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annual report 2012
17
(1) The total acquisition cost (including transaction expenses) is approximately US$72.4 million.
(2) Based on exchange rate of US$1 = S$1.2224 as at 27 December 2012.
(3) Based on STR Global.
(4) Based on the pro forma net property income of the Angsana Velavaru for the 12 months ended 31 December 2012 of US$6.9 million (after deducting
outgoings of US$1.0 million) before the provision of FF&E, as a percentage of the purchase price of US$71.0 million, assuming that CDLHT owns the
property from 1 January 2012. As a percentage of total acquisition cost of US$72.4 million, the pro forma net property income yield will be 9.6%.
(5) The implied property yield is computed based on the net property income for H-REIT Group’s existing portfolio for the 12 months ended 31 December
2012 (based on H-REIT Group’s audited fnancial statements for the period from 1 January 2012 to 31 December 2012) divided by the sum of market
capitalisation as at 31 December 2012 and total debt less cash and cash equivalents as at 31 December 2012.
(6) The lessee will pay a minimum rent subject to the total minimum rent top-up cap of US$6.0 million applicable to the aggregate sum of all minimum
rent top up amounts paid and payable over the entire lease term.
(7) Based on the net property income of US$5.0 million, assuming minimum rent of US$6.0 million and deducting the outgoings of US$1.0 million.
(8) For the purpose of computing minimum rent for FY 2012 for the properties, we have included the (i) fxed rent from Orchard Hotel, Grand Copthorne
Waterfront Hotel, M Hotel and Copthorne King’s Hotel; (ii) prorated frst 12-month guarantee rent and annual fxed rent from Studio M Hotel; (iii) S$5.4
million retail rent from Orchard Hotel Shopping Arcade; (iv) rent reserve provided by Accor S.A. for Novotel Singapore Clarke Quay; (v) base rent from
the 6 Australia and New Zealand hotels; and (vi) minimum rent for Angsana Velavaru.
(9) Based on the pro forma gross rental revenue of Angsana Velavaru and H-REIT Group’s enlarged portfolio for the 12 months ended 31 December 2012.
(10) Based on the pro forma net property income of Angsana Velavaru and H-REIT Group’s enlarged portfolio for the 12 months ended 31 December 2012.
Gross Revenue Breakdown for FY 2012
(Before Acquisition)
Pro Forma Gross Revenue Breakdown for FY 2012
(Post Acquisition)
Broadening Earnings Base and
Strengthening the Portfolio
The Angsana Velavaru would contribute approximately
6.1%
(9)
and 5.7%
(10)
to the total gross rental revenue
and net property income respectively on a pro forma
basis for the FY 2012, thereby broadening CDLHT’s
earnings base.
The 10-year lease arrangement alsomarks the beginning
of a new lessee relationship with Banyan Tree Group,
expanding H-REIT’s existing pool of lessees from three
hotel management groups currently, to four.
The acquisition further strengthens the portfolio of
CDLHT as it reduces CDLHT’s reliance on any single
property. On a pro forma basis, the maximum revenue
contribution from any single property will be reduced
from 18.5% to 17.4%, assuming CDLHT owns the Angsana
Velavaru from 1 January 2012.
18.5%
6.3%
13.0%
3.6% 6.8%
7.3%
11.2%
16.6%
16.7%
17.4%
5.9%
6.1%
12.2%
3.4% 6.4%
6.8%
10.5%
15.6%
15.7%
Orchard Hotel
Grand Copthorne Waterfront Hotel
Novotel Singapore Clarke Quay
M Hotel
Studio M Hotel
Copthorne King’s Hotel
Orchard Hotel Shopping Arcade
Australia Hotels
Rendezvous Grand Hotel Auckland
Angsana Velavaru
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