heng has more than 20 years
of working experience in the real
estate industry in the areas of
asset management, marketing and
lease management. Prior to her
appointment as ACEO, Tui Heng
was the Vice-President of Ascendas
Real Estate Services Business Unit
and Real Estate Development &
Investment Business Unit where
she was in charge of the Group’s
Portfolio Asset Management. Tui
Heng also held the appointment
of Group Head (Corporate
Development) where she was
responsible for the development
of Corporate Strategies, Corporate
Planning & Research as well as
Knowledge Management.
Tui Heng holds a Bachelor of
Science in Estate Management
(Hons) from the National University
of Singapore and a Master in
Business Administration from
University of Wales, UK.
MR LEE CHIN LEONG
VICE PRESIDENT, HEAD OF
PROPERTY MANAGEMENT
Mr Lee Chin Leong has over
20 years of experience in
development, construction,
operations and maintenance in
the real estate & infrastructure
related industries. Trained as a
Mechanical & Electrical Engineer,
he has worked for several
developers to spearhead major
development projects for the
provision of key infrastructures,
building construction and facility
management. Chin Leong is also
experienced in corporate real
estate services including business
development, feasibility studies,
construction management,
operations & maintenance,
optimization & enhancement
as well as the acquisitions and
disposals of assets. As Head of
Property Management in ASPL,
he leads a team over 80 technical
specialists to manage existing
buildings owned by A-REIT and
Ascendas Land Singapore Pte Ltd.
Chin Leong holds a Bachelor of
Science Degree (Hons) in Electrical
Engineering from South Dakota
State University, USA.
MR MARK CHAN SWEE KEE
VICE-PRESIDENT, HEAD OF
DEVELOPMENT & PROJECT
MANAGEMENT
Mr Mark Chan has over 20 years
of experience in the development
and construction industry. Trained
as a builder/quantity surveyor,
he has worked for construction
companies, developers, civil
engineering contractors, quantity
surveyors in Australia, New Zealand,
Malaysia and Singapore. As Head
of the Development & Project
Management Department of
Ascendas Services Pte Ltd, he leads
a team of 14 project managers in
the development and management
of projects undertaken by A-REIT
and Ascendas Land Singapore.
Mark holds a Bachelor of
Building (Hons) from University of
Melbourne, Australia.
MR DACON PAO YAH CHOW
VICE-PRESIDENT, HEAD OF
SINGAPORE MARKETING
As Head of Singapore Marketing
for Ascendas Services Pte Ltd,
Mr Dacon Pao leads the team to
42 Ascendas real estate investment trust

formulate and implement effective
marketing strategies for the leasing
and sale of Ascendas products and
services in Singapore.
Prior to managing the Singapore
portfolio, Dacon was marketing
the Ascendas’ portfolio of Asia
projects, particularly in China,
Philippines and Thailand. In
2000, he was seconded to Xinsu
Development, a subsidiary of
Ascendas China on a one-year stint
to market Ascendas’ properties
in Suzhou and to train the local
marketing staff.
Dacon joined Ascendas Pte Ltd in
1997 where he garnered extensive
experience in the marketing of
business space to both multinational
companies as well as small
and medium enterprises.
Dacon holds a Masters of Business
Administration from the University
of Warwick, UK and a Bachelor
of Engineering (Civil) from the
Nanyang Technological University.
MS FOO SHEG HEONG
VICE PRESIDENT, ASSET
MANAGEMENT (BUSINESS &
SCIENCE PARKS)
Ms Foo Sheg Heong heads the
Asset Management Team for
Business & Science Parks and
Warehouse Retail portfolio in ASPL
where she oversees the marketing,
leasing and asset management of
assets in her cluster.
Prior to this, she held the position
of General Manager of Ascendas
Plaza, a mixed-use development
in Shanghai, where she presided
over various teams comprising
marketing, leasing, advertising
and promotions and facility
management. Sheg also helms
Ascendas Service (Shanghai) Co
Ltd, as General Manager.
Sheg has over 20 years of
experience in the real estate
industry and has been actively
involved in various aspects of the
property development process;
from pre-development stage to
retail project launch, marketing,
leasing, advertising and promotions,
lease management and office space
and shopping mall operations.
Sheg has been a licensed valuer
since 1991 and holds a Bachelor
of Science degree (Estate
Management) from the National
University of Singapore and a
Diploma in Investment from the
Institute of Banking and Finance.
MS TOH LAY GAN
VICE PRESIDENT, ASSET
MANAGEMENT (LOGISTICS &
DISTRIBUTION CENTRES)
Ms Toh Lay Gan possesses over
14 years of experience in the real
estate industry and currently heads
the Asset Management Team for
Logistics & Distribution portfolio in
Ascendas Services Pte Ltd. She is
in charge of the marketing, leasing
as well as asset management of
A-REIT’s logistics portfolio. Prior
to this appointment, Lay Gan was
overseeing the lease management
team of the Hi-Tech Industrial
& Light Industrial portfolio in
Ascendas Services Pte Ltd. During
her tenure with Ascendas, she
was credited particularly for her
involvement in the successful
launch of A-REIT in 2002. Prior to
joining ASPL, she was with DTZ
Leung and Far East Organization
where she specialized in valuation
and marketing of industrial
properties respectively.
Lay Gan holds a Bachelor of
Science (Estate Management)
(Hons) degree from National
University of Singapore.
MS KAREN LEE
ASSISTANT VICE PRESIDENT,
ASSET MANAGEMENT
(INDUSTRIAL PROPERTIES)
Ms Karen Lee heads the Asset
Management Team for Hi-Tech
Industrial & Light Industrial
portfolio in Ascendas Services
Pte Ltd. Karen has over 11 years
of experience in the real estate
industry covering various areas
of industrial lease and property
management and marketing in
Singapore and Vietnam. Karen
also has extensive experience with
Singapore industrial lease policies
and procedures.
Prior to joining ASPL, Karen held
several positions in industrial real
estate companies such as Head
of Lease & Operations in JTC
Corporation, Manager for Asset
Management & Corporate Marketing
for Mapletree Logistics Trust in
Singapore and Vietnam. She also
held the position of Vice President
in Trust Company Asia in charge
of client services for REIT-Trustee
related and compliance matters.
Karen holds a Bachelor of Science
(Economics) (Hons) degree and a
Masters of Science (Real Estate) from
the National University of Singapore.
8th Annual Report FY09/10
43

Accreting
Portfolio
The value of success is not measured in a day’s work, but the accumulation
of significant milestones over a period of time. Success does not come in a
straight line but often with its ups and downs.
At A-REIT, we build our success on the various small accomplishments that
we have achieved since our inception. Enhancing A-REIT’s portfolio through
a balance of development projects and acquisition of income producing
properties, each investment decision was deliberated and examined to ensure
value-add to the Trust and its sustainability.
Above all, we are proud to have a dedicated team who continues to develop
a strong, diversified portfolio that fuels our growth in good times and remain
resilient during down turns.
44 Ascendas real estate investment trust

8th Annual Report FY09/10
45

a-reit’s Portfolio
60
66
61
65 54
63 64
39
WOODLANDS
CAUSEWAY
SELETAR EXPRESSWAY (SLE)
BUKIT TIMAH EXPRESSWAY (BKE)
KRANJI EXPRESSWAY (KJE)
TUAS
SECOND
LINK
76
53 68
69
PAN ISLAND EXPRESSWAY (PIE)
87
90
PAN ISLAND EXPRESSWAY (PIE)
85
74
79
71
8
11
10
86
83
13
15
PAN ISLAND EXPRESSWAY (PIE)
AYER RAJAH EXPRESSWAY (AYE)
81
3
1
4
2
9
14
41
28
26
31
BUSINESS & SCIENCE PARKS HI-TECH INDUSTRIAL
1 The Alpha
18 Techlink
2 The Aries
19 Siemens Center
3 The Capricorn
20 Infineon Building
4 The Gemini
21 Techpoint
5 Honeywell Building
22 Wisma Gulab
6 Ultro Building
23 KA Centre
7 Telepark
24 KA Place
8 Techquest
25 Kim Chuan
9 PSB Science Park Building
Telecommunications Complex
10 13 International Business Park
11 iQuest @ IBP
12 HansaPoint @ CBP
13 Acer Building
14 Science Hub & Rutherford
15 31 International Business Park
26 Pacific Tech Centre
27 Techview
28 1 Jalan Kilang
29 30 Tampines Industrial Avenue 3
30 50 Kallang Avenue
31 138 Depot Road
16 1 & 3 Changi Business Park Crescent 32 2 Changi South Lane
17 DBS Asia Hub
33 CGG Veritas Hub
34 38A Kim Chuan Avenue
LIGHT INDUSTRIAL/
FLATTED FACTORIES
35 TechPlace I
36 TechPlace II
37 OSIM HQ Building
38 Ghim Li Building
39 Progen Building
40 SB Building
41 247 Alexandra Road
42 5 Tai Seng Drive
43 Volex Building
44 53 Serangoon North Avenue 4
45 3 Tai Seng Drive
46 27 Ubi Road 4
47 52 Serangoon North Avenue 4
48 Hyflux Building
49 Weltech Building
50 BBR Building
46 Ascendas real estate investment trust

North South MRT Line
East West MRT Line
North East MRT Line
Proposed Circle MRT Line
21
35
CENTRAL EXPRESSWAY (CTE)
48
36
62
30
19
44
22
33
47
KALLANG PAYA LEBAR EXPRESSWAY (KPE)
52
20
TAMPINES EXPRESSWAY (TPE)
27
42
34
24
45
25
23
18
59
46
49
58
37
PAN ISLAND EXPRESSWAY (PIE)
92
93
56
67
89
70
29 7
84
57
51
43 88
12
55 82
16 5
73 17 6 40
50
32
77
38
80 78
75
72
91
EAST COAST PARKWAY (ECP)
51 Tampines Biz-Hub
52 84 Genting Lane
53 Hoya Building
54 NNB Industrial Building
55 37A Tampines Street 92
56 Hamilton Sundstrand Building
57 Thales Building (I & II)
58 Aztech Building
59 Ubi Biz-Hub
60 26 Senoko Way
61 Super Industrial Building
62 1 Kallang Place
63 18 Woodlands Loop
64 9 Woodlands Terrace
65 11 Woodlands Terrace
66 1 Senoko Avenue
67 8 Loyang Way 1
68 31 Joo Koon Circle
LOGISTICS &
DISTRIBUTION CENTRES
69 IDS Logistics Corporate HQ
70 LogisTech
71 10 Toh Guan Road
72 Changi Logistics Centre
73 Nan Wah Building
74 C&P Logistics Hub
75 Xilin Districentre Building A&B
76 MacDermid Building
77 Xilin Districentre Building D
78 Freight Links (Changi) Building
79 Freight Links (Toh Guan) Building
80 Xilin Districentre Building C
81 Senkee Logistics Hub (Phase I & II)
82 1 Changi South Lane
83 LogisHub @ Clementi
84 JEL Centre
85 Logistics 21
86 Sembawang Kimtrans
Logistics Centre
87 Goldin Logistics Hub
88 Sim Siang Choon Building
89 15 Changi North Way
90 Pioneer Hub
91 71 Alps Avenue
WAREHOUSE
RETAIL FACILITIES
92 Courts Megastore
93 Giant Hypermart
8th Annual Report FY09/10
47

a-reit’s Portfolio
BUSINESS &
SCIENCE PARKS
Suburban office
Corporate HQ buildings
R&D space
1 2 3 4 5
The Alpha The Aries The Capricorn The Gemini
Honeywell Building
6 7 8 9 10
Ultro Building Telepark Techquest PSB Science Park 13 International
Building
Business Park
11 12 13 14 15
iQuest @ IBP Hansapoint @ CBP Acer Building Science Hub
31 International
& Rutherford
Business Park
16 17
1 & 3 Changi Business
Park Crescent
DBS Asia hub
48 Ascendas real estate investment trust

Hi-Tech Industrial
Properties
High office content combined
with high specifications
industrial mixed-use space
18 19 20 21 22
Techlink Siemens Center Infineon Building Techpoint
Wisma Gulab
23 24 25 26 27
KA Centre KA Place Kim Chuan
Telecommunications
Complex
Pacific Tech Centre
Techview
28 29 30 31 32
1 Jalan Kilang 30 Tampines Industrial
Avenue 3
50 Kallang Avenue 138 Depot Road 2 Changi South Lane
33 34
CGG Veritas
Hub
38A Kim Chuan Road
8th Annual Report FY09/10
49

a-reit’s Portfolio
LIGHT INDUSTRIAL/
FLATTED FACTORIES
35 36 37
38
Low office content
combined with
manufacturing space
TechPlace I
TechPlace II
OSIM HQ Building
Ghim Li Building
39 40 41 42 43 44
Progen Building SB Building 247 Alexandra Road 5 tai seng drive Volex Building
53 Serangoon North
Avenue 4
45 46 47 48 49 50
3 TAI SENG DRIVE 27 Ubi Road 4 52 Serangoon
Hyflux Building Weltech Building
North Avenue 4
BBR Building
51 52 53 54 55 56
Tampines Biz-Hub 84 Genting Lane Hoya Building
NNB INDUSTRIAL
Building
37A Tampines Street 92
Hamilton SunDstrand
Building
57 58 59 60 61 62
Thales Building (I & II) Aztech Building Ubi Biz-Hub
26 Senoko Way Super Industrial
Building
1 Kallang Place
63 64 65 66 67 68
18 Woodlands Loop 9 Woodlands
Terrace
11 Woodlands
Terrace
1 Senoko Avenue 8 Loyang Way 1
31 Joo Koon Circle
50 Ascendas real estate investment trust

LOGISTICS &
DISTRIBUTION
CENTRES
Warehousing
and distribution
centres
69 70 71 72 73 74
IDS Logistics
Corporate HQ
LogisTech 10 Toh GUan road Changi Logistics Nan Wah Building C&P Logistics Hub
Centre
75 76 77 78 79 80
Xilin Districentre
Building A&B
MacDermid Building
Xilin Districentre
Building D
Freight Links (Changi)
Building
Freight Links (Toh
Guan) Building
Xilin Districentre
Building C
81 82 83 84 85 86
Senkee Logistics Hub
(Phase I & II)
1 Changi South Lane LogisHub @ Clementi JEL Centre
Logistics 21 Sembawang Kimtrans
Logistics Centre
87 88 89 90 91
Goldin Logistics Hub
Sim Siang Choon
Building
15 Changi North Way Pioneer Hub 71 Alps Avenue
WAREHOUSE
RETAIL FACILITIES
Single-user retail
and warehouse
space
92 93
Courts Megastore
Giant Hypermart
8th Annual Report FY09/10
51

Business & Science Park Properties
The Business & Science Parks Team
01 Foo Pei Teng
06 Jeannie Wong
03
04 05
06 07 08 09 10
02 01
02 Foo Sheg Heong
03 Erina Chan May Keow
04 Rina Ang
07 Teu Lee Chen
08 Ng Kok Hua
09 Pamela Tan Yew May
05 Roy Koh
10 Steven Leow Chye Teck
52 Ascendas real estate investment trust

GROSS RENTAL INCOME BY
TENANT’S INDUSTRY
MULTI-
TENANTED
Buildings
SINGLE-
TENANTED
Buildings
TOTAL
Number of Properties 13 4 17
Gross Floor Area (sqm) 321,870 137,957 459,827
Gross Revenue (S$’000) 94,160 20,794 114,954
Book Value/ Valuation (as at
March 2010) (S$'m)
1,123.3 438.5 1,561.8
GROSS RENTAL INCOME BY Tenant’s Country of origin
Information Technology 20.6%
Financial 17.1%
Telecommunication &
Datacentre
14.2%
Electronics 10.4%
Life Science 10.0%
Machinery & Equipment 6.2%
Chemical 3.5%
Food Products & Beverages 2.3%
Hotels & Restaurants 1.6%
Textiles & Wearing
Apparels
1.3%
Others* 12.8%
Note:
* Others include 3rd Party Logistics, Freight Forwarding,
Fabricated Metal Products and Healthcare Products
Singapore 54.5%
USA 24.1%
Europe 7.4%
Japan 6.1%
Switzerland 3.5%
India 1.4%
UK 1.0%
Australia 0.9%
Taiwan 0.6%
Hong Kong 0.2%
Bermuda 0.2%
Others 0.1%
8th Annual Report FY09/10
53

Business & Science Park Properties
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
1 The Alpha 19 Nov 02 52.3 96.8 28,533 21,654
2 The Aries 19 Nov 02 39.4 52.1 14,695 13,459
3 The Capricorn 19 Nov 02 71.8 104.9 28,602 21,659
4 The Gemini 19 Nov 02 72.9 99.9 32,629 27,842
5 Honeywell Building 19 Nov 02 32.8 57.7 18,123 14,681
6 Ultro Building 30 Oct 03 18.0 38.3 11,450 10,127
7 Telepark 02 Mar 05 186.0 234.8 40,555 24,635
8 Techquest 05 Oct 05 7.5 21.1 7,920 6,545
9 PSB Science Park
Building
10 13 International
Business Park
18 Nov 05 35.0 64.5 32,013 21,689
10 Oct 06 20.0 26.8 10,116 7,164
11 iQuest @ IBP 12 Jan 07 18.6 31.5 12,143 9,126
12 HansaPoint @ CBP 22 Jan 08 26.1 81.4 19,448 17,310
13 Acer Building 19 Mar 08 75.0 76.4 29,185 22,571
14 Science Hub &
Rutherford
26 Mar 08 51.5 60.5 26,283 21,479
15 31 International
26 Jun 08 246.8 218.0 61,720 50,286
Business Park
16 1 & 3 Changi Business 16 Feb 09 & 166.1 179.4 53,638 44,371
Park Crescent
25 Sep 09
17 DBS Asia Hub*
31 Mar 10 116.0 117.7 32,774 32,104
Vendor:
Ascendas (Tuas) Pte Ltd
Total (Business & Science Park
Properties)
1,235.8 1,561.8 459,827 366,702
Notes:
* Property has no contribution to gross income for FY09/10 as it was acquired on the last day of the financial year.
The valuations for these properties were based on Direct Comparison Method, Capitalization Approach and Discounted Cash Flow Analysis
54 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
10 Science Park Road 9,167 88.7 F J Benjamin (S) Pte Ltd
Maccine Pte Ltd
National Starch & Chemical (Singapore) Pte Ltd
51 Science Park Road 4,195 99.1 MCI Worldcom Asia Pte Ltd
Teradyne S'pore Ltd
Denso International S'pore Pte Ltd
1 Science Park Road 9,465 95.6 ESEC Singapore Pte Ltd
Merlion Pharmaceuticals Pte Ltd
41 Science Park Road 9,467 92.3 International Flavor & Fragrances (APAC) Pte Ltd
A-Bio Pharma Pte Ltd
Rikevita (Singapore) Pte Ltd
17 Changi Business Park
Central 1
6,866 98.4 Honeywell Pte Ltd
Pall Filtration Pte Ltd
1 Changi Business Park 2,600 100.0 Ultro Technologies Ltd
Avenue 1
5 Tampines Central 6 17,482 99.9 Singappore Telecommunications Ltd
DBS Bank Ltd
7 International Business
Park
2,006 91.6 Inventec Technology Singapore Pte Ltd
YKK AP Singapore Pte Ltd
Crocs Asia Pte Ltd
1 Science Park Drive 3,492 100.0 TUV SUD PSB Pte Ltd
13 International
Business Park
27 International
Business Park
10 Changi Business
Park Central 2
29 International
Business Park
87/89 Science Park
Drive
31 International
Business Park
1 & 3 Changi Business
Park Crescent
2 Changi Business Park
Crescent
2,546 100.0 Cambridge Solutions Pte Ltd
TUV SUD PSB Pte Ltd
IMS Health Asia Pte Ltd
3,386 87.1 Oracle Financial Services Software Pte Ltd
National University of Singapore
Bio Rad Laboratories (Singapore)
8,570 100.0 Credit Suisse
Citco Fund Services (Singapore) Pte Ltd
Rohde & Schwarz Systems & Comms Asia Pte Ltd
8,458 86.5 Jacobs Engineering Pte Ltd
JGC Singapore Pte Ltd
Logica Singapore Pte Ltd
5,692 71.2 Avaya Singapore Pte Ltd
Docomo Intertouch Pte Ltd
Hewitt HR Delivery Services Pte Ltd
14,702 100.0 Creative Techonology Centre Pte Ltd
6,860 52.8 Citibank N.A
Optimum Solutions (S) Pte Ltd
- 100.0 DBS Bank Ltd
114,954 89.7
8th Annual Report FY09/10
55

Hi-Tech Industrial Properties
The Hi-Tech Industrial Team
01 Kevin Lee
06 Jean Lau
03 04 05 06
07 08
01 02
09
02 Karen Lee
03 Tricia Tan
04 Tan Peng Guan
07 Yong Kok Fong
08 Wendy Tan
09 Teo Mui Lynn
05 Steven Leow
Not in picture - See Thoo Mei Ching
56 Ascendas real estate investment trust

GROSS RENTAL INCOME BY
TENANT’S INDUSTRY
MULTI-
TENANTED
Buildings
SINGLE-
TENANTED
Buildings
TOTAL
Number of Properties 9 8 17
Gross Floor Area (sqm) 272,889 186,492 459,381
Gross Revenue (S$'000) 69,387 32,271 101,658
Valuation (as at March 2010) (S$'m) 569.0 555.7 $1,124.7
GROSS RENTAL INCOME BY Tenant’s Country of origin
Singapore 44.5%
Electronic 30.9%
Telecommunication &
Datacentre
21.8%
Machinery & Equipment 16.4%
Information Technology 7.3%
Textiles & Wearing Apparels 4.9%
Printing & Reproduction of
Recorded Media
1.5%
Medical, Precision & Optical
Instruments
1.5%
Hotels & Restaurants 1.2%
Life Science 1.1%
Others* 13.4%
Note:
* Others include Food Products & Beverages, Chemical,
Rubber & Plastic Products, Financial, Healthcare
Products, 3rd Party Logistics, Freight Forwarding and
Fabricated Metal Products
USA 27.2%
Europe 23.8%
Japan 0.9%
Australia 0.6%
Malaysia 0.6%
Hong Kong 0.5%
Korea 0.5%
UK 0.4%
Canada 0.1%
Switzerland 0.1%
India 0.1%
China 0.1%
Taiwan 0.1%
Others 0.5%
8th Annual Report FY09/10
57

Hi-Tech Industrial Properties
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
18 Techlink 19 Nov 02 69.8 99.7 48,007 34,557
19 Siemens Center 12 Mar 04 65.8 89.4 36,529 27,781
20 Infineon Building 01 Dec 04 50.9 66.8 27,278 27,278
21 Techpoint 01 Dec 04 75.0 114.8 56,107 42,120
22 Wisma Gulab 01 Dec 04 55.7 59.6 15,557 11,821
23 KA Centre 02 Mar 05 19.2 26.1 19,638 13,555
24 KA Place 02 Mar 05 11.1 11.8 10,163 6,652
25 Kim Chuan
02 Mar 05 100.0 123.5 35,456 25,129
Telecommunications
Complex
26 Pacific Tech Centre 01 Jul 05 62.0 75.4 25,718 19,639
27 Techview 05 Oct 05 76.0 98.7 50,985 39,000
28 1 Jalan Kilang 27 Oct 05 18.7 19.5 7,158 6,083
29 30 Tampines Industrial 15 Nov 05 22.0 24.0 9,593 9,593
Avenue 3
30 50 Kallang Avenue 27 Feb 06 28.6 33.6 18,584 14,246
31 138 Depot Road 15 Mar 06 42.3 60.7 29,626 26,485
32 2 Changi South Lane 01 Feb 07 30.0 31.6 26,300 20,939
33 CGG Veritas Hub 25 Mar 08 18.3 17.9 9,797 8,671
34 38A Kim Chuan Road* 11 Dec 09 170.0 171.6 32,885 32,885
Total (Hi-Tech Industrial Properties) 915.4 1,124.7 459,381 366,434
Notes:
* Property was valued by independent valuer at S$176.0m. A-REIT has recorded the value of the property at S$171.6m comprising S$100m in land and building and S$71.6m in
M&E equipment to enhance the building specifications to the requirement of the tenant. The lease on this property will commence in FY10/11 as it was undergoing user acceptence
test by the tenant following the completion of its construction in Dec 09
The valuations for these properties were based on Direct Comparison Method, Capitalization Approach and Discounted Cash Flow Analysis
58 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
31 Kaki Bukit Road 3 13,391 89.7 Federal Express Pacific Inc
Starhub Ltd
Areva T&D Pte Ltd
60 MacPherson Road 9,838 98.9 Siemens Pte Ltd
Novacitynets Pte Ltd
Risis Pte Ltd
8 Kallang Sector 6,215 100.0 Infineon Technologies Asia Pacific Pte Ltd
10 Ang Mo Kio
Street 65
13,510 80.7 Schneider Electric South East Asia (HQ) Pte Ltd
Jdsu T&M Singapore Pte Ltd
Mediacorp Publishing Pte Ltd
190 MacPherson Road 3,952 100.0 Rsh Limited
150 Kampong Ampat 3,517 72.8 Cavu Corp Pte Ltd
Comstor Pte Ltd
Netstar Network Integration Singapore Pte Ltd
159 Kampong Ampat 2,046 100.0 Fci Asia Pte Ltd
Foster Electric (Singapore) Pte Ltd
Groz-Beckert Singapore Pte Ltd
38 Kim Chuan Road 9,337 100.0 Singapore Telecommunications Limited
1 Jalan Kilang Timor 7,046 96.3 Iss Facility Services Private Limited
Amway (Singapore) Pte Ltd
Vantage International Management Company Pte Ltd
1 Kaki Bukit View 13,816 91.9 Ibm International Holdings B.V.
Bio-Rad Laboratories (Singapore) Pte Ltd
Electro Scientific Industries Singapore Pte Ltd
1 Jalan Kilang 2,149 90.2 Transtel Engineering Pte Ltd
Ingraphix Creative Services Pte Ltd
Aptuit (S) Private Limited
30 Tampines Industrial 1,803 100.0 Mbe Technology Pte Ltd
Avenue 3
50 Kallang Avenue 4,075 85.0 New Creation Church
Avnet Azure Pte Ltd
Nu Horizons Electronics Asia Pte Ltd
138 Depot Road 6,678 100.0 Hewlett-Packard Singapore (Private) Limited
2 Changi South Lane 2,021 100.0 Flextronics Plastics (Singapore) Pte Ltd
9 Serangoon North
Avenue 5
2,264 100.0 Veritas Geophysical (Asia Pacific) Pte Ltd
38A Kim Chuan Road - - Singapore Telecommunications Limited
101,658 93.3
8th Annual Report FY09/10
59

Light Industrial / Flatted Factories
Properties
The Light Industrial Team
05
03 04 06
07
02 01
09
08 10 11 12
01 Kevin Lee
02 Karen Lee
03 Steven Leow
04 Dennis Pee
05 Adam Wu
06 Wendy Tan
Not in picture: Jeffrey Toh
07 Tricia Tan
08 Agnes Ong
09 Jean Lau
10 Lee Fei Lan
11 Winnie Goh
12 Leong Sai Keong
60 Ascendas real estate investment trust

GROSS RENTAL INCOME BY
TENANT’S INDUSTRY
MULTI-
TENANTED
Buildings
SINGLE-
TENANTED
Buildings
TOTAL
Number of Properties 8 26 34
Gross Floor Area (sqm) 269,841 332,745 602,586
Gross Revenue (S$'000) 39,416 39,078 78,494
Book Value/ Valuation (as at March
2010) (S$’m)
394.0 437.8 831.8
Machinery & Equipment 22.2%
Electronic 14.4%
Rubber & Plastic Products 8.6%
Food Products & Beverages 8.0%
Healthcare Products 5.3%
Repair & Servicing of Vehicles 5.1%
Construction 5.0%
Fabricated Metal Products 4.4%
Textiles & Wearing Apparels 3.8%
Information Technology 2.7%
Printing & Reproduction of
Recorded Media
2.1%
3rd Party Logistics, Freight
Forwarding
1.4%
Medical, Precision & Optical
Instruments
1.4%
Others* 15.6%
Note:
* Others include Hotels & Restaurants,
Telecommunication & Datacentre, Life Science
GROSS RENTAL INCOME BY Tenant’s Country of origin
Singapore 82.4%
Europe 5.7%
USA 5.6%
Japan 2.7%
Australia 2.5%
Switzerland 0.7%
Taiwan 0.2%
New Zealand 0.1%
Others 0.1%
8th Annual Report FY09/10
61

Light Industrial / Flatted Factories
Properties
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
35 TechPlace I 19 Nov 02 105.3 117.0 81,981 59,726
36 TechPlace II 19 Nov 02 128.9 144.4 109,163 77,950
Total (Flatted Factories) 234.2 261.4 191,144 137,676
37 Osim (HQ) Building 20 Jun 03 35.0 40.0 17,683 15,068
38 Ghim Li Building 13 Oct 03 13.5 14.9 8,046 7,230
39 Progen Building 29 Jul 04 24.8 26.5 19,887 17,267
40 SB Building 26 Nov 04 17.8 22.1 13,998 11,895
41 247 Alexandra Road 01 Dec 04 44.8 55.0 13,699 12,803
42 5 Tai Seng Drive 01 Dec 04 15.3 16.4 12,930 11,273
43 Volex Building 01 Dec 04 9.4 11.3 8,931 8,000
44 53 Serangoon North
Avenue 4
27 Dec 04 14.0 17.3 10,589 8,329
45 3 Tai Seng Drive 01 Apr 05 19.5 18.3 14,929 12,390
46 27 Ubi Road 4 01 Apr 05 12.6 13.9 9,087 8,143
47 52 Serangoon North
Avenue 4
04 Apr 05 14.0 17.7 14,767 11,799
48 Hyflux Building 04 Apr 05 19.0 21.5 20,465 16,980
49 Weltech Building 16 May 05 9.0 10.3 7,998 6,509
50 BBR Building 21 Jun 05 6.8 9.1 6,501 5,421
51 Tampines Biz-Hub 05 Oct 05 16.8 19.0 18,086 14,659
62 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
Block 4008-4012
Ang Mo Kio Avenue 10
Block 5000-5014
Ang Mo Kio Avenue 5
11,135 92.2 Univac Precision Engineering Pte Ltd
Hock Cheong Printing Pte Ltd
Hybrionic Pte Ltd
13,395 93.5 Heraeus Materials Singapore Pte Ltd
Venture Corporation Limited
Kinergy Ltd
24,530 92.9
65 Ubi Avenue 1 3,552 100.0 OSIM International Ltd
41 Changi South
Avenue 2
1,723 100.0 Ghim Li Global Pte Ltd
12 Woodlands Loop 2,596 100.0 Progen Holdings Ltd
25 Changi South Street 1 2,270 100.0 Soilbuild Group Holdings Ltd
247 Alexandra Road 4,205 100.0 Volkwagon Group Singapore Pte Ltd
Wearnes Automotive Pte Ltd
5 Tai Seng Drive 1,522 65.9 Schneider Electric Logistics Asia Pte Ltd
Nu Horizons Electronics Asia Pte Ltd
35 Tampines Street 92 1,210 100.0 Volex (Asia) Pte Ltd
53 Serangoon North
Avenue 4
1,943 100.0 Autron Singapore Pte Ltd
3 Tai Seng Drive 1,476 100.0 Da Vinci Collection Pte Ltd
27 Ubi Road 4 1,898 100.0 Geokinetics (S) Pte Ltd
Celestica Services Singapore Pte Ltd
DSV Air & Sea Pte Ltd
52 Serangoon North
Avenue 4
2,093 100.0 AEM-Evertech Holdings Ltd
202 Kallang Bahru 1,629 100.0 Hydrochem (S) Pte Ltd
25 Ubi Road 4 1,216 100.0 Sunningdale Precision Industries Ltd
50 Changi South Street 1 947 100.0 Singapore Piling & Civil Engineering Pte Ltd
11 Tampines Street 92 3,114 91.4 Singapore Post Ltd
George Fischer Pte Ltd
Trivec Singapore Ltd
8th Annual Report FY09/10
63

Light Industrial / Flatted Factories
Properties
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
52 84 Genting Lane 05 Oct 05 10.0 12.6 11,917 9,847
53 Hoya Building 05 Oct 05 5.3 7.3 6,505 6,282
54 NNB Industrial
Building
55 37A Tampines Street
92
56 Hamilton Sundstrand
Building
05 Oct 05 12.0 15.3 11,537 9,794
01 Dec 05 12.3 13.5 12,011 9,604
09 Dec 05 31.0 35.3 17,737 16,744
57 Thales Building (I & II) 03 Jan 06 &
20 Mar 08
5.8 10.0 7,772 7,772
58 Aztech Building 21 Feb 06 23.0 23.8 15,934 13,807
59 Ubi Biz-Hub 27 Mar 06 13.2 15.7 12,978 10,857
60 26 Senoko Way 08 Jan 07 15.5 15.3 12,615 10,723
61 Super Industrial
Building
08 Jan 07 33.5 32.0 23,457 18,079
62 1 Kallang Place 01 Feb 07 12.0 11.1 15,490 12,265
63 18 Woodlands Loop 01 Feb 07 17.2 16.6 18,422 16,601
64 9 Woodlands Terrace 01 Feb 07 1.9 1.9 2,774 2,341
65 11 Woodlands Terrace 01 Feb 07 1.9 1.9 2,810 2,219
66 1 Senoko Avenue* 15 May 07 11.2 6.1 10,524 8,843
67 8 Loyang Way 1 05 May 08 25.0 23.4 13,725 12,069
68 31 Joo Koon Circle
Vendor:
Flextronics Global
Enclosure (Singapore)
Pte Ltd
30 Mar 10 15.0 15.3 17,638 14,635
Total (Light Industrial/ Flatted
Factories Properties)
752.3 831.8 602,586 487,924
Notes:
* Property has been decommissioned and is currently undergoing asset enhancement to redevelop the property to be repositioned as a food hub
The valuations for these properties were based on Direct Comparison Method, Capitalization Approach and Discounted Cash Flow Analysis
64 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
84 Genting Lane 2,182 100.0 Cityneon Holdings Ltd
Pigeon Singapore Pte Ltd
Phoenix Contact (SEA) Pte Ltd
455A Jalan Ahmad
Ibrahim
892 100.0 Hoya Medical Singapore Pte Ltd
10 Woodlands Link 1,645 100.0 Ng Nam Bee Marketing Pte Ltd
37A Tampines Street 92 1,014 100.0 Steel Industries Pte Ltd
11 Changi North Rise 2,966 100.0 Hamilton Sundstrand Pacific Aerospace Pte Ltd
21 Changi North Rise 1,308 100.0 Thales Aerospace Asia Pte Ltd
31 Ubi Road 1 2,158 100.0 Aztech Group Ltd
150 Ubi Avenue 4 1,965 100.0 Sunlight Electrical Pte Ltd
Blum South East Asia Pte Ltd
Ban Leong Technologies Ltd
26 Senoko Way 1,165 100.0 Super Coffeemix Manufacturing Ltd
2 Senoko South Road 2,384 100.0 Super Coffeemix Manufacturing Ltd
1 Kallang Place 1,005 100.0 Flextronics Plastics (S) Pte Ltd
18 Woodlands Loop 1,165 100.0 Flextronics Plastics (S) Pte Ltd
9 Woodlands Terrace 134 100.0 Flextronics Mould Manufacturing Pte Ltd
11 Woodlands Terrace 134 100.0 Flextronics Mould Manufacturing Pte Ltd
1 Senoko Avenue 767 - -
8 Loyang Way 1 1,680 100.0 Seow Khim Polythelene Co Pte Ltd
31 Joo Koon Circle 7 100.0 Flextronics Manufacturing (S) Pte Ltd
78,494 96.9
8th Annual Report FY09/10
65

Logistics & Distribution Centres
The Logistics & DISTRIBUTION Team
05
07
01 Roy Teo Seng Wah
06 Toh Lay Gan
06 08
03 04
02 01
09
02 Shirley Teo Li Ping
03 Lee Yong Kian
04 Christel Tan
07 Steven Leow
08 Harry Yan Khek Wee
09 Heng Lee San
05 Walter Liong
Not in picture: Fiona Mah
66 Ascendas real estate investment trust

GROSS RENTAL INCOME BY
TENANT’S INDUSTRY
MULTI-
TENANTED
Buildings
SINGLE-
TENANTED
Buildings
TOTAL
Number of Properties 10 13 23
Gross Floor Area (sqm) 370,741 433,887 804,628
Gross Revenue (S$'000) 54,643 50,975 105,618
Valuation (as at March 2010) (S$'m) 491.5 665.3 1,156.8
3rd Party Logistics, Freight
Forwarding
64.0%
Distributors, Trading
Company
21.6%
Information Technology 2.5%
Electronic 2.5%
Machinery & Equipment 1.5%
Printing & Reproduction of
Recorded Media
1.4%
Healthcare Products 1.1%
Others* 5.4%
Note:
* Others include Medical, Precision & Optical
Instruments, Hotels & Restaurants, Life Science,
Telecommunication & Datacentre and Food Products
& Beverages
GROSS RENTAL INCOME BY Tenant’s Country of origin
Singapore 72.4%
USA 9.0%
Hong Kong 5.3%
Japan 2.7%
Europe 2.6%
Taiwan 1.0%
UK 0.9%
Bermuda 0.7%
India 0.5%
China 0.1%
Canada 0.1%
Korea 0.1%
Others 6.4%
8th Annual Report FY09/10
67

Logistics & Distribution Centres
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
69 IDS Logistics
Corporate HQ
19 Feb 04 50.0 47.0 23,751 21,883
70 LogisTech 04 Mar 04 32.0 40.0 31,003 27,525
71 10 Toh Guan Road 05 Mar 04 92.0 90.0 52,156 43,470
72 Changi Logistics
Centre
09 Mar 04 45.6 62.5 51,742 39,225
73 Nan Wah Building 31 May 04 23.3 27.0 18,794 15,580
74 C&P Logistics Hub 21 Jul 04 225.0 225.0 138,409 128,021
75 Xilin Districentre
Building A&B
02 Dec 04 31.1 33.5 24,113 20,784
76 MacDermid Building 02 Dec 04 5.5 6.5 5,085 5,085
77 Xilin Districentre
Building D
09 Dec 04 33.5 28.5 17,651 14,136
78 Freight Links (Changi)
Building
79 Freight Links (Toh
Guan) Building
28 Dec 04 32.0 34.5 23,208 20,724
28 Dec 04 36.4 38.0 29,741 23,723
68 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
279 Jalan Ahmad
Ibrahim
4,388 100.0 Lf (1937) Management Singapore Pte Ltd
3 Changi North Street 2 5,990 96.9 Jsi Logistics (S) Pte Ltd
Vishay Intertechnology Asia Pte Ltd
Speedmark Logistics Pte Ltd
10 Toh Guan Road 7,438 100.0 Cummins Power Generation (S) Pte Ltd
Banta Global Turnkey (Singapore) Pte Ltd
Omega Integration Pte Ltd
19 Loyang Way 8,017 87.0 Future Electronics Inc. (Distribution) Pte Ltd
Bilcare Singapore Pte Limited
Daikin Asia Servicing Pte Ltd
4 Changi South Lane 2,592 100.0 Nan Wah Marketing Pte Ltd
Acushnet Singapore Pte Ltd
Leeway Trans-Act Pte Ltd
40 Penjuru Lane 18,500 100.0 C & P Holdings Pte Ltd
3 Changi South Street 2 4,280 92.1 National Library Board
K Line Air Service (Singapore) Pte Ltd
Faro Singapore Pte Ltd
20 Tuas Avenue 6 628 100.0 Macdermid Singapore Pte Ltd
6 Changi South Street 2 3,381 78.2 Federal Express (Singapore) Pte Ltd
Schenker Singapore Pte Ltd
Cargo Distribution Pte Ltd
9 Changi South Street 3 2,621 100.0 Freight Links Express Districentre Pte Ltd
5 Toh Guan Road East 2,863 100.0 Freight Links Express Distripark Pte Ltd
8th Annual Report FY09/10
69

Logistics & Distribution Centres
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
80 Xilin Districentre
Building C
05 May 05 30.6 31.0 18,708 13,660
81 Senkee Logistics Hub
(Phase I & II)
23 Sep 05 &
1 Feb 08
105.2 109.0 74,591 71,994
82 1 Changi South Lane 05 Oct 05 34.8 40.5 25,768 23,513
83 LogisHub @ Clementi 05 Oct 05 18.1 30.0 26,505 23,168
84 JEL Centre 18 Nov 05 11.0 14.3 10,107 9,494
85 Logistics 21 14 Jun 06 58.4 61.1 48,140 47,616
86 Sembawang Kimtrans
Logistics Centre
14 Jun 06 19.6 21.9 16,353 15,410
87 Goldin Logistics Hub 05 Dec 07 22.5 22.5 20,094 20,094
88 Sim Siang Choon
Building
19 Mar 08 31.9 27.0 12,981 12,981
89 15 Changi North Way 29 Jul 08 36.2 44.5 31,961 28,691
90 Pioneer Hub 12 Aug 08 79.3 95.0 91,048 81,425
91 71 Alps Avenue 02 Sep 09 25.6 27.5 12,719 11,627
Total (Logistic & Distribution Centres) 1,079.6 1,156.8 804,628 719,829
Note:
The valuations for these properties were based on Direct Comparison Method, Capitalization Approach and Discounted Cash Flow Analysis
70 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
7 Changi South Street 2 2,600 100.0 Avenue Distribution Pte Ltd
19 & 21 Pandan Avenue 8,017 100.0 Senkee Logistics Pte Ltd
1 Changi South Lane 4,135 100.0 SKF Asia Pacific Pte Ltd
Avnet Asia Pte Ltd
FPS Global Logistics Pte Ltd
2 Clementi Loop 4,330 100.0 Logwin Air + Ocean Singapore Pte Ltd
Hub Distributors Services Pte Ltd
John Wiley & Sons (Asia) Pte Ltd
11 Changi North Way 924 100.0 JEL Corporation (Holdings) Ltd
21 Jalan Buroh 3,972 100.0 Logistics 21 Pte Ltd
30 Old Toh Tuck Road 1,395 100.0 Toll Logistics (Asia) Limited
6 Pioneer Walk 1,686 100.0 Goldin Enterprise Private Limited
21 Changi South
Avenue 2
2,053 100.0 Sim Siang Choon Hardware (S) Pte Ltd
15 Changi North Way 4,272 100.0 Zuellig Pharma Pte Ltd
15 Pioneer Walk 10,208 100.0 Ameroid Logistics (S) Pte Ltd
Equinix Pacific Pte. Ltd
Yang Kee Logistics Pte Ltd
71 Alps Avenue 1,328 100.0 Expeditors Singapore Pte Ltd
105,618 98.5
8th Annual Report FY09/10
71

Warehouse Retail Facilities
Property
Acquisition/
Completion
Date
Purchase Price/
Development
Cost (S$’m)
Book Value/
Valuation as at 31
March 10 (S$’m)
Gross Floor
Area (sqm)
Net Lettable
Area (sqm)
92 Courts Megastore 30 Nov 06 46.0 61.0 28,410 28,410
93 Giant Hypermart 06 Feb 07 65.4 76.1 42,194 42,178
Total (Warehouse Retail Facilities) 111.4 137.1 70,604 70,588
Note:
The valuations for these properties were based on Direct Comparison Method, Capitalization Approach and Discounted Cash Flow Analysis
72 Ascendas real estate investment trust

Address
Gross Income for
FY09/10
(S$'000)
Occupancy Rate
as at 31 March
2010 (%)
Major Tenants
50 Tampines North
Drive 2
21 Tampines North
Drive 2
6,275 100.0 Courts (Singapore) Ltd
6,679 100.0 Cold Storage Singapore (1983) Pte Ltd
12,954 100.0
8th Annual Report FY09/10
73

INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
macroeconomic trends
Review of Economic
Performance in 2009
Singapore’s real Gross Domestic
Product (GDP) contracted by 2.0%
year-on-year (YoY) in 2009, affected
by the global financial crisis that
was sparked off by the collapse
of Lehman Brothers in September
2008. This ended seven years of
economic expansion from 2002 to
2008, after the economy pulled out
of its last recession in 2001.
However, the extent of the
downturn in 2009 was mitigated
by the turnaround in the economy
in the second half of the year. Real
GDP expanded by 0.6% YoY in 3Q
2009, ending three consecutive
quarters of negative growth. This
improved to 4.0% YoY in 4Q 2009.
By industry sector, except for the
construction, business services and
other service industry sectors which
posted positive output growth, all
other sectors registered negative
growth in 2009.
Economic Outlook
The Ministry of Trade and Industry
(MTI) expects the Singapore
economy to expand by between
12%
10%
8%
6%
4%
2%
-2%
-4%
200
180
160
140
120
100
80
60
40
20
Year-on-year growth in gross domestic product (GDP)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source:
Department of Statistic/ Ministry of Trade and Industry
7.0% and 9.0% in 2010, following
a strong 13.1% YoY growth in 1Q
2010, according to its advance
estimates on 14 April 2010. This
was the second upward revision
from its earlier growth forecasts
of 3.0% to 5.0%, and 4.5% to 6.5%,
respectively.
Net new and potential supply of business and science
park space (as of 4Q 2009)
Net Floor Area (‘000 sqm)
2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F
F: Denotes Forecast
Source: URA/Colliers International Singapore Research
Business and science parks
Existing and Future Supply
About 165,000 sqm of new business
and science park space was added
to the market in 2009, raising the
overall stock by 15.9% YoY, to 1.20
million sqm as of 4Q 2009. This was
the largest annual net new supply
2014F
74 Ascendas real estate investment trust

seen since 2003 1 , significantly
higher than the average net new
supply of 67,000 sqm per annum
from 2003 to 2008.
The private sector owned 78.7% of
the existing supply while the public
sector held a smaller 21.3% share.
Based on available information
from the Urban Redevelopment
Authority (URA) as of 4Q 2009, an
estimated 398,000 sqm 2 (net floor
area) of new business and science
park space are expected to enter
the market between 2010 and 2014.
Averaging 80,000 sqm per annum,
this almost matches the annual net
new supply of 81,000 sqm between
2003 and 2009. The majority 34.8%
of this upcoming supply will be
located in one-north, followed by
the Alexandra precinct (30.4%),
Changi Business Park (29.2%) and
International Business Park (5.6%).
Demand and Occupancy
According to figures from the URA,
some 2,000 sqm of business and
science park space was returned
to the market by occupiers to the
market during the year.
Net new DEMAND AND OCCUPANCY RATE OF BUSINESS AND
SCIENCE PARK SPACE
Net New Demand (‘000 sqm)
160
140
120
100
80
60
40
20
-20
2003 2004 2005 2006 2007 2008 2009
Source: URA/Colliers International Singapore Research
Net New Demand (‘000 sqm) Occupancy Rate (%)
The economic downturn in 2009
had adversely affected demand
for business and science park
space. Apart from space given up
due to companies consolidating
their operations, new take-up was
affected by companies holding
back business expansion plans.
Additionally, spill-over demand for
business and science park space
from qualifying office space users
had also declined as a result of the
narrowing gap between rents of
Grade B office space located at
the fringe of the Central Business
District (CBD) and regional centres
(which had fallen by over 30% in
2009) and those of business and
science park space.
Occupancy Rate
100%
90%
80%
70%
60%
50%
40%
30%
20%
0%
With supply outstripping demand,
this exerted downward pressure on
the average occupancy rate, which
lost 13.0 percentage points during
the year, to 80.8% as of 4Q 2009.
Rents of Business and
Science Park Space
The combination of weak demand
and the rise in vacant stock eroded
rents of business and science park
space in 2009.
According to figures sourced from
the URA, the overall median rents
for business and science park space
declined by 24.2% in the first three
quarters of 2009 and increased by
2.8% in the final quarter to end the
1
Urban Redevelopment Authority (URA)’s statistical series for business park space starts from 3Q 2002.
2
Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.
8th Annual Report FY09/10
75

INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
year at S$3.33 per sq ft per month,
some 25.3% below its recent peak
of S$4.46 per sq ft per month as of
2Q 2008.
By locality, except for Changi
Business Park where monthly median
rents posted a 9.1% YoY increase to
S$3.60 per sq ft per month as of 4Q
2009, all other localities registered
annual rental declines.
hi-tech industrial
Existing and Future Supply
Official statistics on the hi-tech 3
or the independent highspecifications
(high-specs)
industrial market are not available.
According to Colliers International’s
estimates, the existing stock of
independent multi-user high-specs
industrial space stood at 638,000
sqm, as of 4Q 2009. The majority
78.4% of the existing stock were
completed prior to 2000. Net new
supply after 2000 totalled some
138,000 sqm, of which, some 52,000
sqm were completed in 2009,
compared to 44, 000 sqm in 2008.
Major completions of independent
multi-user high-specs
developments in 2008 include
MONTHLY MEDIAN GROSS RENTS OF BUSINESS AND SCIENCE PARK
SPACE (BY LOCATION)
S$ per sq ft per mth
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
Net new and potential supply of independent multi-user
high specs industrial space (as of 4Q 2009)
Net Floor Area (‘000 sqm)
60
50
40
30
20
10
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Note: In years where there were no rental transactions, the median rents were obtained via extrapolation
Source: URA/ Colliers International Singapore Research
Overall Business & Science Parks
International Business Park
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F 2014F
F: Denotes Forecast
Source: URA/Colliers International Singapore Research
Platinum 28 and Starhub Green. In
2009, two multi-user developments
– Forte on New Industrial Road and
Admirax on Admiralty Street –
were added to the stock.
Science Park
CBP Changi Business Park
Based on URA’s potential supply
project list as of 4Q 2009, another
estimated 6,200 sqm of net floor
space from the project located on
55 Jalan Peminpin is expected to be
added to the independent multi-
3
Colliers International Singapore Research defines this as “Independent Multi-User High-Specifications or High-specs” industrial space. More than just conventional factories
dressed up with cosmetic exteriror such as aluminium and glass claddings, high-specs industrial space are fitted with higher than normal specifications and offering hybrid officeindustrial
characteristics and are suitable for high value-added, technology-based manufacturing, information technology, product development, and research and development.
76 Ascendas real estate investment trust

user high-specs industrial market
in 2010.
Additionally, the independent multiuser
high-specs industrial stock
can also be expected to expand
by some 28,000 sqm by end 2010,
contributed by the conversion of
two single-user high-specs facilities
– Motorola Innovation Centre and
Motorola Excellence Centre – in
Ang Mo Kio into multi-user facilities
following their recent sale to United
Engineers Limited (UE).
Average monthly gross rents of independent multi-user
high-specs industrial space
S$ per sq ft per mth
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: URA/ Colliers International Singapore Research
Ground Floor
Upper Floor
Demand and Occupancy
Demand for independent multi-user
high-specs industrial space was
affected by the economic downturn,
the rise in competition from Grade
B office space located at the Fringe
of CBD and Regional Centres where
rents had fallen by over 30%, as well
as competition from the business
and science parks.
According to Colliers International’s
research, an estimated 30,000
sqm of independent multi-user
high-specs industrial space were
returned to the market in 2009,
resulting in a 118.1% YoY jump in the
vacant stock to 151,000 sqm.
Rents of Independent Multi-
User High-Specs Space
Pressured by the surge in vacant
stock, the average monthly gross
rents of independent multi-user
high-specs industrial space recorded
double-digit declines in 2009.
Compared to its peak in 2Q 2008,
the average monthly gross rents
for ground floor space was down
29.0% to S$2.86 per sq ft as of 4Q
2009, while rents for upper floor
space fell 27.1% to S$2.61 per sq ft
as of 4Q 2009.
light industrial
Existing and Future Supply
As of 4Q 2009, Singapore is
estimated to hold an island-wide
stock of 28.15 million sqm 4 of light
industrial/conventional factory
space. This was up 4.0% YoY ,
following the net addition of 1.07
million sqm of space in 2009 – the
largest annual net increase in stock
seen since 2003 5 .
4
Official statistics on the light industrial/conventional factory market are unavailable. The existing stock of such space is estimated by deducting the total stock of business and
science park space (sourced from the URA) as well as Colliers International’s estimated total stock of independent multi-user high-specs industrial space, from the total islandwide
stock of all types of factory space (sourced from the URA). While this includes a proportion of independent single-user high-specs industrial space, it is deemed to provide a good
representation of the light industrial/conventional factory segment as independent single-user high-specs industrial space comprises only a small proportion of the overall factory
stock in Singapore.
5
Net supply data prior to 2003 is unavailable as the statistics series for business park space from the URA starts from 3Q 2002.
8th Annual Report FY09/10
77

INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
In terms of future supply, an
estimated 1.46 million sqm 6 (net
floor area) of light/conventional
factory space – based on URA’s
potential supply statistics as of 4Q
2009 – is expected to complete
between 2010 and 2014. This
represents an average addition of
292,000 sqm of light/conventional
factory space per year substantially
lower than the annual net new
supply of 493,000 sqm between
2003 and 2009.
Net new and potential supply of LIGHT INDUSTRIAL/
CONVENTIONAL FACTORY SPACE (as of 4Q 2009)
Net Floor Area (‘000 sqm)
1,200
1,000
800
600
400
200
Average monthly gross rents of PRIME MULTI-USER LIGHT/
CONVENTIONAL FACTORY SPACE
S$ per sq ft per mth
2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F
F: Denotes Forecast
Source: URA/Colliers International Singapore Research
2014F
Demand and Occupancy
Similar to the business and science
parks as well as independent
multi-user high-specs industrial
segments, demand for light/
conventional industrial space
was affected by the unfavourable
economic and manufacturing
environment in 2009.
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: URA/ Colliers International Singapore Research
Ground Floor
Upper Floor
Net new demand for light/
conventional industrial space
(estimated based on the same
methodology adopted for supply)
totalled 773,000 sqm in 2009. Amid
weaker demand and increased
supply, the average occupancy
rate for such space eased by 0.8
percentage points from a year ago
to 92.7% as of 4Q 2009.
Rents of Light/
Conventional Multi-User
Factory Space
Reflecting the weaker demand,
average monthly gross rents of
prime 7 light/conventional multi-user
factory space saw double-digit
declines in 2009, after appreciating
for three consecutive years. However,
the rental slide eased in 2H 2009,
compared to the steep declines seen
in 1H 2009, following an improvement
in economic performance and
demand for space.
According to Colliers International’s
research, as of 4Q 2009, average
monthly gross rentals of ground
level prime light/conventional multiuser
factory space fell 24.0% YoY
6
Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.
7
Good quality multi-level, multi-tenanted light/conventional factory space located in the central region of Singapore.
78 Ascendas real estate investment trust

to S$1.87 per sq ft, while rents for
upper floor space was down 11.0%
YoY to S$1.61 per sq ft.
logistics and distribution
centres
Existing and Future Supply
The total stock of warehouse
space in Singapore amounted to
6.87 million sqm as of 4Q 2009, up
4.1% YoY. The bulk or 99.3% of this
existing supply was owned by the
private sector, with the public sector
holding only a small 0.7% share.
In 2009, some 269,000 sqm of new
space was added to the warehouse
market. Compared to 2008, the
net increase in warehouse space
was 21.8% lower, albeit this was still
higher than the annual average of
167,000 sqm added over the ten
years from 1999 to 2008.
Geographically, the majority 58.0%
or 3.99 million sqm of this islandwide
warehouse supply was located
in the West region. The next largest
concentration of warehouse space
was in the Central region with an
18.8% market share, followed by
the East (13.2%), North (5.5%) and
Northeast (4.5%) regions.
Net new and potential supply of WAREHOUSE SPACE
(as of 4Q 2009)
Net Floor Area (‘000 sqm)
400
350
300
250
200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F 2014F
F: Denotes Forecast
Source: URA/Colliers International Singapore Research
Between 2010 and 2014, the
quantum of new warehouse space
is expected to be relatively low,
averaging about 74,000 sqm (net
floor area) per annum or about
370,000 sqm 8 in total, based
on URA’s statistics on potential
supply as of 4Q 2009. This was a
substantial 72% lower than the
269,000 sqm added in 2009, and
58% less than the ten-year average
annual net new supply of 176,000
sqm from 2000 to 2009. Of the
upcoming supply, an estimated
56% are expected to be single-user
warehouse space, with multi-user
warehouse space accounting for
the remaining 44%.
Demand and Occupancy
As net new demand for warehouse
space consistently exceeded net new
supply between 2004 and 2008, this
supported occupancy levels which
improved from a low of 84.8% as of
end-2003 to 92.8% as of end-2008.
However, the average occupancy
rate eased in 2009 to 90.0% as of
4Q 2009. This was due to the 44.7%
YoY jump in vacant space to 690,000
sqm, after net new demand for
warehouse space plunged by 86.1%
YoY to 56,000 sqm on the back of a
weak manufacturing sector, while
net new supply remained high at
269,000 sqm.
Rents of Multi-User
Warehouse Space
Weak demand, coupled with a rise
in vacant space exerted downward
pressure on rents of multi-user
warehouse space in 2009 after
staying largely unchanged in 2008.
8
Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.
8th Annual Report FY09/10
79

INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
According to URA’s statistics,
the median rent of multi-user
warehouses declined by 15.5% in
the first three quarters of 2009 and
held firm in 4Q 2009 at S$1.38 per
sq ft per month.
Market OUTLOOK AND
PROSPECTS
With global economic and
manufacturing sector prospects
looking bright, overall demand for
industrial space is expected to pick
up in 2010.
Net new DEMAND AND OCCUPANCY RATE OF WAREHOUSE SPACE
Net New Demand (‘000 sqm)
500
450
400
350
300
250
200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source:
URA/Colliers International Singapore Research
Net New Demand (‘000 sqm) Occupancy Rate (%)
Occupancy Rate
94%
92%
90%
88%
86%
84%
82%
The uplift in sentiments was
reflected in the Survey of Business
Expectations of the Manufacturing
Sector for 1Q 2010 conducted
by the Economic Development
Board between December 2009
and January 2010. The survey
showed that business sentiments
in the manufacturing sector are
expected to continue improving
in 1H 2010, with a weighted 21% of
firms expecting business conditions
to improve and a weighted 7%
projecting deterioration. Overall,
a net weighted balance of 14% of
MEDIAN RENTS OF MULTI-USER WAREHOUSE SPACE
S$ per sq ft per mth
$1.80
$1.70
$1.60
$1.50
$1.40
$1.30
$1.20
$1.10
$1.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: URA/ Colliers International Singapore Research/ Urban Redevelopment Authority
80 Ascendas real estate investment trust

manufacturers anticipates a more
favourable business situation in 1H
2010 as compared to 4Q 2009.
In the business and science parks
segment, demand is expected to
be supported by the growth of
the high value-added technologybased
manufacturing and R&D
industries. As announced in
Budget 2010, the government is
offering higher tax incentives for
R&D investments, to encourage
more companies to base their R&D
activities in Singapore. While rents
are expected to remain under
pressure in 1H 2010, due to the
rise in vacant stock following the
substantial 13.0 percentage points
decline in occupancy level in 4Q
2009, the fall is expected to bottom
in 2H 2010, barring any unforeseen
external shocks.
In addition to competition from
the business and science parks,
independent multi-user high-specs
industrial space may continue to
face competition from Grade B
office developments located at
the Fringe of CBD and Regional
Centres. Rents are hence expected
to remain weak in 2010. However, in
line with improved sentiment and
expectations of better take-up in
2010, rents for independent multiuser
high-specs industrial premises
are thus forecast to bottom out in
2H 2010.
For light industrial/conventional
factory space, the oversupply
situation is expected to ease on
the back of a reduction in net new
annual supply to about 292,000
sqm, from the 493,000 sqm seen
between 2003 and 2009. And
with more space expected to be
absorbed in 2010, on the back of
better economic and manufacturing
sector prospects, this would
support rents of light/conventional
multi-user factory space, which
could firm by up to 5% in 2010.
As for warehouse/logistics space,
demand is expected to be
boosted by the expected rise in
manufacturing production and
logistics activities in 2010. Coupled
with the slow down in net new supply
to only 74,000 sqm per annum from
2010 to 2014, rents could strengthen
by up to 5% in 2010.
Over the medium to long-term,
the government is committed
towards ensuring an ample supply
of industrial space to meet the
needs of the manufacturing and
logistics industries, through its
industrial land sales programme.
The recently introduced Land
Intensification Allowance (LIA)
scheme aimed at raising industrial
land productivity could yield more
efficient and interesting industrial
building designs and formats.
Older existing industrial buildings
could also be redeveloped to make
way for up-to-date building designs
and specifications, as Singapore’s
manufacturing industry moves up
the value-added chain.
8th Annual Report FY09/10
81

Nurturing
Growth
Our prudent capital and risk management approach which had served us
well in the past and will continue to guide us forward in the years ahead.
Our Customer-centric focus inspires us to develop new, integrated
strategies that aim to achieve sustainable growth through the depth and
diversity of our property and customer portfolio, which will continue to
provide long-term stability and enhance customer satisfaction.
While growing our business and enhancing the enjoyment for the present
generation, we also seek to leave a clean and green earth for future
generations to inherit.
82 Ascendas real estate investment trust

8th Annual Report FY09/10
83

INTEGRATING
CORPORATE SOCIAL RESPONSIBILITIES
At A-REIT, the Manager embraces
responsibility for the impact of
our activities on the environment,
consumers, employees,
communities, stakeholders
and all other members of the
public sphere. Together with the
Ascendas Group, we strive to
strike a balance between hardware
and “heart-ware” of the business.
We continue to show our
appreciation and do our part
through the support for the arts; to
continuously improve and sustain
the environment, and promote
initiatives that uphold health and
safety standards as a commitment
to manage all aspects of our
business in an ethical, responsible
and sustainable way,
Ascendas Green Month
We recognise the impact our
business has on the environment.
In June 2009, building on the
success of the inaugural Ascendas
Green Month in 2008, the focus
for 2009 was to attain greater
participation from the tenants in a
wider range of activities.
The campaign kicked off with a
new green forum focusing on the
business case for going green.
The forum, opened to business
decision makers and tenants,
covered topics such as overcoming
challenges, creating opportunities
for business growth and reaping
the benefits from green initiatives.
More initiatives aimed at
enhancing and promoting
environmental awareness amongst
the over 1,000 tenant companies
in the A-REIT and Ascendas
community were organised. This
includes car pooling whereby
tenants are encouraged to car
pool among themselves through
a web platform initiated by
Ascendas. “Take the stairs day”
promotes saving of energy and
a healthy lifestyle where lifts at
selected Ascendas’ buildings were
shut down once every month, with
the exception of one operational
lift for emergency use. A recycling
programme was developed to
encourage tenants to either
donate or exchange their unused
items which are in good working
condition.
Ascendas conducted a beach
clean-up with 80 staff members
setting off to East Coast beach
for a day of litter-picking. Over
100 staff also joined in to planta-tree
at Kent Ridge Park as part
of Ascendas’ Green Movement to
inculcate a sense of responsibility
for the environment we live in.
Humanitarianism at
Ascendas
Doing our part for the less
fortunate, Ascendas held a series
of outings with various voluntary
groups, reaching out to children
who are intellectually challenged
as well as families from the lower
income group.
Collaborating with the Lion
Befrienders, staff from Ascendas
took turns to distribute food to the
lower income families and old folks
residing in Ang Mo Kio and Sin
Ming Industrial Estate. Ascendas
also collaborated with other
entities such as the Sembawang
Family Service Centre, Spastic
Children Association of Singapore,
Singapore Cheshire as well as
Canossian School to arrange tours
for the beneficiaries to visit places
of interests in Singapore.
Healthy Lifestyle Week @
Singapore Science Park
With a continuous focus to
promote a healthy lifestyle
amongst people working within
the Singapore Science Park, a
series of competitive games and
lectures on healthy diet were
organized in the name of health,
fitness and fun in September
2009. With an array of 26 activities
during the week, tenants had
84 Ascendas real estate investment trust

the chance to take part in intercompany
games, attended health
seminars and family workshops in
the evenings. This is also in line
with the objective of providing a
Live, Work and Play lifestyle for
tenants in the Singapore Science
Park. A series of bazaar were also
organised in the various buildings
located in the Science Park to
generate interest and vibrancy.
Environmental Gold Green
Mark Certification
Hot on the heels of the Platinum
Green Mark Certification for the
business park development at 3
Changi Business Park Crescent in
2009, Plaza8 @ CBP was awarded
the Gold Green Mark Certification
by Singapore’s Building &
Construction Authority in 2009.
Oktober Fest @ Swiss Club
An annual affair to promote
camaraderie amongst tenants
in the Logistics and Distribution
Centre sector - participants joined
in the annual Oktober Festival
at the Singapore Swiss Club in
celebrating the Festival of Beer. It
was an evening of fun and dance
as tenants mingled freely as they
cheered to another year of joy and
laughter ahead.
Delivering the Magic on
Ascendas CEO Night with
Chicago
Connecting fellow CEOs from
an array of industries, Ascendas
held its annual CEO Night at
the Esplanade in April 2010. The
event provided an opportunity
to get to know fellow CEOs and
renew contacts in a relaxed and
entertaining environment. Besides
good food and drinks, tenants and
business associates were invited
to an enjoyable and fun evening at
the spectacular musical sensation
– Chicago.
Plaza8 @ CBP is a multi-tenanted
business park cum amenity centre
building located next to 3 Changi
Business Park Crescent. It houses
an array of amenities catering to
the working population in Changi
Business Park.
This award further demonstrates
A-REIT’s design and development
capabilities to build a sustainable
environment for the future.
8th Annual Report FY09/10
85

Investor relations
OPEN COMMUNICATIONS
At A-REIT, we recognize that a
transparent and effective corporate
governance culture is critical to the
performance of the Manager and
consequently, the success of A-REIT.
Since listing in November 2002,
A-REIT is committed to delivering
timely disclosure and transparent
communications to Unitholders and
the investing community. Regular
communications are conducted
through telephone, publications,
website, annual report, investor
meetings and briefings as well as
general meetings in a timely and
professional manner. All materials
used in roadshows and meetings
with investors are made available
on our website on the same day.
The Manager adopts a
comprehensive corporate
governance framework that
meets the prevailing best
practice principles. Our efforts
in maintaining an informative
and transparent channel of
communication have been
recognized in the market through
numerous awards.
In October 2009, A-REIT
was ranked first in the “Most
Transparent Company Award”
for the REIT category in the SIAS
investors’ choice awards for the
second consecutive year. The
criteria for this award were based
on the nominations received from
analysts, fund managers, financial
journalists and retail investors
represented by SIAS and endorsed
and supported by SGX, Standard &
Poor’s, PricewaterhouseCoopers,
SID, ICPAS, SSFA, the Business
Times & the Asian Corporate
Governance Association.
In February 2010, A-REIT was voted
1st in “Best for Responsibilities
of Management and the Board of
Directors in Singapore” and 3rd
in “Best Overall for Corporate
Governance in Singapore” in the
7th Annual Asiamoney Corporate
Governance Poll 2009. A total of
104 senior executives and research
analysts from 96 firms participated
in this year’s poll, citing more
than 250 companies across the
region. The results of this survey
are especially notable, given that
the polling period coincided with
some of the most pronounced
financial market volatility in history
and reaffirms the Manager’s
capability and commitment to
good corporate governance.
86 Ascendas real estate investment trust

A-REIT was voted Singapore’s 8 th Best Managed Company
(after SIA, SingTel, ST Engineering, Olam International,
DBS, OCBC and Keppel Corp) and 11 th Best Corporate
Governance in FinanceAsia’s 2010 annual poll of Asia’s
best managed companies
In April 2010, A-REIT was voted
Singapore’s 8th Best Managed
Company (after SIA, SingTel,
ST Engineering, Olam International,
DBS, OCBC and Keppel Corp)
and 11th Best Corporate
Governance in the annual poll
undertaken by FinanceAsia.
Regular briefings for representatives
of media and brokerage houses
are held in conjunction with the
release of A-REIT’s semi-annual
and full year results. A-REIT is widely
covered by stock analysts from
about 18 international and local
brokerage houses.
The award of these accolades
signifies the esteemed
recognition by investors locally
and internationally on A-REIT in
the various aspects of corporate
governance and management.
Adopting a proactive approach, the
Manager will continue to actively
generate awareness and promote
interest in A-REIT through various
channels, including local and
overseas seminars and road-shows.
In addition, A-REIT is the first and
only REIT that has been holding
Unitholders’ meeting annually
since 2007 even though it was not
a mandatory requirement. With
effect from January 2010, it would
be mandatory for Singapore REITs to
hold annual Unitholders’ meetings.
Accolades
A-REIT was ranked 1st in “Best for Responsibilities of Management and the
Board of Directors in Singapore” and 3rd in “Best Overall for Corporate
Governance in Singapore” in the 7th Annual Asiamoney Corporate
Governance Poll 2009
A-REIT was the winner of the “Most Transparent Company Award 2009”
in the REITs Category awarded by SIAS
A-REIT was voted Singapore’s 8th Best Managed Company (after
SIA, SingTel, ST Engineering, Olam International, DBS, OCBC and
Keppel Corp) and 11th Best Corporate Governance in the annual poll
undertaken by FinanceAsia
8th Annual Report FY09/10
87

BUILDING
TRUST
Corporate governance is more than just the forms of standard best
practices and structures, internal checks and balances, transparency, etc.
It must be anchored in the heart and soul of the leadership team.
Good corporate governance must be ingrained and become an integral
part of a corporate’s culture.
88 Ascendas real estate investment trust

8th Annual Report FY09/10
89

Corporate Governance
Ascendas Funds Management (S) Limited, in its capacity as the Manager of A-REIT, believes that an effective corporate
governance culture is critical to the performance of the Manager and consequently, the success of A-REIT, which it
manages. As a result, the Manager has adopted a comprehensive corporate governance framework which conforms to
the prevailing best practice principles. In particular, the Manager has an obligation to act honestly, with due care and
diligence, and in the best interests of Unitholders.
The following sections describe the Manager’s main corporate governance policies and practices. They encompass
proactive measures for avoiding situations of conflict and potential conflicts of interest among Unitholders, related
parties, and the Manager. The interests of Unitholders are always above the Manager’s. They also ensure that applicable
laws and regulations such as the listing rules of the Singapore Exchange Securities Trading Limited, the Code of
Collective Investment Schemes (“CIS”) (containing the Property Funds Appendix) and the Capital Markets Services
Licence for REIT Management both issued by the Monetary Authority of Singapore (“MAS”) and the Securities and
Futures Act (“SFA”), are complied with, and that the Manager’s obligations under A-REIT’s Trust Deed are properly and
efficiently carried out.
The Manager Of A-REIT
Ascendas Funds Management (S) Limited was appointed as manager of A-REIT in accordance with the terms of the
Trust Deed. The Trust Deed outlines certain circumstances under which the Manager can be retired in favour of another
corporation approved by the Trustee or be removed by notice given in writing from the Trustee upon the occurrence
of certain events, including by a resolution proposed and passed by a majority being greater than 50.0% of the total
number of votes cast at a meeting of Unitholders duly convened in accordance with the provisions of the Trust Deed
(with no Unitholder being disenfranchised).
The Manager has general power of management over the assets of A-REIT. The Manager’s main responsibility is to
manage A-REIT’s assets and liabilities for the benefit of Unitholders.
The primary role of the Manager is to set the strategic business direction of A-REIT and make recommendations to the
Trustee on acquisitions, divestments and enhancement of the assets of A-REIT in accordance with its stated business
strategy. The Manager is also responsible for the capital and risk management of A-REIT. Other main functions and
responsibilities of the Manager are as follows:
1. Using its best endeavours to carry on and conduct its business in a proper and efficient manner and to conduct
all transactions with or on behalf of A-REIT at arm’s length.
2. Oversee the preparation of property business plans on an annual basis by the Property Manager (Ascendas
Services Pte Ltd, ASPL) for review by the Directors of the Manager, which may contain proposals and forecasts
on net income, capital expenditures, sales and valuations, explanations of major variances to previous forecasts,
written commentary on key issues and underlying assumptions on rental rates, occupancy, costs and any other
relevant assumptions. The purpose of these plans is to manage the performance of A-REIT’s assets.
3. Ensuring compliance with the applicable provisions of the SFA and all other relevant legislation, such as the
listing rules of the SGX-ST and the CIS, the Trust Deed, the tax rulings issued by the Inland Revenue Authority
of Singapore and all relevant contracts.
4. Attending to all regular communications with Unitholders.
5. Supervising the execution of works by the Property Manager, who provides property management, lease
management, marketing and leasing and project management services, pursuant to the property management
agreement.
90 Ascendas real estate investment trust

A-REIT is externally managed by the Manager and accordingly, it has no direct-hired employee. The Manager appoints
experienced and well-qualified management to handle its day-to-day operations. All directors and employees of the
Manager are remunerated by the Manager, not A-REIT.
On 1 August 2008, a new licensing regime for REIT managers was put in place. A person conducting real estate
investment trust management activities is now required to hold a capital markets services (“CMS”) licence pursuant
to the SFA and to comply with the conditions of such licence. On 17 December 2008, the Manager obtained a CMS
licence from the MAS to conduct REIT management activities.
Board Of Directors
The Board of Directors of the Manager (the “Board’’) oversees the management (the “Management”) and the
corporate governance of the Manager including establishing goals for management and monitoring the achievement
of these goals. All Board members participate in matters relating to corporate governance, business operations and
risks, financial performance and the nomination and appointment of directors. The Board has established an oversight
framework for the Manager and A-REIT, including a system of internal control and a business risk management
process.
The Board meets regularly, at least once every quarter, to discuss and review the strategies and policies of A-REIT,
including any significant acquisitions and disposals, the annual budget, the financial performance of the Manager and
A-REIT against a previously approved budget and to approve the release of the quarterly and full year results. The
Board also reviews the risks to the assets of A-REIT, examines liabilities management and acts upon comments from the
auditors of A-REIT. When necessary, additional Board meetings are held to address significant transactions or issues.
The Board has adopted a set of internal controls which sets out approval limits for capital expenditure, investments and
divestments, conduct of bank transactions and cheque signatories, amongst others. Appropriate authorities have been
delegated to the Management to facilitate operational efficiency.
Changes to regulations, policies and financial reporting standards are monitored closely. Where the changes have
significant impact on A-REIT and its disclosure obligations, the directors are briefed either during Board meetings, at
specially-convened sessions or via circulation of Board papers.
Composition of the Board
The Board presently consists of eight members, six of whom are independent directors as at 31 May 2010. The Chairman
and Deputy Chairman of the Board are Mr David Wong Cheong Fook and Ms Chong Siak Ching respectively. The
composition of the Board is determined using the following principles:
1. the Chairman of the Board should be a non-executive director;
2. the Board should comprise directors with a broad range of commercial experience including expertise in funds
management and the property industry; and
3. one-third, with a minimum two, of the Board members should be independent directors.
8th Annual Report FY09/10
91

Corporate Governance
The composition will be reviewed regularly to ensure that the Board has the appropriate mix of expertise and experience.
Chairman and Chief Executive Officer
The positions of Chairman and Chief Executive Officer are held by two separate persons in order to maintain effective
segregation of duties.
The Chairman ensures that the members of the Board work together with Management in a constructive manner to
address strategies, business operations and enterprise issues.
The Chief Executive Officer has full executive responsibilities over the business direction and operational decisions of
managing A-REIT.
The Manager has a policy that at least one-third of the Board should be independent directors. This enables
management to benefit from their external and objective perspective of issues that are brought before the Board. A
healthy exchange of ideas and views between the Board and Management through regular meetings and updates will
enhance the management of A-REIT. This, together with a clear separation of roles between the Chairman and Chief
Executive Officer, provides a healthy and professional relationship between the Board and Management.
Each director of the Manager has the right to seek independent professional advice on matters relating to A-REIT at the
Manager’s expense. However, prior approval of the Chairman is required, which may not be unreasonably withheld.
The Board has established various committees to assist it in discharging its responsibilities. These committees are
listed below.
• Executive Committee
• Audit Committee
• HR & Compensation Committee
• Nominating Committee
Members of the respective committees
Board members
Executive
Committee
Audit Committee
HR and
Compensation
Committee
Nominating
Committee
Mr David Wong Cheong Fook C C
Ms Chong Siak Ching C M M
Mr Joseph Chen Seow Chan C M
Mr Chia Kim Huat M M M
Mr Koh Soo Keong M M
Mr Henry Tan Song Kok
M
Mrs Monica Tomlin
M
Mr Tan Ser Ping
M
Denotes C – Chairman; M – Member
92 Ascendas real estate investment trust

Executive Committee
The Executive Committee operates under delegated authority from the Board and is represented by non-executive
directors and senior executives of the Manager. The members of the Executive Committee are Ms Chong Siak Ching
(Chairman), Mr Chia Kim Huat, Mrs Monica Tomlin and Mr Tan Ser Ping.
This committee oversees the day-to-day activities of the Manager on behalf of the Board including to:
1. Approve or make recommendations to the Board on investments, divestments, operational issues with the
Property Manager, financing offers and banking facilities;
2. Recommend changes to the financial limits for investment, etc, and
3. Report to the Board on decisions made by the Executive Committee.
Audit Committee
The Audit Committee is appointed by the Board from among the directors of the Manager, all of whom (including the
Chairman of the Audit Committee) are independent non-executive directors. The members of the Audit Committee
are Mr Joseph Chen (Chairman), Mr Chia Kim Huat, Mr Koh Soo Keong and Mr Henry Tan.
The role of the Audit Committee is to monitor and evaluate the effectiveness of the Manager’s internal controls. The
Audit Committee also reviews the quality and reliability of information prepared for inclusion in financial reports. The
Audit Committee is responsible for the nomination of external auditors and reviewing the adequacy of existing audits
in respect of cost, scope and performance.
The Audit Committee’s responsibilities also include:
1. Reviewing external audit reports to ensure that where deficiencies in internal controls have been identified,
appropriate and prompt remedial action is taken by Management;
2. Monitoring the procedures in place to ensure compliance with applicable legislation and regulations, including
the Listing Manual and the Property Funds Appendix;
3. Reviewing and approving the financial statements and the audit report; and
4. Monitoring the procedures established to regulate Interested Party Transactions including ensuring compliance
with the provisions of the Listing Manual.
The Audit Committee has also conducted a review of all non-audit services provided by the external auditors and
is satisfied that the nature and extent of such services will not prejudice the independence and objectivity of the
external auditors.
Audit Committee meetings are generally held after the end of every quarter before the official announcement of results
in relation to that quarter.
The Audit Committee meets with the external auditors, without the presence of Management, at least once a year.
HR & Compensation Committee (“HRCC”)
The HRCC’s functions include approving the benefits and compensation strategies for the Manager and identifying the
CEO’s successor. The members of the HRCC are Mr David Wong (Chairman), Ms Chong Siak Ching, Mr Joseph Chen
and Mr Koh Soo Keong.
8th Annual Report FY09/10
93

Corporate Governance
Nominating Committee
The Nominating Committee was set up in October 2009 to make recommendations to the Board in the appointment of
Directors to the Board and its committees for the approval of the shareholder of AFM. The members of the Nominating
Committee are Mr David Wong (Chairman), Ms Chong Siak Ching and Mr Chia Kim Huat.
Meeting Attendance
The attendance at the Board, Audit Committee and Executive Committee meetings for FY09/10 is set out below.
Board
No. of meeting held: 9
Attended
Audit Committee
No. of meetings held: 4
Attended
Executive Committee
No. of meetings held: 2
Attended
Mr David Wong Cheong Fook 9/9 - -
Ms Chong Siak Ching 7/9 - 2/2
Mr Benedict Kwek^ 5/5 2/2 -
Mr Swee Kee Siong^ 4/5 - 1/1
Mr Joseph Chen Seow Chan 9/9 4/4 -
Mr Chia Kim Huat 9/9 4/4 2/2
Mr Koh Soo Keong* 4/4 2/2 -
Mr Henry Tan Song Kok* 3/4 2/2 -
Mrs Monica Tomlin* 4/4 - 1/1
Mr Tan Ser Ping 9/9 4/4 # 2/2
^ Mr Benedict Kwek and Mr Swee Kee Siong were appointed to the Board in June 2002 and April 2002 respectively and retired in September 2009.
5 Board meetings, 2 Audit Committee meetings and 1 Executive Committee meeting were held before their retirement.
* Mr Koh Soo Keong, Mr Henry Tan Song Kok and Mrs Monica Tomlin were appointed as Directors on 15 September 2009. The number of Board,
Audit Committee and Executive Committee meetings held since their appointment was 4, 2 and 1 respectively.
# Attend in capacity as CEO.
Board Remuneration
The remuneration of Directors is paid by the Manager, and not A-REIT.
Internal Audit
In order to ensure corporate governance of the highest standard, the Audit Committee contracts an independent third
party to provide Internal Audit services. Deloitte & Touche Enterprise Risk Services Pte Ltd (“Deloitte”) was the Internal
Auditor from April 2006 to end March 2010.
Deloitte’s scope is to provide risk assessment services and compliance audits in order to ensure internal controls are
aligned to business objectives and in place to address related risks.
94 Ascendas real estate investment trust

Trading Of A-REIT’s Units
In general, company policy encourages the directors and employees of the Manager to hold Units but prohibits them
from trading actively in the Units:
1. During the period commencing two weeks before the public announcement of A-REIT’s financial statements
for each quarter of its financial year, or one month before the full year results, as the case may be, and ending
on the date of announcement of the relevant results. This is in line with the best practices set out in the Listing
Manual; and
2. At any time whilst in possession of price sensitive information that is not available in the market.
The Directors and officers are advised not to deal in the Units on short term considerations.
In addition, the Manager has given an undertaking to the MAS that it will announce to the SGX-ST the particulars of its
holdings in the Units and any changes thereto within two days after the date on which it acquires or disposes any Units,
as the case may be. The Manager has also undertaken that it will not deal in the Units during the period commencing
two weeks before the public announcement of A-REIT’s quarterly results or one month before the full year results, and
if applicable, property valuation, and ending on the date of announcement of the relevant results.
Assessment And Management Of Business RiskS
Effective risk management is a fundamental part of A-REIT’s business operations. Recognising and managing risk is
central to the business and to protecting Unitholders’ interests and value. A-REIT operates within general guidelines
and specific parameters set by the Board. Each transaction is comprehensively analysed to understand the risk involved.
Responsibility for managing risk lies initially with the business unit concerned, working within the overall strategy
outlined by the Board.
The Manager recognises that there is a significant amount of risk inherent in making property investment decisions.
Accordingly, the Manager has set out procedures to be followed when making such decisions. In accordance with this
policy, the Manager ensures comprehensive due diligence is carried out in relation to each proposed investment and
a suitable determination is made as to whether the anticipated return on investment is appropriate having regard to
the level of risk of that investment.
In assessing business risks, the Board considers the economic environment and the property industry risk. The Board,
at times by the Executive Committee, reviews and approves all investment decisions. Management meets regularly to
review the operations of the Manager and A-REIT and to ensure timely disclosure in compliance with the regulations.
The Manager has established a whistle-blower policy which reflects the Manager’s commitment to conduct its business
within a framework that fosters the highest ethical and legal standards. In line with this commitment and A-REIT’s
commitment to open communication, the whistle-blower policy aims to provide an avenue for employees to raise
concerns and reassurance that they will be protected from reprisals or victimisation for whistle-blowing in good faith.
The Chairman of the Audit Committee is the one of the first contacts for issues raised under this policy.
8th Annual Report FY09/10
95

Corporate Governance
Dealings With Conflicts Of Interest
The Manager has established the following procedures to address potential conflicts of interest which it (including its
directors, executive officers and employees) may encounter in managing A-REIT:
1. The Manager will be a dedicated manager to A-REIT and will not manage any other real estate investment trust
or be involved in any other real estate or property business.
2. All Executive Officers are employed by the Manager.
3. The entry into any Interested Party Transaction must be reviewed and recommended by the Audit Committee
to the Board who may approve with a majority vote of the directors, including the votes of at least two
independent directors.
4. In respect of matters in which JTC and/or its subsidiaries (which includes the Ascendas Group) has a direct
or indirect interest, any nominees appointed by JTC or any of its subsidiaries to the Board shall abstain from
voting. In such matters, the quorum must comprise a majority of the independent directors of the Manager and
must exclude the representatives or nominees of JTC and/or its subsidiaries.
The directors of the Manager are under a fiduciary duty to A-REIT to act in the best interests of A-REIT, in relation to
decisions affecting A-REIT when they are voting as a member of the Board. In addition, the directors and executive
officers of the Manager are expected to act with integrity at all times. The Manager has established a conflict of interest
policy for its employees and major service providers to ensure that any conflicts of interest or potential conflicts of
interest are disclosed and approvals are sought where required.
It is also provided in the Trust Deed that if the Manager is required to decide whether or not to take any action against
any person in relation to a breach of any agreement entered into by the Trustee for and on behalf of A-REIT with an
affiliate of the Manager, the Manager shall be obliged to consult a reputable law firm (acceptable to the Trustee) who
shall provide legal advice on the matter. If the said law firm is of the opinion that the Trustee, on behalf of A-REIT, has
some prima facie evidence against the party allegedly in breach of such agreements, the Manager shall be obliged to
take appropriate action with reference to such agreements. The directors of the Manager will have a duty to ensure
that the Manager so complies.
Notwithstanding the foregoing, the Manager shall inform the Trustee as soon as it becomes aware of any breach of
any agreement entered into by the Trustee for and on behalf of A-REIT with an affiliate of the Manager. The Trustee
may then take such action as it deems necessary to protect the rights of Unitholders and/or which is in the interests of
Unitholders. Any decision by the Manager not to take action against an affiliate of the Manager shall not constitute a
waiver of the Trustee’s right to take such action as it deems fit against such affiliate of the Manager.
Under the Trust Deed, the Manager and its Associates (as defined in the Trust Deed) are prohibited from voting with
their Units at, or being part of a quorum for, any meeting of Unitholders convened to approve any matter in which the
Manager or any of its Associates has a material interest in the business to be conducted (save for a resolution to remove
the Manager as provided in the Trust Deed).
96 Ascendas real estate investment trust

Dealing With INTERESTED Party Transactions
Review Procedures for Interested Party Transaction
In general, the Manager has established internal control procedures to ensure that all future transactions involving,
among others, the Trustee, as the trustee for A-REIT, and a related party of the Manager (“Interested Party
Transactions”) are undertaken on an arm’s length basis and on normal commercial terms, which are generally no more
favourable than those extended to unrelated third parties. In respect of such transactions, the Manager would have to
demonstrate to the Audit Committee that the transactions would be undertaken on normal commercial terms, which
may include obtaining (where practicable) quotations from parties unrelated to the Manager, or obtaining a valuation
from an independent valuer (in accordance with the Property Funds Appendix).
In addition, the following procedures have been undertaken:
1. Transactions (either individually or as part of a series or if aggregated with other transactions involving the same
interested party during the same financial year) equal to or exceeding $100,000 in value but below 1.0 per cent.
of A-REIT’s net tangible assets or $15 million (whichever is the lower) will be subject to review by the Audit
Committee at regular intervals;
2. Transactions (either individually or as part of a series or if aggregated with other transactions involving the
same interested party during the same financial year) equal to or exceeding 1.0 per cent. of A-REIT’s net
tangible assets or $15 million (whichever is the lower) but below 3.0 per cent. of A-REIT’s net tangible assets
or $45 million (whichever is the lower) will be subject to the review and approval of the Audit Committee.
Such approval shall only be given if the transactions are on arm’s length commercial terms and consistent with
similar types of transactions made by the Trustee, as trustee for A-REIT, with third parties which are unrelated
to the Manager; and
3. Transactions (either individually or as part of a series or if aggregated with other transactions involving the same
interested party during the same financial year) equal to or exceeding 3.0 per cent. of A-REIT’s net tangible
assets or $45 million (whichever is lower) but below 5.0 per cent. of A-REIT’s net tangible assets will be reviewed
and approved by the Audit Committee which may, as it deems fit, request advice on the transaction from
independent sources or advisers, including obtaining valuations from professional valuers. An announcement
will be made on SGXNet in accordance with the Listing Manual requirements.
4. Transactions (either individually or as part of a series or if aggregated with other transactions involving the same
interested party during the same financial year) equal to or exceeding 5.0 per cent. of A-REIT’s net tangible
assets will be reviewed and approved by the Audit Committee which may, as it deems fit, request advice
on the transaction from independent sources or advisers, including obtaining valuations from professional
valuers. Further, under the Listing Manual and the Property Funds Appendix, such transactions would require
approval by A-REIT unitholders. An announcement will also be made on SGXNet in accordance with the
Listing Manual requirements.
Where matters concerning A-REIT relate to transactions entered into or to be entered into by the Trustee for and
on behalf of A-REIT with a related party of the Manager, the Trustee is required to ensure that such transactions are
conducted at arm’s length in accordance with all applicable requirements of the Property Funds Appendix and/or
the Listing Manual relating to the transaction in question. Further, the Trustee, as trustee for A-REIT, has the ultimate
discretion under the Trust Deed to decide whether or not to enter into a transaction involving a related party of the
Manager. If the Trustee is to sign any contract with a related party of the Trustee or the Manager, the Trustee will review
the contract to ensure that it complies with the requirements relating to interested party transactions in the Property
Funds Appendix (as may be amended from time to time) and the provisions of the Listing Manual relating to interested
person transactions (as may be amended from time to time) as well as such other guidelines as may from time to time
be prescribed by the MAS and the SGX-ST to apply to real estate investment trusts.
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Corporate Governance
Role of the Audit Committee for Interested Party Transactions and Internal Control Procedures
All Interested Party Transactions will be subject to regular reviews by the Audit Committee.
The Manager’s internal control procedures are intended to ensure that Interested Party Transactions are conducted at
arm’s length and on normal commercial terms and are not prejudicial to Unitholders. The Manager maintains a register
to record all Interested Party Transactions (and the basis, including, where practicable, the quotations obtained to
support such basis, on which they are entered into) which are entered into by A-REIT. The Manager incorporates into
its internal audit plan a review of all Interested Party Transactions entered into by A-REIT. The Audit Committee reviews
the internal audit reports to ascertain that the guidelines and procedures established to monitor Interested Party
Transactions have been complied with. In addition, the Trustee will also review such audit reports to ascertain that the
Property Funds Appendix have been complied with.
The Manager discloses in A-REIT’s annual report the aggregate value of Interested Party Transactions conducted during
the relevant financial year.
Confirmations were obtained from Singapore Exchange Securities Trading Limited (SGX-ST) that Rules 905 and 906
are not applicable to A-REIT’s interested party transactions if these are made on the basis of, and in accordance with,
the terms and conditions set out in the A-REIT prospectus dated 5 November 2002 and in relation to development
management fees, in accordance with the Circular to Unitholders dated 8 June 2007 for which approval was obtained
in the Unitholders’ meeting on 28 June 2007. These transactions, which also include trustee fees, management fees,
acquisition fees, property management fees, lease management fees, marketing fees, project management fees, site
staff costs, common services fees and land rental payments, do not require Audit Committee approval.
Communication With Unitholders
The listing rules of the SGX-ST require that a listed entity discloses to the market matters that could or might be
expected to have a material effect on the price of the entity’s securities. The Manager upholds a strong culture of
continuous disclosure and transparent communication with Unitholders and the investing community. The Manager’s
disclosure policy requires timely and full disclosure of all material information relating to A-REIT by way of public
releases or announcements through the SGX-ST via SGXNET at first instance and then including the release on A-REIT’s
website at www.a-reit.com.
The Manager also conducts regular half-yearly briefings for analysts and media representatives, which will generally
coincide with the release of A-REIT’s results. During these briefings, the Manager will review A-REIT’s most recent
performance as well as discuss the business outlook for A-REIT. In line with the Manager’s objective of transparent
communication, briefing materials are released to the SGX-ST and also made available on A-REIT’s website.
During the period under review, the Manager also met or teleconferenced with institutional investors in Singapore,
Hong Kong, Europe, USA and Australia. In addition, the Manager pursues opportunities to educate and keep retail
investors informed of the REIT industry through seminars organised by the SGX-ST or other public associations. The
annual Unitholders’ Meeting was also held for the third consecutive year in 2009 for the Manager to engage with
investors, particularly retail investors, allowing them direct access to the Manager and for the Manager to respond to
any queries the investors might have. The Property Funds Appendix were recently amended to require REITs to hold
an annual general meeting once every calendar year.
98 Ascendas real estate investment trust

FINANCIAL CONTENTS
100 Report of the Trustee
101 Statement by The Manager
102 Independent Auditors’ Report
104 Balance Sheet
105 Statement of Total Return
106 Distribution Statement
107 Statement of Movements in Unitholders’ Funds
108 Investment Properties Portfolio Statement
118 Cash Flow Statement
120 Notes to the Financial Statements
8th Annual Report FY09/10
99

Report of the Trustee
HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the
assets of Ascendas Real Estate Investment Trust (“A-REIT”) in trust for the Unitholders. In accordance with the Securities
and Futures Act, Chapter 289, its subsidiary legislation, the Code on Collective Investment Schemes and the Listing
Manual (collectively referred to as the “laws and regulations”), the Trustee shall monitor the activities of Ascendas
Funds Management (S) Limited (the “Manager”) for compliance with the limitations imposed on the investment and
borrowing powers as set out in the trust deed dated 9 October 2002 (as amended and restated) between the Trustee
and the Manager (the “Trust Deed”) in each annual accounting period and report thereon to Unitholders in an annual
report which shall contain the matters prescribed by the laws and regulations as well as the recommendations of
Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of
Certified Public Accountants of Singapore and the provisions of the Trust Deed.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed A-REIT during the period
covered by these financial statements, set out on pages 104 to 158 comprising the Balance Sheet, Statement of Total
Return, Distribution Statement, Statement of Movements in Unitholders’ Funds, Investment Properties Portfolio
Statement, Cash Flow Statement and Notes to the Financial Statements, in accordance with the limitations imposed
on the investment and borrowing powers set out in the Trust Deed, laws and regulations and otherwise in accordance
with the provisions of the Trust Deed.
For and on behalf of the Trustee,
HSBC Institutional Trust Services (Singapore) Limited
Johannes Van Verre
Director
Singapore
17 May 2010
100 Ascendas real estate investment trust

Statement by the Manager
In the opinion of the directors of Ascendas Funds Management (S) Limited, the accompanying financial statements set
out on pages 104 to 158 comprising the Balance Sheet, Statement of Total Return, Distribution Statement, Statement
of Movements in Unitholders’ Funds, Investment Properties Portfolio Statement, Cash Flow Statement and Notes to
the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position of A-REIT
as at 31 March 2010, the total return, distributable income, movements in Unitholders’ funds and cash flows 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 Certified Public Accountants of Singapore and the
provisions of the Trust Deed. At the date of this statement, there are reasonable grounds to believe that A-REIT will be
able to meet its financial obligations as and when they materialise.
For and on behalf of the Manager,
Ascendas Funds Management (S) Limited
Chong Siak Ching
Director
Singapore
17 May 2010
8th Annual Report FY09/10
101

Independent auditors’ report
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)
We have audited the accompanying financial statements of Ascendas Real Estate Investment Trust (the “Trust”), which
comprise the Balance Sheet and Investment Properties Portfolio Statement of the Trust as at 31 March 2010, and the
Statement of Total Return, Distribution Statement, Statement of Movements in Unitholders’ Funds and Cash Flow
Statement of the Trust for the year then ended, and a summary of significant accounting policies and other explanatory
notes, as set out on pages 104 to 158.
Manager’s responsibility for the financial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in
accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework
for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Trust’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Trust’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the Manager of the Trust, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
102 Ascendas real estate investment trust

Opinion
In our opinion, the financial statements of the Trust present fairly, in all material respects, the financial position of the
Trust as at 31 March 2010, the total return, distributable income, movements in Unitholders’ funds and cash flows of the
Trust for the year then ended in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 “Reporting Framework for Unit Trust” issued by the Institute of Certified Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certified Public Accountants
Singapore
17 May 2010
8th Annual Report FY09/10
103

Balance Sheet
As at 31 March 2010
Note 2010 2009
$’000 $’000
Non-current assets
Investment properties 4 4,740,590 4,425,735
Investment properties under development 5 3,909 76,343
Plant and equipment 6 3,911 5,012
Other assets 7 72,742 1,503
4,821,152 4,508,593
Current assets
Trade and other receivables 8 24,618 22,230
Cash and cash equivalents 9 8,666 16,735
33,284 38,965
Current liabilities
Trade and other payables 10 284,443 147,281
Security deposits 11 37,210 34,055
Deferred payments 12 7,136 9,706
Derivative liabilities 13 3,570 635
Term loans 14 - 599,827
Short term borrowings 14 251,754 245,500
584,113 1,037,004
Net current liabilities (550,829) (998,039)
Non-current liabilities
Security deposits 11 2,222 815
Deferred payments 12 6,784 13,272
Derivative liabilities 13 50,451 50,061
Term loans 14 689,152 743,367
Medium term notes 14 274,350 -
Collateral loan 15 300,390 -
1,323,349 807,515
Net assets 2,946,974 2,703,039
Represented by:
Unitholders’ funds 2,946,974 2,703,039
Units on issue (’000) 16 1,871,154 1,683,473
Net asset value per unit ($) 1.57 1.61
The accompanying notes form an integral part of these financial statements.
104 Ascendas real estate investment trust

Statement of Total Return
Year ended 31 March 2010
Note 2010 2009
$’000 $’000
Gross revenue 17 413,678 396,534
Property operating expenses 18 (93,690) (99,916)
Net property income 319,988 296,618
Management fees 19 (23,421) (31,698)
Trust expenses 20 (2,879) (4,715)
Finance income 21 1,650 29
Finance costs 21 (69,805) (59,485)
Net income 225,533 200,749
Net change in fair value of financial derivatives (23,878) -
Net depreciation on revaluation of investment properties (53,682) (115,443)
Total return for the year before income tax 147,973 85,306
Income tax expense 22 - -
Total return for the year 147,973 85,306
Non-tax deductible expenses, net 33,236 10,174
Net depreciation on revaluation of investment properties 53,682 115,443
Income available for distribution 234,891 210,923
Earnings per unit (cents)
- Basic and diluted 23 8.23 6.11
Distribution per unit (cents) 23 13.10 15.18
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
105

Distribution Statement
Year ended 31 March 2010
2010 2009
$’000 $’000
Amount available for distribution to Unitholders at beginning of the year 42,264 48,952
Income available for distribution 234,891 210,923
Amount available for distribution to Unitholders 277,155 259,875
Distribution of 3.27 cents per unit for the period 01/10/09 to 31/12/09 (61,187) -
Distribution of 1.54 cents per unit for the period 20/08/09 to 30/09/09 (28,797) -
Distribution of 1.94 cents per unit for the period 01/07/09 to 19/08/09 (32,687) -
Distribution of 3.62 cents per unit for the period 01/04/09 to 30/06/09 (60,994) -
Distribution of 2.50 cents per unit for the period 21/01/09 to 31/03/09 (42,087) -
Distribution of 0.73 cents per unit for the period 01/01/09 to 20/01/09 - (9,722)
Distribution of 4.05 cents per unit for the period 01/10/08 to 31/12/08 - (53,936)
Distribution of 4.01 cents per unit for the period 01/07/08 to 30/09/08 - (53,318)
Distribution of 3.89 cents per unit for the period 01/04/08 to 30/06/08 - (51,722)
Distribution of 3.69 cents per unit for the period 01/01/08 to 31/03/08 - (48,913)
(225,752) (217,611)
Amount available for distribution to Unitholders
at end of the year 51,403 42,264
The accompanying notes form an integral part of these financial statements.
106 Ascendas real estate investment trust

Statement of Movements in
Unitholders’ Funds
Year ended 31 March 2010
2010 2009
Note $’000 $’000
At beginning of the year 2,703,039 2,437,959
Operations
Net income 225,533 200,749
Net change in fair value of financial derivatives (23,878) -
Net depreciation on revaluation of investment properties (53,682) (115,443)
Net increase in net assets resulting from operations 147,973 85,306
Hedging transactions
Effective portion of changes in fair value of financial derivatives (3,478) (15,885)
Changes in fair value of financial derivatives transferred to the
Statement of Total Return 24,030 -
Net increase/(decrease) in net assets resulting from hedging transactions 20,552 (15,885)
Unitholders’ transactions
New units issued 301,550 407,984
Acquisition fees (IPT acquisition) paid in units - 698
Management fees paid in units 4,617 12,550
Equity issue costs 24 (5,005) (7,962)
Distributions to Unitholders (225,752) (217,611)
Net increase in net assets resulting from Unitholders’ transactions 75,410 195,659
At end of the year 2,946,974 2,703,039
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
107

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Business & Science Parks
* The Alpha 19 Nov 2002 Leasehold 60 years 18 Nov 2062 10 Science Park
Road
@^ The Aries 19 Nov 2002 Leasehold 60 years 18 Nov 2062 51 Science Park
Road
* The Capricorn 19 Nov 2002 Leasehold 60 years 18 Nov 2062 1 Science Park
Road
@^ The Gemini 19 Nov 2002 Leasehold 60 years 18 Nov 2062 41 Science Park
Road
* Honeywell
Building
19 Nov 2002 Leasehold 60 years (c) 15 Dec 2058 (c) 17 Changi
Business Park
Central 1
@^ Ultro Building 30 Oct 2003 Leasehold 60 years (c) 31 Jan 2061 (c) 1 Changi
Business Park
Avenue 1
# Telepark 02 Mar 2005 Leasehold 99 years 01 Apr 2091 5 Tampines
Central 6
@ Techquest 05 Oct 2005 Leasehold 60 years 15 Jun 2055 7 International
Business Park
@ PSB Science 18 Nov 2005 Leasehold 95.5 years 30 Jun 2080 1 Science Park
Park Building
Drive
13
International
Business
Park
10 Oct 2006 Leasehold 60 years (c) 15 Jul 2064 ( c) 13 International
Business Park
@ iQuest @ IBP 12 Jan 2007 Leasehold 60 years (c) 30 Nov 2055 (c) 27 International
Business Park
HansaPoint
@ CBP
22 Jan 2008 Leasehold 60 years (c) 31 Oct 2066 (c) 10 Changi
Business Park
Central 2
Acer Building 19 Mar 2008 Leasehold 60 years (c) 30 Apr 2066 (c) 29 International
Business Park
Science Hub
& Rutherford
31
International
Business
Park
1 & 3 Changi
Business Park
Crescent
26 Mar 2008 Leasehold 60 years 25 Mar 2068 87 & 89 Science
Park Drive
26 Jun 2008 Leasehold 60 years (c) 15 Dec 2054 (c) 31 International
Business Park
16 Feb 2009
&
25 Sep 2009
Leasehold 60 years (c) 30 Sep 2067 (c) 1 & 3 Changi
Business Park
Crescent
DBS Asia 31 Mar 2010 Leasehold 60 years (c) 30 Sep 2067 (c)(k) 2 Changi
Hub (b) Business Park
Crescent
96,800 31 Mar 2010 96,800 96,770 3.28 3.58
52,100 31 Mar 2010 52,100 51,060 1.77 1.89
104,900 31 Mar 2010 104,900 104,870 3.56 3.88
99,900 31 Mar 2010 99,900 93,450 3.39 3.46
57,700 31 Mar 2010 57,700 59,680 1.96 2.21
38,300 31 Mar 2010 38,300 38,320 1.30 1.42
234,800 31 Mar 2010 234,800 235,040 7.97 8.70
21,100 31 Mar 2010 21,100 20,690 0.72 0.77
64,500 31 Mar 2010 64,500 64,260 2.19 2.38
26,800 31 Mar 2010 26,800 30,110 0.91 1.11
31,500 31 Mar 2010 31,500 31,180 1.07 1.15
81,400 31 Mar 2010 81,400 80,920 2.76 2.99
76,400 31 Mar 2010 76,400 76,280 2.59 2.82
60,500 31 Mar 2010 60,500 58,470 2.05 2.16
218,000 31 Mar 2010 218,000 228,600 7.40 8.46
179,400 (l) 31 Mar 2010 179,400 (l) 72,860 6.09 2.70
116,500 15 Jan 2010 117,740 - 4.00 -
Total (Business & Science Parks) 1,560,600 1,561,840 1,342,560 53.00 49.67
The accompanying notes form an integral part of these financial statements.
108 Ascendas real estate investment trust

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Hi-Tech Industrial Properties
* Techlink 19 Nov 2002 Leasehold 60 years 24 Sep 2053 31 Kaki Bukit
Road 3
* Siemens
Center
# Infineon
Building
12 Mar 2004 Leasehold 60 years (c) 15 Dec 2061 (c) 60 MacPherson
Road
01 Dec 2004 Leasehold 47 years (e) 30 Jun 2050 (e) 8 Kallang
Sector
# Techpoint 01 Dec 2004 Leasehold 65 years 31 Mar 2052 10 Ang Mo Kio
Street 65
# Wisma
Gulab
01 Dec 2004 Freehold Freehold - 190
MacPherson
Road
# KA Centre 02 Mar 2005 Leasehold 99 years 31 May 2058 150 Kampong
Ampat
# KA Place 02 Mar 2005 Leasehold 99 years 31 May 2058 159 Kampong
Ampat
# Kim Chuan 02 Mar 2005 Leasehold 99 years 30 Mar 2091 38 Kim Chuan
Telecommunications
Road
Complex
@
Pacific Tech
Centre
01 Jul 2005 Leasehold 99 years 31 Dec 2061 1 Jalan Kilang
Timor
99,700 31 Mar 2010 99,700 97,800 3.38 3.62
89,400 31 Mar 2010 89,400 88,100 3.03 3.26
66,800 31 Mar 2010 66,800 67,500 2.27 2.50
114,800 31 Mar 2010 114,800 114,200 3.90 4.22
59,600 31 Mar 2010 59,600 60,100 2.02 2.22
26,100 31 Mar 2010 26,100 27,700 0.89 1.02
11,800 31 Mar 2010 11,800 12,800 0.40 0.47
123,500 31 Mar 2010 123,500 111,900 4.19 4.14
75,400 31 Mar 2010 75,400 76,400 2.56 2.83
& Techview 05 Oct 2005 Leasehold 60 years 08 Jul 2056 1 Kaki Bukit 98,700 31 Mar 2010 98,700 99,500 3.35 3.68
View
@ 1 Jalan
Kilang
27 Oct 2005 Leasehold 99 years 31 Dec 2061 1 Jalan Kilang 19,500 31 Mar 2010 19,500 21,500 0.66 0.80
@
@
@
30 Tampines
Industrial
Avenue 3
50 Kallang
Avenue
138 Depot
Road
2 Changi
South Lane
CGG Veritas
Hub
15 Nov 2005 Leasehold 60 years (c) 31 Dec 2063 (c) 30 Tampines
Industrial
Avenue 3
27 Feb 2006 Leasehold 60 years (c) 15 Nov 2055 (c) 50 Kallang
Avenue
15 Mar 2006 Leasehold 60 years (c) 30 Nov 2064 (c) 138 Depot
Road
01 Feb 2007 Leasehold 60 years (c) 15 Oct 2057 (c) 2 Changi South
Lane
25 Mar 2008 Leasehold 60 years (c) 31 Dec 2067 (c) 9 Serangoon
North Avenue 5
38A Kim 11 Dec 2009 Leasehold 99 years 30 Mar 2091 38A Kim Chuan
Chuan Road
Road
24,000 31 Mar 2010 24,000 23,400 0.81 0.87
33,600 31 Mar 2010 33,600 33,200 1.14 1.23
60,700 31 Mar 2010 60,700 62,000 2.06 2.29
31,600 31 Mar 2010 31,600 32,900 1.07 1.22
17,900 31 Mar 2010 17,900 17,700 0.61 0.65
100,000 31 Mar 2010 100,000 - 3.39 -
Total (Hi-Tech Industrial Properties) 1,053,100 1,053,100 946,700 35.73 35.02
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
109

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Light Industrial Properties
@^ Techplace I 19 Nov 2002 Leasehold 65 years 31 Mar 2052 Blk 4008-4012
Ang Mo Kio
Avenue 10
@^ Techplace II 19 Nov 2002 Leasehold 65 years 31 Mar 2052 Blk 5000-5014
Ang Mo Kio
Avenue 5
* OSIM HQ
Building
@^ Ghim Li
Building
# Progen
Building
20 Jun 2003 Leasehold 60 years 09 Mar 2057 65 Ubi
Avenue 1
13 Oct 2003 Leasehold 60 years (c) 28 Feb 2055 (c) 41 Changi
South
Avenue 2
29 Jul 2004 Leasehold 60 years (c) 15 Jan 2056 (c) 12 Woodlands
Loop
# SB Building 26 Nov 2004 Leasehold 60 years (c) 30 Sep 2057 (c) 25 Changi
South Street 1
# 247
Alexandra
Road
% 5 Tai Seng
Drive
# Volex
Building
# 53
Serangoon
North
Avenue 4
01 Dec 2004 Leasehold 99 years 25 Sep 2051 247 Alexandra
Road
01 Dec 2004 Leasehold 60 years 30 Nov 2049 5 Tai Seng
Drive
01 Dec 2004 Leasehold 60 years (c) 31 Jan 2052 (c) 35 Tampines
Street 92
27 Dec 2004 Leasehold 60 years (c) 30 Nov 2055 (c) 53 Serangoon
North Avenue
4
117,000 31 Mar 2010 117,000 117,000 3.97 4.33
144,400 31 Mar 2010 144,400 142,000 4.90 5.25
40,000 31 Mar 2010 40,000 40,000 1.36 1.48
14,900 31 Mar 2010 14,900 15,600 0.51 0.58
26,500 31 Mar 2010 26,500 29,300 0.90 1.08
22,100 31 Mar 2010 22,100 21,870 0.75 0.81
55,000 31 Mar 2010 55,000 55,000 1.87 2.03
16,400 31 Mar 2010 16,400 16,500 0.56 0.61
11,300 31 Mar 2010 11,300 10,940 0.38 0.40
17,300 31 Mar 2010 17,300 17,300 0.59 0.64
Balance carried forward – (Light Industrial Properties) 464,900 464,900 465,510 15.78 17.22
The accompanying notes form an integral part of these financial statements.
110 Ascendas real estate investment trust

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Light Industrial Properties
Balance brought forward – (Light Industrial Properties) 464,900 464,900 465,510 15.78 17.22
% 3 Tai Seng
Drive
# 27 Ubi
Road 4
# 52
Serangoon
North
Avenue 4
# Hyflux
Building
Weltech
Building
01 Apr 2005 Leasehold 60 years 30 Nov 2049 3 Tai Seng
Drive
18,300 31 Mar 2010 18,300 21,100 0.62 0.78
01 Apr 2005 Leasehold 60 years (c) 31 Oct 2055 (c) 27 Ubi Road 4 13,900 31 Mar 2010 13,900 14,500 0.47 0.54
04 Apr 2005 Leasehold 60 years (c) 15 Sep 2055 (c) 52 Serangoon
North Avenue
4
17,700 31 Mar 2010 17,700 17,500 0.60 0.65
04 Apr 2005 Leasehold 60 years 15 Jan 2041 202 Kallang
Bahru
21,500 31 Mar 2010 21,500 22,400 0.73 0.83
16 May 2005 Leasehold 60 years (c) 29 Feb 2056 (c) 25 Ubi Road 4 10,300 31 Mar 2010 10,300 10,500 0.35 0.39
@ BBR Building 21 Jun 2005 Leasehold 60 years (c) 15 Sep 2057 (c) 50 Changi
South Street 1
@
@
@
@
@
&
@
Tampines
Biz-Hub
84 Genting
Lane
Hoya
Building
NNB
Industrial
Building
37A
Tampines
Street 92
Hamilton
Sundstrand
Building
Thales
Building
(I & II)
05 Oct 2005 Leasehold 60 years (c) 30 Nov 2049 (c) 11 Tampines
Street 92
05 Oct 2005 Leasehold 43 years (h) 30 Nov 2039 (h) 84 Genting
Lane
05 Oct 2005 Leasehold 30 years 15 May 2033 455A Jalan
Ahmad
Ibrahim
05 Oct 2005 Leasehold 60 years (c) 15 Jan 2056 (c) 10 Woodlands
Link
01 Dec 2005 Leasehold 60 years (c) 30 Jun 2054 (c) 37A Tampines
Street 92
09 Dec 2005 Leasehold 60 years (c) 28 Feb 2065 (c) 11 Changi
North Rise
03 Jan 2006
&
20 Mar 2008
Leasehold 42 years (i) 30 Jun 2047 (i) 21 Changi
North Rise
9,100 31 Mar 2010 9,100 9,000 0.31 0.33
19,000 31 Mar 2010 19,000 19,600 0.64 0.73
12,600 31 Mar 2010 12,600 12,600 0.43 0.47
7,300 31 Mar 2010 7,300 7,600 0.25 0.28
15,300 31 Mar 2010 15,300 15,950 0.52 0.59
13,500 31 Mar 2010 13,500 13,500 0.46 0.50
35,300 31 Mar 2010 35,300 34,000 1.20 1.26
10,000 31 Mar 2010 10,000 10,000 0.34 0.37
Balance carried forward – (Light Industrial Properties) 668,700 668,700 673,760 22.69 24.93
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
111

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Light Industrial Properties
Balance brought forward – (Light Industrial Properties) 668,700 668,700 673,760 22.69 24.93
@ Aztech 21 Feb 2006 Leasehold 60 years (c) 28 Feb 2050 (c) 31 Ubi Road 1 23,800 31 Mar 2010 23,800 24,400 0.81 0.90
Building
@ Ubi Biz-Hub 27 Mar 2006 Leasehold 60 years (c) 30 Jun 2056 (c) 150 Ubi
Avenue 4
15,700 31 Mar 2010 15,700 16,500 0.53 0.61
@ 26 Senoko
Way
@ Super
Industrial
Building
@ 1 Kallang
Place
@ 18
Woodlands
Loop
@ 9 Woodlands
Terrace
@ 11
Woodlands
Terrace
1 Senoko
Avenue
8 Loyang
Way 1
08 Jan 2007 Leasehold 60 years (c) 15 Sep 2051 (c) 26 Senoko
Way
08 Jan 2007 Leasehold 60 years (c) 31 May 2056 (c) 2 Senoko
South Road
01 Feb 2007 Leasehold 30 years 30 Nov 2024 1 Kallang
Place
01 Feb 2007 Leasehold 60 years (c) 15 Feb 2057 (c) 18 Woodlands
Loop
01 Feb 2007 Leasehold 60 years (c) 31 Dec 2054 (c) 9 Woodlands
Terrace
01 Feb 2007 Leasehold 60 years (c) 15 Jan 2056 (c) 11 Woodlands
Terrace
15 May 2007 Leasehold 60 years (c) 15 Nov 2044 (c) 1 Senoko
Avenue
05 May 2008 Leasehold 30 years (j) 15 Jul 2052 (j) 8 Loyang
Way 1
31 Joo Koon 30 Mar 2010 Leasehold 60 years (c) 15 Aug 2055 (c) 31 Joo Koon
Circle (b) Circle
15,300 31 Mar 2010 15,300 15,430 0.52 0.57
32,000 31 Mar 2010 32,000 32,300 1.09 1.19
11,100 31 Mar 2010 11,100 11,840 0.38 0.44
16,600 31 Mar 2010 16,600 17,130 0.56 0.63
1,900 31 Mar 2010 1,900 1,900 0.06 0.07
1,900 31 Mar 2010 1,900 1,900 0.06 0.07
6,100 31 Mar 2010 6,100 10,820 0.21 0.40
23,400 31 Mar 2010 23,400 24,700 0.79 0.91
15,000 02 Feb 2010 15,300 - 0.52 -
Total (Light Industrial Properties) 831,500 831,800 830,680 28.23 30.73
The accompanying notes form an integral part of these financial statements.
112 Ascendas real estate investment trust

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Logistics & Distribution Centres
* IDS Logistics
Corporate
HQ
19 Feb 2004 Leasehold 58 years (d) 31 Aug 2056 (d) 279 Jalan
Ahmad
Ibrahim
* LogisTech 04 Mar 2004 Leasehold 60 years 15 Nov 2056 3 Changi
North Street 2
@^ 10 Toh Guan
Road
* Changi
Logistics
Centre
* Nan Wah
Building
% C & P
Logistics
Hub
# Xilin
Districentre
Building
A&B
# MacDermid
Building
% Xilin
Districentre
Building D
# Freight Links
(Changi)
Building
05 Mar 2004 Leasehold 60 years (c) 15 Oct 2055 (c) 10 Toh Guan
Road
09 Mar 2004 Leasehold 60 years (c) 15 Oct 2050 (c) 19 Loyang
Way
31 May 2004 Leasehold 60 years (c) 15 Oct 2057 (c) 4 Changi
South Lane
21 Jul 2004 Leasehold 48 years (f) 30 Nov 2049 (f) 40 Penjuru
Lane
02 Dec 2004 Leasehold 60 years (c) 31 May 2054 (c) 3 Changi
South Street 2
02 Dec 2004 Leasehold 60 years (c) 15 Jul 2050 (c) 20 Tuas
Avenue 6
09 Dec 2004 Leasehold 60 years (c) 31 Oct 2055 (c) 6 Changi
South Street 2
28 Dec 2004 Leasehold 60 years (c) 30 Apr 2055 (c) 9 Changi
South Street 3
47,000 31 Mar 2010 47,000 49,700 1.59 1.84
40,000 31 Mar 2010 40,000 42,500 1.36 1.57
90,000 31 Mar 2010 90,000 104,050 3.05 3.85
62,500 31 Mar 2010 62,500 67,900 2.12 2.51
27,000 31 Mar 2010 27,000 26,300 0.92 0.97
225,000 31 Mar 2010 225,000 234,050 7.63 8.66
33,500 31 Mar 2010 33,500 34,200 1.14 1.27
6,500 31 Mar 2010 6,500 6,495 0.22 0.24
28,500 31 Mar 2010 28,500 36,800 0.97 1.36
34,500 31 Mar 2010 34,500 37,450 1.17 1.39
Balance carried forward – (Logistics & Distribution Centres) 594,500 594,500 639,445 20.17 23.66
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
113

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Logistics & Distribution Centres
Balance brought forward - (Logistics & Distribution Centres) 594,500 594,500 639,445 20.17 23.66
# Freight Links
(Toh Guan)
Building
@ Xilin
Districentre
Building C
Senkee
@
@
Logistics Hub
(Phase I & II)
1 Changi
South Lane
LogisHub @
Clementi
28 Dec 2004 Leasehold 60 years (c) 15 Dec 2049 (c) 5 Toh Guan
Road East
05 May 2005 Leasehold 60 years (c) 30 Sep 2054 (c) 7 Changi
South Street 2
23 Sep 2005
&
01 Feb 2008
Leasehold 45 years (g) 31 Jan 2049 (g) 19 & 21
Pandan
Avenue
05 Oct 2005 Leasehold 60 years 31 Aug 2058 1 Changi
South Lane
05 Oct 2005 Leasehold 60 years (c) 15 May 2053 (c) 2 Clementi
Loop
@ JEL Centre 18 Nov 2005 Leasehold 60 years (c) 15 Nov 2063 (c) 11 Changi
North Way
@ Logistics 21 14 Jun 2006 Leasehold 58 years (c) 30 Sep 2055 (c) 21 Jalan
Buroh
@
Sembawang
Kimtrans
Logistics
Centre
Goldin
Logistics
Hub
Sim Siang
Choon
Building
15 Changi
North Way
14 Jun 2006 Leasehold 60 years (c) 15 Feb 2057 (c) 30 Old Toh
Tuck Road
05 Dec 2007 Leasehold 30 years 30 Apr 2036 6 Pioneer
Walk
19 Mar 2008 Leasehold 60 years (c) 30 Sep 2054 (c) 21 Changi
South Avenue
2
29 Jul 2008 Leasehold 60 years (c) 31 Dec 2066 (c) 15 Changi
North Way
Pioneer Hub 12 Aug 2008 Leasehold 30 years 30 Nov 2036 15 Pioneer
Walk
71 Alps
Avenue
02 Sep 2009 Leasehold 60 years (c) 14 Aug 2068 (c) 71 Alps
Avenue
38,000 31 Mar 2010 38,000 40,800 1.29 1.51
31,000 31 Mar 2010 31,000 36,250 1.05 1.34
109,000 31 Mar 2010 109,000 106,950 3.70 3.96
40,500 31 Mar 2010 40,500 39,500 1.37 1.46
30,000 31 Mar 2010 30,000 25,100 1.02 0.93
14,300 31 Mar 2010 14,300 14,750 0.49 0.55
61,050 31 Mar 2010 61,050 61,050 2.07 2.26
21,900 31 Mar 2010 21,900 21,900 0.74 0.81
22,500 31 Mar 2010 22,500 21,150 0.76 0.78
27,000 31 Mar 2010 27,000 31,100 0.92 1.15
44,500 31 Mar 2010 44,500 40,900 1.51 1.51
95,000 31 Mar 2010 95,000 90,000 3.22 3.33
27,500 31 Mar 2010 27,500 - 0.93 -
Total (Logistics & Distribution Centres) 1,156,750 1,156,750 1,168,895 39.25 43.24
The accompanying notes form an integral part of these financial statements.
114 Ascendas real estate investment trust

Investment Properties Portfolio Statement
As at 31 March 2010
At Valuation/
Percentage of
Description of
Property
Acquisition
Date
Tenure
Term of
Lease Lease Expiry Location
Latest
Valuation (a)
Book Value
Net Assets
Valuation
Date 2010 2009 2010 2009
$’000 $’000 $’000 % %
Warehouse Retail Facilities
&
Courts
Megastore
30 Nov 2006 Leasehold 30 years 31 Dec 2035 50 Tampines
North Drive 2
61,000 31 Mar 2010 61,000 60,850 2.07 2.25
&
Giant
Hypermart
06 Feb 2007 Leasehold 30 years 31 Dec 2035 21 Tampines
North Drive 2
76,100 31 Mar 2010 76,100 76,050 2.58 2.81
Total (Warehouse Retail Facilities) 137,100 137,100 136,900 4.65 5.06
Total Investment Properties 4,739,050 4,740,590 4,425,735 160.86 163.73
Other assets and liabilities (net) (1,793,616) (1,722,696) (60.86) (63.73)
Net assets 2,946,974 2,703,039 100.00 100.00
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
115

Investment Properties Portfolio Statement
As at 31 March 2010
Investment properties comprise a diverse portfolio of industrial properties that are leased to external customers. Most
of the leases for multi-tenanted buildings contain an initial non-cancellable period ranging from one to three years.
Subsequent renewals are negotiated with the respective lessees.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
Independent valuations for ninety-one properties were undertaken by CB Richard Ellis (Pte) Ltd, DTZ Debenham
Tie Leung (SEA) Pte Ltd, Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Jones Lang LaSalle
and Cushman & Wakefield Singapore Pte Ltd in March 2010. In March 2009, independent valuations for
eighty-nine properties were undertaken by CB Richard Ellis (Pte) Ltd, Chesterton Suntec International Pte. Ltd.
(formerly known as Chesterton International Property Consultants Pte Ltd), DTZ Debenham Tie Leung (SEA)
Pte Ltd, Colliers International Consultancy & Valuation (Singapore) Pte Ltd and Jones Lang LaSalle. These firms
are independent valuers having appropriate professional qualifications and recent experience in the location
and category of the properties being valued. The valuations for these properties were based on the Direct
Comparison Method, Capitalisation Approach and Discounted Cash Flow Analysis. The valuations adopted
amounted to $4,608 million (2009: $4,426 million). The net decrease in valuation of $53.7 million (2009: $115.4
million) has been recognised in the Statement of Total Return.
DBS Asia Hub and 31 Joo Koon Circle which were acquired in March 2010 were recorded at the costs incurred
upon acquisition.
Includes an option for A-REIT to renew the land lease for a further term of 30 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 28 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 17 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 24.4 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 15 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 13 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 12 years upon expiry.
At the end of the 30 years lease, A-REIT has the option to renew the land lease for Building A for a further term
of 26 years upon expiry and to renew the land lease for Building B for a further term of 16 years, 4 months and
16 days upon expiry.
DBS Asia Hub was acquired from a related party of the Manager, Ascendas (Tuas) Pte Ltd, during the financial
year.
As at 31 March 2010, the valuation of 1 & 3 Changi Business Park Crescent includes phase II of the development,
Plaza 8 @ CBP, which was completed on 25 September 2009.
The accompanying notes form an integral part of these financial statements.
116 Ascendas real estate investment trust

Investment Properties Portfolio Statement
As at 31 March 2010
* Portfolio 1 – properties pledged as security for the credit facilities granted by Emerald Assets Limited in relation
to the term loan of $300 million. These properties have been discharged from the mortgage to Emerald Assets
Limited from August 2009, after the repayment of the $300 million term loan (see note 14).
% Portfolio 2 – properties pledged as security for the credit facilities granted by Emerald Assets Limited in relation
to the term loan of $350 million. These properties have been discharged from the mortgage to Emerald Assets
Limited from March 2010, after the early redemption of the $350 million term loan (see note 14).
@
^
&
Portfolio 3 – properties pledged as security for the credit facilities granted by Emerald Assets Limited in relation
to the term loan of $395 million (see note 14).
These properties were pledged as security for the credit facilities granted by Emerald Assets Limited in relation
to the term loan of $300 million. After the repayment of the $300 million term loan in August 2009, these
properties were included in Portfolio 3 to pledge as security for the credit facilities of the $395 million term loan
(see note 14).
These properties were pledged as security for the credit facilities granted by Emerald Assets Limited in relation
to the term loan of $395 million. However, these properties have been discharged from the mortgage to Emerald
Assets Limited from August 2009, due to restructuring of security mortgage with Emerald Assets Limited, after
the repayment of the $300 million term loan (see note 14).
# Portfolio CL – These properties were pledged as security for the credit facilities granted by Emerald Assets
Limited in relation to the term loan of $350 million. After the early redemption of the $350 million term loan, these
properties were discharged from the mortgage to Emerald Assets Limited and pledged as security for the credit
facilities granted by Ruby Assets Pte. Ltd. in relation to the collateral loan of $300 million (see note 14 and 15).
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
117

Cash Flow Statement
Year ended 31 March 2010
Note 2010 2009
$’000 $’000
Operating activities
Net income 225,533 200,749
Adjustments for:
Finance income 21 (1,650) (29)
Writeback of doubtful receivables, net 8 (72) (222)
Finance costs 21 69,805 59,485
Management fees paid/payable in units 4,684 4,521
Depreciation of plant and equipment 6 1,101 1,101
Operating income before working capital changes 299,401 265,605
Changes in working capital:
Trade and other receivables 88 (3,563)
Trade and other payables (13,721) (19,394)
Cash flows from operating activities 285,768 242,648
Investing activities
Purchase of investment properties (including acquisition costs) A (15,134) (194,240)
Payment for investment properties and other assets under development (196,599) (168,937)
Payment for capital improvement projects (3,320) (4,819)
Payment for deferred settlements (9,345) (18,980)
Cash flows from investing activities (224,398) (386,976)
Financing activities
Equity issue costs paid (4,947) (8,189)
Proceeds from issue of units 301,550 407,984
Distributions paid to Unitholders (225,752) (217,611)
Interest paid (59,726) (54,675)
Transaction costs paid in respect of borrowings (7,263) -
Interest received 61 29
Proceeds from borrowings 1,221,600 584,780
Repayment of borrowings (1,587,193) (556,680)
Transaction costs paid in respect of collateral loan (7,769) -
Proceeds from the collateral loan 300,000 -
Cash flows from financing activities (69,439) 155,638
Net (decrease)/increase in cash and cash equivalents (8,069) 11,310
Cash and cash equivalents at beginning of financial year 16,735 5,425
Cash and cash equivalents at end of financial year 8,666 16,735
The accompanying notes form an integral part of these financial statements.
118 Ascendas real estate investment trust

Cash Flow Statement
Year ended 31 March 2010
Notes:
(A)
The net cash outflow on purchase of investment properties (including acquisition costs)
the net cash outflow on purchase of investment properties (including acquisition costs) is set out below:
2010 2009
$’000 $’000
Investment properties (including acquisition costs) 133,040 278,345
Trade and other payables (117,055) (10,356)
Net identifiable assets acquired/cash consideration paid 15,985 267,989
Cash received (851) (73,749)
Net cash outflow 15,134 194,240
(B)
Significant non-cash transactions
On 16 June 2009 and 15 December 2009, A-REIT issued 1,447,023 and 1,233,644 new units at an issue price of
$1.5715 and $1.8985 per unit respectively as payment of 20% of the base management fees.
During the previous financial year, A-REIT issued 3,223,302 new units on 16 May 2008 at an issue price of $2.6023
per unit, as payment of the performance fee for the year ended 31 March 2008. On 24 June 2008 and 16
December 2008, A-REIT issued 834,647 and 1,871,191 new units at an issue price of $2.2436 and $1.2232 per unit
respectively as payment of 20% of the base management fees. On 16 December 2008, A-REIT issued 273,382
new units at an issue price of $2.5521 per unit as payment for acquisition fees to the Manager in relation to the
acquisition of CGG Veritas Hub and Science Hub & Rutherford.
The above issue prices were determined based on the volume weighted average traded price for all trades
done on Singapore Exchange Securities Trading Limited (“SGX-ST”) in the ordinary course of trading for 10
business days immediately preceding the respective date of issue of the new units.
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
119

Notes to the financial statements
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 17 May 2010.
1. General
Ascendas Real Estate Investment Trust (“A-REIT”) is a Singapore-domiciled unit trust constituted pursuant to the
trust deed dated 9 October 2002 between Ascendas Funds Management (S) Limited (the “Manager”) and HSBC
Institutional Trust Services (Singapore) Limited (the “Trustee”), as amended by the First Supplemental Deed
dated 16 January 2004, the Second Supplemental Deed dated 23 February 2004, the Third Supplemental Deed
dated 30 September 2004, the Fourth Supplemental Deed dated 17 November 2004, the Fifth Supplemental
Deed dated 20 April 2006 and as sanctioned by Extraordinary Resolutions obtained at a meeting of Unitholders
duly convened and held on 28 June 2007 and as restated by the First Amending and Restating Deed dated 11
June 2008, as amended by the Seventh Supplemental Deed dated 22 January 2009 and Eighth Supplemental
Deed dated 17 September 2009 (“Trust Deed”).
A-REIT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-
ST”) on 19 November 2002 and was included under the Central Provident Fund (“CPF”) Investment Scheme on
15 October 2002.
The principal activity of A-REIT is to invest in a diverse portfolio of properties with the primary objective of
achieving an attractive level of return from rental income and long-term capital growth.
A-REIT has entered into several service agreements in relation to the management of A-REIT and its property
operations. The fees structures of these services are as follows:
(a)
Trustee’s fees
Trustee’s fees shall not exceed 0.25% per annum of the value of all the gross assets of A-REIT (“Deposited
Property”) (subject to a minimum of $10,000 per month) or such higher percentage as may be fixed by
an Extraordinary Resolution of a meeting of Unitholders. Based on the current agreement between the
Manager and the Trustee, the Trustee charges 0.03% per annum of Deposited Property. The Trustee’s
fees are payable out of the Deposited Property (being all the assets of A-REIT, as stipulated in the Trust
Deed) of A-REIT monthly in arrears. The Trustee is also entitled to reimbursement of expenses incurred
in the performance of its duties under the Trust Deed.
(b)
Management fees
The Manager is entitled to receive the following remuneration:
(i)
(ii)
a base management fee of 0.5% per annum of the Deposited Property or such higher percentage
as may be approved by an Extraordinary Resolution of a meeting of Unitholders; and
an annual performance fee of:
• 0.1% per annum of the Deposited Property, provided that the annual growth in distributions
per unit in a given financial year (calculated before accounting for the performance fee in
that financial year) exceeds 2.5%; and
• an additional 0.1% per annum of the Deposited Property, provided that the growth
in distributions per unit in a given financial year (calculated before accounting for the
performance fee in that financial year) exceeds 5.0%.
120 Ascendas real estate investment trust

Notes to the financial statements
(iii)
(iv)
an acquisition fee of 1.0% of the purchase price of investment property acquired by the Trustee
on behalf of A-REIT.
a development management fee, not exceeding 3.0% of the total project cost incurred in
development projects undertaken by A-REIT. In cases where the market pricing for comparables
services is materially lower, the Manager will reduce the development management fees to less
than 3.0%. In addition, when the estimated total project cost is greater than $100.0 million, the
Trustee and the Manager’s independent directors will first review and approve the quantum of the
development management fee.
With effect from 19 November 2007, the Manager has elected to receive 20.0% of the base management
fees in units and 80.0% in cash for all properties.
The performance fee is paid in units issued at the prevailing market price (as defined in the Trust Deed)
at the time of issue of the units. The Manager may elect at any time after the acquisition of the relevant
property to receive performance fees in cash and/or units, in such proportion as may be determined by
the Manager. The Manager has elected to receive 100% of the performance fee in the form of cash for
the financial year ended 31 March 2009.
The cash component of the base management fees will be paid monthly in arrears and the units
component will be paid on a six-monthly basis in arrears. The performance fee will be paid within 60
days of the last day of every financial year.
(c)
Fees under the property management agreement
(i)
Property management services
For the property management services, A-REIT will pay Ascendas Services Pte Ltd (the “Property
Manager”), for each Fiscal Year (as defined in the Property Management Agreement), a fee of
2.0% per annum of the gross revenue of each property, managed by the Property Manager.
(ii)
Lease management services
For lease management services, A-REIT will pay the Property Manager, for each Fiscal Year, a fee
of 1.0% per annum of the gross revenue of each property.
In addition, in relation to the services provided by the Property Manager in respect of property
tax objections submitted to the tax authorities on any proposed annual value of a property, the
Property Manager is entitled to the following fees if as a result of such objections, the proposed
annual value is reduced resulting in property tax savings for the property:
• where the proposed annual value is $1.0 million or less, a fee of 7.5% of the property tax
savings;
• where the proposed annual value is more than $1.0 million but does not exceed $5.0
million, a fee of 5.5% of the property tax savings; and
• where the proposed annual value is more than $5.0 million, a fee of 5.0% of the property
tax savings.
The above mentioned fee is a lump sum fixed fee based on the property tax savings calculated
on a 12-month period.
8th Annual Report FY09/10
121

Notes to the financial statements
(iii)
Marketing services
For the marketing services, A-REIT will pay the Property Manager, the following commissions:
• one month’s gross rent inclusive of service charge for securing a tenancy of three years or
less;
• two months’ gross rent inclusive of service charge for securing a tenancy of more than
three years;
• if a third party agent secures a tenancy, the Property Manager will be responsible for all
commissions payable to such third party agent and the Property Manager will be entitled
to a commission of:
– 1.2 months’ gross rent inclusive of service charge for securing a tenancy of three
years or less; and
– 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more
than three years;
• one-half month’s gross rent inclusive of service charge for securing a renewal of tenancy of
three years or less; and
• one month’s gross rent inclusive of service charge for securing a renewal of tenancy of
more than three years.
(iv)
Project management services
For the project management services, A-REIT will pay the Property Manager the following fees
for the development or redevelopment (if not prohibited by the Property Funds Appendix or if
otherwise permitted by the Monetary Authority of Singapore) the refurbishment, retrofitting and
renovation works on a property:
• where the construction costs are $2.0 million or less, a fee of 3.0% of the construction
costs;
• where the construction costs exceed $2.0 million but do not exceed $12.0 million, a fee of
2.15% of the construction costs;
• where the construction costs exceed $12.0 million but do not exceed $40.0 million, a fee
of 1.45% of the construction costs;
• where the construction costs exceed $40.0 million but do not exceed $70.0 million, a fee
of 1.40% of the construction costs;
• where the construction costs exceed $70.0 million but do not exceed $100.0 million, a fee
of 1.35% of the construction costs; and
• where the construction costs exceed $100.0 million, a fee to be mutually agreed by the
parties.
122 Ascendas real estate investment trust

Notes to the financial statements
(v)
Energy audit services
For energy audit services, A-REIT will pay the Property Manager $4,000 per chiller for the first
two sets of chiller in the building and $2,000 for any subsequent set of chiller in the building.
In addition to these fees, A-REIT will share with the Property Manager 40% of the cost savings
achieved in each building subject to a maximum of $40,000 per building within a period of 3
years.
2. Basis of preparation
(a)
Statement of compliance
The financial statements have been prepared in accordance with the recommendations of Statement
of Recommended Accounting Practice (“RAP”) 7 “Reporting Framework for Unit Trusts” issued by the
Institute of Certified Public Accountants of Singapore, and the applicable requirements of the Code
on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore
(“MAS”) and the provisions of the Trust Deed.
(b)
Functional and presentation currency
The financial statements are presented in Singapore dollars, which is A-REIT’s functional currency. All
financial information presented in Singapore dollars has been rounded to the nearest thousand, unless
otherwise stated.
(c)
Basis of measurement
The financial statements are prepared on the historical cost basis, except for investment properties, and
certain financial assets and financial liabilities which are stated at fair value as described in note 3(d).
(d)
Use of estimates and judgements
The preparation of financial statements in conformity with RAP 7 requires the Manager to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying amounts of assets and liabilities
that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, and in any future periods
affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in
applying accounting policies that have the most significant effect on the amount recognised in the
financial statements are described in the following note:
• Note 4 – Valuation of investment properties;
• Note 5 – Valuation of investment properties under development; and
• Note 29 – Valuation of financial instruments
8th Annual Report FY09/10
123

Notes to the financial statements
(e)
Changes in accounting policies
Overview
As of 1 April 2009 on adoption of new/revised FRS, A-REIT has changed its accounting policies in the
following areas:
• Determination and presentation of operating segments;
• Measurement of investment properties under development; and
• Disclosures pertaining to fair values for financial instruments
Determination and presentation of operating segments
As of 1 April 2009, A-REIT determines and presents operating segments based on the information that
is internally provided to A-REIT’s Chief Operating Decision Maker (“CODM”). This change in accounting
policy is due to the adoption of FRS 108 Operating Segments. Previously, operating segments were
determined and presented in accordance with FRS 14 Segment Reporting. The new accounting policy
in respect of operating segments disclosures is presented in note 3(l) and has no material impact on
comparative segment information and earnings per unit.
Measurement of investment properties under development
In accordance with amendments made to FRS 40 Investment Property, any property that is being
constructed or developed for future use as an investment property is classified as an investment property.
As A-REIT has adopted the fair value model for its investment properties, it will account for investment
properties under development using the fair value model, with any changes in fair value recognised in the
Statement of Total Return as a net change in the fair value of investment properties. In accordance with
the transitional provisions of FRS 40, the change in accounting policy has been applied prospectively.
Disclosures pertaining to fair values for financial instruments
A-REIT has applied Improving Disclosures about Financial Instruments (Amendments to FRS 107
Financial Instruments: Disclosures), issued in April 2009, that require enhanced disclosures about fair
value measurements and liquidity risk in respect of financial instruments.
The amendments require that fair value measurement disclosures use a three-level fair value hierarchy
that reflects the significance of the inputs used in measuring fair values of financial instruments. Specific
disclosures are required when fair value measurements are categorised as Level 3 (significant unobservable
inputs) in the fair value hierarchy. The amendments require that any significant transfers between Level 1
and Level 2 of the fair value hierarchy be disclosed separately, distinguishing between transfers into and
out of each level. Furthermore, changes in valuation techniques from one period to another, including
the reasons therefore, are required to be disclosed for each class of financial instruments.
Revised disclosures in respect of the fair values of financial instruments are included in note 29.
124 Ascendas real estate investment trust

Notes to the financial statements
3. Significant accounting policies
The accounting policies set out below have been applied consistently by A-REIT to all periods presented in
these financial statements.
(a)
Investment properties
Investment properties are properties held either to earn rental income or for capital appreciation, or
for both, but not for sale in the ordinary course of business. Investment properties are initially stated
at cost, including transaction costs and are measured at fair value thereafter, with any change therein
recognised in the Statement of Total Return. Fair values are determined in accordance with the Trust
Deed, which requires the investment properties to be valued by independent registered valuers in the
following events:
(i)
(ii)
in such manner and frequency required under the CIS Code issued by MAS; and
at least once in each period of 12 months following the acquisition of the investment properties.
Any increase or decrease on revaluation is credited or charged to the Statement of Total Return as a
change in fair value of the investment properties.
When A-REIT holds a property interest under an operating lease to earn rental income or for capital
appreciation or both, the interest is classified and accounted for as investment properties on a propertyby-property
basis.
Subsequent expenditure relating to investment properties that have already been recognised is added
to the carrying amount of the asset when it is probable that future economic benefits, in excess of
originally assessed standard of performance of the existing asset, will flow to A-REIT. All other subsequent
expenditure is recognised as an expense in the period in which it is incurred.
When an investment property is disposed of, the resulting gain or loss recognised in the Statement of
Total Return is the difference between net disposal proceeds and the carrying amount of the property.
Investment properties are not depreciated. The properties are subject to continuing maintenance and
are regularly revalued on the basis described above. For taxation purposes, A-REIT may claim capital
allowances on assets that qualify as plant and machinery under the Income Tax Act.
(b)
Investment properties under development
Investment properties under development are properties constructed or developed for future use
as investment properties. Investment properties under development are measured at fair value. The
difference between the fair value and cost (including acquisition costs, development expenditure,
borrowing costs and other related expenditure) is credited or charged to the Statement of Total Return
as a change in fair value of investment properties under development. Upon completion, the carrying
amounts are reclassified to investment properties.
(c)
Plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Subsequent expenditure relating to plant and equipment that has already been recognised is
added to the carrying amount of the asset when it is probable that future economic benefit in excess
of the originally assessed standard of performance of the existing asset will flow to A-REIT. All other
subsequent expenditure is recognised as an expense in the period in which it is incurred.
8th Annual Report FY09/10
125

Notes to the financial statements
Depreciation is provided on the straight-line basis over the estimated useful lives of each component of
an item of plant and equipment as follows:
Furniture and fixtures
Equipment
7 years
8 to 10 years
Gains or losses arising from the retirement or disposal of plant and equipment are determined as the
difference between the estimated net disposal proceeds and the carrying amount of the asset, and are
recognised in the Statement of Total Return on the date of retirement or disposal.
Depreciation methods, useful lives and residual values are reviewed and adjusted as appropriate at each
balance sheet date.
(d)
Financial instruments
Recognition and derecognition
A financial instrument is recognised if A-REIT becomes a party to the contractual provisions of the
instruments. Financial assets are derecognised if A-REIT’s contractual rights to the cash flows from the
financial assets expire or if A-REIT transfers the rights to receive the contractual cash flows on the financial
asset in a transaction in which substantially all the risks and rewards of ownership of the financial assets
are transferred. Regular way purchases and sales of financial assets are accounted for at trade date, i.e.,
the date that A-REIT commits itself to purchase or sell the asset. Financial liabilities are derecognised if
A-REIT’s obligations specified in the contract expire or are discharged or cancelled.
Offsetting financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when, and
only when A-REIT has a legal right to offset the amounts and intends either to settle on a net basis, or
realise the asset and settle the liability simultaneously.
Non-derivative financial instruments
Non-derivative financial assets (comprising trade and other receivables, cash and cash equivalents) are
categorised as “Loans and receivables”.
Non-derivative financial liabilities comprise trade and other payables, security deposits, deferred
payments, term loans, medium term notes and short term borrowings.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not
measured at fair value through profit or loss, any directly attributable transaction costs. Subsequent
to initial recognition, non-derivative financial instruments are measured at amortised cost using the
effective interest method, less any impairment losses.
The amortised cost of a financial asset or liability is the amount at which the financial asset or liability is
measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation
using the effective interest method of any difference between the initial amount recognised and the
maturity amount, minus any reduction for impairment.
126 Ascendas real estate investment trust

Notes to the financial statements
Compound financial instruments
Compound financial instruments comprise the collateral loan that contains embedded derivatives.
The collateral loan is designated as a financial liability at fair value through profit or loss as it relates to
a financial instrument that contains embedded derivatives that significantly modify the cash flows that
would otherwise be required under the contract.
Upon initial recognition, the collateral loan is measured at fair value and transaction costs directly
attributable to the collateral loan are recognised in the Statement of Total Return as incurred. Subsequent
to initial recognition, the collateral loan is measured at fair value, with changes therein recognised in the
Statement of Total Return as finance income or finance costs.
Derivative financial instruments and hedging activities
A-REIT holds derivative financial instruments to hedge its interest rates exposures. Derivative financial
instruments are recognised initially at fair value and attributable transaction costs are recognised in the
Statement of Total Return when incurred. Subsequent to initial recognition, derivatives are measured at
fair value, and changes therein are accounted for as described below:
Cash flow hedges
Changes in the fair value of derivative hedging instruments designated as cash flow hedges are
recognised directly in Unitholders’ funds to the extent that the hedge is effective. The effective portion
of the change in fair value of the derivative is taken to the hedging reserves in Unitholders’ funds. The
amount recognised in the hedging reserves in Unitholders’ funds is removed and included in Statement
of Total Return in the same period as the hedged cash flows affect Statement of Total Return under the
same line item in the Statement of Total Return as the hedged item. Any ineffective portion of changes
in fair value are recognised in the Statement of Total Return.
If the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold,
terminated or exercised, hedge accounting is discontinued prospectively. The cumulative gain or loss
previously recognised in Unitholders’ funds remains there until the forecast transaction occurs. When the
hedged item is a non-financial asset, the amount recognised in the Unitholders’ funds is transferred to
the carrying amount of the asset when it is recognised. If the forecast transaction is no longer expected
to occur, then the balance in Unitholders’ funds is recognised immediately in the Statement of Total
Return. In other cases, the amount recognised in Unitholders’ funds is transferred to the Statement of
Total Return in the same period that the hedged item affects the Statement of Total Return.
Other derivative financial instruments
Changes in the fair value of derivative financial instruments that are not designated as hedging instruments
in qualifying cash flow hedges are recognised in the Statement of Total Return.
8th Annual Report FY09/10
127

Notes to the financial statements
Impairment of financial assets
A financial asset is assessed at each balance sheet date to determine whether there is any objective
evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates
that one or more events have had a negative effect on the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount, and the present value of the estimated future cash flows discounted at the
original effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The remaining
financial assets are assessed collectively in groups that share similar credit risk characteristics.
All impairment losses are recognised in the Statement of Total Return.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after
the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is
recognised in the Statement of Total Return.
(e)
Impairment of non-financial assets
The carrying amounts of A-REIT’s non-financial assets, other than investment properties, are reviewed
at each balance sheet date to determine whether there is any indication of impairment. If any such
indication exists, the assets’ recoverable amounts are estimated.
An impairment loss is recognised in the Statement of Total Return if the carrying amount of an asset
or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest
identifiable asset group that generates cash flows that largely are independent from other assets and
groups. Impairment losses are recognised in the Statement of Total Return, unless it reverses a previous
revaluation credited to Unitholders’ funds, in which case it is charged to Unitholders’ funds.
Calculation of recoverable amount
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair
value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset or cash-generating unit.
Reversals of impairment
Impairment losses recognised in prior periods are assessed at each balance sheet date for any indications
that the loss has decreased or no longer exist. An impairment loss is reversed if there has been a change
in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the
extent that the asset’s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
128 Ascendas real estate investment trust

Notes to the financial statements
(f)
Taxation
Taxation on the returns for the year comprises current and deferred tax. Income tax is recognised in the
Statement of Total Return, except to the extent that it relates to items directly related to Unitholders’
funds, in which case it is recognised in Unitholders’ funds.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date.
Deferred tax is provided using the balance sheet method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. The temporary differences on initial recognition of assets or liabilities that affect
neither accounting nor taxable profit are not provided for. The amount of deferred tax provided is based
on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities
are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate
to income taxes levied by the same tax authority on the same taxable entity.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the unused tax losses and credits can be utilised. Deferred tax assets are
reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
The Inland Revenue Authority of Singapore (“IRAS”) has issued a tax ruling on the taxation of A-REIT
for income earned and expenditure incurred after its public listing on SGX-ST. Subject to meeting the
terms and conditions of the tax ruling, the Trustee will not be assessed to tax on the taxable income of
A-REIT distributed in the same financial year. Instead, the Trustee and the Manager will deduct income
tax (if required) at the prevailing corporate tax rate of 17% (2009: 17%) from the distributions made to
Unitholders that are made out of the taxable income of A-REIT in that financial year.
However, the Trustee and the Manager will not deduct tax from distributions made out of A-REIT’s taxable
income that is not taxed at A-REIT’s level to the extent that the beneficial Unitholders are:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Individuals (whether resident or non-resident) who receive such distributions as investment
income (excluding income received through a Singapore partnership);
Companies incorporated and tax resident in Singapore;
Singapore branches of foreign companies which have presented a letter of approval from the
IRAS granting waiver from tax deducted at source in respect of distributions from A-REIT;
Non-corporate Singapore constituted or registered entities (e.g. town councils, statutory boards,
charitable organisations, management corporations, clubs and trade and industry associations
constituted, incorporated, registered or organised in Singapore);
Central Provident Fund (“CPF”) members who use their CPF funds under the CPF Investment
Scheme and where the distributions received are returned to the CPF accounts; and
Individuals who use their Supplementary Retirement Scheme (“SRS”) funds and where the
distributions received are returned to the SRS accounts.
8th Annual Report FY09/10
129

Notes to the financial statements
The Trustee and the Manager will deduct tax at the reduced concessionary rate of 10% from distributions
made out of A-REIT’s taxable income that is not taxed at A-REIT’s level to beneficial Unitholders who are
qualifying foreign non-individual investors. A qualifying foreign non-individual investor is one who is not
a resident of Singapore for income tax purposes and:
(i)
(ii)
Who does not have a permanent establishment in Singapore; or
Who carries on any operation in Singapore through a permanent establishment in Singapore,
where the funds used to acquire the units in A-REIT are not obtained from that operation.
The reduced concessionary tax rate of 10% will expire for distributions made after 31 March 2015 unless
this concession is extended.
(g)
Distribution policy
A-REIT’s distribution policy is to distribute 100% of its distributable income to Unitholders, other than
gains on the sale of properties that are determined by IRAS to be trading gains, and unrealised surplus on
revaluation of investment properties. Distributions are usually made on a quarterly basis at the discretion
of the Manager.
(h)
Issue expenses
Issue expenses represent expenses incurred in the issuance and placement of additional units in A-REIT.
The expenses are deducted directly against Unitholders’ funds, as stipulated in the Trust Deed.
(i)
Revenue recognition
Rental income from operating leases
Rental income receivable under operating leases is recognised on a straight-line basis over the term
of the lease, except where an alternative basis is more representative of the pattern of benefits to be
derived from the leased assets. Lease incentives granted are recognised as an integral part of total rental
income over the term of the lease.
Other income
Other income is recognised when the right to receive payment is established, after services have been
rendered.
(j)
Expenses
(i)
Property operating expenses
property operating expenses are recognised on an accrual basis. Included in property operating
expenses are fees incurred under the Property Management Agreement which are based on the
applicable formula stipulated in note 1(c).
Where A-REIT has the use of assets under operating leases, payments made under the leases are
recognised in the Statement of Total Return on a straight-line basis over the term of leases.
130 Ascendas real estate investment trust

Notes to the financial statements
(ii)
Management fees
Management fees are recognised on an accrual basis using the applicable formula stipulated
in note 1(b).
(iii)
Trust expenses
trust expenses are recognised on an accrual basis. Included in trust expenses is the trustee’s fees
which are based on the applicable formula stipulated in note 1(a).
(k)
Finance income and finance costs
Finance income comprises interest income, any net gain arising from the extinguishment of interestbearing
borrowings and changes in fair value of financial liabilities measured at fair value through profit
or loss. Interest income is recognised as it accrues in the Statement of Total Return, using the effective
interest method.
Finance costs comprise interest expense on borrowings, transaction costs directly attributable to financial
liabilities measured at fair value through profit or loss, changes in fair value of financial liabilities measured
at fair value through profit or loss, and accretion adjustments on borrowings related transaction costs,
security deposits and deferred payments.
Interest expense on borrowings, accretion adjustments on borrowings related transaction costs, security
deposits and deferred payments are recognised in the Statement of Total Return using the effective
interest method over the period of borrowings, except to the extent that they are capitalised as being
directly attributable to the acquisition, construction or production of an asset which necessarily takes a
substantial period of time to be prepared for its intended use or sale.
(l)
Operating segments
An operating segment is a component of A-REIT that engages in business activities from which it may
earn revenues and incur expenses. All operating segments’ operating results are reviewed regularly
by A-REIT’s CODM to make decisions about resources to be allocated to the segment and assess its
performance, and for which discrete financial information is available.
8th Annual Report FY09/10
131

Notes to the financial statements
4. Investment properties
Note 2010 2009
$’000 $’000
At 1 April 4,425,735 4,085,605
Acquisition of investment properties 133,040 278,345
Transfer from investment properties under development 5 231,947 174,839
Capital expenditure incurred 3,550 2,389
4,794,272 4,541,178
Net depreciation on revaluation (53,682) (115,443)
At 31 March 4,740,590 4,425,735
Investment properties are stated at fair values based on valuations performed by independent professional
valuers as at 31 March 2010, except for investment properties acquired in March 2010, namely DBS Asia
Hub and 31 Joo Koon Circle which were valued by independent valuers in January 2010 and February 2010
respectively. The fair values of these two properties approximated their carrying amount at the balance sheet
date. In determining the fair value, the valuers have used valuation methods which involve certain estimates. The
Manager has exercised its judgement and is satisfied that the valuation methods and estimates are reflective of
the current market conditions.
The fair values are based on open market values, being the estimated amount for which a property could be
exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
The independent professional valuers have considered valuation techniques including direct comparison
method, capitalisation approach and/or discounted cash flows in arriving at the open market value as at the
balance sheet date. The key assumptions used to determine the fair value of investment properties include
market-corroborated capitalisation yield, terminal yield, discount rate and average growth rate.
The direct comparison method involves the analysis of comparable sales of similar properties and adjusting the
sales prices to that reflective of the investment properties. The capitalisation approach capitalises an income
stream into a present value using revenue multipliers or single-year capitalisation rates. The discounted cash
flows method involves the estimation and projection of an income stream over a period and discounting the
income stream with an expected internal rate of return.
As at the balance sheet date, investment properties with an aggregate carrying amount of $1,298,350,000
(2009: $3,501,275,000) and $935,200,000 (2009: Nil) have been pledged as security for credit facilities granted by
Emerald Assets Limited and Ruby Assets Pte. Ltd. respectively, to A-REIT (refer to note 14 and 15).
132 Ascendas real estate investment trust

Notes to the financial statements
5. Investment properties under development
Note 2010 2009
$’000 $’000
At 1 April 76,343 88,007
Costs incurred during the financial year 159,513 163,175
Transfer to investment properties 4 (231,947) (174,839)
3,909 76,343
Net appreciation/(depreciation) on revaluation - -
At 31 March 3,909 76,343
Investment properties under development are stated at fair value based on management’s internal valuation
on the investment properties under development at 31 March 2010 using the income and residual method of
valuation. The key assumptions used include market-corroborated capitalisation yield, prevailing market costs
of construction and cost of finance. As at 31 March 2010, based on internal valuation, the fair value of investment
properties under development approximated their carrying amount.
6. Plant and equipment
Furniture and
fixtures Equipment Total
$’000 $’000 $’000
Cost
At 1 April 2008 and 2009 2,852 5,795 8,647
Additions - - -
At 31 March 2009 and 2010 2,852 5,795 8,647
Accumulated depreciation
At 1 April 2008 1,160 1,374 2,534
Depreciation charge for the year 414 687 1,101
At 31 March 2009 1,574 2,061 3,635
At 1 April 2009 1,574 2,061 3,635
Depreciation charge for the year 414 687 1,101
At 31 March 2010 1,988 2,748 4,736
Carrying amount
At 1 April 2008 1,692 4,421 6,113
At 31 March 2009 1,278 3,734 5,012
At 31 March 2010 864 3,047 3,911
8th Annual Report FY09/10
133

Notes to the financial statements
7. Other assets
Other assets comprise other receivables of $1,107,000 (2009: $1,503,000) and mechanical and electrical
equipment of $71,635,000 (2009: Nil) specific to the nature of a tenant’s industry which are installed in a building
that will be leased to the tenant. The mechanical and electrical equipment will be transferred to finance lease
receivable upon commencement of lease.
8. Trade and other receivables
2010 2009
$’000 $’000
Trade receivables, gross 3,066 2,137
Impairment losses - (102)
Trade receivables, net 3,066 2,035
Amounts due from related parties (trade) 71 61
Deposits 379 205
Other receivables 10,994 12,007
Loans and receivables 14,510 14,308
Prepayments 10,108 7,922
24,618 22,230
A-REIT primary exposure to credit risk arises through its trade receivables, deposits and other receivables.
A-REIT has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
The tenants included in trade receivables are engaged in a wide spectrum of business activities across industry
segments. A-REIT’s historical experience in collection of trade receivables falls within the recorded allowances.
Due to these factors, the Manager believes that no additional credit risk beyond amounts provided for collection
losses is inherent in A-REIT’s trade receivables.
134 Ascendas real estate investment trust

Notes to the financial statements
The maximum exposure to credit risk for trade receivables at balance sheet date, by operating segment is as
follows:
2010 2009
$’000 $’000
Business & Science Parks 138 229
Hi-Tech Industrial Properties 243 367
Light Industrial Properties 1,578 322
Logistics & Distribution Centres 1,107 1,117
Warehouse Retail Facilities - -
3,066 2,035
The amount represented in the table above is fully secured by way of bankers’ guarantee or cash security
deposit held by A-REIT.
A-REIT’s most significant outstanding trade receivable amounts to $855,000 (2009: $323,000) due from one
tenant as at the balance sheet date.
During the financial year, $118,000 (2009: $4,425,000) was drawn down from bankers’ guarantees and $406,000
(2009: $335,000) of cash security deposits were forfeited by A-REIT as a result of defaulted rental arrears by the
tenants.
The ageing of trade receivables at the balance sheet date was:
Impairment
Gross
losses
$’000 $’000
2010
Not past due - -
Past due 1 – 90 days 2,038 -
Over 90 days 1,028 -
3,066 -
2009
Not past due 438 90
Past due 1 – 90 days 1,574 12
Over 90 days 125 -
2,137 102
8th Annual Report FY09/10
135

Notes to the financial statements
Impairment losses
The change in impairment loss in respect of trade receivables during the year is as follows:
2010 2009
$’000 $’000
At 1 April 102 324
Net impairment loss written back during the year (102) (222)
At 31 March - 102
The Manager believes that no impairment loss is necessary in respect of the remaining trade receivables as
these amounts mainly arise from tenants that have good records and have sufficient security in the form of
bankers’ guarantees, insurance bonds or cash security deposits.
The maximum exposure to credit risk for deposits and other receivables at the balance sheet date is the
carrying amount which are not past due and no impairment loss is necessary in respect of deposits and other
receivables.
9. Cash and cash equivalents
2010 2009
$’000 $’000
Cash at banks 8,666 16,735
The weighted average effective interest rate relating to cash and cash equivalents at the balance sheet date is
0% (2009: 0%) per annum. Interest rates are re-priced on a daily basis.
136 Ascendas real estate investment trust

Notes to the financial statements
10. Trade and other payables
2010 2009
$’000 $’000
Trade payables and accrued operating expenses 153,525 125,206
Trade amounts due to:
- the Manager 4,796 12,378
- the Property Manager 1,332 1,888
- the Trustee 364 224
- other related parties 115,568 1,012
Interest payable 8,858 6,573
284,443 147,281
Trade amounts due to other related parties included $114,982,000 (2009: Nil) payable for the acquisition of DBS
Asia Hub on 31 March 2010.
11. Security depoSITS
2010 2009
$’000 $’000
Security deposits 43,410 38,219
Less: Unamortised discount (3,978) (3,349)
Security deposits at amortised cost 39,432 34,870
Current security deposits 37,210 34,055
Non-current security deposits 2,222 815
Total security deposits 39,432 34,870
8th Annual Report FY09/10
137

Notes to the financial statements
12. Deferred payments
Deferred payments are due to vendors in respect of the purchase of the following properties:
2010 2009
$’000 $’000
SB Building payable in November 2009 - 3,800
Wisma Gulab payable between December 2009 and December 2011 7,200 12,200
Freight Links (Changi) Building payable in December 2010 3,200 3,200
Freight Links (Toh Guan) Building payable in December 2010 3,640 3,640
Xilin Districentre Building C payable between May 2009 and May 2010 500 1,000
13 International Business Park payable in March 2010 - 386
Thales Building (Phase II) payable between April 2009 and June 2009 - 20
Deferred payments 14,540 24,246
Less: Unamortised discount (620) (1,268)
Deferred payments at amortised cost 13,920 22,978
Current deferred payments 7,136 9,706
Non-current deferred payments 6,784 13,272
Total deferred payments 13,920 22,978
13. Derivative liabilities
2010 2009
$’000 $’000
Current derivative liabilities 3,570 635
Non-current derivative liabilities 50,451 50,061
Total derivative liabilities 54,021 50,696
Derivative liabilities as a percentage of net assets 1.83% 1.88%
A-REIT uses interest rate swaps to manage its exposure to interest rate movements on its floating rate interestbearing
term loans and short term borrowings by swapping the interest expense on a proportion of these term
loans and short term borrowings from floating rates to fixed rates.
Interest rate swaps with a total notional amount of $1,390.7 million (2009: $1,430.7 million) have been entered
into to provide fixed rate funding for terms of 1 to 7 years (2009: 1 to 7 years ) at a weighted average interest
rate of 3.08% (2009: 3.06%) per annum.
138 Ascendas real estate investment trust

Notes to the financial statements
Where the interest rate swaps are designated as the hedging instruments in qualifying cash flow hedges, the
changes in fair value of the interest rate swaps relating to the effective portion are recorded in Unitholders’
funds. For the financial year ended 31 March 2010, net losses of $3,478,000 (2009: $15,885,000) relating to the
effective portion of cash flow hedges were recognised in Unitholders’ funds. Fair value changes relating to the
ineffective portion is recognised in the Statement of Total Return.
During the financial year, following the repayment of the floating rate term loans, hedge accounting was
discontinued in respect of interest rate swaps with a total notional amount of $443.9 million. The changes in the
fair value of these interest rate swaps, amounting to $24,030,000 (2009: Nil) were reclassified from Unitholders’
funds to the Statement of Total Return.
14. Loans and borrowings
2010 2009
$’000 $’000
Current
Short term borrowings 251,800 245,500
Less: Unamortised transaction costs (46) -
251,754 245,500
Term loans - 600,000
Less: Unamortised transaction costs - (173)
- 599,827
Total current loans and borrowings 251,754 845,327
Non-current
Term loans 695,000 744,965
Less: Unamortised transaction costs (5,848) (1,598)
689,152 743,367
Medium term notes 275,000 -
Less: Unamortised transaction costs (650) -
274,350 -
Total non-current loans and borrowings 963,502 743,367
Total loans and borrowings 1,215,256 1,588,694
Maturity of gross loans and borrowings:
2010 2009
$’000 $’000
Within 1 year 251,800 845,500
After 1 year but within 5 years 670,000 349,965
After 5 years 300,000 395,000
1,221,800 1,590,465
8th Annual Report FY09/10
139

Notes to the financial statements
As at the balance sheet date, A-REIT has in place various bilateral banking credit facilities and transferable loan
facilities totalling $1,220 million (2009: $1,120 million) of which $552 million (2009: $549 million) has been utilised
at the balance sheet date. Included in that amount of $1,220 million is a sub-limit of $50 million facility for the
issuance of letters of guarantee.
The weighted average all-in cost of borrowings, including margins charged on the loans, amortised and annual
costs of the MTN Programme as at 31 March 2010 is 3.94% (2009: 3.67%).
Term loans
Term loans include loans granted by a special purpose vehicle, Emerald Assets Limited (“Emerald Assets”), and
a loan granted by a financial institution under a transferable loan facility.
The term loan granted under the transferable loan facility of $300 million (2009: $300 million) has a maturity date
of 31 March 2017 (2009: 31 March 2010) and bears interest at an interest rate of Singapore swap offer rate plus
a margin.
Three term loans of $300 million, $350 million and $395 million, with maturity dates of 18 August 2009, 12 May
2012 and 14 May 2014 respectively, were granted by Emerald Assets. The $300 million term loan which was due
in August 2009 was repaid on the due date. 14 properties that were mortgaged as security in favour of Emerald
Assets were discharged following the repayment of this term loan. The $350 million term loan which was due
in May 2012 was early redeemed in March 2010. With the repayment of the $350 million term loan, a further 23
properties have been discharged from the mortgage to Emerald Assets.
The remaining term loan of $395 million granted by Emerald Assets, issued on 14 May 2007, at an interest rate of
0.20% above the Singapore swap offer rate will mature on 14 May 2014. As security for this credit facility granted
by Emerald Assets, the Trustee of A-REIT has granted in favour of Emerald Assets the following:
(i) a mortgage over the properties making up “Portfolio 3” (Portfolio 3 includes 36 properties, of which 29
were acquired between May 2005 and February 2007 and 7 were acquired before July 2004);
(ii)
(iii)
an assignment and charge of the rental proceeds and tenancy agreements in the Portfolio 3 properties;
an assignment of the insurance policies relating to the Portfolio 3 properties; and
(iv) a charge creating a fixed and floating charge over certain assets of A-REIT relating to the Portfolio 3
properties.
Emerald Assets entered into an arrangement for a $5 billion Medium Term Note Programme (“MTN Programme”).
Where it may, subject to compliance with all relevant laws, regulations and directives, from time to time, issue
fixed or floating interest rate notes (the “Notes”). The maximum aggregate principal amount of the Notes to
be issued shall be $5 billion. The Notes will be secured by debentures creating fixed and floating charges over
properties and assets owned by A-REIT. To fund the $1,045 million floating rate term loans granted to A-REIT,
Emerald Assets has issued Euro 144 million of Medium Term Note for a period of five years to 4 August 2009
and Euro 165 million of Medium Term Note for a period of seven years to 12 May 2012 and Euro 198 million of
Medium Term Note for a period of seven years to 14 May 2014. Emerald Assets fully repaid the Euro 144 million
and Euro 165 million of Medium Term Note in August 2009 and March 2010 respectively.
140 Ascendas real estate investment trust

Notes to the financial statements
Medium Term Notes
On March 2009, A-REIT established a $1 billion Multicurrency Medium Term Note (“MTN 2009”) Programme.
Under the MTN 2009 programme, A-REIT may, subject to compliance with all relevant laws, regulations and
directives, from time to time issue notes in one or more tranches, on the same or different issue dates, in
Singapore dollars or any other currency.
Each tranche of notes may be issued in various amounts and tenors, and may bear fixed, floating, or variable
rates of interest. Hybrid notes or zero coupon notes may also be issued under the MTN 2009 Programme.
The notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of A-REIT ranking
pari passu, without any preference or priority among themselves and pari passu with all other present and future
unsecured obligations (other than subordinated obligations and priorities created by law) of A-REIT.
The maximum aggregate principal amount of the notes outstanding at any time shall be $1 billion, or such
higher amount as may be determined pursuant to the MTN 2009 Programme.
The total facility drawn down by A-REIT as at 31 March 2010 is $275 million (2009: Nil), consisting of:
(i)
(ii)
$150 million MTN 1. The $150 million MTN 1 will mature on 29 April 2011 and bear an interest rate of
4.75% per annum payable semi-annually in arrears.
$125 million MTN 2. The $125 million MTN 2 will mature on 22 July 2013 and bear an interest rate of
5.00% per annum, payable semi-annually in arrears.
Terms and debt repayment schedule
Terms and conditions of outstanding loans and borrowings are as follows:
Nominal
Year of Face Carrying
interest rate maturity value amount
% $’000 $’000
2010
Term loans SOR* + margin 2014 to 2017 695,000 689,152
Short term borrowings SOR* + margin 2010 251,800 251,754
Medium term notes 4.75 – 5.00 2011 to 2013 275,000 274,350
1,221,800 1,215,256
2009
Term loans SOR* + margin 2009 to 2014 1,344,965 1,343,194
Short term borrowings SOR* + margin 2009 245,500 245,500
1,590,465 1,588,694
* Swap Offer Rate
8th Annual Report FY09/10
141

Notes to the financial statements
15. Collateral loan
2010 2009
$’000 $’000
At initial recognition 300,000 -
Change in fair value of collateral loan 390 -
At 31 March 300,390 -
In March 2010, a collateral loan of $300 million was granted by a special purpose vehicle, Ruby Assets Pte.
Ltd. (“Ruby Assets”) to A-REIT. The maturity date of the collateral loan is 1 February 2017 and it bears a fixed
interest rate of 1.60% per annum. The collateral loan may be repaid in whole or in part, at the option of Ruby
Assets, on 1 February 2015 at the early repayment amount. The collateral loan may also be repaid in whole
but not in part, at the option of A-REIT, on or at any time after 1 February 2015, but not less than 7 business
days prior to 1 February 2017. The early repayment amount represents the principal amount of the collateral
loan, together with any accrued but unpaid interest up to but excluding the date of repayment.
The collateral loan can be convertible by Ruby Assets into A-REIT Units at the conversion price of $2.45, at
any time on and after 6 May 2010 up to the close of business on 23 January 2017, or if the collateral loan has
been called for redemption before 1 February 2017, then up to the close of business on a date no later than
7 business days prior to the date fixed for redemption thereof. The Trustee has the option to pay cash in lieu
of delivering A-REIT Units.
As collateral for the loan granted by Ruby Assets, the Trustee of A-REIT has granted in favour of Ruby Assets
the following:
(i)
(ii)
(iii)
(iv)
a mortgage over the properties making up “Portfolio CL” (Portfolio CL includes 19 properties acquired
between July 2004 and April 2005);
an assignment and charge of the rental proceeds and tenancy agreements in the Portfolio CL
properties;
an assignment of the insurance policies relating to the Portfolio CL properties; and
a charge creating a fixed and floating charge over certain assets of A-REIT relating to the Portfolio CL
properties.
In order to fund the $300 million collateral loan to A-REIT, Ruby Assets issued $300 million Exchangeable
Collateralised Securities (“ECS”) on 26 March 2010. The ECS bears a fixed coupon of 1.60% per annum and
have an expected maturity date of 1 February 2017 and a legal maturity date of 1 February 2019.
The ECS are exchangeable by ECS Holders into A-REIT Units at the exchange price of $2.45, at any time on and
after 6 May 2010 up to the close of business on 23 January 2017, or if such ECS has been called for redemption
before 1 February 2017, then up to the close of business on a date no later than 7 business days prior to the date
fixed for redemption thereof. Ruby Assets has the option to pay cash in lieu of A-REIT Units.
142 Ascendas real estate investment trust

Notes to the financial statements
The ECS may be redeemed, in whole or in part, at the option of the ECS Holders on 1 February 2015 at the
early redemption amount of the ECS. The ECS may also be redeemed in whole but not in part, at the option
of Ruby Assets on or any time after 1 February 2015 but not less than 7 business days prior to 1 February 2017
(subject to the satisfaction of certain conditions). The early redemption amount represents the redemption price
upon maturity which is equal to the principal amount, together with any accrued but unpaid interest up to but
excluding the date of redemption.
16. Units on issue
No. of units
2010 2009
(‘000) (‘000)
At 1 April 1,683,473 1,325,560
Issue of new units:
- As payment of base management fees 2,681 2,706
- As payment of performance fees - 3,224
- As payment of acquisition fees - 273
- Pursuant to private placement 185,000 258,000
- Pursuant to preferential offering - 93,710
At 31 March 1,871,154 1,683,473
During the financial year, A-REIT issued 2,680,667 (2009: 2,705,838) new units at the issue price range of $1.5715
to $1.8985 (2009: $1.2232 to $2.2436) per unit, in respect of the payment of the base management fee to the
Manager in units. During the previous financial year, A-REIT issued 3,223,302 new units at the issue price of
$2.6023 per unit as payment of the performance fee for the financial year ended 31 March 2008 and 273,382 new
units at the issue price of $2.5521 per unit as payment of the acquisition fees for CGG Veritas Hub and Science
Hub & Rutherford. The issue prices were determined based on the volume weighted average traded price for
all trades done on SGX-ST in the ordinary course of trading for 10 business days immediately preceding the
respective date of issue of the units.
In addition, 185,000,000 new units (“Private Placement units”) were issued on 20 August 2009 at an issue price
of $1.63 per unit. Unitholders on the register with The Central Depository (Pte) Limited (“CDP”) on 19 August
2009 received advance distribution of 1.94 cents per unit for the period from 1 July 2009 to 19 August 2009.
Thereafter, the Private Placement Units ranked pari passu in all respects with the units on issue prior to 20
August 2009, including the entitlement of all future distributions.
8th Annual Report FY09/10
143

Notes to the financial statements
In the previous financial year, 258,000,000 new units at an issue price of $1.16 per unit, were placed out on 21
January 2009. 93,710,021 units were issued as preferential offerings on 12 February 2009 to Unitholders on
register with the CDP on 23 January 2009 (“Prior registered Unitholders”). Prior registered Unitholders had
received advance distribution of 0.73 cents per unit for the period from 1 January 2009 to 20 January 2009.
Thereafter, the abovementioned units ranked pari passu in all respects with the units on issue prior to 21 January
2009, including the entitlement of all future distributions.
Each unit in A-REIT represents an undivided interest in A-REIT. The rights and interests of Unitholders are
contained in the Trust Deed and include the right to:
• receive income and other distributions attributable to the units held;
• participate in the termination of A-REIT by receiving a share of all net cash proceeds derived from the
realisation of the assets of A-REIT less any liabilities, in accordance with their proportionate interests in
A-REIT. However, a Unitholder has no equitable or proprietary interest in the underlying assets of A-REIT
and is not entitled to the transfer to it of any assets (or any part thereof) or of any estate or interest in any
asset (or any part thereof) of A-REIT;
• attend all Unitholder’s meetings. The Trustee or the Manager may (and the Manager shall at the request
in writing of not less than 50 Unitholders or one-tenth in number of the issued units) at any time convene
a meeting of Unitholders in accordance with the provisions of the Trust Deed; and
• one vote per unit at a Unitholders’ meeting.
The restrictions to a Unitholder include the following:
• a Unitholder’s right is limited to the right to require due administration of A-REIT in accordance with the
provisions of the Trust Deed; and
• a Unitholder has no right to request for redemption of their units while the units are listed on SGX-ST.
17. Gross revenue
2010 2009
$’000 $’000
Property rental income 385,703 363,033
Other income 27,975 33,501
413,678 396,534
Other income mainly comprises revenue from car park charges and utilities income.
144 Ascendas real estate investment trust

Notes to the financial statements
18. Property operating expenses
2010 2009
$’000 $’000
Land rent 10,461 9,547
Maintenance and conservancy 15,704 12,030
Property service fees 13,555 12,143
Property tax 21,876 26,401
Utilities 24,034 31,087
Depreciation 1,101 1,101
Other operating expenses 6,959 7,607
93,690 99,916
19. Management fees
Management fees relate to base management fees of $23,421,000 (2009: $22,603,000). No performance fee was
payable for the current financial year (2009: $9,095,000).
20. Trust expenses
2010 2009
$’000 $’000
Auditors’ remuneration
- audit fees 195 226
- non-audit fees 65 100
Professional fees 171 841
Trustee’s fees 1,408 1,362
Other expenses 1,040 2,186
2,879 4,715
8th Annual Report FY09/10
145

Notes to the financial statements
21. Finance income and finance costs
2010 2009
$’000 $’000
Interest income 61 29
Net gain on extinguishment of term loan 1,589 -
Finance income 1,650 29
Interest expense 60,281 58,430
Net accretion adjustments of security deposits and
deferred payments 17 1,055
Change in fair value of collateral loan 390 -
Transaction costs paid in respect of collateral loan* 9,117 -
Finance costs 69,805 59,485
* Includes $120,000 of non-audit fees paid to the auditors of A-REIT.
22. Income tax expense
2010 2009
$’000 $’000
Reconciliation of effective tax rate
Total return for the year before income tax 147,973 85,306
Tax calculated using Singapore tax rate of 17% 25,155 14,502
Non-tax deductible items, net 14,795 21,355
Tax transparency (39,950) (35,857)
- -
146 Ascendas real estate investment trust

Notes to the financial statements
23. Earnings per unit and distribution per unit
The calculation of basic earnings per unit and distribution per unit for the financial year is based on:
2010 2009
$’000 $’000
Total return for the year 147,973 85,306
Income available for distribution 234,891 210,923
2010 2009
(’000) (’000)
Weighted average number of units on issue used for
the calculation of basic earnings per unit 1,798,515 1,396,163
Applicable number of units on issue used for the
calculation of distributable income per unit 1,793,060 1,389,477
Based on the conversion price of $2.45, the collateral loan is convertible into approximately 122,448,979 A-REIT
Units, representing 6.5% of the total number of A-REIT Units in issue as at 31 March 2010. The conversion option
embedded in the collateral loan could potentially dilute basic earnings per unit in the future, but has not been
included in the calculation of diluted earnings per unit because it was anti-dilutive for the financial year ended
31 March 2010. There were no dilutive instruments on issue in the previous financial year.
24. Issue expenses
The net issue expenses of $5,005,000 (2009: $7,962,000) in relation to equity fund raising have been deducted
directly against Unitholders’ funds.
8th Annual Report FY09/10
147

Notes to the financial statements
25. Commitments
(a)
(b)
A-REIT is required to pay JTC Corporation (“JTC”) and the Housing Development Board (“HDB”) annual
land rent (including licence fees payable for development projects) in respect of certain properties. The
annual land rent payable is based on the market land rent in the relevant year of the lease term. However,
the lease agreement limit any increase in the annual land rent from year to year to 5.5% of the annual
land rent for the immediate preceding year. The land rent paid/payable to JTC and HDB amounted to
$19,850,000 (2009: $19,357,000) and $1,486,000 (2009: $1,656,000) respectively in relation to 71 properties
(2009: 70 properties) for the financial year ended 31 March 2010 (including amounts that have been
directly recharged to tenants).
A-REIT leases out its investment properties under operating lease agreements. Non-cancellable
operating lease rentals are receivable as follows:
2010 2009
$’000 $’000
Within 1 year 393,611 369,010
After 1 year but within 5 years 979,882 959,878
After 5 years 893,134 877,282
2,266,627 2,206,170
(c)
As at 31 March 2010, A-REIT had $25 million (2009: $243 million) of capital commitments that had been
authorised and contracted for but not provided for in the financial statements. The project is expected
to be completed within the financial year ending 31 March 2011.
148 Ascendas real estate investment trust

Notes to the financial statements
26. Significant related party transactions
For the purposes of these financial statements, parties are considered to be related to A-REIT if the Manager
(as manager of A-REIT) has the ability, directly or indirectly, to control the party or exercise significant influence
over the party in making financial and operating decisions, or vice versa, or where the Manager and the party
are subject to common significant influence. Related parties may be individuals or other entities. The Manager
and Property Manager are indirect wholly-owned subsidiaries of a significant Unitholder of A-REIT.
In the normal course of its business, A-REIT carried out transactions with related parties on terms agreed between
the parties. During the financial year, in addition to those disclosed elsewhere in the financial statements, there
were the following significant related party transactions:
2010 2009
$’000 $’000
Fees paid/payable to the Property Manager 16,788 17,081
Service charge and reimbursements paid/payable to
related companies of the Manager 4,074 4,729
Management fees paid/payable to the Manager 23,421 31,698
Acquisition fees paid/payable to the Manager 1,310 2,718
Development management fees paid/payable to the Manager 4,639 4,636
Acquisition of properties from related parties of the Manager 116,000 -
Reimbursements paid/payable to the Manager 173 119
Carpark income received/receivable from Property Manager (2,673) (1,971)
Marketing fees paid to the Property Manager during the year 4,340 5,458
8th Annual Report FY09/10
149

Notes to the financial statements
27. Financial ratios
2010 2009
% %
Ratio of expenses to weighted average net asset value (1) 0.90 1.08
Ratio of expenses to weighted average net asset value (2) 0.90 1.44
Portfolio turnover rate (3) - -
(1) The annualised ratio is computed in accordance with guidelines of Investment Management Association
of Singapore. The expenses used in the computation relate to expenses at the Trust level, excluding
property related expenses, borrowing costs and performance component of management fees.
(2) The annualised ratio is computed in accordance with guidelines of Investment Management Association
of Singapore. The expenses used in the computation are the same as in (1) above except that performance
fees have been included.
(3) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment
properties of A-REIT expressed as a percentage of weighted average net asset value.
28. Financial risk management
Capital management
A-REIT’s objective when managing capital is to optimise Unitholders’ value through the mix of available capital
sources which include debt and equity instruments, whilst complying with statutory and constitutional capital
and distribution requirements, maintaining gearing, interest service coverage and other ratios within approved
limits.
The Board of Directors of the Manager (the “Board”) reviews A-REIT’s debt and capital management cum
financing policy regularly so as to optimise A-REIT’s funding structure. The Board also monitors A-REIT’s
exposure to various risk elements and externally imposed requirements by closely adhering to clearly established
management policies and procedures.
A-REIT is subject to the aggregate leverage limit as defined in the Property Fund Appendix of the CIS Code. The
CIS Code stipulates that the total borrowings and deferred payments (together the “Aggregate Leverage”) of a
property fund should not exceed 35.0% of the Deposited Property. The Aggregate Leverage of a property fund
may exceed 35.0% of the Deposited Property (up to a maximum of 60.0%) only if a credit rating of the property
fund from Fitch Inc., Moody’s or Standard and Poor’s is obtained and disclosed to the public. The property fund
should continue to maintain and disclose a credit rating so long as its Aggregate Leverage exceeds 35.0% of
the Deposited Property. A-REIT currently has a corporate family rating of Baa1 by Moody’s. A-REIT has complied
with the Aggregate Leverage limit of 60.0% during the financial year.
As at the balance sheet date, the gross amounts of loans and borrowings (including collateral loan) and deferred
payments as a percentage of net assets is 52.13% (2009: 59.74%).
There was no change in A-REIT’S approach to capital management during the financial year.
150 Ascendas real estate investment trust

Notes to the financial statements
Overview of risk management
Risk management is integral to the whole business of A-REIT. The Manager of A-REIT has a system of controls
in place to create an acceptable balance between the benefits derived from managing risks and the cost of
managing those risks. The Manager also monitors A-REIT’s risk management process closely to ensure an
appropriate balance between control and business objectives is achieved. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and A-REIT’s strategic direction.
The Audit Committee of the Manager oversees how management monitors compliance with A-REIT’s risk
management policies and procedures and reviews the adequacy of the risk management framework in relation
to A-REIT’s exposure to those risks. The Audit Committee’s oversight role is assisted by an internal audit function
which is outsourced to an independent professional firm (“Internal Audit”). Internal Audit undertakes both
regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to
the Audit Committee.
Credit risk
Credit risk is the potential financial loss resulting from the failure of tenants or counterparties of A-REIT, to settle
its financial and contractual obligations, as and when they fall due.
The Manager has an established process to evaluate the creditworthiness of its tenants and prospective tenants
to minimise potential credit risk. Credit evaluations are performed by the Manager before lease agreements
are entered into with prospective tenants. Security in the form of bankers’ guarantees, insurance bonds or cash
security deposits are obtained prior to the commencement of the lease.
The Manager establishes an allowance account for impairment that represents its estimate of losses in respect
of trade and other receivables. The main component of this allowance is estimated losses that relate to specific
tenants or counterparties.
The allowance account is used to provide for impairment losses. Subsequently when A-REIT is satisfied that no
recovery of such losses is possible, the financial asset is considered irrecoverable and the amount charged to the
allowance account is then written off against the carrying amount of the impaired financial asset.
Cash at bank is placed with a financial institution which is regulated.
The maximum exposure to credit risk is represented by the carrying value of each financial asset, including
derivative financial instruments, on the balance sheet.
Liquidity risk
The Manager monitors and maintains a level of cash and cash equivalents deemed adequate to finance A-REIT’s
operations and to mitigate the effects of fluctuations in cash flows. Typically A-REIT ensures that it has sufficient
cash on demand to meet expected operational expenses for a reasonable period, including the servicing of
financial obligations.
A-REIT strives to maintain available banking facilities at a reasonable level to meet its investment opportunities.
A-REIT has in placed various bilateral banking credit facilities and transferable loan facilities totalling $1,220
million (2009: $1,120 million), of which $552 million (2009: $549 million) has been utilised as at 31 March 2010.
In addition, A-REIT also has in place a $1 billion Multicurrency Medium Term Note Programme which was
established on 20 March 2009 to diversify sources of funds for A-REIT. As at 31 March 2010, notes of $275 million
were issued from this programme.
8th Annual Report FY09/10
151

Notes to the financial statements
The following are the expected contractual undiscounted cash outflows of financial liabilities, including interest
payments and the periods in which the cash flows associated with financial derivatives that are cash flow hedges
are expected to impact the Statement of Total Return:
Cash flows
Carrying
amount
Total
contractual
cash flows
Within
1 year
Within
1 to 5 years
After
5 years
$’000 $’000 $’000 $’000 $’000
2010
Non-derivative financial liabilities
- Loans and borrowings 1,215,256 1,318,930 79,349 925,468 314,113
- Collateral loan 300,390 332,864 4,800 19,200 308,864
- Trade and other payables 284,443 284,443 284,443 - -
- Security deposits 39,432 43,410 40,918 815 1,677
- Deferred payments 13,920 14,540 7,340 7,200 -
Derivative financial liabilities
Interest rate swaps 54,021 - - - -
- Outflow - 59,675 32,373 27,302 -
- (Inflow) - (845) - - (845)
1,907,462 2,053,017 449,223 979,985 623,809
Cash flows
Carrying
amount
Total
contractual
cash flows
Within
1 year
Within
1 to 5 years
After
5 years
$’000 $’000 $’000 $’000 $’000
2009
Non-derivative financial liabilities
- Loans and borrowings 1,588,694 1,645,645 873,431 376,678 395,536
- Trade and other payables 147,281 147,281 147,281 - -
- Security deposits 34,870 38,219 37,227 200 792
- Deferred payments 22,978 24,246 9,706 14,540 -
Derivative financial liabilities
Interest rate swaps 50,696 - - - -
- Outflow - 56,219 19,580 35,796 843
1,844,519 1,911,610 1,087,225 427,214 397,171
Market risk
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices
will affect A-REIT’s income and its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
A-REIT does not have any exposure to foreign exchange and equity price risks.
152 Ascendas real estate investment trust

Notes to the financial statements
Interest rate risk
A-REIT’s exposure to fluctuations in interest rates relates primarily to loans and borrowings. Interest rate risk is
managed on an on-going basis with the primary objective of limiting the extent to which net interest expense
could be affected by adverse movements in interest rates.
As at 31 March 2010, A-REIT has interest rates swaps with total notional contract amount of $1,390.7 million
(2009: $1,430.7 million) whereby A-REIT has agreed with counterparties to exchange, at specified intervals,
the difference between the floating rate pegged to the Singapore dollar SOR and fixed rate interest amounts
calculated by reference to the agreed notional amounts of the loans and borrowings. $946.8 million of the swaps
have been used to hedge the exposure to changes in the variability of interest rate fluctuations of its loans and
borrowings. A-REIT classifies these interest rates swaps as hedging instruments in qualifying cash flow hedges.
Sensitivity analysis
Effects of a 100 basis points (“bp”) movement in interest rates at the balance sheet date on Statement of Total
Return and Unitholders’ funds are shown in the table below. This analysis has not taken into account the effects
of qualifying borrowing costs which are capitalised as part of investment properties under development and
assumes that all other variables remain constant.
Statement of Total Return Unitholders’ funds
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
$’000 $’000 $’000 $’000
2010
Variable rate instruments
- Finance costs (9,468) 9,468 - -
Interest rate swaps
- Finance costs 13,907 (13,907) - -
- Change in fair value of
financial derivatives 5,781 (5,781) 32,840 (32,840)
10,220 (10,220) 32,840 (32,840)
2009
Variable rate instruments
- Finance costs (15,905) 15,905 - -
Interest rate swaps
- Finance costs 14,307 (14,307) - -
- Change in fair value of
financial derivatives - - 50,509 (50,509)
(1,598) 1,598 50,509 (50,509)
8th Annual Report FY09/10
153

Notes to the financial statements
29. Fair value of financial instrumentS
The following summarises the significant methods and assumptions used in estimating the fair values of financial
instruments of A-REIT:
Derivatives financial instruments
The fair value of interest rate swaps are based on valuations provided by the financial institutions that are
the counterparties to the transactions. These quotes are tested for reasonableness by discounting estimated
future cash flows based on the terms and maturity of each contract and using market interest rates for a similar
instrument at the measurement date.
Term loans and short term borrowings
The carrying amounts of interest-bearing borrowings which are repriced within 3 months from the balance sheet
date approximate the corresponding fair values.
Medium term notes
The fair values of the medium term notes were obtained from market quotes. The carrying amount and fair value
as at 31 March 2010 are as follows:
Carrying
amount
$’000
31 March 2010
Fair
value
$’000
Medium term notes 274,350 283,345
There was no medium term note issued in the previous financial year.
Collateral loan
The fair value of the collateral loan approximates the fair value of the ECS issued by Ruby Assets, which is
used as a proxy for the purpose of determining the fair value of the collateral loan as the key features of the
two instruments are identical. Valuation adjustments, if significant, are made to account for the differences in
features between the collateral loan and the ECS. The fair value of the ECS was obtained from market quotes.
Other financial assets and liabilities
The carrying amounts of financial assets and liabilities with a maturity of less than one year (including trade and
other receivables, cash and cash equivalents, and trade and other payables) are assumed to approximate their
fair values because of the short period to maturity. All other financial assets and liabilities approximate their fair
values as at balance sheet date.
154 Ascendas real estate investment trust

Notes to the financial statements
Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method. The different levels
have been defined as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Level 1 Level 2 Level 3 Total
$’000 $’000 $’000 $’000
2010
Collateral loan - 300,390 - 300,390
Derivative liabilities - 54,021 - 54,021
- 354,411 - 354,411
During the financial year ended 31 March 2010, there were no transfers from Level 1, Level 2 or Level 3, or vice
versa.
30. Operating segments
For the purpose of making resource allocation decisions and the assessment of segment performance, A-REIT’s
CODM reviews internal/management reports of its investment properties. This forms the basis of identifying the
operating segments of A-REIT under FRS 108 Operating Segments.
Segment revenue comprises mainly of income generated from its tenants. Segment net property income
represents the income earned by each segment after allocating property operating expenses. This is the
measure reported to the CODM for the purpose of assessment of segment performance. In addition, the
CODM monitors the non-financial assets as well as financial assets attributable to each segment when assessing
segment performance.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise mainly management fees, trust expenses,
finance income, finance costs and related assets and liabilities.
Information regarding A-REIT’s reportable segments is presented in the tables below. Amounts reported for the
prior year have been represented to conform to the requirements of FRS 108.
Geographical segments
Segment information in respect of A-REIT’s geographical segments is not presented, as A-REIT’s activities for
the year ended 31 March 2010 and 31 March 2009 related wholly to properties located in Singapore.
8th Annual Report FY09/10
155

Notes to the financial statements
31. OPerating segments
Property income and expenses
Business & Science
Parks
Hi-Tech Industrial
Properties
Light Industrial
Properties
Logistics &
Distribution
Centres
Warehouse Retail
Facilities
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Total
Gross rental
income 106,483 92,967 89,282 88,125 76,735 76,579 100,249 92,116 12,954 13,246 385,703 363,033
Other income 8,471 10,179 12,376 18,048 1,759 1,434 5,369 3,840 - - 27,975 33,501
Gross revenue 114,954 103,146 101,658 106,173 78,494 78,013 105,618 95,956 12,954 13,246 413,678 396,534
Property
operating
expenses (29,493) (28,488) (27,680) (36,575) (15,921) (16,250) (18,638) (16,698) (1,958) (1,905) (93,690) (99,916)
Segment
net property
income 85,461 74,658 73,978 69,598 62,573 61,763 86,980 79,258 10,996 11,341 319,988 296,618
Finance
income 1,650 29
Finance costs (69,805) (59,485)
Unallocated
expenses (26,300) (36,413)
Net income 225,533 200,749
Net change
in fair value
of financial
derivatives (23,878) -
Net
appreciation/
(depreciation)
on revaluation
of investment
properties 2,029 (20,877) 6,761 (24,951) (25,815) (42,616) (36,857) (27,337) 200 338 (53,682) (115,443)
Total return for
the year before
income tax 147,973 85,306
Income tax
expense - -
Total return for
the year 147,973 85,306
Non-tax
deductible
expenses 33,236 10,174
Net
depreciation
on revaluation
of investment
properties 53,682 115,443
Income
available for
distribution 234,891 210,923
156 Ascendas real estate investment trust

Notes to the financial statements
31. OPerating segments
Business &
Science
Parks
Hi-Tech
Industrial
Properties
Light
Industrial
Properties
Logistics &
Distribution
Centres
Warehouse
Retail
Facilities
Total
$’000 $’000 $’000 $’000 $’000 $’000
31 March 2010
Assets and liabilities
Segment assets 1,573,002 1,129,637 838,430 1,163,626 138,898 4,843,593
Unallocated assets 10,843
Total assets 4,854,436
Segment liabilities 202,673 74,990 14,012 25,288 459 317,422
Unallocated liabilities:
- loans and borrowings
(including collateral loan) 1,515,646
- others 74,394
Total liabilities 1,907,462
Other segmental information
Capital expenditure
- investment properties + 217,251 99,638 26,935 24,713 - 368,537
- investment properties under
development 3,909 - - - - 3,909
Depreciation 414 - 687 - - 1,101
Impairment loss, net - - - - - -
+
Include amounts of $75,673,000 incurred in the previous financial years that were transferred to investment
properties during the financial year ended 31 March 2010 and $133,040,000 incurred for the acquisition of
investment properties.
8th Annual Report FY09/10
157

Notes to the financial statements
31. OPerating segments
Business &
Science
Parks
Hi-Tech
Industrial
Properties
Light
Industrial
Properties
Logistics &
Distribution
Centres
Warehouse
Retail
Facilities
Total
$’000 $’000 $’000 $’000 $’000 $’000
31 March 2009
Assets and liabilities
Segment assets 1,384,946 975,112 846,179 1,185,036 139,509 4,530,782
Unallocated assets 16,776
Total assets 4,547,558
Segment liabilities 99,117 38,730 14,164 29,223 114 181,348
Unallocated liabilities:
- loans and borrowings 1,588,694
- others 74,477
Total liabilities 1,844,519
Other segmental information
Capital expenditure
- investment properties^ 312,461 1,201 26,666 115,833 (588) 455,573
- investment properties under
development 35,282 22,526 7,378 8,700 - 73,886
Depreciation 414 - 687 - - 1,101
Impairment loss, net 90 - 12 - - 102
^ Include amounts of $85,551,000 incurred in the previous financial years that were transferred to investment
properties during the financial year ended 31 March 2009 and $278,345,000 incurred for the acquisition of
investment properties.
158 Ascendas real estate investment trust

STATISTICS OF UNITHOLDINGS
Issued and Fully Paid-up Units
1,871,153,701 units (Voting rights: one vote per unit)
Market Capitalisation $3,517,768,957.88 (based on closing price of $1.88 as at 13 May 2010)
Top 20 Unitholders as at 13 May 2010
As listed in the register of Unitholders
Ranking Unitholder No. of Units % of Units in Issue
1 CITIBANK NOMINEES SINGAPORE PTE LTD 481,534,629 25.7%
2 ASCENDAS LAND (SINGAPORE) PTE LTD 359,706,000 19.2%
3 DBS NOMINEES PTE LTD 280,115,255 15.0%
4 HSBC (SINGAPORE) NOMINEES PTE LTD 234,347,484 12.5%
5 DBSN SERVICES PTE LTD 161,069,299 8.6%
6 UNITED OVERSEAS BANK NOMINEES PTE LTD 77,701,041 4.2%
7 BNP PARIBAS SECURITIES SERVICES SINGAPORE BRANCH 49,723,025 2.7%
8 RAFFLES NOMINEES (PTE) LTD 39,106,135 2.1%
9 ASCENDAS FUNDS MANAGEMENT (S) LIMITED 28,090,667 1.5%
10 DB NOMINEES (S) PTE LTD 13,172,401 0.7%
11 MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 4,381,075 0.2%
12 E M SERVICES PTE LTD 4,064,000 0.2%
13 SOCIETE GENERALE SINGAPORE BRANCH 3,801,983 0.2%
14 ROYAL BANK OF CANADA (ASIA) LTD 3,560,000 0.2%
15 BNP PARIBAS NOMINEES SINGAPORE PTE LTD 2,864,000 0.2%
16 DBS VICKERS SECURITIES (S) PTE LTD 2,611,616 0.1%
17 MERRILL LYNCH (SINGAPORE) PTE LTD 1,822,357 0.1%
18 ECONOMIC DEVELOPMENT BOARD 1,625,000 0.1%
19 UOB KAY HIAN PTE LTD 1,509,000 0.1%
20 LUI CHONG CHEE 1,500,000 0.1%
TOTAL 1,752,304,967 93.7%
UNITHOLDERS DISTRIBUTION AS AT 13 MAY 2010
Size of holdings No. of Unitholders No. of Units
1 - 999 33 4,317
1,000 - 10,000 5,821 28,365,424
10,001 - 1,000,000 1,950 84,304,528
1,000,001 and above 25 1,758,479,432
GRAND TOTAL 7,829 1,871,153,701
Under Rule 723 of the Listing manual of the SGX-ST, a listed issuer must ensure that at least 10.0% of its listed securities
is at all times held by the public. Based on the information made available to the Manager as at 13 May 2010, about
72.5% of A-REIT’s units are held in public hands.
8th Annual Report FY09/10
159

STATISTICS OF UNITHOLDINGS
Substantial Unitholders as at 13 May 2010
Direct Interest Percentage (%) Deemed Interest Percentage (%)
Ascendas Land (Singapore) Pte Ltd 359,706,000 19.2 - -
Ascendas Pte Ltd (1) - - 387,796,667 20.7
Jurong Town Corporation (1) - - 387,796,667 20.7
ING Groep N.V. (2) - - 126,856,705 6.8
ING Clarion Real Estate Securities LLC (3) - - 121,933,897 6.5
Note:
1
Ascendas Pte Ltd and Jurong Town Corporation are deemed to be interested in the units held by Ascendas Land
(Singapore) Pte Ltd and Ascendas Funds Management (S) Limited.
2
ING Groep N.V. is the holding company of several subsidiaries that engage in investment management activities.
ING Clarion Real Estate Securities LLC, being the largest subsidiary, manages accounts for a variety of institutional
investors.
3
ING Clarion Real Estate Securities LLC is a US-registered investment adviser. Its deemed interest is derived primarily
from its authority to buy and sell shares for institutional investors whose accounts they manage.
UnitholdINGS of the Directors of the Manager as at 21 April 2010
Size of holdings Direct Interest Deemed Interest
Mr David Wong Cheong Fook 128,000 -
Ms Chong Siak Ching 186,000 171,000
Mr Joseph Chen Seow Chan 100,000 -
Mr Chia Kim Huat - -
Mr Koh Soo Keong - -
Mr Henry Tan Song Kok - -
Mrs Monica Tomlin - -
Mr Tan Ser Ping - -
160 Ascendas real estate investment trust

ADDItional information
Interested party transactions
Transactions entered into with related parties during the financial year falling within the Listing Manual of the SGX-ST
and the CIS are as follows:
Name of interested party
Aggregate value of all interested party transactions
during the financial period under review
(excluding transactions less than $100,000)
$’000
JTC Corporation
– Land rent 19,290
– Licence fees paid for development projects 560
Ascendas Pte Ltd and its subsidiaries
– Property service fees 16,788
– Service charge and reimbursables 4,247
– Management fees 23,421 (1)
– Acquisition fees 1,310 (2)
– Development management fees 4,639 (3)
– Acquisition of properties 116,000
– Carpark income (2,673)
– Marketing fees paid during the year 4,340
HSBC Institutional Trust Services (Singapore) Ltd
– Trustee fees 1,408
Total 189,330
(1)
The Manager’s Fee comprises:
(i) a base management fee of 0.5% per annum of the Deposited Property. With effect from 19 November
2007, the Manager has elected to receive 20% of the base management fee in units and 80% in cash for all
properties
(ii) an annual performance fee (2010: Nil and 2009: paid in cash) of:
• 0.1% per annum of the Deposited Property, provided that the annual growth in distributions per Unit in a
given financial year (calculated before accounting for the performance fee in that financial year) exceeds
2.5%; and
• an additional 0.1% per annum of the Deposited Property, provided that the growth in distributions per
Unit in a given financial year (calculated before accounting for the performance fee in that financial year)
exceeds 5.0%.
No performance fee was payable for the current financial year.
8th Annual Report FY09/10
161

Additional information
(2)
an acquisition fee of 1.0% of the purchase price of investment property acquired by the Trustee on behalf of
A-REIT.
(3)
Development management fee, not exceeding 3.0% of the total project cost incurred in development projects
undertaken by A-REIT. In cases where the market pricing for comparables services is materially lower, the
Manager will reduce the development management fees to less than 3.0%. In addition, when the estimated
total project cost is greater than $100.0 million, the Trustee and the Manager’s independent directors will first
review and approve the quantum of the development management fee.
Please also see Significant Related Party Transactions in Note 26 to the financial statements.
Except as disclosed above, there were no additional related party transactions (excluding transactions of less than
$100,000 each) entered into up to and including 31 March 2010.
Confirmation in writing was obtained from Singapore Exchange Limited (“SGX”) that Rule 905 and 906 are not applicable
if such related party transactions are made on the basis of, and in accordance with, the terms and conditions set out in
the A-REIT prospectus dated 5 November 2002 and therefore would not be subjected to Audit Committee approval.
Listing of A-REIT new units
An aggregate of 187.7 million new Units were issued during the year bringing the total number of A-REIT units on issue
to 1,871.2 million as at 31 March 2010.
162 Ascendas real estate investment trust

ADDItional information
Historical statement of total return
Year ended 31 March
Period
from
9/10/02
to
2010 2009 2008 2007 2006 2005 2004 31/3/03
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Gross revenue 413,678 396,534 322,270 283,007 227,153 128,987 65,914 22,836
Property operating expenses (93,690) (99,916) (78,780) (72,660) (53,595) (32,873) (15,604) (6,325)
Net property income 319,988 296,618 243,490 210,347 173,558 96,114 50,310 16,511
Management fees (23,421) (31,698) (25,579) (21,607) (17,971) (11,249) (5,588) (1,145)
Trust expenses (2,879) (4,715) (2,508) (1,913) (1,516) (1,215) (809) (291)
Finance income 1,650 29 114 332 214 73 20 9
Finance costs (69,805) (59,485) (40,537) (38,777) (22,293) (8,506) (3,342) (794)
Net income 225,533 200,749 174,980 148,382 131,992 75,217 40,591 14,290
Net change in fair value of
financial derivatives (23,878) - - - - - - -
Net (depreciation) /
appreciation on revaluation
of investment properties (53,682) (115,443) 494,141 188,712 13,188 21,823 7,871 22,317
Total return for the year
before income tax 147,973 85,306 669,121 337,094 145,180 97,040 48,462 36,607
Income tax expense - - - - - - - -
Total return for the year 147,973 85,306 669,121 337,094 145,180 97,040 48,462 36,607
Non-tax deductible
expenses, net 33,236 10,174 12,289 15,442 10,641 8,948 4,945 892
Net depreciation /
(appreciation) on revaluation
of investment properties 53,682 115,443 (494,141) (188,712) (13,188) (21,823) (7,871) (22,317)
Income available for
distribution 234,891 210,923 187,269 163,824 142,633 84,165 45,536 15,182
Earnings per unit (cents) * 8.23 6.11 50.31 26.13 11.84 10.98 8.65 18.36 #
Distribution per unit (cents) 13.10 15.18 14.13 12.75 11.68 9.56 8.16 7.63 #
* The Earnings per unit has been calculated using total return for the year and weighted average number of units on issue during the year.
# Annualised Earnings/Distribution per unit
8th Annual Report FY09/10
163

GLOSSARY
AFM
A-REIT
ASPL
CDP
CIS
CMBS
CPF
DPU
ECS
EDB
EPU
GDP
GFA
IPT
Listing Manual
Manager
MAS
Net Lettable Area
Property Funds Appendix
Property Management
Agreement
Property Manager
REIT
Related Party Transactions
SFA
SGS
SGX-ST
SOR
Sqm
S-REIT
SRS
STI
Trust Deed
Trustee
Unit
Ascendas Funds Management (S) Limited
Ascendas Real Estate Investment Trust
Ascendas Services Pte Ltd
The Central Depository (Pte) Limited
The Code of Collective Investment Schemes issued by the Monetary Authority of
Singapore
Commercial Mortgage Backed Securities
Central Provident Fund
Distribution per unit
Exchangeable Collateralised Securities
Economic Development Board
Earnings per unit
Gross Domestic Product
Gross Floor Area which includes net lettable area and common areas, such as
common corridors
Interested Party Transaction
The Listing Manual of SGX-ST
Ascendas Funds Management (S) Limited, as manager of A-REIT
Monetary Authority of Singapore
Consists of the total gross floor area less the common areas, such as corridors,
amenities’ area and management offices
Appendix 2 of the CIS Code issued by the MAS in relation to REITs
The agreement dated 10 Oct 02 made between the Manager, the Trustee and the
Property Manager pursuant to which the Property Manager will provide certain
property management, lease management, marketing and project management
services to A-REIT and extended by a letter dated 19 Nov 07 signed by the Trustee,
the Manager and the Property Manager
Ascendas Services Pte Ltd
Real Estate Investment Trust
Transactions made between the Trustee (as trustee of A-REIT) and an “interested
person”, under the Listing Manual and the Property Funds Appendix
Securities and Futures Act, Chapter 289 of Singapore
Singapore Government Securities
Singapore Exchange Securities Trading Ltd
Swap Offer Rate
Square metres
Singapore-listed REIT
Supplementary Retirement Scheme
Straits Times Index
The Trust Deed dated 9 Oct 02 made between the Trustee and the Manager
constituting A-REIT, as amended, modified, re-stated or supplemented, from time
to time.
HSBC Institutional Trust Services (Singapore) Limited, as trustee of A-REIT
An undivided interest in A-REIT as provided for in the Trust Deed
164 Ascendas real estate investment trust

HOW TO CONTACT US
To find out more about A-REIT, please talk
to your financial advisor or contact us at:
THE MANAGER
61 Science Park Road,
#02-18 The GALEN
Singapore Science Park II
Singapore 117525
Phone : (65) 6774 1033
Fax : (65) 6775 2813
Email : a-reit@ascendas-fms.com
Website : www.a-reit.com
UNIT REGISTRAR
Boardroom Corporate & Advisory
Services Pte Ltd
(a member of Boardroom Limited)
50 Raffles Place #32-01
Singapore Land Tower
Singapore 048623
Phone : (65) 6536 5355
Fax : (65) 6536 1360
PROPOSED CALENDAR OF FINANCIAL EVENTS FY10/11
June 2010
Annual General Meeting
July 2010
FY10/11 1st quarter results will be released
October 2010
FY10/11 2nd quarter and half-year results will be released
January 2011
FY10/11 3rd quarter results will be released
April 2011
Full year results will be released
For depository matters, please contact:
The Central Depository (Pte) Limited
Phone : (65) 6535 7511
Email : cdp@sgx.com
Website : www.cdp.com.sg
8th Annual Report FY09/10
165

Corporate Directory
The Manager
Ascendas Funds Management
(S) Limited
Company registration number:
200201987K
Registered Office
61 Science Park Road
#02-18 The GALEN
Singapore Science Park II
Singapore 117525
Phone: (65) 6774 1033
Fax: (65) 6775 2813
Email: a-reit@ascendas-fms.com
Website: www.a-reit.com
Board of Directors
Mr David Wong Cheong Fook,
Chairman (Independent Director)
Ms Chong Siak Ching,
Vice Chairman
Mr Joseph Chen Seow Chan,
Independent Director, Chairman Audit Commitee
Mr Chia Kim Huat ,
Independent Director
Mr Koh Soo Keong,
Independent Director
Mr Henry Tan Song Kok,
Independent Director
Mrs Monica Tomlin,
Independent Director
Mr Tan Ser Ping,
Executive Director & CEO
Company SecretarIAT
Ms Mary Judith de Souza,
Company Secretary
Ms Maria Theresa Belmonte,
Assistant Company Secretary
Nominating Committee
Mr David Wong Cheong Fook,
Chairman
Ms Chong Siak Ching
Mr Chia Kim Huat
Audit Committee
Mr Joseph Chen Seow Chan,
Chairman
Mr Chia Kim Huat
Mr Koh Soo Keong
Mr Henry Tan Song Kok
Human Resource &
Compensation Committee
Mr David Wong Cheong Fook,
Chairman
Ms Chong Siak Ching
Mr Joseph Chen Seow Chan
Mr Koh Soo Keong
Executive Committee
Ms Chong Siak Ching,
Chairman
Mr Chia Kim Huat
Mrs Monica Tomlin
Mr Tan Ser Ping
UNIT REGISTRAR
Boardroom Corporate & Advisory
Services Pte Ltd
(a member of Boardroom Limited)
50 Raffles Place #32-01
Singapore Land Tower
Singapore 048623
Phone: (65) 6536 5355
Fax: (65) 6536 1360
Trustee
HSBC Institutional Trust Services
(Singapore) Limited
21 Collyer Quay #14-01
HSBC Building
Singapore 049320
Phone: (65) 6534 1900
Fax: (65) 6533 1077
Auditors
KPMG LLP
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
Phone: (65) 6213 3388
Fax: (65) 6225 0984
Partner-in-charge: Mr Ronald Tay
(Since the financial period ended
31 March 2008)
SGX Code
Ascendasreit
Stock Symbol
A17U.SG
166 Ascendas real estate investment trust

Ascendas Real Estate Investment Trust
61 Science Park Road #02-18
The GALEN Singapore Science Park II
Singapore 117525