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Annual Report 2015
(i)
Properties are leased to external customers or related corporations. The leases for Orchard Hotel, Grand Copthorne
Waterfront Hotel, M Hotel and Copthorne King’s Hotel contain an initial term of 20 years from 19 July 2006 with an
option to renew for a further 20 years. The lease for Studio M Hotel contains an initial term of 20 years from 3 May 2011
with an option to renew up to a total term of 70 years. The leases for Claymore Connect generally contain an initial term
of one to three years. Subsequent renewals are renegotiated with the lessees. The lease for Rendezvous Hotel Auckland
contains an initial term of 10 years from 7 September 2006 with an option to renew for a further 5 years. The lease
for Novotel Singapore Clarke Quay contains a term of approximately 13.5 years from 7 June 2007. The leases for the
Australia investment properties contain a term of approximately 11 years from 19 February 2010. The lease for Angsana
Velavaru contains a term of 10 years from 1 February 2013. The lease for Jumeirah Dhevanafushi contains a term of
10 years from 31 December 2013 and the property was leased to CDL HBT Oceanic Maldives Private Limited,
an indirect subsidiary of HBT. For the Japan properties, there are master lease arrangements between a trust bank in
Japan (in its capacity as the trust bank holding the legal title to the Japan Hotels) and AKO GK, an indirect subsidiary of
HBT effective from 19 December 2014 through the last day of August 2016.
(ii)
Claymore Connect received its Temporary Occupation Permit ("
TOP
") in March 2015 and it was officially opened on
8 October 2015.
(iii)
The net change in fair value of the investment properties is recognised in the statement of total return for the year
ended 31 December 2015 and is not available for distribution to holders of Stapled Securities.
(iv)
The two properties were appraised by professional valuer at an open market value as at 31 December 2015. The net
change in fair value has not been incorporated in the financial statements.
(v) There was one valuer commissioned by HBT Trustee-Manager. The property was valued as at 25 August 2015 for the
purpose of the acquisition (Note 26).
PORTFOLIO STATEMENTS
The accompanying notes form an integral part of these financial statements.
As at 31 December 2015
