IREIT Global
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
1.
GENERAL
(Continued)
(a) Manager’s fees
(Continued)
Base fee
(Continued)
The Manager has elected to receive 100.0% of its Base Fee in the form of units for the
financial period from the Listing Date to 31 December 2014 and thereafter, for the financial
years ending 31 December 2015 and 2016.
The portion of the Base Fee, payable either in the form of cash or units, is payable quarterly
in arrears. Where the Base Fee is payable in units, the units will be issued based on the
volume weighted average price for a unit for all trades transacted on SGX-ST in the ordinary
course of trading for a period of 10 Business Days (as defined in the Trust Deed) immediately
preceding the relevant Business Day.
Performance fee
Pursuant to the Trust Deed, the Manager is entitled to a Performance Fee of 25.0% of
the difference in Distribution Per Unit (“DPU”) in a financial period with the DPU in the
preceding financial period (calculated before accounting for the Performance Fee but after
accounting for the Base Fee in each financial period) multiplied by the weighted average
number of units in issue for such financial period.
The Performance Fee is payable if the DPU in any financial period exceeds the DPU in the
preceding financial period, notwithstanding that the DPU in such financial period may be
less than the DPU in any preceding financial period.
The Manager has agreed to receive 100% of its Performance Fee, when entitled, in the form
of units for the financial period from Listing Date to 31 December 2014 and thereafter, for
financial years ending 31 December 2015 and 2016.
Acquisition fee
Under the Trust Deed, the Manager is entitled to receive an acquisition fee not exceeding a
maximum of 1% of the acquisition price for any real estate purchased directly or indirectly
by IREIT (pro-rated if applicable to the proportion of IREIT’s interest in the real estate
acquired) in the form of cash and/or units.
Divestment fee
Under the Trust Deed, the Manager is entitled to receive a divestment fee not exceeding a
maximum of 0.5% of the sale price of any real estate directly or indirectly sold or divested
by IREIT (pro-rated if applicable to proportion of IREIT’s interest in the real estate sold) in
the form of cash and/or units.
