Page 67 - ar2011

annual report 2011 65
Report of the Manager
of CDL Hospitality Real Estate Investment Trust
In the opinion of the directors of M&C REIT Management Limited (the “H-REIT Manager”), the Manager of CDL
Hospitality Real Estate Investment Trust (“H-REIT”), the accompanying consolidated fnancial statements of
H-REIT and its subsidiaries (collectively, the “H-REIT Group”) and CDL Hospitality Trusts (the “Stapled Group”,
comprising the H-REIT Group and CDL Hospitality Business Trust (“HBT”)) set out on pages 68 to 119 comprising
their Statements of Financial Position, Statements of Total Return, Statements of Movements in Unitholders’ Funds,
Distribution Statements, Portfolio Statements, Statements of Cash Flows and Notes to the Financial Statements
are drawn up so as to present fairly, in all material respects, the fnancial positions of the H-REIT Group and the
Stapled Group as at 31 December 2011, the total return, movements in unitholders’ funds, distributable income
and cash fows of the H-REIT Group and the Stapled Group for the year then ended, in accordance with the
recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts”
issued by the Institute of Certifed Public Accountants of Singapore and the provisions of H-REIT’s trust deed
between DBS Trustee Limited (the “H-REIT Trustee”) and the H-REIT Manager dated 8 June 2006 as amended by
the First Supplemental Deed dated 11 January 2007, the Second Supplemental Deed dated 26 March 2010 and the
Third Supplemental Deed dated 20 July 2010 (collectively, the “H-REIT Trust Deed”) and the stapling deed of CDL
Hospitality Trusts between the H-REIT Trustee, the H-REIT Manager and M&C Business Trust Management Limited
(the Trustee-Manager of HBT) dated 12 June 2006. At the date of this statement, there are reasonable grounds to
believe that the H-REIT Group and the Stapled Group will be able to meet their respective fnancial obligations as
and when they materialise.
For and on behalf of the H-REIT Manager,
M&C REIT Management Limited
Vincent Yeo Wee Eng
Director
Singapore
16 March 2012