ABACUS STORAGE KING - Annual Report 2022

Abacus Storage Property Trust ABN 99 834 531 714 Financial Report For the year ended 30 June 2022

This is the annexure of …… pages marked…’A’… mentioned in ASIC form 388 signed by me and dated

ABACUS STORAGE PROPERTY TRUST

ANNUAL FINANCIAL REPORT

30 June 2022

Registered Office:

Level 34, Australia Square 264-278 George Street SYDNEY NSW 2000 Tel: (02) 9253 8600 Fax: (02) 9253 8616 Website: www.abacusproperty.com.au

Directors of Responsible Entity:

Myra Salkinder, Chair Steven Sewell, Managing Director Trent Alston Mark Bloom Mark Haberlin Holly Kramer Jingmin Qian

Company Secretary: Rebecca Pierro

Custodian: Perpetual Trustee Company Limited Level 12 Angel Place 123 Pitt Street SYDNEY NSW 2000

Auditor (Financial and Compliance Plan):

Ernst & Young 200 George Street SYDNEY NSW 2000

Share Registry:

Boardroom Pty Ltd Level 12, 225 George St SYDNEY NSW 2000 Tel: 1300 737 760 Fax: 1300 653 459

CONTENTS
DIRECTORS’REPORT	2
AUDITOR’S INDEPENDENCE DECLARATION	9
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	10
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	11
CONSOLIDATED STATEMENT OF CASH FLOW	12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	13
NOTES TO THE FINANCIAL STATEMENTS	15
DIRECTORS’DECLARATION	45
INDEPENDENT AUDITOR’S REPORT	46

It is recommended that this Annual Financial Report should be read in conjunction with the Annual Financial Report of Abacus Property Group, Abacus Trust, Abacus Group Projects Limited, Abacus Income Trust and Abacus Storage Operations Limited as at 30 June 2022. It is also recommended that the report be considered together with any public announcements made by the Abacus Property Group in accordance with its continuous disclosure obligations arising under the Corporations Act 2001.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

The Directors of Abacus Storage Funds Management Limited (“ASFML”), the Responsible Entity of the Abacus Storage Property Trust (“ASPT” or the “Trust”) present their report together with the consolidated financial reports of the Trust for the year ended 30 June 2022 and the auditor’s report thereon.

PRINCIPAL ACTIVITIES

The Trust operates predominantly in Australia and NZ and its principal activities during the course of the year ended 30 June 2022 included investment in self storage facilities to derive rental income.

TRUST STRUCTURE

ASPT is a stapled entity of Abacus Property Group (“Abacus” or “the Group”) which is a member of the S&P/ASX 200 A-REIT index (ASX:XPJ), a sub-index of the S&P/ASX 200 index that contains the listed vehicles classified as A-REITs.

Abacus comprises Abacus Group Holdings Limited (“AGHL”), Abacus Trust (“AT”), Abacus Group Projects Limited (“AGPL”), Abacus Income Trust (“AIT”), Abacus Storage Operations Limited (“ASOL”) and ASPT. Shares in AGHL, AGPL and ASOL and units in AT, AIT and ASPT have been stapled together so that none can be dealt with without the others. An Abacus security consists of one share in AGHL, one unit in AT, one share in AGPL, one unit in AIT, one share in ASOL and one unit in ASPT. A transfer, issue or reorganisation of a share or unit in any of the component parts requires while they continue to be stapled, a corresponding transfer, issue or reorganisation of a share or unit in each of the other component parts.

ASPT is an Australian registered managed investment scheme. ASFML, the Responsible Entity of ASPT, is incorporated and domiciled in Australia and is a wholly owned subsidiary of AGHL.

OPERATING AND FINANCIAL REVIEW

The operating and financial review is intended to convey the Directors’ perspective of ASPT and its operational and financial performance. It sets out information to assist security holders to understand and interpret the financial statements included in this report prepared in accordance with Australian Accounting Standards and International Financial Reporting Standards (“IFRS”), as issued by the Australian accounting Standards Board (“AASB”) and the International Accounting Standards Board (“IASB”) respectively. It should be read in conjunction with the financial statements and accompanying notes.

OUR STRATEGY

ASPT is positioned as a strong asset backed business with key investment concentrated in self storage sector. ASPT invests its capital in assets that are forecasted to drive long term total returns and security holder value, with an investment objective to provide its investors with reliable asset backing, and increasing returns over the medium to longer term. The Trust looks for investments in the self storage sector that can provide strong and stable cash-backed distributions, with potential for capital and income growth, In particular we:

Focus on our specialised knowledge, repositioning capability and market insight.
Continue to strategically invest in assets in all major markets with a clear path to sustainable income growth.
Drive value through active management of the asset portfolio.

ASPT seeks self storage properties in capital cities, typically on the Australian Eastern seaboard and New Zealand including regional locations that are mispriced by the market and which we believe are capable of both cash flow growth and capital growth.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

TRUST RESULTS SUMMARY

The Trust earned a statutory net profit of $323.5 million for the year ended 30 June 2022 (2021: $250.3 million). This profit has been calculated in accordance with Australian Accounting Standards. The Trust’s statutory net profit compared to the prior period was principally due to the increase of rental income of $84.9 million (2021: $58.9 million) and the gain on fair value of investment properties held at balance date of $248.1 million (2021: $193.9 million).

Total property assets at 30 June 2022 were $2,000.3 million (2021: $1,250.7 million). The property portfolio was revalued during the year ended 30 June 2022 which resulted in a fair value gain of $248.1 million (2021: $193.9 million gain). Total assets at 30 June 2022 were $2,364.3 million (2021: $1,532.2 million).

The Trust also expanded its self storage portfolio of investments with acquisitions sourced from on market campaigns, as well as successfully completing various off market transactions via the broader Storage King third party licensee and industry relationships. In total, for the year, the Trust acquired an additional 26 self storage sites for $466.3 million, being:

NSW (18 sites) : Artarmon, two sites in Chatswood, Cromer, Gladesville, Gregory Hills, Kings Park, Leppington, Marsden Park, Mascot, Mittagong, Morisset, North Wyong, Pymble, Raymond Terrace, South Windsor, St Leonards, Wollongong
QLD (6 sites) : Brendale, Burleigh Heads, Helensvale, Hope Island, Kunda Park, Upper Coomera
VIC (1 site): Knoxfield
WA (1 site): Osborne Park

ASPT has also committed to purchase five additional self storage properties, yet to settle, for $46.7 million, further cementing our standing as a high conviction investor in the self storage property market.

The impact of the property acquisitions, year-end fair value adjustments and the Trust’s performance on its financial position were as follows:

financial position were as follows:
	2022	2021
Total assets ($ million)	2,364.3	1,532.2
Net assets($ million)	1,107.7	749.7

The increase in total assets of the Trust by 54.3% is mainly due to the acquisition of new investment properties and the revaluations of the investment properties. The increase in net assets of the Trust by 47.8% reflects the capital raised during the year and increase in retained earnings mainly driven by the revaluation gains on the Trust’s investment properties.

Capital management

In March 2022, Abacus completed a fully underwritten institutional placement of 59.2 million new ordinary stapled securities at an issue price of $3.38 per stapled security which raised $200.0 million. A Security Purchase Plan (“SPP”) was also offered to eligible security holders to apply for up to $30,000 of new securities at $3.38 per stapled security which raised a further $3.3 million.

In April 2022, the Group successfully negotiated and agreed terms on over $2 billion of syndicated and bilateral banking facilities as well as extending all facility tranches by a further 12 months. Facility pricing was further improved and below the Group's weighted average cost of debt.

At 30 June 2022 the Group’s balance sheet remains strong with gearing levels at 28.7%, well within the Board’s target gearing limit of 35%, with approximately $400 million of available liquidity that provides capacity to take advantage of accretive opportunities as they arise.

With broader market volatility, it is expected that both the lag effects of inflationary pressures and higher interest rates will continue through the 2023 financial year.

The Group is well positioned to manage the challenges in the coming year with a strong defensive self storage and commercial property portfolio and being 76.1% hedged at 30 June 2022 (2021: 46.5%).

It is anticipated that the weighted average cost of debt over the next year should be approximately 2.75% as current capacity is utilised.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

FUTURE PROSPECTS AND RISKS

ASPT confirms its strategic direction giving prominence to key sectors where the Trust believes it has a clear competitive advantage. ASPT’s future capital allocation framework will focus upon continuing to increase its exposure to the Self Storage sectors.

This strategy will target acquiring well-located properties that will be held for the long term. Increasing exposure to these asset classes will enhance ASPT’s ability to grow recurring revenue.

ASPT continues to hold appropriate levels of liquidity to enable it to pursue its strategy and to take advantage of any short-term volatility in the market which is anticipated in this fluctuating macro-economic environment. This liquidity can also potentially be further leveraged to invest in a larger number of projects through joint venture arrangements.

Funds from operations should continue to increase. Growth in revenue through further acquisitions will be driven or limited by ASPT’s ability to access new opportunities that deliver the Trust’s required equity returns in desired markets. The different characteristics of each leasing market, particularly Office sectors across different states, have the potential to increase volatility in rental revenue especially in this post COVID-19 environment.

RISK MANAGEMENT APPROACH

ASPT has a structured approach to the management of its risks, where:

Risk management principles and techniques are incorporated into all business processes.
Decisions are made within a defined and approved risk appetite that do not expose ASPT to unacceptable levels of financial, compliance and other risks that may adversely impact its strategic growth plan.
ASPT’s resources, people, financial and capital resources, knowledge, and reputation are safeguarded.
A risk culture is embedded where all employees accept responsibility for risk management

All risks are assessed and managed on a continual basis, where risks are measured, escalated, and reported in accordance with ASPT’s Risk Management Framework. This Risk Management Framework is applied across all business activities, so as to identify material risks, and to apply effective controls that are designed and operated to prevent risks from materialising. These controls are evaluated and tested on a periodic basis so as to assess their effectiveness in mitigating risks.

Risk Management Three Lines of Defence

ASPT has adopted a Three Lines of Defence model. Each of these three lines has a distinct role in the governance and oversight of Risk Management.

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ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

RISK MANAGEMENT APPROAH (continued)

Risk Appetite

ASPT has a defined Board approved Risk Appetite that is responsive to changing operational conditions and opportunities. It is designed to guide management when making material business decisions and monitoring risks. ASPT’s Risk Appetite defines the risks it is prepared to take and the circumstances in which they will be taken. It articulates qualitatively the tolerance to relevant Risk Categories.

KEY RISK AREAS

The table below outlines ASPT’s key risk areas described below through its Risk Categories. The table also describes the key management actions being taken and controls to ensure such risks are brought within appetite.

Risk Area	How ASPT manages this risk
Strategic Risk ASPT has a defined strategy that focuses on opportunities across key sectors where the Trust believes it has a clear competitive advantage. ASPT’s activities and transactions are aligned with the approved strategy so to ensure that financial and operational results are within expected and planned outcomes.	ASPT has a number of processes and controls to ensure the strategic direction of the Trust is maintained. Some of the key aspects include active Committees that review and approve significant transactions, and where appropriate external reviews utilising appointed specialists. ASPT also has asset performance evaluation processes embedded with reporting lines in place.
Governance Risk ASPT’s success in its business model is reliant on an effective and balanced governance approach to people, conduct, and processes through oversight, controls, checks, and subject matter experts. This ensures that ASPT can effectively respond to market opportunities when they present.	ASPT has a number of governance controls and processes implemented across the Trust, with some aspects including monitoring, reporting, and training in respect of conduct, staff skills, and processes. ASPT also has controls and processes in place over key decisions, transactions, acquisitions, and disposals of assets.
Regulatory and Compliance Risk ASPT is responsive to regulatory change and strives to operate in accordance with its regulatory and legal obligations. ASPT develops responsive strategies to ensure ongoing compliance of its activities.	ASPT has a number of controls and arrangements in place to ensure compliance with its legal and regulatory obligations. Some aspects include monitoring, testing, and reviewing through dedicated compliance plans, which are also subject to external review. ASPT promotes awareness and delivers training to all employees in respect of key obligations so to instil a proactive risk and compliance culture.
Operational Risk – operational systems ASPT’s operational systems are developed and implemented with operational controls embedded to ensure best practice and the opportunity for ongoing success.	ASPT has a number of controls and processes in place to ensure assets and tenancies are maintained to the required standard and in accordance with documented asset management protocols. ASPT also maintains adequate insurance coverage across all assets.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

KEY RISK AREAS (continued)

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Risk area How ASPT manages this risk
Operational Risk – Cyber and Information ASPT has a number of controls, arrangements, and recovery plans in
Technology place over information and technology assets, as well as active
monitoring of its digital footprint. ASPT also develops strategies to
Technology is rapidly changing, and ASPT aims continue to incorporate technological innovations into assets.
to leverage technology and innovation to
enhance the customer experience while
developing responsive strategies to prevent
cyber incidents and attacks.
Operational Risk – Health and Safety ASPT has a number of controls and processes in place to achieve a safe
workplace through the implementation of its Work, Health and Safety
Ensuring the health, safety and wellbeing of Strategy.
ASPT’s people is of utmost importance to the
ASPT has arrangements and controls in place to ensure that safety risks,
success of its strategy.
hazards, and incidents are reported and addressed, and that assets have
embedded systems and processes to ensure safe operation.
Operational Risk – People and Culture ASPT has a number of controls, processes, and strategies in place to
ensure people recruited are aligned to ASPT’s culture and are continually
The motivation, high-performance and capability developed. ASPT also regularly monitors and maintains a positive
of ASPT’s people are integral to the success of workplace culture in line with its values.
its business outcomes.
Environmental and Sustainability Risk ASPT has developed and implemented a number of controls and
strategies to ensure that environmental issues are incorporated into
Climate change is expected to affect ASPT’s decision-making process when acquiring assets and as part of the
assets while also presenting an opportunity to ongoing management of each asset.
prepare for and build resilience across its
ASPT has established sustainability targets and metrics that are actively
portfolio. ASPT is responding to climate change
monitored as part of ASPT’s commitment to a sustainable future.
while also aiming to meet the expectations of its
ASPT has developed strategies to enhance the environmental
present and future customers as well as
communities. performance of assets including energy and water efficiency, greenhouse
gas emissions reduction and waste to landfill reduction.
Market and Investment Risk ASPT has a number of controls and processes in place that reviews and
approves significant transactions. In addition, other aspects include
ASPT incorporates appropriate oversight and controls in place over capital planning, forecasting, budgeting, and
controls over key decisions in acquisitions, development activities.
disposals, capital management, and valuations
so to ensure the best risk adjusted returns are
achieved.
Liquidity, Capital Management, and Financial ASPT has a number of controls and processes in place over capital
Performance and Reporting Risk management to monitor, manage and stress test interest rate, funding,
liquidity, and credit risk with regular reporting to the Board and internal
ASPT maintains a diversified capital structure to Committees.
support stable investor returns as well as
ASPT has documented policies and operational procedures with controls
appropriate access to equity and debt funding.
embedded over material risks as well as external advisory in place over
treasury activities.
ASPT also maintains effective relationships with a range of banks and
access to alternate funders.
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ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Units with a total issue price of $68.7 million were issued during the year under the capital raising and distribution reinvestment plan. The contributed equity of the Trust at 30 June 2022 increased to $333.7 million from $266.2 million.

UNITS ON ISSUE

During the year 73.8 million units were issued and at 30 June 2022, there were 892.4 million units on issue (2021: 818.6 million).

FEES PAID TO THE RESPONSIBLE ENTITY AND ASSOCIATES

ASPT paid a management fee of $8.3 million (2021: $5.2 million) to the responsible entity for the year ended 30 June 2022.

DISTRIBUTIONS

The Trust’s distributions in respect of the year ended 30 June 2022 were $60.0 million (2021: $33.0 million), which is equivalent to 6.72 cents per unit (2021: 4.03 cents). This distribution will be paid on 31 August 2022. Further details on the distributions are set out in note 11 of the financial statements.

SIGNIFICANT EVENTS AFTER BALANCE DATE

Other than as disclosed already in this report, there has been no matter or circumstance that has arisen since the end of the financial year that has significantly affected, or may affect, the Trust’s operations in future financial periods, the results of those operations or the Trust’s state of affairs in future financial periods.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

The Trust will continue to pursue strategies that seek to improve total security holder returns and market share of its activities during the coming year. In the opinion of the Directors of ASFML, disclosure of any further information on future developments and results than is already disclosed in this report or the financial statements would be unreasonably prejudicial to the interests of the Trust.

DIRECTORS

The Directors of ASFML in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.

Myra Salkinder	Chair (Non-executive)
Steven Sewell	Managing Director
Trent Alston	Non-executive Director
Mark Bloom	Non-executive Director
Mark Haberlin	Non-executive Director (Lead Independent)
Holly Kramer	Non-executive Director
Jingmin Qian	Non-executive Director

ENVIRONMENTAL REGULATION AND PERFORMANCE

The Trust is subject to significant environmental regulation in respect of its property activities. Adequate systems are in place for the management of the Trust’s environmental responsibilities and compliance with the various licence requirements and regulations. No material breaches of requirements or any environmental issues have been identified during the year.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ REPORT

30 June 2022

AUDITOR’S INDEPENDENCE DECLARATION

We have obtained an independence declaration from our auditor, Ernst & Young, and such declaration is shown on page 9.

ROUNDING

The amounts contained in this report and in the annual financial report have been rounded to the nearest $1,000 (where rounding is applicable) under the option available to the Trust under ASIC Corporations Instrument 2016/191. The Trust is an entity to which the instrument applies.

Signed in accordance with a resolution of the directors. Abacus Storage Funds Management Limited (ABN 41 109 324 834)

Myra Salkindar Chair Sydney, 16 August 2022

Steven Sewell Managing Director

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Auditor’s independence declaration to the directors of Abacus Storage Funds Management Limited, the Responsible Entity for Abacus Storage Property Trust

As lead auditor for the audit of the financial report of Abacus Storage Property Trust for the financial year ended 30 June 2022, I declare to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
b. No contraventions of any applicable code of professional conduct in relation to the audit; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Abacus Storage Property Trust and the entities it controlled during the financial year.

Ernst & Young

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Anthony Ewan Partner Sydney 16 August 2022

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

ABACUS STORAGE PROPERTY TRUST

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 30 JUNE 2022

YEAR ENDED 30 JUNE 2022

		30 Jun 2022	30 Jun 2021
	Notes	$'000	$'000
REVENUE
Rental income		84,918	58,880
Finance income	1	416	2,806
Total Revenue		85,334	61,686
OTHER INCOME
Net change in fair value of investment properties held at balance date		248,068	193,896
Net change in fair value of investments derecognised		5,026	-
Net change in fair value of investments held at balance date		17,324	12,239
Income from distributions		10,961	8,203
Other Income		476	435
Total Revenue and Other Income		367,189	276,459
Property expenses and outgoings		(9,486)	(6,555)
Finance costs	3	(23,254)	(14,846)
Net change in fair value of investment properties derecognised		(43)	2,052
Administrative and other expenses		(9,605)	(5,933)
TOTAL NET PROFIT FOR THE YEAR		324,801	251,177
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to the income statement
Foreign exchange translation adjustments,net of tax		(1,325)	(897)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		323,476	250,280
Basic and diluted earnings per unit (cents)	2	38.38	33.89

ABACUS STORAGE PROPERTY TRUST

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022

		30 June 2022	30 June 2021
	Notes	$'000	$'000
CURRENT ASSETS
Cash and cash equivalents	6	77,704	21,034
Trade and other receivables	9(a)	19,763	12,557
Other		973	685
TOTAL CURRENT ASSETS		98,440	34,276
NON-CURRENT ASSETS
Investment properties	4	2,000,331	1,250,729
Loans	5(a)	25,006	15,281
Other financial assets	5(b)	240,469	231,895
TOTAL NON-CURRENT ASSETS		2,265,806	1,497,905

TOTAL ASSETS		2,364,246	1,532,181
CURRENT LIABILITIES
Trade and other payables		75,897	33,372
Other		378	357
TOTAL CURRENT LIABILITIES		76,275	33,729
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings	8	1,238,153	746,635
Other		2,080	2,121
TOTAL NON-CURRENT LIABILITIES		1,240,233	748,756

TOTAL LIABILITIES		1,316,508	782,485
NET ASSETS		1,047,738	749,696

		30 June 2022	30 June 2021
	Notes	$'000	$'000
EQUITY
Contributed equity	10	333,683	266,230
Reserves		(1,610)	(285)
Retained earnings		715,665	483,751
TOTAL EQUITY		1,047,738	749,696

ABACUS STORAGE PROPERTY TRUST

CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 30 JUNE 2022

CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 30 JUNE 2022

	30 June 2022	30 June 2021
Notes	$'000	$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Income receipts	76,949	62,910
Interest received	3	7
Distributions received	9,812	5,876
Borrowing costs paid	(18,280)	(14,271)
Operating payments	(8,479)	(12,845)
NET CASH FLOWS FROM OPERATING ACTIVITIES 6	60,005	41,677

CASH FLOWS USED IN INVESTING ACTIVITIES
Payments for investments and funds advanced	(9,764)	(2,129)
Purchase of investment properties	(512,778)	(168,007)
Disposal of investment properties	(43)	15,580
Disposal of securities	26,311	-
Payment for other investments	(12,535)	(78,987)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(508,809)	(233,543)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of units	57,612	79,201
Payment of issue costs	(1,244)	(847)
Payment of finance costs	(1,787)	(1,704)
Repayment of principal portion of lease liabilities	(360)	(350)
Repayment of borrowings	-	(34,732)
Proceeds from borrowings	497,347	155,171
Distributionspaid	(46,066)	(3,363)
NET CASH FLOWS FROM FINANCING ACTIVITIES	505,502	193,376

NET INCREASE IN CASH AND CASH EQUIVALENTS	56,698	1,510
Net foreign exchange differences	(28)	57
Cash and cash equivalents at beginningofyear	21,034	19,467
CASH AND CASH EQUIVALENTS AT END OF YEAR 6	77,704	21,034

ABACUS STORAGE PROPERTY TRUST

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEAR ENDED 30 JUNE 2022

YEAR ENDED 30 JUNE 2022

		Foreign
	Issued	currency	Retained	Total
	capital	translation	earnings	Equity
CONSOLIDATED	$'000	$'000	$'000	$'000
At 1 July 2021	266,230	(285)	483,751	749,696
Other comprehensive income	-	(1,325)	-	(1,325)
Net income for theyear	-	-	324,801	324,801
Total comprehensive income /(expense) for theyear	-	(1,325)	324,801	323,476
Equity raisings	57,612	-	-	57,612
Issue costs	(1,244)	-	-	(1,244)
Distribution reinvestment plan	11,085	-	-	11,085
Distribution to unitholders	-	-	(92,887)	(92,887)
At 30 June 2022	333,683	(1,610)	715,665	1,047,738

		Foreign
	Issued	currency	Retained	Total
	capital	translation	earnings	Equity
CONSOLIDATED	$'000	$'000	$'000	$'000
At 1 July 2020	172,891	612	265,525	439,028
Other comprehensive income	-	(897)	-	(897)
Net income for theyear	-	-	251,177	251,177
Total comprehensive income /(expense) for theyear	-	(897)	251,177	250,280
Equity raisings	79,201	-	-	79,201
Issue costs	(847)	-	-	(847)
Distribution reinvestment plan	14,985	-	-	14,985
Distribution to unitholders	-	-	(32,951)	(32,951)
At 30 June 2021	266,230	(285)	483,751	749,696

ABACUS STORAGE PROPERTY TRUST

CONTENTS 30 JUNE 2022

About this report		Page 15
Segment information		Page 16

Results for the year Operating assets and liabilities 1. Revenue 4. Investment properties	Capital structure and financing costs Group Structure 6. Cash and cash equivalents 12. Parent entity financial information	Other Items 13. Commitments and contingencies
2. Earnings per unit 5. Loans and other financial assets	7. Capital management 8. Interest bearing loans and borrowings 9. Financial instruments 10. Contributed equity 11. Distributions paid and proposed	14. Related party disclosures
3. Expenses		15. Key management personnel
		16. Summary of significant accounting policies
		17. Auditor’s remuneration
		18. Events after balance sheet date

Directors’ declaration Independent auditor’s report

Page 45

Signed reports

Page 46

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS – About this Report 30 JUNE 2022

Abacus Storage Property Trust (“ASPT” or the “Trust”) is a registered managed investment scheme and is a member of the Abacus Property Group (“APG” or the “Group”) which is comprised of Abacus Group Holdings Limited (“AGHL”), Abacus Trust (“AT”), Abacus Group Projects Limited (“AGPL”), Abacus Income Trust (“AIT”) Abacus Storage Property Trust (“ASPT”) and Abacus Storage Operations Limited (“ASOL”). Shares in AGHL, AGPL and ASOL and units in AT, AIT and ASPT have been stapled together so that neither can be dealt with without the other. The securities trade as one security on the Australian Stock Exchange (the “ASX”) under the code ABP.

The financial report of the Trust for the year ended 30 June 2022 was authorised for issue in accordance with a resolution of the directors on 16 August 2022.

The nature of the operations and principal activities of the Trust are described in the Directors’ Report.

SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

In applying the Trust’s accounting policies management continually evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Trust. All judgements, estimates and assumptions made are believed to be reasonable, based on the most current set of circumstances available to management. Actual results may differ from the judgements, estimates and assumptions. Significant judgements, estimates and assumptions made by management in the preparation of these financial statements are outlined below:

Valuation of investment properties

The Trust makes judgements in respect of the fair value of investment properties (note 16(k)). The fair values of these properties are reviewed regularly by management with reference to external independent property valuations and market conditions existing at reporting date, using generally accepted market practices. The assumptions underlying estimated fair values are those relating to the receipt of contractual rents, expected future market rentals, maintenance requirements, capitalisation rates and discount rates that reflect current market conditions and current or recent property investment prices.

Fair value of financial assets

The Trust holds investments in listed securities. The fair value of the investments is determined based on quoted securities.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS – Segment Information 30 JUNE 2022

The Trust operates only in Australasia and management considers that the Trust has a single reportable segment which includes investment in ownership of self storage properties and the provision of finance. The revenue received from external customers for services was:

received from external customers for services was:

	2022	2021
	$'000	$'000
Revenue from external customers
Rent - property income	84,918	58,880
Interest - finance income	416	2,806
Income from distributions	10,961	8,203
Other	476	435
Total revenue from external customers	96,771	70,324

Major Customers

The largest customer, a related party, accounts for 68.46% of external revenue (2021: 61.17%)

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

1. REVENUE

1. REVENUE

	2022	2021
	$'000	$'000
Finance income
Interest and fee income on secured loans	413	2,799
Bank interest	3	7
Total finance income	416	2,806

2. EARNINGS PER UNIT

2. EARNINGS PER UNIT

	2022	2021
Basic and diluted earnings per unit (cents)	38.38	33.89
Reconciliation of earnings used in calculating earnings per unit
Basic and diluted earnings per unit
Netprofit($'000)	324,801	251,177
Weighted average number of units:
Weighted average number of units for basic earning per unit('000)	846,260	741,130

3. EXPENSES

	2022	2021
	$'000	$'000
Finance costs
Interest on loans	19,884	12,412
Other finance costs	340	184
Amortisation of finance costs	3,030	2,250
Total finance costs	23,254	14,846

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

4. INVESTMENT PROPERTIES

4. INVESTMENT PROPERTIES

	2022	2021
	$'000	$'000
Leasehold investment properties - Australia1	13,272	11,613
Freehold investment properties - Australia	1,703,245	980,037
Freehold investment properties-New Zealand2	283,814	259,079
Total investmentproperties	2,000,331	1,250,729

The carrying amount of the leasehold property is presented gross of the finance liability of $2.5 million (2021: $2.5 million).
Subsidiaries of the Trust wholly own these NZ assets (and the NZD financing of these NZ assets) and consequently the impact of AUD / NZD FX rate revaluations against rates at acquisition date have been measured and reported separately on a net basis in the foreign currency translation reserve. For the purposes of disclosing unrealised gains on investment properties, "Carrying value" has been translated at year end AUD / NZD FX rates per the RBA: $A1 = $NZ1.1088 (2021: RBA: $A1 = $NZ1.0745).

Reconciliation

A reconciliation of the carrying amount of investment properties at the beginning and end of the period is as follows. All investment properties are classified as Level 3 in accordance with the fair value hierarchy outlined in note 9(d):

note 9(d):

	Non-current
	2022	2021
Leasehold investmentproperties	$'000	$'000
Carrying amount at beginning of the financial year	11,613	12,300
Capital expenditure	27	489
Net change in fair value as at balance date	1,632	(1,176)
Carrying amount at end of theyear	13,272	11,613

	Non-current
	2022	2021
Freehold investmentproperties	$'000	$'000
Carrying amount at beginning of the financial year	1,239,116	888,137
Additions	464,682	141,836
Capital expenditure	45,535	28,612
Net change in fair value as at balance date	246,436	195,072
Net change in fair value derecognised	-	2,052
Disposals	-	(15,580)
Effect of movements in foreign exchange	(8,710)	(1,013)
Carrying amount at end of theyear	1,987,059	1,239,116

Investment properties are carried at the Directors’ determination of fair value. The determination of fair value includes reference to the original acquisition cost together with capital expenditure since acquisition and either the latest full independent valuation, latest independent update or directors’ valuation. Total acquisition costs include incidental costs of acquisition such as property taxes on acquisition, legal and professional fees and other acquisition related costs.

Sensitivity Information

Sensitivity Information
Significant input	Fair value measurement sensitivity to	Fair value measurement sensitivity to
	significant increase in input	significant decrease in input
Adopted capitalisation rate	Decrease	Increase
Rate per unit	Increase	Decrease
Optimal occupancy	Increase	Decrease
Adopted discount rate	Decrease	Increase

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

4. INVESTMENT PROPERTIES (continued)

The adopted capitalisation rate forms part of the income capitalisation approach.

When calculating the income capitalisation approach, the current storage fee rates have a strong interrelationship with the adopted capitalisation rate given the methodology involves assessing the total net market income receivable from the property and capitalising this in perpetuity to derive a capital value. In theory, an increase in the net market rent and an increase (softening) in the adopted capitalisation rate could potentially offset the impact to the fair value. The same can be said for a decrease in the net market rent and a decrease (tightening) in the adopted capitalisation rate. A directionally opposite change in the net market rent and the adopted capitalisation rate could potentially magnify the impact to the fair value.

External valuations are conducted by qualified independent valuers who are appointed by the Chief Investment Officer who is also responsible for the Trust’s internal valuation process. He is assisted by an in-house certified professional valuer who is experienced in valuing the types of properties in the applicable locations.

Investment properties are independently valued on a staggered basis every two years unless the underlying financing requires a more frequent independent valuation cycle.

The majority of the investment properties are used as security for secured bank debt outlined in note 8.

The weighted average capitalisation rate for the portfolio is 5.5% (2021: 5.8%)

The current occupancy rate for self storage assets is 90.1% (2021: 89.6%)

The key assumptions and estimates used in the valuations which considered the impact of COVID-19 include:

forecast future rental income, based on the location, type and quality of the property, which are supported by the terms of any existing leases, other contracts or external evidence such as current market rents for similar properties adjusted to recognise the COVID-19 impact;
lease assumptions based on current and expected future market conditions after expiry of any current lease;
the capitalisation rate and discount rate derived from recent comparable market transactions adjusted for COVID-19 to reflect the uncertainty in the amount and timing of cash flows; and
the impact of government support on tenants and rental schemes giving rise to rental deferrals, rental forgiveness, and eviction moratoriums.

The property valuations have been prepared based on the information that is available at 30 June 2022.

In the event that the circumstances are more material or prolonged than anticipated, this may further impact the fair value of the Trust’s investment property portfolio, and the future price achieved if a property is divested. The potential effect of a decrease / increase in weighted average capitalisation rate of 25 bps on property valuation would have the effect of increasing the fair value by up to $96.2 million or decrease the fair value by $87.8 million respectively.

During the year ended 30 June 2022, 58.4% (2021: 45.9%) of the number of investment properties in the portfolio were subject to external valuations, the remaining 41.6% (2021: 54.1%) were subject to internal valuation.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

5. LOANS AND OTHER FINANCIAL ASSETS

	2022	2021
	$'000	$'000
(a) Non-current property loans
Loans to related parties-amortised cost1	25,006	15,281
	25,006	15,281
(b) Non-current other financial assets
Investments in securities and options - listed - fair value	240,469	231,895
	240,469	231,895

The loans are provided to related members of the Group. The loans are unsecured and the average interest rate is 8.00% pa (2021: 8.00%).

6. CASH AND CASH EQUIVALENTS

	2022	2021
	$'000	$'000
Reconciliation to Statement of Cash Flow
For the purposes of the Statement of Cash Flow, cash and cash equivalents comprise the following at 30 June 2022
Cashat bankandin hand1	77,704	21,034
1. Cash at bank earns interest at floating rates. The carrying amounts of cash and cash equivalents represent fair value.
Net profit	324,801	251,177
Adjustments for:
Amortisation of finance costs	3,005	2,231
Net change in fair value of investment properties held at balance date	(248,068)	(193,896)
Net change in fair value of investment properties derecognised	43	(2,052)
Net change in fair value of investments derecognised	(5,026)	-
Net change in fair value of investments held at balance date	(17,324)	(12,239)
Foreign exchange gain / (loss)	137	(57)
Increase / (decrease) in payables	5,798	(2,489)
Decrease / (increase) in receivables and other assets	(2,212)	1,328
Income from distribution	(1,149)	(2,326)
Net cash from operating activities	60,005	41,677

(a) Disclosure of financing facilities

Refer to note 8.

(b) Disclosure of non-cash financing facilities

Non-cash financing activities include capital raised pursuant to the Abacus distribution reinvestment plan. During the year, 13.7 million stapled units (2021: 26.4 million) were issued with a cash equivalent of $11.1 million (2021: 15.0 million).

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

7. CAPITAL MANAGEMENT

The Trust seeks to manage its capital requirements through a mix of debt and equity funding. It also ensures that Trust entities comply with capital and distribution requirements of their constitutions and/or trust deeds, the capital requirements of relevant regulatory authorities and continue to operate as a going concern. The Trust also protects its equity in assets by taking out insurance.

The Trust assesses the adequacy of its capital requirements, cost of capital and gearing (i.e. debt/equity mix) as part of its broader strategic plan. In addition to tracking actual against budgeted performance, the Trust reviews its capital structure to ensure sufficient funds and financing facilities (on a cost effective basis) are available to implement its strategy, that adequate financing facilities are maintained and distributions to members are made within the stated distribution guidance (i.e. paid out of underlying profits).

The following strategies are available to the Trust to manage its capital: issuing new stapled securities, its distribution reinvestment plan, electing to have the distribution reinvestment plan underwritten, adjusting the amount of distributions paid to members, activating a security buyback program, divesting assets, active management of its fixed rate swaps and collars, directly purchasing assets in managed funds and joint ventures, or (where practical) recalibrating the timing of transactions and capital expenditure so as to avoid a concentration of net cash outflows.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

8. INTEREST BEARING LOANS AND BORROWINGS

8. INTEREST BEARING LOANS AND BORROWINGS
	2022	2021
	$'000	$'000
(a) Non-current
Bank loans - A$	522,686	311,500
Bank loans - A$ value of NZ$ denominated loan	184,885	137,099
Loans from related parties	530,587	299,258
Less: Unamortised borrowingcosts	(5)	(1,222)
	1,238,153	746,635

	2022	2021
	$'000	$'000
(b) Maturity profile of current and non-current interest bearing loans
Due within one year	-	-
Due between one and five years	904,228	519,622
Due after fiveyears	333,925	227,013
	1,238,153	746,635

The Trust maintains a range of interest-bearing loans and borrowings. The sources of funding are spread over a number of counterparties and the terms of the instruments are negotiated to achieve a balance between capital availability and cost of debt.

Bank loans are $A and $NZ denominated and are provided at interest rates which are set periodically on a floating basis. The term to maturity is between July 2023 to July 2027. The bank loans are secured by charges over the investment properties and certain property, plant and equipment.

None (30 June 2021: nil) of the bank debt drawn was subject to fixed rate hedges with a weighted average term to maturity 4.4 years (30 June 2021: 4.4 years).

Loans from related parties relate to fixed rate loans provided by another entities within the Group.

The Trust’s average interest rate (A$ and NZ$ combined) on non-related borrowings as at 30 June 2022 was 1.92% (2021: 1.81%)

(c) Financing facilities available

At reporting date, the following financing facilities had been negotiated and were available:

	2022	2021
	$'000	$'000
Total facilities - bank loans	931,270	639,250
Facilities used at reportingdate - bank loans	(707,571)	(448,599)
Facilities unused at reporting date - bank loans	223,699	190,651

(d) Assets pledged as security

The carrying amounts of assets pledged as security for current and non-current interest bearing liabilities are:

	2022	2021
	$'000	$'000
Non-current
First mortgage
Investmentproperties in Australia and New Zealand	1,965,231	1,243,795
Total non-current assetspledged as security	1,965,231	1,243,795

Total assetspledged as security	1,965,231	1,243,795

(e) Defaults and breaches

During the current and prior years, there were no defaults or breaches of any of the Trust’s loans.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

9. FINANCIAL INSTRUMENTS

Financial Risk Management

The risks arising from the use of the Trust’s financial instruments are credit risk, liquidity risk and market risk (interest rate risk, price risk and foreign currency risk).

The Trust’s financial risk management focuses on mitigating the unpredictability of the financial markets and its impact on the financial performance of the Trust. The Board reviews and agrees policies for managing each of these risks, which are summarised below.

Primary responsibility for identification and control of financial risks rests with the Treasury Management Committee under the authority of the Board. The Board reviews and agrees policies for managing each of the risks identified below, including the setting of limits for trading in derivatives, hedging cover of interest rate risks and cash flow forecast projections.

The main purpose of the financial instruments used by the Trust is to raise finance for the Trust’s operations. The Trust has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The Trust also enters into derivative transactions principally interest rate derivatives. The purpose is to manage the interest rate exposure arising from the Trust’s operations and its sources of finance.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instruments are disclosed in the section about this report and note 16 to the financial statements.

(a) Credit risk

Credit risk is the risk of financial loss to the Trust if a customer or counterparty to a financial instrument fails to meet its contractual obligations including any adverse economic events such as the COVID-19 pandemic, and arises principally from the Trust’s receivables from customers, investment in securities, secured property loans and interest bearing loans and derivatives with banks.

The Trust manages its exposure to risk by:

derivative counterparties and cash transactions are limited to high credit quality financial institutions;
policy which limits the amount of credit exposure to any one financial institution;
providing loans to related parties where it is satisfied with the underlying property exposure within that entity;
regularly monitoring loans and receivables balances on an ongoing basis;
regularly monitoring the performance of its related parties on an ongoing basis; and
obtaining collateral as security (where required or appropriate).

The Trust also mitigates this risk by ensuring adequate security is obtained and timely monitoring of the financial instrument to identify any potential adverse changes in the credit quality.

Credit risk exposures

The Trust’s maximum exposure to credit risk at the reporting date was:

The Trust’s maximum exposure to credit risk at the reporting date was:

	Carrying	Amount
	2022	2021
	$'000	$'000
Receivables1	19,763	12,557
Loans to related parties	25,006	15,281
Other financial assets	240,469	231,895
Cash and cash equivalents	77,704	21,034
	362,942	280,767
1. Receivables are all on original terms and there is no indication of non-recoverability.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(b) Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate and diverse amount of committed credit facilities, the ability to close out market positions and the flexibility to raise funds through the issue of new stapled securities or the distribution reinvestment plan.

The Trust’s policy is to maintain an available loan facility with banks sufficient to meet expected operational expenses and to finance investment acquisitions for a period of 90 days, including the servicing of financial obligations. Current loan facilities are assessed and extended for a maximum period based on the Trust’s expectations of future interest and market conditions.

The table below shows an analysis of the contractual maturities of key liabilities which forms part of the Trust’s assessment of liquidity risk.

assessment of liquidity risk.

	Carrying	Contractual	1 Year or	Over 1 year	Over
	Amount	cash flows	less	to 5 years	5 years
30 June 2022	$'000	$'000	$'000	$'000	$'000
Liabilities
Trade and other payables	75,897	75,897	75,897	-	-
Interest bearingloans and borrowings	1,238,153	1,479,117	70,881	1,074,197	334,039
Total liabilities	1,314,050	1,555,014	146,778	1,074,197	334,039

	Carrying	Contractual	1 Year or	Over 1 year	Over
	Amount	cash flows	less	to 5 years	5 years
30 June 2021	$'000	$'000	$'000	$'000	$'000
Liabilities
Trade and other payables Interest bearingloans and borrowings	33,372 746,635	33,372 824,226	33,372 14,996	- 582,171	- 227,059
Total liabilities	780,007	857,598	48,368	582,171	227,059

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(c) Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Trust’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Foreign currency risk

The Trust is exposed to currency risk on its assets and liabilities in foreign operations, equity investments, investment in associates and property loans denominated in a currency other than the functional currency of Trust entities. The currencies in which these transactions are conducted are primarily denominated in NZD.

As a result, the Trust’s balance sheet can be affected by movements in the AUD/NZD exchange rates.

The following table shows the Trust’s investments denominated in a foreign currency:


	2022	2021
	$'000	$'000
Assets
Cash at bank	1,029	3,941
Total assets	1,029	3,941
Liabilities
Trade and other payables	1,044	62
Interest bearingloans and borrowings	205,000	147,313
Total liabilities	206,044	147,375

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(c) Market Risk (continued)

The Trust borrows funds in New Zealand dollars to substantially match the foreign currency property asset value exposure with a corresponding foreign currency liability and therefore expects to substantially mitigate the foreign currency risk on their New Zealand denominated asset values.

The following sensitivity is based on the foreign currency risk exposures in existence at the balance sheet date.

At 30 June 2022, had the Australian Dollar moved, as illustrated in the table below, with all other variables held consistent, post tax profit and equity would have been affected as follows:


Judgements of reasonably possible movements:	Post tax profit
	Higher/(Lower)
	2022	2021
	$'000	$'000
AUD/NZD + 10%	(16,892)	(12,797)
AUD/NZD - 10%	20,646	15,641

Interest rate risk / Fair value interest rate risk

The Trust’s exposure to the risk of changes in market interest rates relates primarily to its long-term bank debt obligations which are based on floating interest rates. The Group has a policy to maintain a mix of floating exposure and fixed interest rate hedging with fixed rate cover highest in years 1 to 5.

The Group hedges to minimise interest rate risk by entering variable to fixed interest rate swaps which also helps deliver interest covenant compliance and positive carry (net rental income in excess of interest expense) on the property portfolio. Interest rate swaps have the economic effect of converting borrowings from variable rates to fixed rates. Under the interest rate swaps, the Trust agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to the agreed notional principal amounts.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(c) Market Risk (continued)

Interest rate risk / Fair value interest rate risk (continued)

The Trust’s exposure to interest rate risk and the effective weighted average interest rates for each class of financial asset and financial liability are:

		Fixed interest
	Floating	less than	Fixed interest	Fixed interest	Non interest
	interest rate	1 year	1 to 5 years	over 5 years	bearing	Total
30 June 2022	$'000	$'000	$'000	$'000	$'000	$'000
Financial Assets
Cash and cash equivalents	77,704	-	-	-	-	77,704
Loans	-	-	25,006	-	-	25,006
Receivables	-	-	-	-	19,763	19,763
Other financial assets	-	-	-	-	240,469	240,469
Total financial assets	77,704	-	25,006	-	260,232	362,942
Weighted average interest rate Financial liabilities*	0.75%
Interest bearing liabilities - bank	707,571	-	-	-	(5)	707,566
Interest bearing liabilities - other	530,587	-	-	-	-	530,587
Payables	-	-	-	-	75,897	75,897
Total financial liabilities	1,238,158	-	-	-	75,892	1,314,050
Weighted average interest rate on
drawn bank debt*	1.92%

		Fixed interest
	Floating	less than	Fixed interest	Fixed interest	Non interest
	interest rate	1 year	1 to 5 years	over 5 years	bearing	Total
30 June 2021	$'000	$'000	$'000	$'000	$'000	$'000
Financial Assets
Cash and cash equivalents	21,034	-	-	-	-	21,034
Loans	-	-	15,281	-	-	15,281
Receivables	-	-	-	-	12,557	12,557
Other financial assets	-	-	-	-	231,895	231,895
Total financial assets	21,034	-	15,281	-	244,452	280,767
Weighted average interest rate*	0.00%
Financial liabilities
Interest bearing liabilities - bank	448,599	-	-	-	(1,222)	447,377
Interest bearing liabilities - other	299,258	-	-	-	-	299,258
Payables	-	-	-	-	33,372	33,372
Total financial liabilities	747,857	-	-	-	32,150	780,007
Weighted average interest rate on
drawn bank debt*	1.81%

rate calculated at 30 June

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(c) Market Risk (continued)

Interest rate risk / Fair value interest rate risk (continued)

The following table is a summary of the interest rate sensitivity analysis:

			AUD
	Carrying amount	-1%		+1%
	Floating	Profit	Equity	Profit	Equity
30 June 2022	$'000	$'000	$'000	$'000	$'000
Financial assets	76,631	(766)	-	766	-
Financial liabilities	1,053,273	10,533	-	(10,533)	-

			AUD
	Carrying amount	-1%		+1%
	Floating	Profit	Equity	Profit	Equity
30 June 2021	$'000	$'000	$'000	$'000	$'000
Financial assets	17,366	(174)	-	174	-
Financial liabilities	609,536	6,095	-	(6,095)	-

			NZD
	Carrying amount	-1%		+1%
	Floating	Profit	Equity	Profit	Equity
30 June 2022	$'000	$'000	$'000	$'000	$'000
Financial assets	928	(9)	-	9	-
Financial liabilities	184,855	1,849	-	(1,849)	-
			NZD
	Carrying amount	-1%		+1%
	Floating	Profit	Equity	Profit	Equity
30 June 2021	$'000	$'000	$'000	$'000	$'000
Financial assets	3,668	(37)	-	37	-
Financial liabilities	137,099	1,371	-	(1,371)	-

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

9. FINANCIAL INSTRUMENTS (continued)

(d) Fair values

The fair value of the Trust’s financial assets and liabilities are approximately equal to that of their carrying values. Details of the Trust’s fair value measurement, valuation technique and inputs are detailed below.

Class of assets / liabilities Fair value hierarchy	Class of assets / liabilities Fair value hierarchy	Valuation technique	Inputs used to measure fair value
Investment	properties Level 3	Discounted Cash Flow ("DCF")	Adopted capitalisation rate
		Direct comparison method	Optimal occupancy
		Income capitalisation method	Adopted discount rate
			Rate per unit
Securities and options Level 1		Quoted prices (unadjusted) in active	Quoted security price
- listed		market for identical assets or
		liabilities
Level 1	Quoted prices (unadjusted) in active	market for identical assets or liabilities;
Level 2	Inputs other than quoted prices included in level 1 that are observable for the		asset or liability, either
	directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3	Inputs for the asset or liability that are not based on observable market data.
There were	no transfers between Levels 1, 2 and 3	during the period.

Income capitalisation method	This method involves assessing the total net market income receivable from the property and
	capitalising this in perpetuity to derive a capital value, with allowances for capital expenditure
	reversions.
Direct comparison	This method directly compares and analyses sales evidence on a rate per unit.
Discounted cash flow method	Under the DCF method, the fair value is estimated using explicit assumptions regarding the benefits
	and liabilities of ownership over the assets’ or liabilities’ life including an exit or terminal value. The
	DCF method involves the projection of a series of cash flows from the assets or liabilities. To this
	projected cash flow series, an appropriate, market-derived discount rate is applied to establish the
	present value of the cash flow stream associated with the assets or liabilities.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

10. CONTRIBUTED EQUITY

10. CONTRIBUTED EQUITY

	2022		2021
(a) Issued units	$'000		$'000
Units on issue	343,372		274,675
Issue costs	(9,689)		(8,445)
Total contributed equity	333,683		266,230

		Units
	Number		Number
	30 Jun 2022		30 Jun 2021
(b) Movement in units on issue	'000		'000
At 30 June 2021	818,591		653,502
- equity raisings	60,145		138,692
- distribution reinvestmentplan	13,693		26,397
Units on issue at 30 June 2022	892,429		818,591

11. DISTRIBUTIONS PAID AND PROPOSED

11. DISTRIBUTIONS PAID AND PROPOSED

	2022	2021
Abacus	$'000	$'000
(a) Distributions paid during the year
June 2021 half: 4.03 cents per unit (2020: 1.56 cents)	32,975	10,169
December 2021 half: 2.83 cents per unit (2020 half: 0.99 cents)	23,500	8,000
(b) Distributions proposed and recognised as a liability
June 2022 half:$6.72 centsper unit(2021: 3.05 cents)	59,978	24,951

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

12. PARENT ENTITY FINANCIAL INFORMATION

12. PARENT ENTITY FINANCIAL INFORMATION

	2022	2021
	$'000	$'000
Results of the parent entity
Profit for theyear	292,009	205,486
Total comprehensive income for theyear	292,009	205,486
Financial position of the parent entity at year end
Current assets	112,125	46,161
Total assets	2,196,339	1,398,422
Current liabilities	5,589	25,391
Total liabilities	1,246,205	775,518
Net assets	950,134	622,904
Total equity of the parent entity comprising of:
Issued capital	333,683	266,230
Retained earnings	616,451	356,674
Total equity	950,134	622,904

(a) Parent entity contingencies

There are no contingencies of the parent entity as at 30 June 2022 (2021: Nil).

(b) Parent entity capital and commitments

(b) Parent entity capital and commitments

	2022	2021
	$'000	$'000
Within one year
- gross settlement of property acquisitions	43,923	25,500
- capital expenditure	52,771	32,551
	96,694	32,551

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

13. COMMITMENTS AND CONTINGENCIES

(a) Operating lease commitments – Trust as lessor

Future minimum rentals receivable under non-cancellable operating leases as at 30 June 2022 are as follows:


	2022	2021
	$'000	$'000
Within one year	85,344	52,373
Within two years	77,607	52,373
Within three years	10,269	49,770
Within four years	1,573	6,261
Within fiveyears	663	545
	175,456	161,322

(b) Capital and other commitments

At 30 June 2022 the Trust had numerous commitments and contingent liabilities which principally related to property acquisition settlements and commitments relating to property refurbishing costs.

Commitments planned and/or contracted at reporting date but not recognised as liabilities are as follows:


	2022	2021
	$'000	$'000
Within one year
- capital expenditure	58,621	32,901
-gross settlement ofpropertyacquisitions	43,923	25,500
	102,544	58,401

(c) Contingencies

At 30 June 2022 the Trust had bank guarantees issued but not recognised as liabilities as follows:

	2022	2021
	$'000	$'000
Bank guarantees
- redevelopment of investmentproperties	100	100
	100	100

14. RELATED PARTY DISCLOSURES

(a) Subsidiaries

The consolidated financial statements include the financial statements of the following entities:


	equity	interest
	2022	2021
Entity	%	%
Abacus Storage Property Trust and its subsidiary:
Abacus Storage NZ Property Trust	100	100

(b) Ultimate parent

ASPT has been designated as the parent entity of the Trust.

(c) Responsible Entity

The Responsible Entity of ASPT is ASFML, an Australian Financial Services Licence holder, whose immediate and ultimate holding company is AGHL.

Transactions between the Trust and the Responsible Entity results from normal dealings with that company as the Trust’s Responsible Entity.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

14. RELATED PARTY DISCLOSURES (continued)

(d) Key management personnel

Details of Key Management Personnel (“KMP”) are disclosed in note 15.

(e) Transactions with related parties

	2022	2021
	$'000	$'000
Transactions with related parties other than associates and joint ventures
Revenues
Rent charged to related party	73,189	50,462
Interest revenue on loan to related party	413	2,799
Expenses
Property management fees paid / payable	(8,251)	(5,227)
Interest expense on loan from related party	(4,558)	(2,535)
Other transactions
Loan advanced from related party	1,154,097	423,171
Loan repayments to related party	(918,873)	(266,777)
Loan advanced to related party	(34,810)	(99,579)
Loan repayments from related party	21,237	97,450

Terms and conditions of transactions

Interests and fees to and purchases and fees charged from related parties are made in accordance with the terms in the Trust’s constitution, management, property management and loan agreements.

Outstanding balances at year-end are unsecured and settlement occurs in cash.

No provision for doubtful debts has been recognised or bad debts incurred with respect to amounts payable or receivable from related parties during the year.

Ultimate controlling entity

Calculator Australia Pty Ltd (“Kirsh”) is the ultimate controlling security holder in the Group with a holding of approximately 54% of the ordinary securities of the Group (2021: 54%).

Mrs Myra Salkinder is the Chair of ASFML and is a senior executive of Kirsh. Mr Mark Bloom is a Non-Executive Director of ASFML and is a consultant to Kirsh.

(f) Fees

ASFML provides management and investment accounting services to the Trust.

All costs associated with the provision of investment accounting services are paid for by the Responsible Entity, and are conducted on normal commercial terms and conditions.

The Responsible Entity receives all management fees that have been paid by the Trust during the year. In accordance with the Trust’s constitution, the Responsible Entity is entitled to receive an annual management fee of 0.85% (2021: 0.85%) of the total assets of the Trust under the terms of the Constitution. The actual management fee charged was 0.43% (2021: 0.43%). The fees are paid on a monthly basis. Total fees paid to the Responsible Entity during the year for management of the Trust were $8.3 million (2021: $5.2 million).

As at the balance sheet date, $0.1 million (2021: $0.04 million) was owed to the Responsible Entity in relation to management fees.

During the period the Responsible Entity incurred no expenses on behalf of the Trust.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

15. KEY MANAGEMENT PERSONNEL

(a) Details of Key Management

(i) Directors

The Directors of ASFML are considered to be KMP of the Trust. The Directors of the Responsible Entity in office during the year and up to the date of the report are

Myra Salkinder Chair (Non-executive) Steven Sewell Managing Director Trent Alston Non-executive Director Mark Bloom Non-executive Director Mark Haberlin Non-executive Director (Lead Independent) Holly Kramer Non-executive Director Jingmin Qian Non-executive Director

(ii) Executives

(ii) Executives
Name	Role	Date Appointed KMP	Date Ceased KMP
Gavin Lechem	Chief Investment Officer (CIO)	October 2021	-
Rob Baulderstone	Chief Financial Officer(CFO)	November 2012	30 June 2022

(b) Compensation for key management personnel

No amount is paid by the Trust directly to the Directors of the Responsible Entity. Consequently, no compensation as defined in AASB 124 “Related Party Disclosures” is paid by the Trust to the Directors as Key Management Personnel.

Compensation is paid to the Responsible Entity in the form of fees and is disclosed in Note 14(f).

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards. The financial report has also been prepared on a historical cost basis, except for investment properties and derivative financial instruments which have been measured at fair value, interests in joint ventures and associates which are accounted for using the equity method, and certain investments and financial assets measured at fair value.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($'000) unless otherwise stated under the option available to the Trust under ASIC Corporations Instrument 2016/191. The Trust is an entity to which the instrument applies.

(b) Statement of Compliance

The financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS), as issued by the AASB and IASB respectively.

(c) New accounting standards and interpretations

(i) Changes in accounting policy and disclosures

The accounting policies adopted are consistent with those of the previous financial year except for the adoption of new standards and interpretations effective as of 1 July 2021.

There are several amendments and interpretations apply for the first time on 1 July 2021 as follows, but they do not have an impact on the interim condensed consolidated financial statements of the Trust:

AASB 2020-8 Amendments to Australian Accounting Standards - Interest Rate Benchmark Reform – Phase 2

This amends the requirements in AASB 9 Financial Instruments, AASB 139 Financial Instruments: Recognition and Measurement, AASB 7 Financial Instruments: Disclosures, AASB 4 Insurance Contracts and AASB 16 Leases. The objective of the amendments is to minimise financial reporting consequences of a change in benchmark interest rates that Australian Accounting Standards may otherwise require, such as the derecognition or remeasurement of financial instruments, and the discontinuation of hedge accounting.

AASB 2021-3 Amendments to Australian Accounting Standards - COVID-19-Related Rent Concessions beyond 30 June 2021.

In light of many other challenges lessees faced during the COVID-19 pandemic, AASB 16 was amended to extend the practical expedient to not account for COVID-19-related rent concessions as lease modifications by one year. This amendment had no impact on the consolidated financial statements of the Trust.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(c) New accounting standards and interpretations (continued)

(ii) Accounting Standards and Interpretation issued but not yet effective

Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Trust for the annual reporting ended 30 June 2022. The significant new standards or amendments are outlined below:

AASB 2020-1 AASB 2020-6 Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-current (effective for annual reporting periods from 1 January 2023)

The amendments to paragraphs 69 to 76 of AASB 101 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and must be applied retrospectively. The Trust is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require amendments.

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments (effective for annual reporting periods from 1 January 2022)

The amending standard made amendments to the following standards and conceptual framework:

Reference to the Conceptual Framework – Amendments to AASB 3

The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. The Board also added an exception to the recognition principle of AASB 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of AASB 137 or Interpretation 21 Levies, if incurred separately.

At the same time, the Board decided to clarify existing guidance in AASB 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. The amendments apply prospectively.

Property, Plant and Equipment: Proceeds before Intended Use – Amendments to AASB 16

The amendments prohibit entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss.

The amendment must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Trust.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(c) New accounting standards and interpretations (continued)

(ii) Accounting Standards and Interpretation issued but not yet effective (continued)

Onerous Contracts – Costs of Fulfilling a Contract – Amendments to AASB 137

The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.

The Trust will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments.

Fees in the ’10 per cent’ test for derecognition of financial liabilities (part of annual improvements 2018-2020 cycle) – Amendment to AASB9

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment.

The Trust will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendments are not expected to have a material impact on the Trust.

AASB 2021-2 Amendments to Disclosure of Accounting Policies, Definition of Accounting Estimates and Other Amendments (effective for annual reporting periods from 1 January 2023 )

The amending standard made amendments to the following standards:

Making Materiality Judgements – Disclosure of Accounting Policies – Amendments to AASB 7, AASB 101, AASB 134 Interim Financial Reporting and AASB Practices Statement 2

The amendments to AASB 101 require disclosure of material accounting policy information, instead of significant accounting policies. Unlike ‘material’, ‘significant’ was not defined in the Australian Accounting Standards.

The amendments to AASB Practice Statement 2 supplement the amendments to AASB 101 by illustrating how the four-step materiality process can identify material accounting policy information.

Definition of Accounting Estimates – Amendments to AASB 108

The amendments to AASB 108 clarify the definition of an accounting estimate, making it easier to differentiate it from an accounting policy. The distinction is necessary as their treatment and disclosure requirements are different. Critically, a change in an accounting estimate is applied prospectively whereas a change in an accounting policy is generally applied retrospectively.

The new definition provides that ‘Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty.’ The amendments explain that a change in an input or a measurement technique used to develop an accounting estimate is considered a change in an accounting estimate unless it is correcting a prior period error.

The amendments are applied prospectively and are not expected to have a material impact on the Trust.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(d) Basis of consolidation

The consolidated financial statements comprise the financial statements of ASPT and its subsidiary.

Subsidiaries are all those entities over which the Trust has power over the investee such that the Trust is able to direct the relevant activities, has exposure or rights to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns.

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies with adjustments made to bring into line any dissimilar accounting policies that may exist.

All intercompany balances and transactions, including unrealised profits from intra-group transactions, have been eliminated in full and subsidiaries are consolidated from the date on which control is transferred to the Trust and cease to be consolidated from the date on which control is transferred out of the Trust. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting period during which the Trust has control.

The acquisition of subsidiaries is accounted for using the purchase method of accounting. The purchase method of accounting involves allocating the cost of the business combination to the fair value of the assets acquired and the liabilities and contingent liabilities assumed at the date of acquisition.

Non-controlling interests are allocated their share of net profit after tax in the consolidated income statement and are presented within equity in the consolidated statement of financial position, separately from the equity of the owners of the parent.

(e) Foreign currency translation

Functional and presentation currency

Both the functional and presentation currency of the Trust are in Australian dollars. Each entity in the Trust determines its own functional currency and items are included in the financial statements of each entity are measured using that functional currency.

Transactions and balances

Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.

All exchange differences in the consolidated financial report are taken to profit or loss with the exception of differences on foreign currency borrowings on translation of foreign operations that provide a hedge against a net investment in a foreign operation. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in profit or loss. On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular foreign operation is recognised in profit or loss. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in equity.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

At reporting date, the assets and liabilities of foreign operations are translated into the presentation currency of the Trust at the rate of exchange prevailing at balance date and the financial performance is translated at the average exchange rate prevailing during the reporting period. The exchange differences arising on translation are taken directly to the foreign currency translation reserve in equity.

(f) Revenue recognition

Revenue is recognised when performance obligations have been met and is measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Trust and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(f) Revenue recognition (continued)

Rental income

Rental income from investment properties is accounted for on a straight-line basis over the lease term. Contingent rental income is recognised as income in the periods in which it is earned. Lease incentives granted are recognised as an integral part of the total rental income.

Finance Income

Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Net change in fair value of investments and financial instruments derecognised during the year

Revenue from sale of investments is recognised on settlement when all performance obligations under the contract have been met. Performance obligations are generally considered to have been met at the time of settlement of the sale. Financial instruments are derecognised when the right to receive or pay cash flows from the financial derivative has expired or when the entity transfers substantially all the risks and rewards and the performance obligations of the financial derivative through termination. Gains or losses due to derecognition are recognised in the income statement.

Dividends and distributions

Revenue is recognised when the Trust’s right to receive the payment is established.

Net change in fair value of investments held at balance date

Changes in market value of investments are recognised as revenue or expense in determining the net profit for the period.

(g) Expenses

Expenses including rates, taxes and other outgoings, are brought to account on an accrual basis and any related payables are carried at cost.

(h) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and shot-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash which are subject to an insignificant risk of changes in value.

For the purposes of the Statement of Cash Flow, cash and cash equivalents consist of cash and cash equivalents as defined above.

(i) Trade and other receivables

Trade and other receivables, which generally have 30 day terms, are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, these are measured at amortised cost at the transaction price.

Trade and other receivables are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the income statement. The receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. Any gain or loss on derecognition is also recognised in the income statement.

In assessing for impairment under AASB 9, the Trust assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade receivables, the Trust applies the simplified approach permitted by the standard, which requires lifetime expected losses to be recognised from initial recognition of the receivables.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(i) Trade and other receivables (continued)

To measure the expected credit losses, trade debtors and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on outstanding balances, days past their due date and the corresponding historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors (including GDP) affecting the ability of customers to settle their debts.

(j) Investments and other financial assets

All investments are initially recognised at cost, being the fair value of the consideration given.

Financial assets in the scope of AASB 9 Financial Instruments are classified as either financial assets at fair value through profit or loss or financial assets at amortised cost. The Trust determines the classification of its financial assets after initial recognition and, when allowed and appropriate, re-evaluates this designation at each financial year-end. At 30 June the Trust’s investments in listed securities have been classified as financial assets at fair value through profit or loss and property loans are classified as loans and receivables at amortised cost. Property loan financial assets that have a certain level of profit sharing component that do not meet the solely payments of principal and interest (SPPI) criterion under AASB 9 are measured at FVTPL.

Financial assets at fair value through profit or loss

The Trust classifies its financial assets that do not meet the SPPI criterion and derivatives at FVTPL

At initial recognition, the financial asset is measured at its fair value and transaction costs are recognised in profit or loss as incurred. Financial assets at FVTPL are subsequently measured at fair value. Any gains and losses from changes in fair value are recognised through profit or loss unless they have been designated and qualify as cash flow or net investment hedging instruments, where the effective portion of changes in fair value is recognised in either a cash flow or foreign currency reserve within equity. Any gain or loss on derecognition is recognised in the income statement.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not Loans and receivables are non-derivative financial assets that are not quoted in an active market with SPPI. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired.

Subsidiaries

Investment in subsidiaries are held at lower of cost or recoverable amount.

(k) Investment properties

Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing parts of an existing investment property at the time that the cost is incurred if the recognition criteria are met, and excludes the costs of day-to-day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market and property specific conditions at the balance sheet date. Gains or losses arising from changes in the fair values of investment properties are recognised in the income statement in the year in which they arise.

Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the income statement in the year of retirement or disposal.

Investment properties under construction are carried at cost until when the construction is near completion (70%80% complete) because the fair value of an investment property under construction cannot be reliably measured.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(k) Investment properties (continued)

Transfers are made to investment property when, and only when, there is a change in use, evidenced by commencement of an operating lease to another party or ending of construction or development. Transfers are made from investment property when, and only when, there is a change in use, evidenced by commencement of development with a view to sale.

For a transfer from investment property to inventories, the deemed cost of property for subsequent accounting is its fair value at the date of change in use. For a transfer from inventories to investment property, any difference between the fair value of the property at that date and its previous carrying amount is recognised in profit or loss.

Land and buildings that meet the definition of investment property are considered to have the function of an investment and are therefore regarded as a composite asset, the overall value of which is influenced by many factors, the most prominent being income yield, rather than diminution in value of the building content due to the passing of time. Accordingly, the buildings and all components thereof, including integral plant and equipment, are not depreciated.

Investment properties are independently valued on a staggered basis every two years unless the underlying financing requires a more frequent independent valuation cycle. In determining fair value, the capitalisation of net income method and the discounting of future cashflows to their present value have been used.

Lease incentives provided by the Trust to lessees, and rental guarantees which may be received by the Trust from third parties (arising from the acquisition of investment properties) are included in the measurement of fair value of investment property. Leasing costs and incentives are included in the carrying value of investment property and are amortised over the respective lease period, either using a straight-line basis, or a basis which is more representative of the pattern of benefits.

Under AASB 140, investment properties, including any plant and equipment, are not subject to depreciation. However, depreciation allowances in respect of certain buildings, plant and equipment are currently available to investors for taxation purposes.

(l) Leases

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.

Trust as lessee

At the lease commencement date, a right-of-use asset and a corresponding lease liability is recognised.

The liabilities arising from the lease are initially measured on a present value basis. Lease liabilities include the net present value of future lease payments, less any lease incentives receivable. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-ofuse asset. Lease payments are allocated between principal and finance cost.

Right-of-use assets are measured at cost comprising:

– the amount of the initial measurement of the lease liability;

– any lease payments made at or before the commencement date, less any lease incentives received; – any initial direct costs incurred; and

– any restoration costs.

Right-of-use property assets are measured and classified as either investment property or property plant and equipment in accordance with the policies above.

Trust as a lessor

Leases in which the Trust retains substantially all the risks and benefits of ownership of the lease assets are classified as operating leases.

The Trust accounts for a modification to an operating lease either due to a change in scope or consideration of the lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(m) Trade and other payables

Trade payables and other payables are carried at amortised cost. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition.

(n) Distributions

Trusts generally distribute their distributable assessable income to their unitholders. Such distributions are determined by reference to the taxable income of the respective trusts. Distributable income may include capital gains arising from the disposal of investments and tax-deferred income. Unrealised gains and losses on investments that are recognised as income are usually retained and are generally not assessable or distributable until realised. Capital losses are not distributed to unitholders but are retained to be offset against any future realised capital gains.

A liability for distribution is recognised in the Balance Sheet if the distribution has been declared, determined or publicly recommended prior to balance date.

(o) Interest-bearing loans and borrowings

All loans and borrowings are initially recognised at cost, being the fair value of the consideration received net of transaction costs associated with the borrowing.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Fees paid in the establishment of loan facilities that are yield related are included as part of the carrying amount of loans and borrowings.

Borrowings are classified as non-current liabilities where the Trust has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Borrowing Costs

Borrowing costs are recognised as an expense when incurred unless they relate to a qualifying asset or to upfront borrowing establishment and arrangement costs, which are deferred and amortised as an expense over the life of the facility. A qualifying asset is an asset that generally takes more than 12 months to get ready for its intended use or sale. In these circumstances, the financing costs are capitalised into the cost of the asset. Where funds are borrowed by the Trust for the acquisition or construction of a qualifying asset, the amount of the borrowing costs capitalised are those incurred in relation to the borrowing.

(p) Contributed equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Stapled securities are classified as equity. Incremental costs directly attributable to the issue of new securities are shown in equity as a deduction, net of tax, from the proceeds.

(q) Taxation

The Trust is a non-taxable entity. A liability for current and deferred tax and tax expense is only recognised in respect of taxable entities that are subject to income tax and potential capital gains tax as detailed below.

Trust income tax

Under current Australian income tax legislation, the Trust is not liable for Australian income tax provided security holders are presently entitled to the taxable income of the trusts and the trusts generally distribute their taxable income.

New Zealand

The trusts that operate in New Zealand (“NZ”) are treated as a company for NZ income tax purposes and are taxed at the corporate tax rate of 28% (2021: 28%). NZ income tax paid by the Trusts can be claimed as foreign tax credits to offset against foreign income and distributable to security holders. NZ tax losses are carried forward provided the continuity test of ownership is satisfied. Interest expense from the Trusts are fully deductible subject to thin capitalisation considerations. Property revaluation gains or losses are to be excluded from taxable income, with no deferred tax implications as capital gains are not taxed in NZ.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

16. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(q) Taxation (continued)

Income derived by companies which are incorporated in Australia and registered in NZ as overseas companies is exempt from tax in Australia where the income has been taxed in NZ. This income is regarded as nonassessable non-exempt income. As such, income tax is calculated on the companies’ NZ taxable income and taxed at the NZ corporate rate of 28% (2021: 28%).

Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST except when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet.

Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

(r) Earnings per unit (EPU)

Basic EPU is calculated as net profit attributable to stapled security holders, adjusted to exclude costs of servicing equity (other than distributions) divided by the weighted average number of stapled securities on issue during the period under review.

Diluted EPU is calculated as net profit attributable to stapled security holders, adjusted for:

costs of servicing equity (other than distributions);
the after tax effect of dividends and interest associated with dilutive potential stapled securities that have been recognised as expenses; and
other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential stapled securities;

divided by the weighted average number of units and dilutive potential units, adjusted for any bonus element.

ABACUS STORAGE PROPERTY TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

17. AUDITOR’S REMUNERATION

17. AUDITOR’S REMUNERATION

	2022	2021
	$	$
Amounts received or due and receivable by Ernst & Young Australia:
- Fees for auditing the statutory financial report of the parent covering the Group and auditingthe statutoryfinancial reports of anycontrolled entities	267,568	196,920
	267,568	196,920

18. EVENTS AFTER BALANCE SHEET DATE

Other than as disclosed in this report, there has been no other matter or circumstance that has arisen since the end of the half-year that has significantly affected, or may affect, the Trust’s operations in future financial years, the results of those operations or the Trust’s state of affairs in future financial years.

ABACUS STORAGE PROPERTY TRUST

DIRECTORS’ DECLARATION

In accordance with a resolution of the Directors of Abacus Storage Funds Management Limited, we state that:

In the opinion of the directors:

a. the financial statements, notes and the additional disclosures included in the directors’ report designated as audited, of the Trust and of the consolidated entity are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Trust’s and consolidated entity’s financial position
- as at 30 June 2022 and of their performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Regulations 2001;
b. the financial report also complies with International Financial Reporting Standards as disclosed in note 16(b); and
c. there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

This declaration has been made after receiving the declarations required to be made to the directors in accordance with sections 295A of the Corporations Act 2001 for the financial year ended 30 June 2022.

On behalf of the Board

Myra Salkinder Chair Sydney, 16 August 2022

Steven Sewell

Managing Director

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Independent auditor’s report to the unitholders of Abacus Storage Property Trust

Report on the audit of the financial report

Opinion

We have audited the financial report of Abacus Storage Property Trust (the Trust) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration of Abacus Storage Funds Management Limited, the Responsible Entity of the Trust.

In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2022 and of its consolidated financial performance for the year ended on that date; and
b. Complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Investment Properties

Why significant

The Group’s total assets include investment properties. These assets are carried at fair value, which was assessed by the directors with reference to either external independent property valuations or internal valuations and are based on market conditions existing at the reporting date.

As disclosed in Note 4, the valuation of investment properties is inherently subjective given there are alternative assumptions and valuation methods that may result in a range of values. A small difference in any one of the key market input assumptions, when aggregated across all the properties, could result in a significant change to the valuation of investment properties.

Two approaches are generally used: the Income Capitalisation approach and the Discounted Cash Flow approach to arrive at a range of valuation outcomes, from which the valuers derive their best estimate of the value at a point in time.

We have considered this a key audit matter due to the number of judgments required in determining fair value. For the same reasons we consider it important that attention is drawn to the information in Note 4 in assessing the property valuations at 30 June 2022.

How our audit addressed the key audit matter

Our audit procedures included the following:

We discussed the following matters with management:
movements in the Group’s investment property portfolio;
changes in the condition of each property including tenancy matters and development status;
On a sample basis, we performed the following procedures for selected properties:
Evaluated the key valuation assumptions and agreed passing rental income to tenancy schedules. These assumptions and inputs included the adopted capitalisation rate and a number of leasing assumptions including market and contractual rent, occupancy rates including forecast occupancy levels, forecast rent, lease terms, re-leasing costs, operating expenditure and future capital expenditure. We assessed the accuracy of tenancy reports which are used as source data in the property valuations by testing a sample of leases to the tenancy reports.
Tested the mathematical accuracy of valuations.
Involved our real estate valuation specialists to assist with the assessment of the valuation assumptions and methodologies.
Where relevant we compared the valuation against comparable transactions utilised in the valuation process.
Evaluated the suitability of the valuation methodology based on the type of asset.
Assessed the qualifications, competence and objectivity of the valuers.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Information other than the financial report and auditor’s report thereon

The directors of the Responsible Entity of the Trust are responsible for the other information. The other information comprises the information included in the Trust’s 2022 Annual Report, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the financial report

The directors of the Responsible Entity of the Trust are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors of the Trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Ernst & Young

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Anthony Ewan Partner Sydney 16 August 2022

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

AI assistant

ABACUS STORAGE KING — Annual Report 2022

64432_rns_2023-07-30_3eccb78b-fdc5-4079-9a58-f168fe7fee26.pdf

ANNUAL FINANCIAL REPORT

30 June 2022

Directory

Registered Office:

Directors of Responsible Entity:

Auditor (Financial and Compliance Plan):

Share Registry:

CONTENTS

DIRECTORS’ REPORT

30 June 2022

PRINCIPAL ACTIVITIES

TRUST STRUCTURE

OPERATING AND FINANCIAL REVIEW

OUR STRATEGY

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

TRUST RESULTS SUMMARY

Capital management

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

FUTURE PROSPECTS AND RISKS

RISK MANAGEMENT APPROACH

Risk Management Three Lines of Defence

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

RISK MANAGEMENT APPROAH (continued)

Risk Appetite

KEY RISK AREAS

DIRECTORS’ REPORT

30 June 2022

OPERATING AND FINANCIAL REVIEW (continued)

KEY RISK AREAS (continued)

DIRECTORS’ REPORT

30 June 2022

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

UNITS ON ISSUE

FEES PAID TO THE RESPONSIBLE ENTITY AND ASSOCIATES

DISTRIBUTIONS

SIGNIFICANT EVENTS AFTER BALANCE DATE

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

DIRECTORS

ENVIRONMENTAL REGULATION AND PERFORMANCE

DIRECTORS’ REPORT

30 June 2022

AUDITOR’S INDEPENDENCE DECLARATION

ROUNDING

Auditor’s independence declaration to the directors of Abacus Storage Funds Management Limited, the Responsible Entity for Abacus Storage Property Trust

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 30 JUNE 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022

CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 30 JUNE 2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEAR ENDED 30 JUNE 2022

CONTENTS 30 JUNE 2022

NOTES TO THE FINANCIAL STATEMENTS – About this Report 30 JUNE 2022

SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

Valuation of investment properties

Fair value of financial assets

NOTES TO THE FINANCIAL STATEMENTS – Segment Information 30 JUNE 2022

Major Customers

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

1. REVENUE

2. EARNINGS PER UNIT

3. EXPENSES

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

4. INVESTMENT PROPERTIES

Reconciliation

Sensitivity Information

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2022

4. INVESTMENT PROPERTIES (continued)

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2022

5. LOANS AND OTHER FINANCIAL ASSETS

6. CASH AND CASH EQUIVALENTS

(a) Disclosure of financing facilities

ABACUS STORAGE KING Annual Report 2022