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FINANCIALS
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25. Operating leases
The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows:
Group
Trust
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Within one year
187,821
191,585
122,705
126,633
Between one and five years
417,156
410,279
271,155
251,392
More than five years
343,997
392,752
133,981
171,838
948,974
994,616
527,841
549,863
26. Capital commitments
Capital commitments (contracted but not provided) as at 30 June 2017 of approximately $12.5 million (2016: $1.7 million)
relate mainly to the asset redevelopment works on Plaza Arcade and Lot 10 Property, as well as purchase of plant and
equipment for the Group’s investment properties.
27.
Related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group 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 Group and the party are subject to common significant influence. Related
parties may be individuals or other entities.
Other than related party information shown elsewhere in the financial statements, the following were significant related
party transactions carried out in the normal course of business:
Group
Trust
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Property rental income from the Manager and Property Manager
1,058
1,062
1,058
1,062
Property rental income from related parties of the Manager
28,545
27,130
1,205
1,333
Leasing commission fees paid to the Property Manager
(863)
(865)
(863)
(865)
Property management fees paid to the Property Manager
(4,060)
(4,059)
(4,060)
(4,059)
Management fees paid to the Manager
(15,256)
(14,930)
(15,256)
(14,930)
Divestment fee paid to the Manager
(25)
(152)
(25)
(152)
Trustee fees paid to the Trustee
(487)
(481)
(487)
(481)
Reimbursements paid to the Property Manager
(809)
(846)
(809)
(846)
Asset redevelopment fees paid to related party of the Manager
(1)
(3,013)
–
–
–
Servicer fees paid to a wholly-owned subsidiary of the Manager
(842)
(876)
–
–
(1)
Comprises fees paid to related party of the Manager for acting as turnkey contractor to carry out the asset redevelopment works at Lot 10 Property.
28. Subsequent events
Subsequent to the year ended 30 June 2017:
(a)
In July and August 2017, the Group has prepaid JPY350 million loan and JPY55 million bond respectively using the net
proceeds from the divestment of Harajuku Secondo in May 2017.
(b)
The Manager declared a distribution of 1.18 cents per unit in respect of the period from 1 April 2017 to 30 June 2017,
which was paid on 29 August 2017.