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Suntec Real Estate Investment Trust 2011 Half Year Unaudited

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					Suntec Real Estate Investment Trust
2011 Half Year Unaudited Financial Statements & Distribution Announcement
Suntec Real Estate Investment Trust (“Suntec REIT”) is a real estate investment trust constituted by the
Trust Deed entered into on 1 November 2004 (as amended) between ARA Trust Management (Suntec)
Limited as the Manager of Suntec REIT and HSBC Institutional Trust Services (Singapore) Limited as the
Trustee of Suntec REIT.


Suntec REIT was listed on the Singapore Exchange Securities Trading Limited on 9 December 2004.


Suntec REIT owns Suntec City Mall and certain office units in Suntec Towers One, Two and Three and the
whole of Suntec Towers Four and Five, which form part of the integrated commercial development known
as “Suntec City”. The property portfolio also comprises Park Mall, Chijmes, a one-third interest in One
Raffles Quay (“ORQ”), a one-third interest in Marina Bay Financial Centre Towers 1 and 2, and the Marina
Bay Link Mall (collectively known as “MBFC Properties”), and a 20.0% interest in a joint venture company
which owns Suntec Singapore International Convention & Exhibition Centre (“SSICEC”).


The financial information for the period from 1 January 2011 to 30 June 2011 has not been audited but has
been reviewed by our auditors in accordance with Singapore Standard on Review Engagements 2410.
Financial Statements Announcement
For Half Year ended 30 June 2011

SUMMARY OF SUNTEC REAL ESTATE INVESTMENT TRUST RESULTS

                                                                                  Group
                                                    1/4/11 to     1/4/10 to           1/1/11 to    1/1/10 to
                                                                              Change                            Change
                                                    30/6/11       30/6/10              30/6/11      30/6/10
                                                     S$'000        S$'000       %       S$'000      S$'000        %

Gross revenue                                          61,300        62,393     -1.8%    122,323     124,844      -2.0%


Net property income                                    46,900        47,423     -1.1%     93,583      95,246      -1.7%


Income available for distribution                      56,175        45,934     22.3%    109,042      91,305     19.4%



Distribution per unit (cents) (1)                       2.532         2.528      0.2%      4.920        5.041     -2.4%

Annualised distribution per unit (cents)               10.156        10.140      0.2%      9.922      10.166      -2.4%


Footnote:
(1) Please refer to Page 11-12 for the distribution per unit computation.




                                                                                                                  2
Financial Statements Announcement
For Half Year ended 30 June 2011

1 (a)(i) Statement of Total Return and Distribution statement for the Half Year ended 30 June 2011

                                                                                          Group
                                                          1/4/11 to     1/4/10 to              1/1/11 to      1/1/10 to
Statement of total return                                                             Change                                Change
                                                          30/6/11       30/6/10                 30/6/11        30/6/10
                                                           S$'000        S$'000         %       S$'000         S$'000         %
                     (a)
Gross revenue                                                 61,300        62,393      -1.8%      122,323       124,844      -2.0%

Maintenance charges                                           (4,134)       (4,134)      0.0%       (8,267)       (8,267)     0.0%

Property management fees                                      (1,839)       (1,872)      1.8%       (3,670)       (3,745)     2.0%

Property tax                                                  (5,257)       (5,200)     -1.1%      (10,502)      (10,617)     1.1%
                                        (b)
Other property expenses                                       (3,170)       (3,764)     15.8%       (6,301)       (6,969)     9.6%

Property expenses                                            (14,400)      (14,970)      3.8%      (28,740)      (29,598)     2.9%

Net property income                                           46,900        47,423      -1.1%       93,583        95,246      -1.7%
               (c)
Other income                                                  12,922         5,652     128.6%       24,634        11,242     119.1%
                            (d)
Net financing costs                                          (18,149)      (16,349)    -11.0%      (30,645)      (18,458)    -66.0%
                                  (e)
Amortisation expense                                         (10,795)       (5,347)   -101.9%      (20,622)      (10,636)    -93.9%
                                        (f)
Asset management fees                                         (8,630)       (6,568)    -31.4%      (17,051)      (13,136)    -29.8%

Trust expenses                                                  (719)         (647)    -11.1%       (1,789)       (1,353)    -32.2%

Net income before share of profit of
jointly controlled entities                                   21,529        24,164     -10.9%       48,110        62,905     -23.5%


                                                    (g)
Share of profit of jointly controlled entities                 7,728         1,897     307.4%       12,389         3,048     306.5%

Total return before taxation                                  29,257        26,061      12.3%       60,499        65,953      -8.3%
                              (h)
Income tax expense                                            (1,429)         (537)   -166.1%       (2,665)       (1,065)   -150.2%

Total return for the period after taxation                    27,828        25,524       9.0%       57,834        64,888     -10.9%

                                                                                          Group
                                                          1/4/11 to     1/4/10 to              1/1/11 to      1/1/10 to
Distribution statement                                                                Change                                Change
                                                          30/6/11       30/6/10                 30/6/11        30/6/10
                                                           S$'000        S$'000         %       S$'000         S$'000         %

Net income before share of profit of
jointly controlled entities                                   21,529        24,164     -10.9%       48,110        62,905     -23.5%

                                              (i)
Net effect of non-tax deductible items                        27,383        19,330      41.7%       48,454        23,596     105.3%

Taxable income                                                48,912        43,494      12.5%       96,564        86,501      11.6%

                      (j)
Dividend income                                                8,692         2,977     192.0%       15,143         5,869     158.0%

                              (h)
Income tax expense                                            (1,429)         (537)   -166.1%       (2,665)       (1,065)   -150.2%

Income available for distribution to
Unitholders at end of the period                              56,175        45,934      22.3%      109,042        91,305      19.4%

Footnotes:
(a) Gross revenue comprises mainly base rentals, service charges from retail mall and offices, promotion fund from
    retail mall and income from rentals of atrium spaces, push carts, kiosks and media spaces.

(b) The Other property expenses for both quarter and year-to-date were lower compared to the corresponding period
    due to lower leasing commission and allowance for doubtful debts.



                                                                                                                               3
Financial Statements Announcement
For Half Year ended 30 June 2011

(c) This relates to the income support received from the vendors, Cavell Limited and Choicewide Group Limited in
    relation to the acquisition of a one-third interest in One Raffles Quay Pte Ltd (“ORQPL”) and a one-third interest in
    BFC Development Pte. Ltd. (“BFCDPL”) respectively. The increase in other income is due to the acquisition of
    BFCDPL in December 2010.

(d) Included in the net financing costs are the following:

                                                                                          Group
                                                          1/4/11 to     1/4/10 to              1/1/11 to        1/1/10 to
                                                                                      Change                                  Change
                                                          30/6/11       30/6/10                 30/6/11          30/6/10
                                                           S$'000        S$'000         %       S$'000           S$'000         %
      Finance income:
      Gain arising from remeasurement of interest
      rate swaps (1)                                             -             771    -100.0%            297         1,311    -77.3%

      Gain arising from remeasurement of convertible
      bonds (1)                                                2,325           -       n.m.            5,849         6,411    -8.8%

      Interest income
      - fixed deposits and current account                         7             9      -22.2%             9            14    -35.7%
      - interest rate swaps                                      169           491      -65.6%           678           947    -28.4%
      - loans to jointly controlled entities                   5,864         3,547       65.3%        11,735         7,463     57.2%
                                                               8,365         4,818       73.6%        18,568        16,146     15.0%

      Finance expenses:
      Loss arising from remeasurement of interest
      rate swaps (1)                                          (8,565)         (721) -1087.9%         (13,202)       (1,276) -934.6%

      Loss arising from remeasurement of convertible
      bonds (1)                                                  -          (3,859)    100.0%            -              -      n.m.

      Amortisation of transaction costs                       (3,427)       (3,982)     13.9%         (6,864)       (7,951)   13.7%

      Interest expense
      - bank loans and convertible bonds                     (11,592)      (11,382)     -1.8%        (23,759)      (23,178) -2.5%
      - interest rate swaps                                   (2,930)       (1,223)   -139.6%         (5,388)       (2,199) -145.0%
                                                             (26,514)      (21,167)    -25.3%        (49,213)      (34,604) -42.2%
      Net financing costs                                    (18,149)      (16,349)    -11.0%        (30,645)      (18,458) -66.0%

      (1)   This relates to the gain/(loss) arising from remeasurement of the interest rate swaps and convertible bonds. This has no
            impact on distributable income.

(e) This relates to the amortisation of the intangible asset relating to the income support receivable by Suntec REIT
    (please refer to note(c) above and note 1(b)(i) below). The increase is due to the acquisition of BFCDPL in
    December 2010. This amortisation does not have any impact on distributable income.

(f)   The asset management fees were higher compared to corresponding period due to the addition of BFCDPL and
      higher deposited properties as at 30 June 2011.

(g) The share of profit of jointly controlled entities were higher as compared to corresponding period mainly due to the
    inclusion of BFCDPL acquired in December 2010.

(h) This relates to income tax provision on the income support received (see note (c) above).




                                                                                                                                  4
Financial Statements Announcement
For Half Year ended 30 June 2011

(i)   Included in the net effect of non-tax deductible items are the following:

                                                                                                     Group
                                                                  1/4/11 to     1/4/10 to                 1/1/11 to      1/1/10 to
                                                                                              Change                                    Change
                                                                  30/6/11       30/6/10                    30/6/11        30/6/10
                                                                   S$'000        S$'000         %          S$'000         S$'000          %
      Non-tax deductible / (chargeable) items:
      Amortisation costs                                              14,222         9,329       52.4%         27,486        18,587     47.9%

      Asset management fees payable in units                           6,904         5,254       31.4%         13,641        10,509     29.8%

      Non-tax deductible/(chargeable):
      - interest income                                                 (573)         (573)       0.0%         (1,141)        (1,401)   18.6%
      - loss/(gain) arising from remeasurement of interest rate
      swaps and convertible bonds                                      6,240         3,809       63.8%          7,056         (6,446)   209.5%

      Temporary differences and other adjustments                        590         1,511      -61.0%          1,412          2,347    -39.8%

      Total                                                           27,383        19,330       41.7%         48,454        23,596     105.3%

(j)   This relates to the dividend income received from ORQPL, BFCDPL and Suntec Harmony Pte Ltd (“SHPL”).




                                                                                                                                                 5
Financial Statements Announcement
For Half Year ended 30 June 2011

1 (b)(i) Balance sheet as at 30 June 2011

                                                                 Group                                 Trust
                                                   30/6/11               31/12/10        30/6/11               31/12/10
                                                   S$'000                 S$'000         S$'000                 S$'000
 Non-current assets

 Plant and equipment                                             4                  10                 4                  10

 Investment properties                              4,452,692             4,452,000       4,452,692             4,452,000
                     (a)
 Intangible asset                                      79,407               100,029          79,407               100,029

                                             (b)
 Interest in jointly controlled entities            2,038,980             2,039,680       1,476,146             1,474,791
                                 (c)
 Investment in subsidiaries                                  -                  -          535,506                535,506

 Derivative asset                                            408                416                408                416

 Total non-current assets                           6,571,491             6,592,135       6,544,163             6,562,752

 Current assets

 Derivative asset                                            -                  762                -                  762

 Trade and other receivables                            1,922                 3,266           1,908                 3,267

 Amounts due from jointly controlled
 entities                                               9,318                 3,419           3,937                   -

 Amounts due from subsidiaries                               -                  -             4,770                 3,320
 Cash and cash equivalents                             28,008                52,493          27,524                51,909

 Total current assets                                  39,248                59,940          38,139                59,258

 Total assets                                       6,610,739             6,652,075       6,582,302             6,622,010

 Current liabilities
                                       (d)
 Interest bearing borrowings                         115,000                404,585        115,000                404,585

 Trade and other payables                              30,817                41,103          30,811                41,103
                           (e)
 Derivative liabilities                                      -                8,756                -                8,756


 Current portion of security deposits                  19,921                22,452          19,921                22,452

 Provision for taxation                                 3,682                 2,032           3,682                 2,032

 Total current liabilities                           169,420                478,928        169,414                478,928

 Non-current liabilities
                                       (d)
 Interest bearing borrowings                        2,428,190             2,150,059       2,428,190             2,150,059
                           (e)
 Derivative liabilities                                15,259                   216          15,259                   216

 Non-current portion of security
 deposits                                              39,961                38,239          39,961                38,239

 Total non-current liabilities                      2,483,410             2,188,514       2,483,410             2,188,514

 Total liabilities                                  2,652,830             2,667,442       2,652,824             2,667,442

 Net assets                                         3,957,909             3,984,633       3,929,478             3,954,568
                           (f)
 Unitholders' funds                                 3,957,909             3,984,633       3,929,478             3,954,568




                                                                                                                           6
Financial Statements Announcement
For Half Year ended 30 June 2011

Footnotes:
(a) This represents the unamortised income support provided by Cavell Limited and Choicewide Group Limited, the
    vendor of the one-third interest in ORQPL and BFCDPL respectively, the Group’s jointly controlled entities. The
    income support is amortised in accordance with the respective Deed of Income Support.

(b) In respect of the Group, this relates to the one-third interest in ORQPL, one-third interest in BFCDPL and 20 per
    cent interest in Harmony Investors Group Limited, the Group’s jointly controlled entities. In respect of the Trust, this
    relates to advances to ORQPL and a one-third interest in and advances to BFCDPL.

(c) This relates to Comina Investment Limited and SHPL, which are wholly-owned subsidiaries of Suntec REIT.

(d) The interest-bearing borrowings are stated at amortised cost. The current portion of the interest-bearing borrowings
    include S$100.0 million from a short term loan facility and S$15.0 million from a revolving credit facility. The
    S$115.0 million borrowings are expected to be refinanced via term loan or medium term notes issue.

(e) This relates to the interest rate swaps at fair value through statement of total return and embedded derivative
    relating to convertible bonds.

(f)   Please refer to statement of movements in unitholders’ funds item 1(d)(i) for details.

1 (b)(ii) Aggregate amount of borrowings and debt securities

                                                                Group                           Trust
                                                      30/6/11           31/12/10      30/6/11           31/12/10
                                                      S$'000             S$'000       S$'000             S$'000


Amount repayable in one year or less, or on
demand
            (b)
- Unsecured                                              115,000           404,585       115,000           404,585
                                                         115,000           404,585       115,000           404,585

Amount repayable after one year
          (a)
- Secured                                                790,070           788,647       790,070           788,647
              (b)
- Unsecured                                            1,638,120         1,361,412     1,638,120         1,361,412
                                                       2,428,190         2,150,059     2,428,190         2,150,059
                                                       2,543,190         2,554,644     2,543,190         2,554,644

Details of borrowings and collaterals

(a) Suntec REIT has in place secured facilities of S$800.0 million Term Loan Facilities with a panel of banks,
    comprising a S$350.0 million loan for a term of 3 years, S$350.0 million loan for a term of 5 years and a S$100.0
    million fixed-rate loan for a term of seven years.

      The facilities are secured on the following:

         A first legal mortgage on Suntec City Mall and part of Suntec City Office Tower 3 (the “Properties”);
         A first fixed charge over the central rental collection account in relation to the Properties;
         An assignment of Suntec REIT’s rights, title and interest in the tenancy documents and the proceeds in
          connection with the Properties;
         An assignment of Suntec REIT’s rights, title and interest in the insurance policies in relation to the Properties;
         A fixed and floating charge over the assets of Suntec REIT in relation to the Properties, agreements, collateral,
          as required by the financial institution granting the facilities; and
         An assignment of any interest swaps facility, which may be entered into by Suntec REIT in relation to the term
          loan facility

(b) The interest-bearing borrowings (unsecured) comprise S$1,470.0 million from various institutional banks, S$25.0
    million from Sunshine Assets Limited via a medium term note programme and S$269.3 million of convertible
    bonds.




                                                                                                                          7
Financial Statements Announcement
For Half Year ended 30 June 2011

1 (c)   Cash flow statement for the Half Year ended 30 June 2011

                                                                                       Group
                                                              1/4/11 to       1/4/10 to     1/1/11 to        1/1/10 to
                                                              30/6/11         30/6/10        30/6/11         30/6/10
                                                               S$'000          S$'000        S$'000           S$'000

Operating activities

Net income                                                        29,257          26,061         60,499           65,953

Adjustments for:
 Depreciation                                                          3              11              6              21
                                           (a)
 Asset management fees paid in units                               6,904           5,254         13,641          10,509
                     (b)
 Net finance costs                                                18,149          16,349         30,645          18,458
 Amortisation expense                                             10,795           5,347         20,622          10,636
 Allowance for doubtful receivables                                   45             142            174             515
 Share of profit of jointly controlled entities                   (7,728)         (1,897)       (12,389)         (3,048)
Operating income before working capital changes                   57,425          51,267        113,198         103,044

Changes in working capital
  Trade and other receivables                                     (1,123)           (385)           835             828
  Trade and other payables                                        (2,720)         (2,692)       (12,913)         (2,299)
Cash flows generated from operations                              53,582          48,190        101,120         101,573
Income tax paid                                                     (761)         (1,361)        (1,015)         (1,361)
Net cash flow from operating activities                           52,821          46,829        100,105         100,212

Investing activities

Interest received                                                  5,698            4,344        11,303            8,496
Dividend received                                                  6,151            2,892         8,971            6,392
Capital expenditure on investment properties                        (522)            (525)         (692)            (923)
Purchase of plant and equipment                                      -                -             -                 (7)
Interest in jointly controlled entities                           (1,139)             (13)       (1,354)             790
Net cash flow from investing activities                           10,188            6,698        18,228           14,748

Financing activities

Proceeds from interest-bearing loans                             100,000              -         115,000             -
Unit issue costs paid                                                -                -            (400)            -
Financing costs paid                                             (12,046)         (11,469)      (26,345)        (24,806)
Repayment of interest-bearing loans                             (100,000)             -        (132,500)            -
Redemption of convertible bonds                                     (515)             -            (774)            -
Distributions to unitholders                                     (52,867)         (45,365)      (97,799)        (93,202)
Net cash flow used in financing activities                       (65,428)         (56,834)     (142,818)       (118,008)

Net decrease in cash and cash equivalents                          (2,419)         (3,307)       (24,485)         (3,048)

Cash and cash equivalents at beginning of the
period                                                            30,427          31,487         52,493           31,228

Cash and cash equivalents at end of the period                    28,008          28,180         28,008           28,180


Footnotes:
The significant non-cash transactions for the quarter ended 30 June 2011 were as follows:

(a) the Group will be issuing a total of 4,654,915 units to the Manager amounting to S$6.9 million as satisfaction of
    asset management fees payable in units in respect of the financial quarter ended 30 June 2011.

(b) Please refer to footnote (d) under note 1(a)(i) Statement of Total Return and Distribution Statement for the Half
    Year ended 30 June 2011 on page 4.




                                                                                                                   8
Financial Statements Announcement
For Half Year ended 30 June 2011

The significant non-cash transactions for the six months ended 30 June 2011 were as follows:

(a) the Group has issued or will be issuing a total of 9,156,699 units to the Manager amounting to S$13.6 million as
    satisfaction of asset management fees payable in units in respect of the financial period ended 30 June 2011.

(b) Please refer to footnote (d) under note 1(a)(i) Statement of Total Return and Distribution Statement for the Half
    Year ended 30 June 2011 on page 4.


1 (d)(i) Statement of movements in unitholders’ funds for the Half Year ended 30 June 2011

                                                                                      Group
                                                            1/4/11 to     1/4/10 to           1/1/11 to      1/1/10 to
                                                             30/6/11       30/6/10             30/6/11        30/6/10
                                                             S$'000        S$'000              S$'000         S$'000

Balance at the beginning of the period                       3,976,044      3,324,639          3,984,633      3,327,857

Operations

  Total return after tax                                        27,828         25,524             57,834         64,888

Net increase in net assets resulting from operations            27,828         25,524             57,834         64,888

Unitholders' transactions

Units to be issued
- as set management fee payable in units (a)                     6,904          5,254             13,641         10,509
Unit issue expenses                                                 -             -                  (400)           -

Distributions to unitholders                                   (52,867)       (45,365)           (97,799)       (93,202)
Net decrease in net assets resulting from unitholders'
transactions                                                   (45,963)       (40,111)           (84,558)       (82,693)

Unitholders' funds as at end of period                       3,957,909      3,310,052          3,957,909      3,310,052


                                                                                      Trust
                                                            1/4/11 to     1/4/10 to           1/1/11 to      1/1/10 to
                                                             30/6/11       30/6/10             30/6/11        30/6/10
                                                             S$'000        S$'000              S$'000         S$'000

Balance at the beginning of the period                       3,947,217      3,317,549          3,954,568      3,319,854

Operations

  Total return after tax                                        28,224         26,032             59,468         66,309

Net increase in net assets resulting from operations            28,224         26,032             59,468         66,309

Unitholders' transactions

Units to be issued
- as set management fee payable in units (a)                     6,904          5,254             13,641         10,509

Unit issue expenses                                                 -             -                  (400)           -

Distributions to unitholders                                   (52,867)       (45,365)           (97,799)       (93,202)
Net decrease in net assets resulting from unitholders'
transactions                                                   (45,963)       (40,111)           (84,558)       (82,693)

Unitholders' funds as at end of period                       3,929,478      3,303,470          3,929,478      3,303,470

Footnotes: Group and Trust
(a) This represents the value of units issued and to be issued to the Manager as partial satisfaction of the asset
    management fee incurred for the quarter. The units for the quarter are to be issued within 30 days from quarter
    end.




                                                                                                                           9
Financial Statements Announcement
For Half Year ended 30 June 2011

1 (d)(ii) Details of any changes in the units since the end of the previous period reported on

                                                                              Group and Trust
                                                       1/4/11 to         1/4/10 to                         1/1/10 to
                                                                                      1/1/11 to 30/6/11
                                                       30/6/11           30/6/10                           30/6/10
                                                        Units             Units             Units           Units

Issued units at the beginning of the period          2,209,370,378     1,801,377,475    2,205,128,443     1,797,300,104

Creation of units:
 - as units issued for deferred consideration                  -          34,500,362               -         34,500,362
 - as payment for asset management fee                   4,501,784         3,868,851         8,743,719        7,946,222

Issued units at the end of the period                2,213,872,162     1,839,746,688    2,213,872,162     1,839,746,688

Units to be issued:
                                           (a)
 - asset management fee payable in units                 4,654,915         3,952,161         4,654,915        3,952,161

Issuable units at the end of the period                  4,654,915         3,952,161         4,654,915        3,952,161

Deferred Units to be issued:
 - as satisfaction of deferred consideration on
                                   (b)
   investment properties acquired                               -         34,500,360               -         34,500,360
                                                                -         34,500,360               -         34,500,360

Total issued and issuable units                      2,218,527,077     1,878,199,209    2,218,527,077     1,878,199,209

Footnotes:
(a) These are units to be issued to the Manager as partial satisfaction of asset management fee incurred for the
    quarter.

(b) This refers to the Deferred Units issued semi-annually from 9 June 2008 (being the issue date of the first
    instalment) to Suntec City Development Pte Ltd in satisfaction of the deferred payment consideration for the
    purchase of the initial portfolio properties in December 2004. All 6 instalments of the Deferred Units had been
    issued as at 31 December 2010.


    Convertible Bonds – Group & Trust

    Suntec REIT has issued the following convertible bonds, which remained outstanding as at 30 June 2011:

    -   S$269,250,000 of Convertible Bonds due in 2013 which are convertible by holders into units of Suntec REIT at
        any time on or after 30 April 2008 at an adjusted conversion price of S$1.722 per unit.

    As at 30 June 2011, Suntec REIT redeemed S$750,000 of convertible bonds at an exercise price of 103.164% on
    the principal amount.

    There has been no conversion of any of the above convertible bonds since the date of their issue.

    Assuming the bonds are fully converted based on the adjusted conversion price, the number of new units to be
    issued would be 156,358,885 (30 June 2010: 155,083,285), representing 7.1% (30 June 2010: 8.4%) of the total
    number of units of Suntec REIT in issue as at 30 June 2011.


2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g.
   the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an
   equivalent standard)

    The figures for the six-month period ended 30 June 2011 have not been audited but have been reviewed
    by the auditors in accordance with Singapore Standard on Review Engagements 2410 “Review of
    Interim Financial Information Performed by the Independent Auditor of the Entity”.




                                                                                                                  10
Financial Statements Announcement
For Half Year ended 30 June 2011

3. Where the figures have been audited, or reviewed, the auditors' report (including any
   qualifications or emphasis of matter)

   Please see attached review report.


4. Whether the same accounting policies and methods of computation as in the issuer's most
   recently audited financial statements have been applied

   The Group has applied the same accounting policies and methods of computation as in the audited
   financial statements for the year ended 31 December 2010.


5. If there are any changes in the accounting policies and methods of computation, including any
   required by an accounting standard, what has changed, as well as the reasons for, and the
   effect of, the change

   There is no change in the accounting policies and methods of computation adopted.


6. Earnings per unit (“EPU”) and Distribution per unit (“DPU”) for the Half Year ended 30 June
   2011

   Earnings per unit

                                                                                                                  Group
                                                                                   1/4/11 to          1/4/10 to                  1/1/11 to               1/1/10 to
                                                                                   30/6/11            30/6/10                     30/6/11                30/6/10

    Weighted average number of units                                            2,213,923,315      1,874,290,478           2,211,684,296              1,872,366,520

    Earnings per unit for the period based on the weighted average
    number of units in issue (cents)                                                 1.257               1.362                    2.615                   3.466

    Weighted average number of units                                            2,370,282,200      1,874,290,478           2,368,043,181              2,027,449,805

    Earnings per unit for the period based on the fully diluted basis
            (a)
    (cents)                                                                          1.226               1.362                    2.494                   3.227


   Footnote
   (a) For the purpose of calculating the diluted EPU, the weighted average number of units in issue is adjusted to
       take into the account the dilutive effect arising from full conversion of convertible bonds to units, with the
       potential units weighted for the period outstanding. For the financial quarter ended 30 June 2010, the
       convertible bonds were anti-dilutive and were excluded from the calculation of diluted EPU.

   Distribution per Unit

   In computing the DPU, the number of units as at the end of each period is used for the computation. The DPU for
   the Group and Trust are the same.

                                                                                                 Group
                                                               1/4/11 to       1/4/10 to        9/6/10 to         1/1/11 to                  1/1/10 to
                                                               30/6/11          8/6/10          30/6/10            30/6/11                   30/6/10

    Number of issued and issuable units at end of period
                             (a)
    entitled to distribution                                  2,218,527,077   1,809,198,487    1,843,698,849      2,218,527,077           1,843,698,849



    Distribution per unit for the period based on the total
                                                                       (1)                                                 (2)
    number of units entitled to distribution (cents)           2.532            1.928            0.600             4.920                      5.041

   (1)    The distribution per unit for the quarter ended 30 June 2011 of 2.532 cents per unit (30 June 2010: 2.528 cents per unit)
          comprised a taxable income component of 1.961 cents per unit (30 June 2010: 2.287 cents per unit) and a tax exempt
          income component of 0.571 cents per unit (30 June 2010: 0.241 cents per unit).

                                                                                                                                                             11
Financial Statements Announcement
For Half Year ended 30 June 2011

    (2)   The distribution per unit for the six months ended 30 June 2011 of 4.920 cents per unit (30 June 2010: 5.041 cents per unit)
          comprised a taxable income component of 3.894 cents per unit (30 June 2010: 4.558 cents per unit) and a tax exempt
          income component of 1.026 cents per unit (30 June 2010: 0.483 cents per unit).

    Footnotes:
    (a) The computation of actual DPU for the period from 1 April 2011 to 30 June 2011 is based on the number of
        units entitled to the distribution:

          (i)   The number of units in issue as at 30 June 2011 of 2,213,872,162.

          (ii) The units issuable to the Manager by 30 July 2011 as partial satisfaction of management fee incurred for
               the period from 1 April 2011 to 30 June 2011 of 4,654,915.


7. Net asset value (“NAV”) per unit as at 30 June 2011

                                                                    Group                                      Trust
                                                              (a)                                        (a)
                                                    30/6/11                 31/12/10           30/6/11                 31/12/10

    NAV per unit (S$)                                 1.784                  1.804               1.771                  1.790


    Footnotes:
    (a) The number of units used for computation of actual NAV per unit is 2,218,527,077. This comprised:

          (i)   The number of units in issue as at 30 June 2011 of 2,213,872,162; and

          (ii) The units issuable to the Manager by 30 July 2011 as partial satisfaction of management fee incurred for
               the period from 1 April 2011 to 30 June 2011 of 4,654,915.


8. Review of the performance for the half year ended 30 June 2011

8(i) Gross revenue contribution of the properties

                                                                                       Group
                                                 1/4/11 to           1/4/10 to              1/1/11 to                  1/1/10 to
    Property                                                                      Change                                           Change
                                                 30/6/11             30/6/10                 30/6/11                    30/6/10
                                                  S$'000              S$'000        %        S$'000                     S$'000       %

    Suntec City                                      53,081             54,053         -1.8%        106,291              108,001     -1.6%
    Park Mall                                         5,604              5,657         -0.9%         10,943               11,399     -4.0%
    Chijmes                                           2,615              2,683         -2.5%          5,089                5,444     -6.5%
    Total                                            61,300             62,393         -1.8%        122,323              124,844     -2.0%




                                                                                                                                         12
Financial Statements Announcement
For Half Year ended 30 June 2011

8(ii) Income contribution of the properties

                                                                           Group
                                              1/4/11 to   1/4/10 to             1/1/11 to     1/1/10 to
    Property                                                          Change                              Change
                                              30/6/11     30/6/10                30/6/11       30/6/10
                                               S$'000      S$'000       %        S$'000        S$'000           %

    Suntec City                                  40,875      41,251      -0.9%      81,958       82,648    -0.8%
    Park Mall                                     4,234       4,253      -0.4%       8,156        8,655    -5.8%
    Chijmes                                       1,791       1,919      -6.7%       3,469        3,943   -12.0%
    Total net property income                    46,900      47,423      -1.1%      93,583       95,246    -1.7%

    Jointly controlled entities:
     One-third interest in ORQ                    8,085      11,003     -26.5%      15,863       21,772   -27.1%
     One-third interest in MBFC Properties       18,419         -      n.m.         33,809          -      n.m.
     20.0% interest in SSICEC                       400         600   -33.3%           700        1,400   -50.0%
    Total income from jointly controlled
    entities                                     26,904      11,603    131.9%       50,372       23,172   117.4%

    Total income contribution                    73,804      59,026    25.0%       143,955      118,418    21.6%
    n.m. – not meaningful

    Review of performance 2Q FY11 vs 2Q FY10

    Gross revenue for 2Q FY11 was S$61.3 million, a decline of S$1.1 million or 1.8% over 2Q FY10. The
    decline was mainly due to lower retail revenue and a marginal drop in office revenue for the quarter.

    Gross office revenue for the quarter was S$29.4 million, which was S$0.2 million or 0.7% lower than in
    2Q FY10. Suntec City office contributed approximately S$27.4 million in revenue whilst Park Mall office
    contributed S$2.0 million in revenue for the quarter.

    Gross retail revenue for the quarter was S$31.9 million, which was S$0.9 million or 2.7% lower than in
    2Q FY10. This was mainly due to lower rental income achieved for Suntec City Mall. Suntec City Mall
    contributed approximately S$25.7 million in revenue, whilst Park Mall and Chijmes contributed S$6.2
    million in revenue for the quarter.

    Property operating expenses incurred for the quarter was S$14.4 million, which was S$0.6 million or
    3.8% lower than the corresponding period. This was mainly due to lower leasing commission and other
    property expenses. The cost-to-revenue ratio for the quarter was 23.5%, compared to 24.0% in the
    previous year.

    The net property income for the quarter of S$46.9 million was a marginal decrease of S$0.5 million or
    1.1% year-on-year.

    The income contribution from the jointly controlled entities for the quarter of S$26.9 million was S$15.3
    million higher than 2Q FY10. This was attributable mainly to the inclusion of the MBFC Properties,
    partially offset by lower contribution from ORQ. The reduced contribution from ORQ was due to lower
    income support year-on-year.

    Net financing costs for the quarter was S$18.1 million, an increase of S$1.8 million year-on-year. This
    was due to a net loss of S$6.2 million arising from the remeasurement of interest rate swaps and
    convertible bonds. This remeasurement loss had no impact on the income available for distribution.

    Excluding the remeasurement, the net financing costs for the quarter was S$11.9 million, a marginal
    decrease of S$0.6 million over 2Q FY10. Notwithstanding the increase of S$1 billion in total
    borrowings, the lower financing cost was achieved through a lower interest margin resulting from the
    refinancing exercise and partly due to the lower cost of funds as compared to the previous period.

    The overall all-in financing cost averaged 2.78% for the quarter, and the gearing ratio stood at 38.5% as
    at 30 June 2011.


                                                                                                          13
Financial Statements Announcement
For Half Year ended 30 June 2011

   The income available for distribution of S$56.2 million for the quarter was S$10.2 million or 22.3%
   higher year-on-year.

   For the office portfolio, the committed occupancy of Suntec City office as at 30 June 2011 maintained at
   99.5% this quarter. Park Mall office achieved full committed occupancy as at 30 June 2011.

   For the retail portfolio, the committed occupancy of Suntec City Mall stood at 97.1% as at 30 June
   2011, whilst Park Mall and Chijmes both achieved full committed occupancy.

   For the jointly-controlled entities, ORQ achieved full committed occupancy, whilst the committed
   occupancy for the MBFC Properties stood at 97.4% as at 30 June 2011.

   The overall committed occupancy for the office       and retail portfolio stood at 99.1% and 97.7%
   respectively as at 30 June 2011.

   Review of performance 1H FY11 vs 1H FY10

   Gross revenue for 1H FY11 was S$122.3 million, a decline of S$2.5 million or 2.0% over 1H FY10. The
   decline was mainly due to lower retail revenue and a marginal drop in office revenue for the half year.

   Gross office revenue for 1H FY11 was S$58.3 million, which was S$0.7 million or 1.1% lower than in
   1H FY10. Suntec City office contributed approximately S$54.4 million in revenue whilst Park Mall office
   contributed S$3.9 million in revenue for the period.

   Gross retail revenue for 1H FY11 was S$64.0 million, which was S$1.9 million or 2.8% lower than in 1H
   FY10. This was mainly due to lower rental income for Suntec City Mall which contributed approximately
   S$51.9 million in revenue. Park Mall and Chijmes contributed S$12.1 million in revenue for the period.

   Property operating expenses incurred for 1H FY11 was S$28.7 million, which was S$0.9 million or 2.9%
   lower than 1H FY10. This was mainly due to lower leasing commission and other property expenses.
   The cost-to-revenue ratio for the period was 23.5%, compared to 23.7% in 1H FY10.

   The net property income for 1H FY11 was S$93.6 million, a decline of S$1.7 million or 1.7% year-on-
   year.

   The income contribution from the jointly controlled entities achieved for 1H FY11 was S$50.4 million,
   which was S$27.2 million higher than in 1H FY10. This was mainly due to contribution from the MBFC
   Properties, partially offset by lower contribution from ORQ and SSICEC. The reduced contribution from
   ORQ was due to lower income support year-on-year.

   Net financing costs for 1H FY11 was S$30.6 million, an increase of S$12.2 million year-on-year. This
   was partly due to a net loss of S$7.1 million from the remeasurement of interest rate swaps and
   convertible bonds as compared to a net gain of S$6.5 million in 1H FY10. This remeasurement had no
   impact on the income available for distribution.

   Excluding the remeasurement, the net financing costs for 1H FY11 was S$23.6 million, a decrease of
   S$1.3 million over 1H FY10. Notwithstanding the increase of S$1 billion in total borrowings, the lower
   financing cost was achieved through a lower interest margin resulting from the refinancing exercise and
   partly due to the lower cost of funds as compared to the previous period.

   The overall all-in financing cost averaged 2.77% for the 1H FY11.

   The income available for distribution of S$109.0 million for 1H FY11 was S$17.7 million or 19.4% higher
   year-on-year.




                                                                                                        14
Financial Statements Announcement
For Half Year ended 30 June 2011


9. Variance between the forecast and actual results

   Below mentioned only relates to review of the results of the Group.
                                                                                                 Group
                                                               Actual       Forecast                  Actual        Forecast
    Statement of total return                                 1/4/11 to     1/4/11 to      Change    1/1/11 to      1/1/11 to      Change
                                                               30/6/11      30/6/11 (1)               30/6/11       30/6/11 (1)
                                                               S$'000        S$'000          %        S$'000         S$'000          %
                         (a)
    Gross revenue                                                 61,300         61,628      -0.5%       122,323       122,855       -0.4%

    Maintenance charges                                           (4,134)        (4,134)     0.0%         (8,267)        (8,267)        0.0%

    Property management fees                                      (1,839)        (1,857)     1.0%         (3,670)        (3,701)        0.8%

    Property tax                                                  (5,257)        (5,305)     0.9%        (10,502)       (10,580)        0.7%
                                            (b)
    Other property expenses                                       (3,170)        (3,832)    17.3%         (6,301)        (7,858)    19.8%

    Property expenses                                            (14,400)       (15,128)     4.8%        (28,740)       (30,406)        5.5%

    Net property income                                           46,900         46,500      0.9%         93,583         92,449         1.2%
                   (c)
    Other income                                                  12,922         13,066      -1.1%        24,634         27,059      -9.0%
                                (d)
    Net financing costs                                          (18,149)       (15,835)    -14.6%       (30,645)       (30,858)        0.7%
                                      (e)
    Amortisation expense                                         (10,795)       (10,039)     -7.5%       (20,622)       (19,967)     -3.3%

    Asset management fees                                         (8,630)        (8,437)     -2.3%       (17,051)       (16,793)     -1.5%

    Trust expenses                                                  (719)          (658)     -9.3%        (1,789)        (1,313)    -36.3%

    Net income before share of profit of jointly
    controlled entities                                           21,529         24,597     -12.5%        48,110         50,577      -4.9%
                                                        (f)
    Share of profit of jointly controlled entities                 7,728          5,760     34.2%         12,389         10,499     18.0%

    Total return before taxation                                  29,257         30,357      -3.6%        60,499         61,076      -0.9%
                                  (g)
    Income tax expense                                            (1,429)        (2,130)    32.9%         (2,665)        (4,418)    39.7%

    Total return for the period after taxation                    27,828         28,227      -1.4%        57,834         56,658         2.1%

                                                                                                 Group
                                                               Actual       Forecast                  Actual        Forecast
    Distribution statement                                    1/4/11 to     1/4/11 to      Change    1/1/11 to      1/1/11 to      Change
                                                               30/6/11      30/6/11 (1)               30/6/11       30/6/11 (1)
                                                               S$'000        S$'000          %        S$'000         S$'000          %

    Net income before share of profit of jointly
    controlled entities                                           21,529         24,597     -12.5%        48,110         50,577      -4.9%

                                                  (h)
    Net effect of non-tax deductible items                        27,383         20,650     32.6%         48,454         41,126     17.8%

    Taxable income                                                48,912         45,247      8.1%         96,564         91,703         5.3%

                          (i)
    Dividend income                                                8,692          6,548     32.7%         15,143         12,075     25.4%

                                  (g)
    Income tax expense                                            (1,429)        (2,130)    32.9%         (2,665)        (4,418)    39.7%

    Income available for distribution to Unitholders
    at end of the period                                          56,175         49,665      13.1%       109,042         99,360         9.7%

    Distribution per unit (cents)                                  2.532          2.241      13.0%         4.920          4.483         9.7%

   (1)   The Forecast is based on assumptions set out in Suntec REIT Circular to Unitholders dated 8 November 2010.



                                                                                                                                   15
Financial Statements Announcement
For Half Year ended 30 June 2011

   Footnotes:
   (a) Gross revenue comprises mainly base rentals, service charges from retail mall and offices, promotion fund
       from retail mall and income from rentals of atrium spaces, push carts, kiosks and media spaces.

   (b) The actual other property expenses is lower than forecast due to savings in advertising and promotion
       expenses, property maintenance expenses and allowance for doubtful debts.

   (c) This relates to the income support received from the vendors, Cavell Limited and Choicewide Group Limited in
       relation to the acquisition of a one-third interest in ORQPL and a one-third interest in BFCDPL respectively.
       The Other income for year-to-date was lower than forecast due to the early completion of the acquisition of
       BFCDPL in December 2010.

   (d) Included in the net financing costs are the following:

                                                                                            Group
                                                        Actual        Forecast                     Actual        Forecast
                                                       1/4/11 to      1/4/11 to       Change      1/1/11 to      1/1/11 to      Change
                                                        30/6/11       30/6/11 (1)                  30/6/11       30/6/11 (1)
                                                        S$'000         S$'000           %          S$'000         S$'000          %
         Finance income:
         Gain arising from remeasurement of
         interest rate swaps (2)                               -               -       n.m.              297              -      n.m.

         Gain arising from remeasurement of
         convertible bonds (2)                              2,325              -       n.m.            5,849              -      n.m.

         Interest income
         - fixed deposits and current account                   7               3      133.3%              9               6    50.0%
         - interest rate swaps                                169             133       27.1%            678             559    21.3%
         - loans to jointly controlled entities             5,864           5,232       12.1%         11,735          10,406    12.8%
                                                            8,365           5,368       55.8%         18,568          10,971    69.2%

         Finance expenses:
         Loss arising from remeasurement of
         interest rate swaps (2)                            (8,565)            -       n.m.          (13,202)             -      n.m.

         Amortisation of transaction costs                  (3,427)         (3,394)     -1.0%         (6,864)         (6,742)    -1.8%

         Interest expense
         - bank loans and convertible bonds               (11,592)        (15,513)      25.3%        (23,759)        (30,781)    22.8%
         - interest rate swaps                             (2,930)         (2,296)     -27.6%         (5,388)         (4,306)   -25.1%
                                                          (26,514)        (21,203)     -25.0%        (49,213)        (41,829)   -17.7%
         Net financing costs                              (18,149)        (15,835)     -14.6%        (30,645)        (30,858)    0.7%
         n.m. – not meaningful

         (1)   The Forecast is based on assumptions set out in Suntec REIT Circular to Unitholders dated 8 November 2010.
         (2)   This relates to the gain/(loss) arising from remeasurement of the interest rate swaps and convertible bonds. This has
               no impact on distributable income.

   (e) This relates to the amortisation of the intangible asset relating to the income support receivable by Suntec
       REIT (please refer to note(c) above). This amortisation does not have any impact on distributable income.

   (f)   This relates to the Group’s one-third interest in ORQPL, one-third interest in BFCDPL and 20 per cent interest
         in Harmony Investors Group Limited. The increase in the Share of profit of jointly controlled entities is due to
         better than expected performance from all entities.

   (g) This relates to income tax provision on the income support received (see note (c) above).




                                                                                                                                 16
Financial Statements Announcement
For Half Year ended 30 June 2011


   (h) Included in the net effect of non-tax deductible items are the following:

                                                                                                          Group
                                                                     Actual       Forecast                     Actual        Forecast
                                                                    1/4/11 to     1/4/11 to      Change       1/1/11 to      1/1/11 to       Change
                                                                     30/6/11              (1)                  30/6/11               (1)
                                                                                  30/6/11                                    30/6/11
                                                                     S$'000        S$'000          %           S$'000         S$'000           %
         Non-tax deductible / (chargeable) items:
         Amortisation costs                                             14,222         13,433          5.9%       27,486           26,709     2.9%

         Asset management fees payable in units                          6,904          6,750          2.3%       13,641           13,434     1.5%

         Non-tax deductible/(chargeable):
         - interest income                                                (573)          (573)         0.0%        (1,141)         (1,141)    0.0%
         - loss arising from remeasurement of interest rate swaps
         and convertible bonds                                           6,240             -      n.m.              7,056              -      n.m.

         Temporary differences and other adjustments                       590          1,040      -43.3%           1,412           2,124    -33.5%

         Total                                                          27,383         20,650      32.6%          48,454           41,126    17.8%

         n.m. – not meaningful

         (1)     The Forecast is based on assumptions set out in Suntec REIT Circular to Unitholders dated 8 November 2010.

   (i)   This relates to the dividend income received from ORQPL, BFCDPL and SHPL.


   Review of the performance 2Q FY11 vs 2Q FY11 Forecast

   Gross revenue for the quarter ended 2Q FY11 was S$61.3 million, a marginal decline of S$0.3 million
   or 0.5% over the 2Q FY11 Forecast due to slightly lower retail rental revenue.

   Property operating expenses incurred for the quarter was S$14.4 million, which was S$0.7 million or
   4.8% lower than 2Q FY11 Forecast. This was mainly due to lower advertising and promotion spending
   and other property expenses. The cost-to-revenue ratio for the quarter was 23.5%, compared to 24.5%
   in 2Q FY11 Forecast.

   The net property income for the quarter was S$46.9 million, an increase of S$0.4 million or 0.9%
   against 2Q FY11 Forecast.

   Net financing costs for the quarter was S$18.1 million, S$2.3 million or 14.6% higher as compared to
   2Q FY11 Forecast. This was mainly due to the S$6.2 million loss arising from remeasurement of
   interest rate swaps and convertible bonds. This remeasurement loss had no impact on the income
   available for distribution.

   Excluding the remeasurement, the net financing costs of S$11.9 million for the quarter was S$3.9
   million or 24.8% below 2Q FY11 Forecast.The lower financing cost resulted mainly from the lower base
   interest rates and higher interest income from jointly controlled entities.

   The income available for distribution of S$56.2 million for the quarter was S$6.5 million or 13.1% higher
   than 2Q FY11 Forecast. With the accretion from the acquisition of MBFC Properties, the distribution per
   unit strengthened to 2.532 Singapore cents which was 13.0% higher than 2Q FY11 Forecast.

   Review of the performance 1H FY11 vs 1H FY11 Forecast

   Gross revenue for 1H FY11 was S$122.3 million, a marginal decline of S$0.5 million or 0.4% over the
   1H FY11 Forecast due to slightly lower retail rental revenue.

   Property operating expenses incurred for 1H FY11 was S$28.7 million, which was S$1.7 million or 5.5%
   lower than 1H FY11 Forecast. This was mainly due to lower advertising and promotion spending and
   other property expenses. The cost-to-revenue ratio for the quarter was 23.5%, compared to 24.7% in
   1H FY11 Forecast.

                                                                                                                                                   17
Financial Statements Announcement
For Half Year ended 30 June 2011

       The net property income for 1H FY11 was S$93.6 million, an increase of S$1.1 million or 1.2% against
       1H FY11 Forecast.

       Other income for 1H FY11 was S$24.6 million, S$2.4 million or 9.0% lower than 1H FY11 Forecast was
       due to the early completion of the acquisition of BFCDPL in December 2010.

       Net financing costs for 1H FY11 was S$30.6 million, S$0.2 million or 0.7% lower as compared to 1H
       FY11 Forecast. This was due to a net loss from the remeasurement of interest rate swaps and
       convertible bonds of S$7.1 million. This remeasurement loss had no impact on the income available for
       distribution.

       Excluding the remeasurement, the net financing costs for 1H FY11 was S$23.6 million, a decrease of
       S$7.3 million over 1H FY11 Forecast. The lower financing cost resulted mainly from the lower base
       interest rates and higher interest income from jointly controlled entities.

       The income available for distribution of S$109.0 million for 1H FY11 was S$9.7 million or 9.7% higher
       than 1H FY11 Forecast. With the accretion from the acquisition of MBFC Properties, the total
       distribution per unit for 1H FY11 strengthened to 4.92 Singapore cents which was 9.7% higher than 1H
       FY11 Forecast.


10. Commentary on the competitive conditions of the industry in which the group operates and any
    known factors or events that may affect the group in the next reporting period and the next 12
    months

       Singapore’s economy grew in the second quarter by only 0.5% on a year-on-year basis, a decline from
       the 9.3% growth in the previous quarter based on advance estimates released by the Ministry of Trade
       and Industry (“MTI”) on 14 July 2011. The manufacturing sector posted a 5.5% decline while there were
       moderate growths of 1.6% and 3.3% in the construction sector and services producing industries
       respectively. MTI noted that weaker trade flows and a fall in stock activities were evident in the quarter
       while tourism related sectors such as hotels and restaurants continued to register healthy growth due to
       strong visitor inflows. The overall positive trend may be muted by uncertainties over European
       sovereign debt, further increase in global oil prices and a protracted disruption of industrial activities in
       Japan.

       The Singapore property market remained stable in the second quarter of 2011. Prime office rents1 for
       the quarter improved marginally by 2.3% to $8.80 psf/mth compared to the first quarter. The growth in
       office rents is underpinned by the stable economic fundamentals, an increasing rental gap between
       Singapore and Hong Kong, and a flight to quality office space. Occupancy rates2 remained stable at
       93.5% for Grade A office space in the CBD. Prime retail rents1 in the second quarter of 2011
       maintained at $30.10 psf/mth. Notwithstanding the favourable economic climate, the retail competition
       for shoppers’ dollars continued to intensify with new retail centres as well as the growth of online
       shopping, cheaper airfares and the strong local currency providing shoppers with alternative shopping
       avenues.

       The Manager expects the office sector to continue its steady recovery with the retail sector remaining
       stable.

       Barring any unforeseen circumstances, the Manager expects to exceed the forecast distribution per unit
       for the financial year 2011 as stated in the Circular dated 8 November 2010.




1
    CB Richard Ellis, Marketview Report issued on 7 July 2011
2
    Colliers International, Press Release issued on 28 June 2011




                                                                                                                 18
Financial Statements Announcement
For Half Year ended 30 June 2011

11. Distributions

(a) Current financial period

   Any distribution declared for the   Yes
   current period?
   Name of distribution                Distribution for the period from 1 April 2011 to 30 June
                                       2011
   Distribution Rate                   i)    Taxable income distribution – 1.961 cents per unit
                                       ii)   Tax-exempt income distribution – 0.571 cents per
                                             unit

   Distribution Type                   i)    Taxable income
                                       ii)   Tax-exempt income
   Par value of units                  Not meaningful
   Tax Rate                            Taxable income
                                       These distributions are made out of Suntec REIT’s
                                       taxable income. Unitholders receiving distributions will
                                       be assessable to Singapore income tax on the
                                       distributions received except for individuals where these
                                       distributions are exempt from tax (unless they hold their
                                       units through partnership or as trading assets).

                                       Tax-exempt income
                                       Tax-exempt income distribution is exempt from tax in the
                                       hands of all Unitholders.


   Remark                              Nil




                                                                                                   19
Financial Statements Announcement
For Half Year ended 30 June 2011

(b) Corresponding period of the immediately preceding financial period

   Any distribution declared for the   Yes
   corresponding period of the
   immediately preceding financial
   year?
   Name of distribution                Distribution for the period from 1 April 2010 to 30 June
                                       2010

   Distribution Rate                   i)    Taxable income distribution – 2.287 cents per unit
                                       ii)   Tax-exempt income distribution – 0.241 cents per
                                             unit

   Distribution Type                   i)    Taxable income
                                       ii)   Tax-exempt income

   Par value of units                  Not meaningful

   Tax Rate                            Taxable income
                                       These distributions are made out of Suntec REIT’s
                                       taxable income. Unitholders receiving distributions will
                                       be assessable to Singapore income tax on the
                                       distributions received except for individuals where
                                       these distributions are exempt from tax (unless they
                                       hold their units through partnership or as trading
                                       assets).

                                       Tax-exempt income
                                       Tax-exempt income distribution is exempt from tax in
                                       the hands of all Unitholders.

   Remark                              Taxable income comprised of 1.748 cents per unit for
                                       the period 1 April 2010 to 8 June 2010 and 0.539 cents
                                       per unit for the period 9 June 2010 to 30 June 2010 per
                                       unit.

                                       Tax exempt income comprised 0.180 cents per unit for
                                       the period 1 April 2010 to 8 June 2010 and 0.061 cents
                                       per unit for the period 9 June 2010 to 30 June 2010.


(c) Date payable:                      29 August 2011


(d) Books Closure Date:                29 July 2011



12. If no distribution has been declared/(recommended), a statement to that effect

   Not applicable.




                                                                                                  20
Financial Statements Announcement
For Half Year ended 30 June 2011

13. Confirmation pursuant to Rule 705(5) of the Listing Manual

    To the best of our knowledge, nothing has come to the attention of the Board of Directors of the
    Manager of Suntec REIT (the “Manager”) which may render the unaudited interim financial statements
    of the Group and Trust (comprising the balance sheet as at 30 June 2011, statement of total return &
    distribution statement, cash flow statement and statement of changes in unitholders’ funds for the
    quarter ended on that date), together with their accompanying notes, to be false or misleading, in any
    material aspect.


    On behalf of the Board of the Manager
    ARA TRUST MANAGEMENT (SUNTEC) LIMITED




    Lim Hwee Chiang, John                                              Yeo See Kiat
    Director                                                           Director and Chief Executive Officer




 This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance,
 outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of
 risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry
 and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments,
 shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and
 training costs), property expenses and governmental and public policy changes and the continued availability of financing in
 the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on
 these forward-looking statements, which are based on the current views of management on future events.

 The value of units in Suntec REIT (“Units”) and the income derived from them, if any, may fall or rise. Units are not
 obligations of, deposits in, or guaranteed by, ARA Trust Management (Suntec) Limited (as the manager of Suntec REIT) (the
 “Manager”) or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the
 principal amount invested.


 Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the
 Units are listed on Singapore Exchange Securities Trading Limited (the “SGX-ST”). It is intended that holders of Units may
 only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid
 market for the Units.

 The past performance of Suntec REIT is not necessarily indicative of the future performance of Suntec REIT.




BY ORDER OF THE BOARD
ARA TRUST MANAGEMENT (SUNTEC) LIMITED
AS MANAGER OF SUNTEC REAL ESTATE INVESTMENT TRUST
(Company registration no. 200410976R)


Yeo See Kiat
Director
21 July 2011




                                                                                                                                   21

				
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