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