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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
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8th Annual Report FY09/10 C H A N G
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Changing Times... The implosion of
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About A-REIT Ascendas Real Estate I
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A-REIT’s Competitive Edge Operati
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oct 09 7 19 A-REIT was voted the Wi
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NUMBER OF PROPERTIES IN PORTFOLIO 9
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A-REIT Unit Price Performance FY09/
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8th Annual Report FY09/10 13
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capital structure. A-REIT issued a
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董事会主席献辞变迁
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在这个举步维艰的时
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Portfolio organic growth of 2.9% wa
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was in view of the significant amou
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S$’000 FY09/10 FY08/09 FY07/08 FY
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Sector Revaluation Gain / (Loss) @
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land lease expiry for A-REIT’s po
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Area due for renewal (‘000sf) Ave
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5 6 7 8 5 Mr Koh Soo Keong Independ
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Tan Ser Ping Executive Director Chi
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13 Kathryn Chew 14 Chan Lai Kuan 15
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UNITHOLDERS ASCENDAS FUNDS MANAGEME
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formulate and implement effective m
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Page 49 and 50: North South MRT Line East West MRT
Page 51 and 52: Hi-Tech Industrial Properties High
Page 53 and 54: LOGISTICS & DISTRIBUTION CENTRES Wa
Page 55 and 56: GROSS RENTAL INCOME BY TENANT’S I
Page 57 and 58: Address Gross Income for FY09/10 (S
Page 77 and 78: seen since 2003 1 , significantly h
Page 79 and 80: user high-specs industrial market i
Page 81 and 82: to S$1.87 per sq ft, while rents fo
Page 83 and 84: manufacturers anticipates a more fa
Page 85 and 86: 8th Annual Report FY09/10 83
Page 87 and 88: the chance to take part in intercom
Page 89 and 90: A-REIT was voted Singapore’s 8 th
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Page 93 and 94: A-REIT is externally managed by the
Page 95 and 96: Executive Committee The Executive C
Page 97 and 98: Trading Of A-REIT’s Units In gene
Page 99: Dealing With INTERESTED Party Trans
Page 103 and 104: Statement by the Manager In the opi
Page 105 and 106: Opinion In our opinion, the financi
Page 107 and 108: Statement of Total Return Year ende
Page 109 and 110: Statement of Movements in Unitholde
Page 111 and 112: Investment Properties Portfolio Sta
Page 121 and 122: Cash Flow Statement Year ended 31 M
Page 123 and 124: Notes to the financial statements (
Page 127 and 128: Notes to the financial statements 3
Page 129 and 130: Notes to the financial statements C
Page 137 and 138: Notes to the financial statements T
Page 141 and 142: Notes to the financial statements W
Page 143 and 144: Notes to the financial statements M
Page 145 and 146: Notes to the financial statements T
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Notes to the financial statements 2
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Notes to the financial statements O
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Notes to the financial statements I
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Notes to the financial statements F
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Notes to the financial statements 3
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STATISTICS OF UNITHOLDINGS Issued a
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ADDItional information Interested p
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ADDItional information Historical s
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HOW TO CONTACT US To find out more
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Ascendas Real Estate Investment Tru
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