A D D I T I O N A L I N F O R M A T I O N
INTERESTED PERSON TRANSACTIONS
Transactions entered into with interested persons during the financial year falling under the Listing Manual of the SGX-ST and the
Property Funds Appendix of the CIS (excluding transactions of less than $100,000 each) are as follows:
Name of interested party
Aggregate value of all
interested party transactions
during the financial period under
review (excluding transactions
less than $100,000)
$’000
Aggregate value of all
interested person transactions
conducted under unitholders’
mandate during the financial
period under review (excluding
transactions less than $100,000)
$’000
JTC Corporation
– Land rent
36,221
–
– Land premium
21,490
–
Ascendas Pte Ltd and its subsidiaries
– Acquisition fee
7,349
(1)
–
– Acquisition of property
112,000
–
– Carpark income
(703)
–
– Divestment fee
63
(2)
–
– Incentive income
(383)
–
– Lease rental, service charge and utilities income
(3,074)
–
– Management fees
38,137
(3)
–
– Marketing fees paid during the year
16,854
–
– Property service fees
28,261
–
– Receipts/recovery of expenses paid on behalf
(501)
–
– Service charge and reimbursables
3,365
–
HSBC Institutional Trust Services (Singapore) Ltd
– Trustee fees
2,323
–
– Lease rental and service charge
(248)
–
– Security deposit
(140)
–
Total
261,014
–
(1)
An acquisition fee of 1.0% of the purchase price of investment property acquired by the Trustee on behalf of A-REIT.
(2)
A divestment fee of 0.5% of the sale price of investment property sold or divested by the Trustee on behalf of the Trust. For FY14/15, divestment fee relates to
the divestment of 1 Kallang Place.
(3)
The Manager’s Fee comprises:
(i) a base management fee of 0.5% per annum of the Deposited Property. With effect from 19 November 2007, the Manager has elected to receive 20% of
the base management fee in units and 80% in cash for all properties.
(ii) an annual performance fee of:
• 0.1% per annum of the Deposited Property, provided that the annual growth in distributions per Unit in a given financial year (calculated before accounting
for the performance fee in that financial year) exceeds 2.5%; and
• an additional 0.1% per annum of the Deposited Property, provided that the growth in distributions per Unit in a given financial year (calculated before
accounting for the performance fee in that financial year) exceeds 5.0%.
With effect from 1 April 2014, the Manager has improved the basis of determining management fees by excluding derivative assets and investment properties
under development from the computation of Deposited Property (the “Adjusted Deposited Property”).
The Manager will also unilaterally waive part of its performance fee to ensure equitable distribution of the growth in distributable income such that any increase in
distribution per unit (“DPU”) (which is calculated before accounting for the performance fee) would not result in Unitholders receiving less DPU than the threshold
percentage as a result of the payment of the performance fee. In addition, the performance fee payable will be based on 0.1% per annum, or as the case may
be, 0.2% per annum of the Adjusted Deposited Property instead of the Deposited Property.
No performance fee was payable for FY14/15 and FY13/14.
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