ESR-REIT (formerly Cambridge Industrial Trust)

[KopiKat]

bit funny:

quarterly results:
gross revenue: 24.5mio
NPI: 20.8mio
Performance Fee: 13.8mio
"Performance fees are calculable every half-year to 30 June and 31 December. For the 6 month period ended 30 June 2013, the total return of CIT’s Trust Index has exceeded the total return of the Benchmark Index by 16.9%, resulting in a fee of approximately S$27.7 million.
The Manager has voluntarily and irrevocably elected a once off fee waiver to reduce the performance fee payable for the half year to approximately S$13.9 million, being 50% of the Manager’s entitlement under the Trust Deed."

Distribution comes entirely from the capital returns from their disposals. It's amazing how high their performance fees can go when half year fees can potentially be > a quarter of revenue.

Woah... This must rank them in the same class of "Top Performers" as MIIF & CitySpring...

Fortunately (?), they did place a cap on the payout quantum and this will be done over 3 years. Pg 14 of Financials,

As the payment for the total of the manager’s fees and performance the fees are capped at 0.4% of the CIT’s total deposited property value per half year under the Trust Deed, the amount payable for the half year ended 30 June 2013 is approximately S$2.1 million. The amount in excess of the fee cap of approximately S$11.8 million will be carried forward for payment in the future half year periods, and is expected to be paid over the next three years.