15 FINANCIAL LIABILITIES
(continued)
Finance lease liabilities
(continued)
31 December 2013
Principal
Interest
Payments
$’000
$’000
$’000
Repayable:
Within 1 year
3,745
224
3,969
After 1 year but within 5 years
13,046
400
13,446
After 5 years
577
–
577
17,368
624
17,992
(a) The Group’s secured bank loans are secured on the following:
– serviced residence properties with an aggregate carrying value of $2,128,641,000
(2013: $1,682,098,000);
– pledge of shares of certain subsidiaries;
– assignment of rental proceeds from the properties;
– assignment of insurance policies on the properties; and
– corporate guarantee from the Trust.
The Trust’s secured bank loans are secured on the following:
– serviced residence properties with an aggregate carrying value of $558,693,000
(2013: $556,392,000);
– pledge of shares of certain subsidiaries;
– assignment of rental proceeds from the properties; and
– assignment of insurance policies on the properties.
(b) On 9 September 2009, a subsidiary, Ascott REIT MTN Pte. Ltd., launched a $1.0 billion
Multi-currency Medium Term Note Programme (“MTN Programme”). Under this MTN
Programme, Ascott REIT MTN Pte. Ltd. may, subject to compliance with all relevant laws,
regulations and directives, from time to time issue fixed or floating interest rate notes with
aggregate principal amounts of $1.0 billion.
On 30 November 2011, a subsidiary, Ascott REIT MTN (Euro) Pte. Ltd., established a
US$2.0 billion Euro-Medium Term Note Programme (“EMTN Programme”). Under this EMTN
Programme, Ascott REIT MTN (Euro) Pte. Ltd. may, subject to any applicable legal or
regulatory restrictions, from time to time issue fixed or floating interest rate notes in series
Notes to the Financial Statements
Year ended 31 December 2014
158 | Ascott Residence Trust Annual Report 2014
