167 ANNUAL REPORT 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 1 GENERAL (CONT’D) (a) Manager’s fees (cont’d) Performance fee Pursuant to the Trust Deed, the Manager is entitled to a performance fee equal to the rate of 25.0% per annum of the difference in Distribution Per Unit (“DPU”) in a financial year with the DPU in the preceding financial year (calculated before accounting for the performance fee but after accounting for the base 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 where the performance fee is payable may be less than the DPU in any preceding financial year. The performance fee, payable either in the form of cash and/or Units, is payable quarterly in arrears for the relevant period. Where the performance 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 last business day of the end of the relevant period. The Manager is entitled to receive performance fee of US$493,000 for the financial year ended 31 December 2025. The Manager has elected to receive 100.0% of its performance fee in the form of units during the financial year ended 31 December 2025. There was no performance fee for the prior financial year. Acquisition fee Pursuant to the Trust Deed, the Manager is entitled to receive an acquisition fee of 0.75% of the purchase price of any real estate purchased, whether directly or indirectly through one or more subsidiaries, by the Trust (pro-rated if applicable to the proportion of the Trust’s interest in the real estate acquired) from related parties and 1.0% of the acquisition price for all other cases (or such lower percentage as may be determined by the Manager in its absolute direction). The acquisition fee is payable to the Manager in the form of cash and/or Units as the Manager may elect, in such proportions as may be determined by the Manager. There was no acquisition of investment property during the financial year ended 31 December 2024. The Manager has elected to receive 100.0% of its acquisition fee in the form of cash during the financial year ended 31 December 2025. Divestment fee Pursuant to the Trust Deed, the Manager is entitled to receive a divestment fee of 0.5% of the sale price of any real estate sold or divested, whether directly or indirectly through one or more subsidiaries, by the Trust (pro-rated if applicable to the proportion of the Trust’s interest in the real estate sold or divested) or such lower percentage as may be determined by the Manager in its absolute discretion. The divestment fee is payable to the Manager in the form of cash and/or Units as the Manager may elect, in such proportions as may be determined by the Manager. The Manager has elected to receive 100.0% of its divestment fee in the form of cash for the financial years ended 31 December 2024 and 31 December 2025. Any payment to third party agents or brokers in connection with the disposal of any assets shall be paid to such persons out of the deposited property, and not out of the divestment fee received or to be received by the Manager.
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