18 UNITS IN ISSUE AND PERPETUAL SECURITIES
(continued)
(b) Perpetual securities
(continued)
In terms of distribution payments or in the event of winding-up of the Trust:
• These perpetual securities rank pari passu with the holders of preferred units (if any)
and rank ahead of the Unitholders of the Trust, but junior to the claims of all other
present and future creditors of the Trust.
• The Trust shall not declare distribution or pay any distributions to the Unitholders, or
make redemption, unless the Trust declare or pay any distributions to the holders of
the perpetual securities.
These perpetual securities are classified as equity instruments and recorded in equity in
the Statements of Movements in Unitholders’ Funds. The $149,351,000 presented on the
Statements of Financial Position represents the $150,000,000 perpetual securities net of
issue costs and include total return attributable to perpetual securities holders from issue
date.
19 GROSS REVENUE
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Gross rental income
336,059
297,859
36,060
36,910
Hospitality income
19,830
17,486
541
1,778
Carpark income
1,316
1,264
–
–
357,205
316,609
36,601
38,688
20 DIRECT EXPENSES
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Operations and maintenance expenses
36,577
32,650
3,136
3,433
Staff costs
39,519
33,410
3,596
3,129
Serviced residence management fees
23,722
21,185
2,303
2,385
Property tax
13,923
11,782
1,807
1,732
Depreciation of plant and equipment
16,267
13,511
2,913
2,803
Marketing and selling expenses
9,719
7,362
486
531
Administrative and general expenses
20,015
19,429
1,344
1,348
Operating lease expense
2,064
1,985
–
–
Other direct expenses
15,225
14,137
745
1,840
177,031
155,451
16,330
17,201
Included in the Group’s and Trust’s staff costs are contributions to defined contribution plans of
$4,721,000 (2013: $3,762,000) and $387,000 (2013: $319,000) respectively.
Notes to the Financial Statements
Year ended 31 December 2014
166 | Ascott Residence Trust Annual Report 2014
