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28 COMMITMENTS (CONT’D)
(d)
The H-REIT Group and the Stapled Group have entered into an operating lease for a conference centre with a
related party. The H-REIT Group’s and the Stapled Group’s commitments for future minimum lease payments
under the non-cancellable operating lease are as follows:
H-REIT Group
Stapled Group
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Within 1 year
74
548
74
548
After 1 year but
within 5 years
–
620
–
620
74
1,168
74
1,168
(e)
HBT’s subsidiary, CDL HBT Cambridge City Hotel (UK) Ltd, holds a leasehold land, with a 125-year lease
granted by the Cambridge City Council (the "
Head Lessor
"), and the lease granted by the Head Lessor (the
"
Head Lease
") commencing on 25 December 1990. The lease term may be extended for a further term of
50 years pursuant to the lessee’s option to renew under the Head Lease. Lease payment under this lease is
variable, being a percentage of gross revenue and subject to a minimum value that is itself a function of the
aggregate rent paid over the previous 3 years. As at the end of the financial year, the HBT Group and the
Stapled Group recorded a lease payment of $412,000 (2015: $121,800).
(f)
The CDL HBT Oceanic Maldives Pvt Ltd, an indirect wholly-owned subsidiary of HBT, has an operating lease
agreement with CDLHT Oceanic Maldives Pvt Ltd, an indirect wholly-owned subsidiary of H-REIT, for the use
of Jumeirah Dhevanafushi. The HBT Group’s commitments for future minimum lease payments under the non-
cancellable lease are as follows:
HBT Group
2016
2015
$’000
$’000
Within 1 year
4,352
4,113
After 1 year but
within 5 years
17,406 16,452
After 5 years
9,791 12,339
31,549 32,904
The above operating lease receivables are based on the fixed component of the rent receivable under
the lease agreements, adjusted for increases in rent where such increases have been provided for under the
lease agreements.
29 RELATED PARTY TRANSACTIONS
As at 31 December 2016, the H-REIT Manager and the master lessees of Orchard Hotel, Grand Copthorne Waterfront
Hotel, M Hotel, Copthorne King’s Hotel, Studio M Hotel and Grand Millennium Auckland are indirect wholly-owned
subsidiaries of a substantial holder of the Stapled Securities in the Stapled Group.
As at 31 December 2015, the H-REIT Manager and the master lessees of Orchard Hotel, Grand Copthorne Waterfront
Hotel, M Hotel, Copthorne King’s Hotel and Studio M Hotel are indirect wholly-owned subsidiaries of a substantial
holder of the Stapled Securities in the Stapled Group.
In the normal course of the operations of H-REIT, the H-REIT Manager’s management and acquisition fees and
H-REIT Trustee’s fee have been paid or are payable to the H-REIT Manager and H-REIT Trustee respectively.
In the normal course of the operations of HBT, the HBT Trustee-Manager’s trustee, management and acquisition
fees have been paid or are payable to the HBT Trustee-Manager.
REPORTS
NOTES TO THE FINANCIAL STATEMENTS
190