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[Pages:32]SUNWAY REAL ESTATE INVESTMENT TRUST FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Fourth Quarter ended

Cumulative Quarter ended

30.06.2021 30.06.2020 Change 30.06.2021 30.06.2020 Change

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

lease income receivable) 1 Other operating income Gross revenue

RM'000

101,542

1,852 103,394

RM'000

%

87,451 16.1%

16,930 544

104,925

-100% > 100%

-1.5%

RM'000

391,683

19,190 410,873

RM'000

%

519,705 -24.6%

16,930 20,240 556,875

-100% -5.2% -26.2%

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

(3,985) (37,061) (41,046)

(3,755) (23,565) (27,320)

6.1% 57.3% 50.2%

(15,359) (132,048) (147,407)

(14,703) (125,363) (140,066)

4.5% 5.3% 5.2%

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

62,348 1,978 45

64,371

77,605 1,628 34

-19.7% 21.5% 32.4%

(41,283) -100% (16,930) -100% 21,054 > 100%

263,466 7,627 129

271,222

416,809 5,392 224

-36.8% 41.5% -42.4%

(41,283) (16,930) 364,212

-100% -100% -25.5%

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

Profit / (Loss) before tax Income tax expense Profit / (Loss) for the period / year

(8,728) (192) (624)

(21,306) (30,850) 33,521

33,521

(8,072) (216) (570)

(26,578) (35,436) (14,382)

900 (13,482)

8.1% -11.1%

9.5% -19.8% -12.9% > 100% -100% >100%

(34,798) (740)

(3,344) (94,108) (132,990) 138,232

138,232

(36,989) (722)

(2,802) (116,392) (156,905) 207,307

900 208,207

-5.9% 2.5% 19.3% -19.1% -15.2% -33.3% -100% -33.6%

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

Unrealised

28,537 4,959

33,496 25

33,521

21,912 4,958

26,870 (40,352) (13,482)

30.2% 0.0%

24.7% > 100% > 100%

118,233 19,890

138,123 109

138,232

228,449 19,944

248,393 (40,186) 208,207

-48.2% -0.3%

-44.4% > 100% -33.6%

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

0.77

0.75

2.7%

-

(1.36) 100%

0.77

(0.61) >100%

3.62

7.76 -53.4%

-

(1.36) 100%

3.62

6.40 -43.4%

Distributable income per unit (sen) 2

0.83

0.75 10.7%

3.59

7.76 -53.7%

Proposed / Declared distribution per unit (sen) 3

1.63

2.38 -31.5%

3.30

7.33 -55.0%

1 Incremental lease income is recognised 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.

1

SUNWAY REAL ESTATE INVESTMENT TRUST FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D)

Fourth Quarter ended

Cumulative Quarter ended

30.06.2021 30.06.2020 Change 30.06.2021 30.06.2020 Change

RM'000

RM'000

%

RM'000

RM'000

%

Profit / (Loss) for the period / year

33,521

(13,482) > 100% 138,232

208,207 -33.6%

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

profit or loss Total comprehensive income / (loss)

for the period / year

(35)

43,023 > -100%

(570) (44,752) -98.7%

32,916

(15,211) > 100%

3

33,379 (31,742) 139,869

9,184 > 100% (11,300) > -100% 206,091 -32.1%

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 / year 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)

Fourth Quarter ended

Cumulative Quarter ended

30.06.2021 30.06.2020 Change 30.06.2021 30.06.2020 Change

RM'000

RM'000

%

RM'000

RM'000

%

101,542 1,978

1,872 105,392 (71,896)

33,496

87,451 1,628

547 89,626 (62,756) 26,870

16.1% 21.5%

> 100% 17.6% 14.6% 24.7%

391,683 7,627

19,210 418,520 (280,397) 138,123

519,705 5,392

20,267 545,364 (296,971) 248,393

-24.6% 41.5%

-5.2% -23.3%

-5.6% -44.4%

(4,959) 28,537

(4,958) 0.0% 21,912 30.2%

(19,890) 118,233

(19,944) -0.3% 228,449 -48.2%

36,819 65,356

61,209 -39.8% 83,121 -21.4%

118,233

453 -100.0% 228,902 -48.3%

(55,824) 9,532

(70,093) -20.4% 13,028 -26.8%

(108,701) (215,874) -49.6%

9,532

13,028 -26.8%

1.63

2.38 -31.5%

3.30

7.33 -55.0%

2 Included other operating income.

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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2021 (UNAUDITED)

FINANCIAL REVIEW FOR CURRENT QUARTER COMPARED WITH IMMEDIATE PRECEDING QUARTER

Current Quarter ended 30.06.2021

Immediate Preceding

Quarter ended 31.03.2021

Change

Rental and lease income Other operating income Gross revenue

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

Net property income Interest income Other income Net investment income

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

Profit before tax Income tax expense Profit for the period

RM'000 101,542

1,852 103,394

(3,985) (37,061) (41,046)

62,348 1,978 45

64,371

(8,728) (192) (624)

(21,306) (30,850) 33,521

33,521

RM'000 96,478

7,788 104,266

(3,784) (33,465) (37,249)

67,017 2,004 27

69,048

(8,789) (189) (410)

(22,843) (32,231) 36,817

36,817

% 5.2% -76.2% -0.8%

5.3% 10.7% 10.2%

-7.0% -1.3% 66.7% -6.8%

-0.7% 1.6% 52.2% -6.7% -4.3% -9.0% N/A -9.0%

Profit for the period comprises the following: Realised - Unitholders - Perpetual note holders

Unrealised

28,537 4,959

33,496 25

33,521

31,886 4,904

36,790 27

36,817

-10.5% 1.1% -9.0% -7.4% -9.0%

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

0.77

0.94 -18.1%

-

-

N/A

0.77

0.94 -18.1%

Distributable income per unit (sen) 1 Proposed / Declared distribution per unit (sen) 2

0.83 1.63

0.93 -10.8%

-

N/A

N/A - Not Applicable

1 Represents realised income attributable to unitholders and distribution adjustments, if any. 2 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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2021 (UNAUDITED)

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

Current Quarter ended 30.06.2021

Immediate Preceding

Quarter ended 31.03.2021

Change

RM'000

RM'000

%

Profit for the period

33,521

36,817

-9.0%

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

profit or loss Total comprehensive income for the period

(35)

(570) 32,916

9,720 > -100%

(9,086) -93.7% 37,451 -12.1%

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.

Current Quarter ended 30.06.2021

Immediate Preceding

Quarter ended 31.03.2021

Change

RM'000

RM'000

%

101,542 1,978

1,872 105,392 (71,896)

33,496

96,478 2,004

7,788 106,270 (69,480)

36,790

5.2% -1.3%

-76.0% -0.8% 3.5% -9.0%

(4,959) 28,537

(4,904) 31,886

1.1% -10.5%

36,819 65,356

4,933 36,819

> 100% 77.5%

(55,824) 9,532

36,819

N/A -74.1%

1.63

-

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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2021 (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets Non-current assets Investment properties Investment properties - accrued lease income Plant and equipment

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

Current liabilities Borrowings Trade payables Other payables

Total liabilities Total equity and liabilities

As At 30.06.2021 (Unaudited)

RM'000

As At 30.06.2020 (Restated) 1

RM'000

8,700,895 16,930 12,263

8,730,088

61,298 12,595

8,963 -

378,434 461,290 9,191,378

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 1,699,237 5,133,101

339,717 5,472,818

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

339,717 4,769,774

2,200,000 73,684 13,941

2,287,625

1,194,095 4,092

232,748 1,430,935 3,718,560 9,191,378

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

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

3,424,808

2,945,078

5,133,101 5,077,277

4,430,057 4,359,964

1.4988 1.4825

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 interim income distribution of 1.63 sen per unit for semi-annual period ended 30 June 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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 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 year - 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 30 June 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

-

2,727,829

138,232

33,379 (31,742) 1,842,097

138,232

33,379 (31,742) 4,569,926

-

339,717

138,232

33,379 (31,742) 4,909,643

710,000 (3,965)

706,035

-

(52,877) (70,093) (122,970)

710,000 (3,965)

(52,877) (70,093) 583,065

-

3,433,864

(19,890) (19,890)

1,699,237

(19,890) (19,890)

5,133,101

-

710,000

-

(3,965)

-

(52,877)

-

(70,093)

-

583,065

-

339,717

(19,890) (19,890)

5,472,818

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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 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

-

2,727,829

208,207

9,184 (11,300) 1,935,101

208,207

9,184 (11,300) 4,662,930

-

339,717

208,207

9,184 (11,300) 5,002,647

-

(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 FOURTH QUARTER ENDED 30 JUNE 2021 FOR THE FINANCIAL PERIOD ENDING 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

Cumulative Quarter ended

30.06.2021

30.06.2020

(Restated) 1

RM'000

RM'000

457,888 6,300

(180,097) 284,091

562,005 821

(217,919) 344,907

(1,733) (3,410) (405,000) (4,717) (210,323) (600,000) 780,000

7,083 (438,100)

(2,290) (45,000)

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

150,000 1,200,000

384,893 -

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

(373,680) (93,761) 710,000 (3,965)

(122,970) (19,890) 430,627

276,618 101,816 378,434

378,434

378,434

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

32,434 346,000 378,434

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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