115
114
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Notes to the
Financial Statements
16. UNITS IN ISSUE
Group and Trust
30 June 2015
31 December 2013
No. of units
’000
No. of units
’000
At 1 January
2,153,218
1,943,023
Issue of units:
– CPU conversion
(1)
27,986
210,195
At 30 June/31 December
2,181,204
2,153,218
(1)
The Trust issued 27,986,168 (2013: 210,195,189) new units at an issue price of $0.7266 per unit pursuant to the conversion of CPU in June 2015 (2013: July 2013).
Each unit in the Trust represents an undivided interest in the Trust. The rights and interests of unitholders are contained in the
Trust Deed and include the right to:
•
Attend all unitholder meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of not less
than 50 unitholders or of the unitholders representing not less than 10% of the issued units) at any time convene a meeting
of unitholders in accordance with the provisions of the Trust Deed;
•
Receive income and other distributions attributable to the units held; and
•
Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the
assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a unitholder
does not have the right to require that any assets (or part thereof) of the Trust be transferred to him.
The restrictions of a unitholder include the following:
•
A unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions of the
Trust Deed; and
•
A unitholder has no right to request the Trust to redeem his units while the units are listed on SGX-ST.
A unitholder’s liability is limited to the amount paid or payable for any units in the Trust. The Trust Deed provides that no
unitholders will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that liabilities of the
Trust exceed its assets.
17. GROSS REVENUE
Group
Trust
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
Property rental income
277,662
185,232
191,760
127,725
Turnover rental income
13,677
13,078
3,043
2,242
Other income
3,450
2,306
3,437
2,078
294,789
200,616
198,240
132,045
18. PROPERTY OPERATING EXPENSES
Group
Trust
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
Maintenance and sinking fund
contributions
10,378
6,614
10,130
6,408
Property management fees
7,180
5,071
5,992
3,969
Property tax
23,638
15,892
17,566
12,412
Depreciation expense
1,006
489
367
–
Leasing and upkeep expenses
8,168
6,912
2,546
3,424
Staff costs
(1)
1,640
1,264
–
–
Marketing expenses
3,125
2,743
2,703
2,057
(Reversal of)/Impairment losses on
trade receivables
(649)
1,394
–
–
Administrative expenses
2,674
2,381
1,421
1,132
57,160
42,760
40,725
29,402
(1)
Relates solely to staff costs of the Group’s wholly owned subsidiary, Renhe Spring Department Store Co., Ltd, which operates Renhe Spring Zongbei
Property in China.
19. DIVIDEND INCOME FROM SUBSIDIARIES
Represents dividend income from certain subsidiaries (Note 6).
20. MANAGEMENT FEES AND PERFORMANCE FEES
Management fees include Base Fee payable to the Manager, asset management fees payable to the asset manager of the Japan
Properties and fees payable to the servicer of the Malaysia Properties, which is a wholly owned subsidiary of the Manager. Base
Fee paid and payable to the Manager for the 18 months ended 30 June 2015 amounted to approximately $20,792,000 (2013:
$13,088,000). Approximately $120,000 (2013: $100,000) and $1,487,000 (2013: $1,028,000) were paid to the asset manager of
the Japan Properties and servicer of the Malaysia Properties for the 18 months ended 30 June 2015 respectively.
The Manager has elected to receive 100% of its base management fees in cash for the 18 months ended 30 June 2015 and
12 months ended 31 December 2013.
No performance fee was earned by the Manager for the 18 months ended 30 June 2015 and 12 months ended 31 December 2013.
The performance of the Trust Index was approximately 1% and 6% below the Benchmark Index as at 30 June 2015 and
31 December 2013 respectively.
21. TRUST EXPENSES
Group
Trust
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
Auditor’s remuneration
653
482
275
213
Trustee’s fees
683
438
683
438
Others
(1)
3,089
2,179
2,590
1,517
4,425
3,099
3,548
2,168
(1)
Included in other trust expenses are (i) non-audit fees paid/payable to the auditors of the Group of approximately $288,000 (2013: $250,000); and (ii) fees
paid/payable to the valuers of the Group’s investment properties of approximately $247,000 (2013: $139,000) for the 18 months ended 30 June 2015.
