Notes to the financial statements
Year ended 31 March 2016
18 Perpetual securities
In October 2015, the Trust issued $300.0 million perpetual securities. The key terms and conditions of the perpetual
securities are as follows:
•
the perpetual securities will confer a right to receive distribution payments at a rate of 4.75% per annum with the
first distribution rate reset falling on 14 October 2020 and subsequent resets occurring every five years thereafter;
•
the distributions are payable semi-annually in arrears on a discretionary basis and are non-cumulative; and
•
the perpetual securities will constitute direct, unsecured and subordinated obligations of the Trust and rank
pari passu
and without any preference among themselves and with any Parity Obligations (as defined in the
conditions) of the Issuer.
The perpetual securities are classified as equity instruments and recorded in equity in the statement of financial position.
The $304.4 million presented in the statement of financial position represents the carrying value of the $300.0 million
perpetual securities issued, net of issue costs and includes the total return attributable to the perpetual securities holders
from the last distribution date.
19 Non-controlling interests
The following subsidiaries of the Group have material non-controlling interests (NCI):
Name of subsidiaries
Principal place
of business
Effective equity
held by NCI
2016
2015
%
%
Emerald Assets Limited
Singapore
–
(1)
100
Ruby Assets Pte. Ltd.
Singapore
100
100
(1)
Emerald Assets Limited was dissolved on 13 February 2016.
The following table summarises the financial information of each of the Group’s subsidiaries with material NCI, based on
their respective consolidated financial statements prepared in accordance with FRS, modified for fair value adjustments
on acquisition and differences in the Group’s accounting policies. The information is before inter-company eliminations
with other companies in the Group.
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A-REIT ANNUAL REPORT
2015/2016