Notes to the financial statements
Year ended 31 March 2016
29 Significant related party transactions
For the purposes of these financial statements, parties are considered to be related to the Group if the Manager has
the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial
and operating decisions, or vice versa, or where the Manager and the party are subject to common significant influence.
Related parties may be individuals or other entities. The Manager and the Property Manager are indirect wholly-owned
subsidiaries of a significant Unitholder of the Trust.
In the normal course of its business, the Group carried out transactions with related parties on terms agreed between
the parties. During the financial year, in addition to those disclosed elsewhere in the financial statements, there were the
following significant related party transactions:
Group
2016
2015
$’000
$’000
Acquisition fee paid/payable to the Manager and subsidiary of the Manager
15,196
7,349
Acquisition of properties from related parties of the Manager
420,000
112,000
Car park income received/receivable from the Property Manager
(272)
(297)
Car park management fee paid/payable to the Property Manager
4,954
4,752
Deposits received/receivable from:
– the Manager
–
(5)
– related parties of the Manager
–
(10)
Consideration received from surrender of lease to JTC
(24,800)
–
Development management fee paid/payable to the Manager
638
–
Divestment fee payable to the Manager
194
63
Incentive payment received from related parties of the Manager
–
(383)
Land premium, land rent and water frontage, purchase of structural plans and
administrative fee paid/payable to a related party
38,780
21,490
Lease rental, securities, utilities and car park income received from:
– the Manager
(435)
(520)
– the Property Manager
(132)
(99)
– related parties of the Manager
(2,745)
(3,035)
– other related parties
(34,876)
–
Lease service fees paid/payable to the Manager and subsidiary of the Manager
12,932
14,219
Management fees paid/payable to the Manager and subsidiary of the Manager
42,999
38,137
Performance fees payable to the Manager
17,436
–
Property service fees paid to the Property Manager
24,165
25,869
Property service fees, service charges, reimbursements and
receipts on behalf of and payable to related parties of the Manager
5,406
2,246
Reimbursements and receipts on behalf of the Property Manager
2,632
2,302
Reimbursements paid/payable to the Manager
786
11
Reimbursements of expenses from other related parties
(34)
–
Receipts on behalf by the Manager
(1,315)
(214)
Rental income of meeting rooms and receipts on behalf by the Property Manager
(81)
(151)
Utilities expenses, telephone charges, security deposits,
M&C services and reimbursement of expenses to other related parties
22,030
–
Utilities income and recovery of expenses paid on behalf
by related parties of the Manager
(370)
(151)
.196
A-REIT ANNUAL REPORT
2015/2016
