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[Pages:33]SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3-Month Period ended

31.12.2021

31.12.2020 Change

18-Month Period ended

31.12.2021

Rental and lease income - Realised - Unrealised (in relation to unbilled

lease income receivable) 1 Other operating income Gross revenue

Quit rent, assessment and insurance Other property operating expenses Property operating expenses

Net property income Interest income Other income Changes in fair value of investment properties - As per valuation reports - Unbilled lease income receivable 1 Net investment income

Manager's fees Trustee's fees Other trust expenses Finance costs

Profit before tax Taxation Profit for the period

Profit/(Loss) for the period comprises the following: Realised - Unitholders - Perpetual note holders

Unrealised

Basic earnings / (loss) per unit attributable to unitholders (sen): Realised Unrealised

Distributable income per unit (sen) 2

Proposed / Declared distribution per unit (sen) 3

RM'000

130,930

19,584 7,283

157,797

(3,840) (30,860) (34,700)

123,097 1,779 26

(57,343) (19,584) 47,975

(10,037) (155)

(1,034) (21,406) (32,632) 15,343

850 16,193

RM'000 88,055

% 48.7%

7,715 95,770

(3,838) (25,920) (29,758)

66,012 2,145 27

68,184

(8,845) (192)

(1,457) (24,194) (34,688) 33,496

33,496

N/A -5.6% 64.8%

0.1% 19.1% 16.6%

86.5% -17.1%

-3.7%

N/A N/A -29.6%

13.5% -19.3% -29.0% -11.5%

-5.9% -54.2%

N/A -51.7%

RM'000

629,028

19,584 26,946 675,558

(23,202) (195,280) (218,482)

457,076 11,307 180

(57,343) (19,584) 391,636

(53,912) (1,130) (4,991)

(136,969) (197,002) 194,634

850 195,484

67,649 5,014

72,663 (56,470) 16,193

28,454 5,014

33,468 28

33,496

> 100% 0.0%

> 100% > -100%

-51.7%

221,907 29,917

251,824 (56,340) 195,484

2.01 (1.70) 0.31

1.98

2.80

0.91 > 100%

-

N/A

0.91

-65.9%

0.83 > 100%

0.77 > 100%

6.68 (1.70) 4.98

6.62

6.10

N/A - Not Applicable

1 Represents incremental lease income on straight-line basis over the lease period pursuant to MFRS 16 Leases . 2 Represents realised income attributable to unitholders and distribution adjustments, if any. 3 Please refer to Note A12 for details on income distribution.

Sunway REIT has changed its financial year end from 30 June to 31 December. The current cumulative financial period was a period of 18 months, made up from 1 July 2020 to 31 December 2021. As such, there were no comparative figures for the preceding year corresponding period.

The unaudited condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

1

the accompanying explanatory notes attached to these financial statements. SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D)

3-Month Period ended

31.12.2021

31.12.2020 Change

18-Month Period ended

31.12.2021

RM'000

RM'000

%

RM'000

Profit for the period

16,193

33,496 -51.7%

195,484

Other comprehensive income: Cash flow hedge - fair value of derivative 1 Cash flow hedge reserve recycled to

profit or loss Total comprehensive income

for the period

(1,711)

2,090

16,572

3

20,007 > -100% (18,711) > 100% 34,792 -52.4%

35,605 (32,977) 198,112

1 Please refer to Note B16 for details.

STATEMENT OF INCOME DISTRIBUTION

Rental and lease income Interest income Other income 2

Less: Expenses Realised income for the period Less: Amount reserved for distribution

to perpetual note holders Realised income attributable to unitholders Add: Previous period's undistributed

realised income Total income available for distribution Less: Proposed / Declared income

distribution to unitholders Balance undistributed realised income

Distribution per unit (sen)

3-Month Period ended

31.12.2021

31.12.2020 Change

18-Month Period ended

31.12.2021

RM'000

RM'000

%

RM'000

130,930 1,779

7,286 139,995 (67,332)

72,663

88,055 2,145

7,714 97,914 (64,446) 33,468

48.7% -17.1%

-5.5% 43.0%

4.5% > 100%

629,028 11,307

26,973 667,308 (415,484) 251,824

(5,014) 67,649

(5,014) 28,454

0.0% > 100%

(29,917) 221,907

45,557 113,206

2,850 31,304

> 100% > 100%

221,907

(95,895) 17,311

(26,371) 4,933

> 100% > 100%

(204,596) 17,311

2.80

0.77 > 100%

6.10

N/A - Not Applicable

2 Included other operating income.

Sunway REIT has changed its financial year end from 30 June to 31 December. The current cumulative financial period was a period of 18 months, made up from 1 July 2020 to 31 December 2021. As such, there were no comparative figures for the preceding year corresponding period.

The unaudited condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

2

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

FINANCIAL REVIEW FOR CURRENT QUARTER COMPARED WITH IMMEDIATE PRECEDING QUARTER

Immediate

Current

Preceding

Quarter ended Quarter ended

31.12.2021

30.9.2021

Change

Rental and lease income - Realised - Unrealised (in relation to unbilled

lease income receivable) 1 Other operating income Gross revenue

RM'000

130,930

19,584 7,283

157,797

RM'000

106,415

473 106,888

%

23.0%

N/A > 100%

47.6%

Quit rent, assessment and insurance Other property operating expenses Property operating expenses

(3,840) (30,860) (34,700)

(4,003) (32,372) (36,375)

-4.1% -4.7% -4.6%

Net property income Interest income Other income Changes in fair value of investment properties - As per valuation reports - Unbilled lease income receivable 1 Net investment income

123,097 1,779 26

(57,343) (19,584) 47,975

70,513 1,901 25

72,439

74.6% -6.4% 4.0%

N/A N/A -33.8%

Manager's fees Trustee's fees Other trust expenses Finance costs

Profit before tax Taxation Profit for the period

(10,037) (155)

(1,034) (21,406) (32,632) 15,343

850 16,193

(9,077) (235) (613)

(21,455) (31,380) 41,059

41,059

10.6% -34.0% 68.7%

-0.2% 4.0% -62.6% N/A -60.6%

Profit / (Loss) for the period comprises the following: Realised - Unitholders - Perpetual note holders

Unrealised

67,649 5,014

72,663 (56,470) 16,193

36,025 5,013

41,038 21

41,059

87.8% 0.0%

77.1% > -100%

-60.6%

Basic earnings / (loss) per unit attributable to unitholders (sen): Realised Unrealised

2.01 (1.70) 0.31

1.05

91.4%

-

N/A

1.05

-70.5%

Distributable income per unit (sen) 2

1.98

1.05

88.6%

Proposed / Declared distribution per unit (sen) 3

2.80

-

N/A

N/A - Not Applicable

1 Represents incremental lease income on straight-line basis over the lease period pursuant to MFRS 16 Leases . 2 Represents realised income attributable to unitholders and distribution adjustments, if any. 3 Please refer to Note A12 for details on income distribution.

The unaudited condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

3

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

FINANCIAL REVIEW FOR CURRENT QUARTER COMPARED WITH IMMEDIATE PRECEDING QUARTER (CONT'D)

Immediate

Current

Preceding

Quarter ended Quarter ended

31.12.2021

30.9.2021

Change

RM'000

RM'000

%

Profit for the period

16,193

41,059 -60.6%

Other comprehensive income: Cash flow hedge - fair value of derivative 1 Cash flow hedge reserve recycled to

profit or loss Total comprehensive income for the period

(1,711)

2,090 16,572

3,937 > -100%

(3,325) 41,671

> 100% -60.2%

1 Please refer to Note B16 for details.

STATEMENT OF INCOME DISTRIBUTION

Rental and lease income Interest income Other income 2 Less: Expenses Realised income for the period Less: Amount reserved for distribution

to perpetual note holders Realised income attributable to unitholders Add: Previous period's undistributed

realised income Total income available for distribution Less: Proposed / Declared income

distribution to unitholders Balance undistributed realised income

Distribution per unit (sen)

N/A - Not Applicable 2 Included other operating income.

Immediate

Current

Preceding

Quarter ended Quarter ended

31.12.2021

30.9.2021

Change

RM'000

RM'000

%

130,930 1,779

7,286 139,995 (67,332)

72,663

106,415 1,901

477 108,793 (67,755)

41,038

23.0% -6.4%

> 100% 28.7% -0.6% 77.1%

(5,014) 67,649

(5,013) 36,025

0.0% 87.8%

45,557 113,206

9,532 45,557

> 100% > 100%

(95,895) 17,311

45,557

N/A -62.0%

2.80

-

N/A

The unaudited condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

4

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets Non-current assets Investment properties Investment properties - accrued lease income Plant and equipment Right-of-use asset

Current assets Trade receivables Other receivables Derivatives Short term investment Cash and bank balances

Total assets

Equity and liabilities Equity Unitholders' capital Undistributed income Total Unitholders' funds Perpetual note holders' funds Total equity

Non-current liabilities Borrowings Long term liabilities Deferred tax liability Lease liability

Current liabilities Borrowings Trade payables Other payables Lease liability

Total liabilities Total equity and liabilities

Units in circulation ('000 units)

Net Asset Value ("NAV") attributable to unitholders: Before income distribution After income distribution 2

NAV per unit attributable to unitholders (RM): Before income distribution After income distribution 2

As At 31.12.2021 (Unaudited)

RM'000

As At 30.06.2020 (Restated) 1

RM'000

8,701,745 36,514 11,556 871

8,750,686

39,788 8,277

11,188 49,991 290,543 399,787 9,150,473

8,020,233 16,930 12,902 -

8,050,065

53,266 55,349 20,039 179,710 101,816 410,180 8,460,245

3,433,864 1,691,629 5,125,493

339,717 5,465,210

1,810,000 57,072 13,091 861

1,881,024

1,595,366 5,150

203,693 30

1,804,239 3,685,263 9,150,473

3,424,808

5,125,493 5,029,598

1.4966 1.4686

2,727,829 1,702,228 4,430,057

339,717 4,769,774

1,800,000 78,524 13,941 -

1,892,465

1,645,418 1,698

150,890 -

1,798,006 3,690,471 8,460,245

2,945,078

4,430,057 4,359,964

1.5042 1.4804

1 Certain balances in the audited consolidated statement of financial position have been reclassified to conform to current financial period's presentation. Further details are disclosed in Note B20.

2 After proposed final income distribution of 2.80 sen per unit for semi-annual period ended 31 December 2021 (30 June 2020: Final income distribution of 2.38 sen per unit).

The unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

5

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSET VALUE

As at 1 July 2020

Total comprehensive income Profit for the period Other comprehensive income: - Cash flow hedge - fair value of derivative - Cash flow hedge reserve recycled to profit or loss Total comprehensive income, representing the increase in net assets resulting from operations

Unitholders' Transactions Creation of units pursuant to private placement 1 Unit issuance expenses Distribution to unitholders: - Income distribution declared and paid in current period - Income distribution proposed in prior year but paid in current period Increase in net assets resulting from unitholders' transactions

Perpetual Note Holders' Transactions Amount reserved for distribution to perpetual note holders Decrease in net assets resulting from perpetual note holders' transactions

As at 31 December 2021 (Unaudited)

Unitholders' Undistributed

Capital

Income

Total

Perpetual

Unitholders' Note Holders'

Funds

Funds

RM'000

RM'000

RM'000

RM'000

2,727,829

1,702,228

4,430,057

339,717

Total Equity

RM'000

4,769,774

-

195,484

195,484

-

35,605

35,605

-

(32,977)

(32,977)

-

198,112

198,112

-

195,484

-

35,605

-

(32,977)

-

198,112

710,000 (3,965)

706,035

-

(108,701) (70,093)

(178,794)

710,000 (3,965)

(108,701) (70,093) 527,241

-

3,433,864

(29,917) (29,917)

1,691,629

(29,917) (29,917)

5,125,493

-

710,000

-

(3,965)

-

(108,701)

-

(70,093)

-

527,241

-

339,717

(29,917) (29,917)

5,465,210

1 Issuance of 479,729,700 new units at the issue price of RM1.48 per unit, pursuant to the private placement exercise completed on 28 October 2020.

The unaudited condensed consolidated statement of changes in net asset value should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

6

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSET VALUE (CONT'D)

As at 1 July 2019

Total comprehensive income Profit for the financial year Other comprehensive income: - Cash flow hedge - fair value of derivative - Cash flow hedge reserve recycled to profit or loss Total comprehensive income, representing the increase in net assets resulting from operations

Unitholders' Transactions Distribution to unitholders: - Income distribution declared and paid in current year - Income distribution proposed in prior year but paid in current year Decrease in net assets resulting from unitholders' transactions

Perpetual Note Holders' Transactions Amount reserved for distribution to perpetual note holders Decrease in net assets resulting from perpetual note holders' transactions

As at 30 June 2020 (Audited)

Unitholders' Undistributed

Capital

Income

Total

Perpetual

Unitholders' Note Holders'

Funds

Funds

RM'000

RM'000

RM'000

RM'000

2,727,829

1,729,010

4,456,839

339,717

Total Equity

RM'000

4,796,556

-

208,207

208,207

-

9,184

9,184

-

(11,300)

(11,300)

-

206,091

206,091

-

208,207

-

9,184

-

(11,300)

-

206,091

-

(145,781)

(145,781)

-

(67,148)

(67,148)

-

(212,929)

(212,929)

-

2,727,829

(19,944) (19,944)

1,702,228

(19,944) (19,944)

4,430,057

-

-

339,717

(145,781) (67,148)

(212,929)

(19,944) (19,944)

4,769,774

The unaudited condensed consolidated statement of changes in net asset value should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

7

SUNWAY REAL ESTATE INVESTMENT TRUST SIXTH QUARTER ENDED 31 DECEMBER 2021 FOR THE FINANCIAL PERIOD FROM 1 JULY 2020 TO 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows from operating activities Cash receipts from customers Refundable security deposits from customers Cash paid for operating expenses Net cash from operating activities

Cash flows from investing activities Acquisition of plant and equipment Deposit for acquisition of investment property Balance payment for acquisition of investment property Incidental costs on acquisition of investment property Subsequent expenditure of investment properties Investment in short term money market instrument Redemption of short term money market instrument Net cash flows from licensed financial institutions with maturity of over 3 months Interest received Net cash used in investing activities

Cash flows from financing activities Proceeds from issuance of commercial papers Proceeds from issuance of unrated medium term notes Drawdown of revolving loan - USD Drawdown of revolving loan Repayment of commercial papers Repayment of unrated medium term notes Repayment of revolving loan - USD Interest paid Proceeds from issuance of new units Payment of unit issuance expenses Distribution paid to unitholders Distribution paid to perpetual note holders Net cash from / (used in) financing activities

Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period / year

Cash and bank balances Deposits with licensed financial institutions with

maturity of over 3 months Cash and cash equivalents

Cash and bank balances at end of period / year comprise: Cash on hand and at banks Deposits placed with licensed financial institutions Cash and bank balances

18-Month Period ended

31.12.2021

RM'000

12-Month Period ended

30.06.2020 (Restated) 1

RM'000

687,596 5,610

(260,686) 432,520

562,005 821

(217,919) 344,907

(2,180) (3,410) (405,000) (4,717) (300,259) (850,000) 980,000

10,569 (574,997)

(2,290) (45,000)

(72,358) (1,020,000) 840,000 20,000 6,041 (273,607)

150,000 1,210,000

384,893 -

(200,000) (1,200,000)

(373,680) (137,388) 710,000

(3,965) (178,794)

(29,862) 331,204

188,727 101,816 290,543

290,543

290,543

1,010,000 1,400,000

373,680 100,000 (960,000) (1,200,000) (392,310) (115,239)

(212,929) (19,944) (16,742)

54,558 47,258 101,816

101,816

101,816

19,543 271,000 290,543

31,816 70,000 101,816

1 Certain balances in the audited consolidated statement of cash flows have been reclassified to conform to current financial period's presentation. Further details are disclosed in Note B20.

The unaudited condensed consolidated statement of cash flows should be read in conjunction with the accompanying explanatory notes attached to these financial statements.

8

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