Page 224 - ar2013

CapitaMall Trust Annual Report 2013 222 Clarity
Notes to the
Financial Statements
33 COMMITMENTS
Group Trust
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Capital commitments:
– contracted but not provided for 54,255 152,040 17,244 66,249
Operating lease rental receivable
The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable
as follows:
Group Trust
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Within 1 year 612,954 562,480 520,275 490,889
After 1 year but within 5 years 839,006 838,673 614,905 651,575
More than 5 years 561,653 622,146 83,452 83,441
2,013,613 2,023,299 1,218,632 1,225,905
34 FINANCIAL RATIOS
2013 2012
% %
Expenses to weighted average net assets 1
– including performance component of Manager’s management fees 0.76 0.80
– excluding performance component of Manager’s management fees 0.43 0.49
Portfolio turnover rate 2 – –
1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in
the computation relate to expenses of the Trust, excluding property expenses and finance costs.
2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as
a percentage of daily average net asset value.
35 SUBSEQUENT EVENT
On 3 January 2014, JG2 Trustee Pte. Ltd., in its capacity as trustee of Infinity Office Trust granted options to
purchase office strata units of Westgate Tower to Westgate Commercial Pte. Ltd. (“WCPL”) and Westgate Tower
Pte. Ltd. (“WTPL”) for $579.4 million. WCPL and WTPL exercised the options on 24 January 2014.
On 3 February 2014, CMT MTN issued floating rate notes of JPY5.0 billion due 2021 through its MTN Programme
at 3 months JPY LIBOR plus 0.48% per annum. Concurrently, CMT MTN entered into swap transactions to swap
the JPY proceeds into Singapore dollar proceeds of $62.0 million at 3.148% per annum. CMT MTN has on-lent the
Singapore dollars proceeds arising from the issue to the Trust.