Year ended 31 December 2014
1 GENERAL (CONTINUED)
1.2 Manager’s fees
Pursuant to the Trust Deed, the Manager is entitled to the following manager’s fees:
• a base fee not exceeding the rate of 0.5% per annum of the value of the gross assets of the Group
(“Deposited Property”); and
• a performance fee equal to 0.5% per annum (or such lower percentage as may be determined
by the Manager in its absolute discretion) of the Group’s Net Property Income in the relevant
financial year, provided that the Group achieves an annual growth in distribution per Unit (“DPU”)
of at least 10.0% over the previous financial year (calculated after accounting for the performance
fee (if any) for that financial year and after adjusting, at the discretion of the Manager, for any
new Units arising from the conversion or exercise of any instruments convertible into Units which
are outstanding at the time of calculation, and any rights or bonus issue, consolidation, subdivision
or buy-back of Units).
The Manager may, at its sole discretion, elect to receive the base fee and performance fee in cash or
Units or a combination of cash and Units.
1.3 Trustee’s fees
Pursuant to the Trust Deed, the Trustee’s fee shall not exceed 0.25% per annum of the value of the
Deposited Property (subject to a minimum of $25,000 per month), excluding out-of-pocket expenses
and goods and services tax (“GST”).
The actual fee payable will be determined between the Manager and the Trustee from time to time.
1.4 Acquisition fees
Pursuant to the Trust Deed, the Manager is entitled to acquisition fees of 1.0% (or such lower percentage
as may be determined by the Manager), of each of the following:
• the acquisition price of any real estate purchased, whether directly or indirectly through one or
more Special Purpose Vehicles (“SPVs”) by the Trust;
• the underlying value of any real estate which is taken into account when computing the acquisition
price payable for the equity interests of any holding directly or indirectly the real estate, purchased
whether directly or indirectly through one or more SPVs, by the Trust; and
• the acquisition price of any investment purchased by the Trust, whether directly or indirectly
through one or more SPVs, in any debt securities in any property corporation or other SPV owning
or acquiring real estate or any debt securities which are secured directly or indirectly by the rental
income from real estate.
The Manager may, at its sole discretion, elect to receive the acquisition fee in cash or Units or a
combination of cash and Units. In respect of any acquisition of real estate assets from interested parties,
such a fee should be in the form of Units issued by the Trust at prevailing market price(s). Such Units
should not be sold within one year from the date of their issuance.
NOTES TO THE FINANCIAL STATEMENTS
SABANA REIT
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ANNUAL REPORT 2014
102
