166
CDL
HOSPITALITY TRUSTS
31 RELATED PARTY TRANSACTIONS (CONT'D)
HBT Group
H-REIT Group
Stapled Group
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
Balance outstanding
Shared service expenses paid/
payable to a related
corporation of the
H-REIT Manager
–
–
16
32
16
32
Provision of accounting services
by a related corporation of the
H-REIT Manager
–
–
27
26
27
26
Rental income received/receivable
from related corporations of
the H-REIT Manager
–
–
6,728
5,913
6,728
5,913
Cleaning fees paid/payable to
a related corporation of the
H-REIT Manager
–
–
–
36
–
36
Provision of internal
audit services by a related
corporation of the
H-REIT manager
–
–
21
39
21
39
Provision of corporate
secretarial services by a
related corporation of the
H-REITManager
–
–
–
119
–
119
During the year, the Stapled Group acquired the Japan Hotels, as well as all the outstanding shares of a Company
that operates them, from a related party (refer to Note 26).
32 FINANCIAL RATIOS
H-REIT Group
Stapled Group
2014
2013
2014
2013
%
%
%
%
Expenses to weighted average net assets
1
- including performance component of
H-REIT Manager’s management fees
0.93
0.92
0.95
0.92
-
excluding performance component of
H-REIT Manager’s management fees
0.49
0.47
0.50
0.47
Portfolio turnover rate
2
–
–
–
–
1
The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses
used in the computation relate to expenses of the H-REIT Group and the Stapled Group, excluding property expenses, interest expense and
income tax expense of each entity, where applicable.
2
The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the H-REIT Group and the
Stapled Group expressed as a percentage of daily average net asset value.
32 SUBSEQUENT EVENT
Subsequent to the financial year end, H-REIT exercised its option to convert a 5-year US$65.0 million ($86.0 million)
floating rate term loan into a 5-year fixed rate term loan, as allowed under the terms of the facility.
NOTES TO THE FINANCIAL STATEMENTS
