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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