10-08-2013, 10:03 PM
I was looking at the numbers when this really piss me off, I think its even more exorbitant than Cambridge Trust's performance fees:
Manager’s Management Fees
Pursuant to the Trust Deed, the Manager is entitled to a Base Fee of 10.0% per annum of the
Annual Distributable Income and a Performance Fee of 25.0% of the difference in DPU in a
financial year with the DPU in the preceding financial year (calculated before accounting for the
Performance Fee in each financial year) multiplied by the weighted average number of Units in
issue for such financial year.
The Performance Fee is payable if the DPU in any financial year exceeds the DPU in the
preceding financial year, notwithstanding that the DPU in such financial year may be less than the
DPU in any preceding financial year.
No Performance Fee is payable for the Forecast Period 2013. For Projection Year 2014, the
calculation of the Performance Fee is determined using the difference between the projected DPU
in Projection Year 2014 and the annualised forecasted DPU in Forecast Period 2013.
The Manager has agreed to receive 100.0% of its management fees in the form of Units for the
period from the Listing Date to the end of the Forecast Period 2013 and for the Projection Year
2014.
The portion of management fees payable in the form of Units shall be payable quarterly in arrears
and the portion of management fees payable in cash shall be payable quarterly in arrears. Where
the management fees are payable in Units, the Manager has assumed that such Units are issued
at the Offering Price.
(See “The Manager and Corporate Governance – Manager’s Fees” for further details.)
With just 1 yield accretive acquisition, one is almost certain to have an improvement in DPU, and 25% of the improvement will go the manager??
Also, from their projected NPI, They have the highest property expenses ratio to revenue,
I compare cache, Sabana, cambridge and soilbuild
the margin of GPI to NPI for 2012 and 2013 projected for soilbuild
are
0.95, 0.94, 0.85 and 0.83 respectively.
Why are their property expenses so high?
Anyway, I think is look at the management fees, I also sianz liao, will give this a miss unless I think I can get a 10% yield
Manager’s Management Fees
Pursuant to the Trust Deed, the Manager is entitled to a Base Fee of 10.0% per annum of the
Annual Distributable Income and a Performance Fee of 25.0% of the difference in DPU in a
financial year with the DPU in the preceding financial year (calculated before accounting for the
Performance Fee in each financial year) multiplied by the weighted average number of Units in
issue for such financial year.
The Performance Fee is payable if the DPU in any financial year exceeds the DPU in the
preceding financial year, notwithstanding that the DPU in such financial year may be less than the
DPU in any preceding financial year.
No Performance Fee is payable for the Forecast Period 2013. For Projection Year 2014, the
calculation of the Performance Fee is determined using the difference between the projected DPU
in Projection Year 2014 and the annualised forecasted DPU in Forecast Period 2013.
The Manager has agreed to receive 100.0% of its management fees in the form of Units for the
period from the Listing Date to the end of the Forecast Period 2013 and for the Projection Year
2014.
The portion of management fees payable in the form of Units shall be payable quarterly in arrears
and the portion of management fees payable in cash shall be payable quarterly in arrears. Where
the management fees are payable in Units, the Manager has assumed that such Units are issued
at the Offering Price.
(See “The Manager and Corporate Governance – Manager’s Fees” for further details.)
With just 1 yield accretive acquisition, one is almost certain to have an improvement in DPU, and 25% of the improvement will go the manager??
Also, from their projected NPI, They have the highest property expenses ratio to revenue,
I compare cache, Sabana, cambridge and soilbuild
the margin of GPI to NPI for 2012 and 2013 projected for soilbuild
are
0.95, 0.94, 0.85 and 0.83 respectively.
Why are their property expenses so high?
Anyway, I think is look at the management fees, I also sianz liao, will give this a miss unless I think I can get a 10% yield