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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