Financial Highlights

Notes

1. Group refers to the Trust and its subsidiaries.
2. For 3Q 2020, this includes rental waivers granted by landlord to tenants affected by the Novel Coronavirus ("COVID-19") pandemic of S$29.5 million.
3. Other income comprises various types of miscellaneous income, other than rental income, ancillary to the operation of investment properties. This includes income earned from atrium space and advertisement panels.

4. Other property operating expenses comprise utilities, property management reimbursements, marketing, maintenance and other expenses that are ancillary to the operation of investment properties. Included as part of the other property operating expenses are the following:

   	Group			Trust
   	3Q 2020 S$'000	3Q 2019 S$'000	% Change	3Q 2020 S$'000	3Q 2019 S$'000	% Change
   Depreciation and amortisation	564	743	(24.1)	460	649	(29.1)
   Allowance for doubtful debts	156	-	NM	144	-	NM

   
   
5. At Trust level, it includes interest income on the unitholders' loans extended to BMT, IMT, VO1T and VO2T.
6. For 3Q 2020, this relates to distribution income from BMT, RCS Trust, VO1T, VO2T and CRCT. For 3Q 2019, this relates to distribution income from BMT, IMT, RCS Trust, CRCT and IOT.
7. The transaction costs were incurred in relation to the Merger.
8. This includes the interest expense on lease liabilities in relation to the Group's existing operating lease arrangements, in accordance with the principles of FRS 116 Leases.
9. For 3Q 2019, this relates to the equity accounting of CRCT's results on a 3-month lag basis, before it was reclassified to "Equity instrument at fair value".
10. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IOT.
Details are as follows:


	Group
	3Q 2020 S$'000	3Q 2019 S$'000	% Change
Share of results (net of tax) of joint ventures
- Gross revenue(A)	19,583	22,982	(14.8)
- Property operating expenses	(4,962)	(5,486)	(9.6)
- Net property income	14,621	17,496	(16.4)
- Finance costs	(3,491)	(3,566)	(2.1)
- Others(B)	(1,510)	(1,575)	(4.1)
	9,620	12,355	(22.1)



^(A) For 3Q 2020, this includes rental waivers granted by RCS Trust to its tenants affected by COVID-19 of S$1.8 million (the Group's 40.0% interest).
^(B) Included management fees.


11. For 3Q 2019, at Group level, this includes the amounts reclassified to the statement of total return in respect of Group's share in CRCT's hedging reserves, foreign currency translation reserves and general reserves upon the derecognition of the investment in CRCT as an "Associate".
    
    At Trust level, this relates to the fair value gain on the investment in CRCT arising from the reclassification from "Associate" to "Equity instrument at fair value". There is no impact on distributable income to Unitholders.

12. Included in the non-tax deductible items are the following:

    	Group			Trust
    	3Q 2020 S$'000	3Q 2019 S$'000	% Change	3Q 2020 S$'000	3Q 2019 S$'000	% Change
    Non-tax deductible/(chargeable) items
    - Trustee's fees	369	349	5.7	335	349	(4.0)
    - Temporary differences and other adjustments	7,847	(4,312)	NM	7,235	(3,634)	NM
    Net effect of non-tax deductible/(chargeable) items	8,216	(3,963)	NM	7,570	(3,285)	NM

    
    
13. For 3Q 2020, this relates to CMT's 40.0% interest in RCS Trust. RCS Trust has released S$6.25 million, part of the S$12.5 million of taxable income available for distribution retained in 1H 2020, CMT's 40.0% share of the release is S$2.5 million. For 3Q 2019, this relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IOT.
14. For 3Q 2020, this is the difference between taxable income previously distributed by BMT and the quantum finally agreed with Inland Revenue Authority of Singapore ("IRAS") for YA 2018 and 2019.
15. In 3Q 2020, this relates to BMT, IMT and CMT MTN Pte. Ltd. ("CMT MTN"). In 3Q 2019, this relates to CMT MTN, VO1T and VO2T.
16. In 3Q 2020, CMT had released S$36.4 million, part of the S$46.4 million of taxable income available for distribution retained in 1H 2020 to Unitholders. Tax-exempt income distribution of S$4.0 million for the period from 1 January 2020 to 30 June 2020 received from CRCT was retained for general corporate and working capital purposes.
    
    In 3Q 2019, CMT released S$1.5 million of its taxable income available for distribution retained in 1H 2019 to Unitholders. Capital distribution and tax-exempt income distribution of S$7.7 million for the period from 1 January 2019 to 13 August 2019 received from CRCT in 3Q 2019 was retained for general corporate and working capital purposes. CMT also received S$6.7 million of capital distribution from IOT which was also retained for general corporate and working capital purposes.
    
    NM - not meaningful

FootNotes

1. Investment properties are based on desktop valuations performed by independent professional valuers as at 30 June 2020, adjusted for capital expenditure capitalised in 3Q 2020. In addition, the Group has recognised its existing operating lease arrangements where the Group is a lessee as right of use assets in accordance with the principles of FRS 116 Leases.
   
   The outbreak of the Novel Coronavirus ("COVID-19") has impacted market activity in many property sectors. As the impact of COVID-19 is fluid and evolving, significant market uncertainty exists. Consequently, the valuations of investment properties are currently subject to material estimation uncertainty. The carrying amounts of the investment properties were current as at 30 September 2020 only. Values may change more rapidly and significantly than during standard market conditions.
2. This refers to investments in BMT, IMT, CMT MTN, VO1T and VO2T and the unitholders' loans to subsidiaries.
3. This refers to 40.0% interest in RCS Trust and 30.0% interest in IOT.
4. As at 30 September 2020, this relates to CMT's interest in CRCT of 10.8%, CMT’s investment in CRCT was 133,380,335 units at fair value of S$148.1 million.
5. Financial derivative assets and liabilities relate to fair value of the cross currency and interest rate swaps.
6. As of 30 September 2020, it includes grant receivables from Singapore Government recognised in accordance with the principles of FRS 20 Accounting for Government Grants and Disclosure of Government Assistance.
7. The decrease in cash and cash equivalents is mainly due to the decrease in cash flows from operating activities as a result of rental waivers granted by landlord to tenants.
8. Notwithstanding the net current liabilities position, based on the Group’s available financial resources, the Manager is of the opinion that the Group will be able to refinance its borrowings and meet its current obligations as and when they fall due.
9. As of 30 September 2020, these relate to Medium Term Notes ("MTNs") of S$100.0 million and JPY10.0 billion due in FY 2020. It also includes MTN of JPY 5.0 billion and the S$350.0 million 7-year retail bonds issued under the S$2.5 billion retail bond programme by CMT due in 1Q 2021.
10. This relates to the lease liabilities recognised by the Group on its existing operating lease arrangements in accordance with the principles of FRS 116 Leases.
11. As of 30 September 2020, these relate mainly to the fixed and floating rate notes issued by CMT MTN through its US$3.0 billion Euro-Medium Term Note ("EMTN") Programme and S$3.5 billion Multicurrency Medium Term Note Programme as well as unsecured bank borrowings of the Group.
    
    NM - not meaningful