Annual Report 2025 151 Where assets acquired by CapitaLand Ascott BT are shares in a company whose primary purpose is to hold/own real estate (directly or indirectly), Enterprise Value shall mean the sum of the equity value and the total debt attributable to the shares being acquired by CapitaLand Ascott BT and where the asset acquired by CapitaLand Ascott BT is a property, Enterprise Value shall mean the value of the property. The BT Trustee-Manager may opt to receive such acquisition fee in the form of cash or Stapled Securities or a combination of cash and Stapled Securities as it may determine. In the event that the BT Trustee-Manager receives an acquisition fee in connection with a transaction with a related party, any such acquisition fee shall be paid in the form of Stapled Securities to be issued by CapitaLand Ascott BT at the market price. Divestment fee The BT Trustee-Manager is entitled under Clause 14.2.1 of the CapitaLand Ascott BT Trust Deed to receive a divestment fee of 0.5% of the Enterprise Value of any real estate or real estate related asset disposed directly or indirectly by CapitaLand Ascott BT, prorated if applicable to the proportion of the CapitaLand Ascott BT’s interest. The divestment fee is payable to the BT Trustee-Manager in the form of cash. In the event that the BT Trustee-Manager receives a divestment fee in connection with a transaction with a related party, any such divestment fee shall be paid in the form of Stapled Securities to be issued by CapitaLand Ascott BT at the market price. (iv) Fees under serviced residence management agreements The serviced residence management fee for each property is agreed between the Stapled Group and the relevant serviced residence management company as follows: (a) for management contracts, each property is charged management fees of between 1.0% and 3.0% per annum of the total revenue of each property and up to 11.0% per annum of gross operating profit of each property; and (b) for management contracts with minimum guaranteed income, each property is charged management fees of: • 1.5% to 3.0% per annum of the total revenue of each property; and • up to 9.0% per annum of gross operating profit of each property and up to 13.0% per annum of adjusted gross operating profit of each property. For one of the properties undergoing renovation (expected to be completed in 2027), if the adjusted gross operating profit exceeds the hurdle (as defined in the management agreement), the operator will be entitled to share 50% of such profits exceeding the hurdle. The total profit share is subject to a cap for ten years after the completion of the renovation works. 1 General (continued) 1.1 Service agreements (continued) (iii) BT Trustee-Manager’s fees (continued) Acquisition fee (continued)
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