SDOT2 Product Disclosure Statement - Stockland

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54 9. Fees (cont.) 9.2 Additional explanation of fees and costs In this section all amounts are stated inclusive of GST less any reduced input tax credits. 9.2.1 Deferral of management fee The Responsible Entity intends to charge a management fee to the Trust equal to 0.46125% 1 per annum of the gross assets of the Trust, calculated monthly and payable quarterly in arrears, but has agreed to defer up to 35% of this management fee until 30 June 2013: - unless, following such deferral, the distributions from the Trust exceed the Financial Forecasts, in which case it may receive up to the full 0.46125% per annum provided this does not reduce the distributions in that year to below the forecast distribution per First Instalment; - to the extent of any such deferral, the Responsible Entity may charge the amount in a subsequent year provided that during the Forecast Period this does not reduce the distributions in that year to below the forecast distribution per First Instalment, and after the Forecast Period, this does not reduce the distribution in that year to below the distribution in the previous year; or - until such time as the Trust terminates, at which stage it intends to receive the amount deferred and unpaid from the assets of the Trust. The management fee payable to the Responsible Entity is outlined below: 2006 2007 2008 2009 Management fee payable ($'000) ($'000) ($'000) ($'000) Management fee (0.46125% per annum of 140 164 832 826 gross assets of the Trust) (as detailed in the Financial Forecasts in Section 8.3) Management fee deferred 0 0 291 289 Management fee paid and not deferred 140 164 541 537 The forecast distributions detailed in Section 8.4 includes the impact of this deferral of fees by the Responsible Entity. In the event that the Trust outperforms the Financial Forecasts, it is likely that the deferral of Responsible Entity fees will not occur. 9.2.2 Performance fee A performance fee is payable to the Responsible Entity from the assets of the Trust within the earlier of the date 30 days after the date the Responsible Entity receives the proceeds of the sale of the Trust’s Property Interest, or the date of the final return of capital to Investors (Final Distribution). The performance fee is calculated as follows: If the Final Distribution per Unit is greater The performance fee payable to the Responsible than the Application Price by: Entity will be: 6%, but less than 18% 1.025% of the Net Sale Proceeds plus, for each additional 3% by which the Final Distribution per Unit exceeds the Application Price of the Unit, an additional 0.05125% of the Net Sale Proceeds. 18%, but less than 36% 1.230% of the Net Sale Proceeds plus, for each additional 6% by which the Final Distribution per Unit exceeds the Application Price of the Unit, an additional 0.27675% of the Net Sale Proceeds. 36% or more 2.050% of the Net Sale Proceeds. 1 This fee is expressed as a percentage per annum (0.46125%) of gross assets of the Trust and equates to approximately 0.85% per annum (inclusive of GST less any reduced input tax credits) on average over the Forecast Period of net assets when liabilities are excluded.
55 By way of a worked example (which is not a forecast, but indicative and for illustrative purposes only), assume that Investors elect to terminate the Trust on 30 June 2013 and the Net Sale Proceeds of the Trust's Property Interest is $208,000,000, prior to the deduction of the performance fee (this represents a Property growth rate of 3.2% per annum). After repayment of the Bank Loan and other liabilities but before deducting the performance fee, the Final Distribution is $93,600,000. The Final Distribution per Unit before deducting the performance fee is therefore $1.09, calculated as $93,600,000 divided by the number of Units on issue, being 85,867,000. As the Final Distribution per Unit is greater than the Application Price by 6%, but less than 18%, then the performance fee payable to the Responsible Entity is $2,238,600 calculated as: - 1.025% of the Net Sale Proceeds ($208,000,000), being $2,132,000; plus - as the Final Distribution per Unit exceeds the Application Price by an additional 3% beyond the 6% initial threshold, 0.05125% of the Net Sale Proceeds, being $106,600. These calculations are set out below: Illustrative example Performance fee Per $25,000 Total investment Net Sale Proceeds before performance fee $208,000,000 $60,559 Final Distribution (after all selling costs and repayment of debt but before deduction of performance fee) $93,600,000 $27,251 Final Distribution per Unit before deduction of performance fee $1.09 $1.09 Application Price per Unit $1.00 $1.00 Premium (extent to which Final Distribution per Unit exceeds Application Price per Unit, before deduction of performance fee) 9.00% 9.00% Base performance fee $2,132,000 $621 1.025% of Net Sales Proceeds if premium is equal to or greater than 6.00% Additional performance fee $106,600 $31 0.05125% of Net Sales Proceeds for every 3.00% by which the premium exceeds 6.00% Total performance fee payable $2,238,600 $652 Final Distribution (after all selling costs, repayment of debt and deduction of performance fee) $91,361,400 $26,599
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Optus at Macquarie Park Stockland D
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Dear Applicant On behalf of Stockla
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02 What you need to do Applicants w
Page 8 and 9: 04 1. Key Investment Features (cont
Page 14 and 15: 10 2. Details of the Offer (cont.)
Page 16 and 17: 12 2. Details of the Offer (cont.)
Page 18 and 19: 14 3. The Trust (cont.) 3.2 Bank Lo
Page 20 and 21: 16 3. The Trust (cont.) If the Orig
Page 22 and 23: 18 3. The Trust (cont.) 3.8 Taxatio
Page 24 and 25: 20 4. Instalment Receipts (cont.) I
Page 26 and 27: 22 4. Instalment Receipts (cont.) 4
Page 28 and 29: 24 5. The Property 5.1 Description
Page 30 and 31: 26 5. The Property (cont.) 5.3 The
Page 32 and 33: 28 6. The Leases and the Tenant 6.1
Page 34 and 35: 30 6. The Leases and the Tenant (co
Page 36 and 37: 32 7. About Stockland (cont.) 7.2 S
Page 38 and 39: 34 7. About Stockland (cont.) Tony
Page 40 and 41: 36 7. About Stockland (cont.) - Opt
Page 42 and 43: 38 8. Financial Information 8.1 Int
Page 44 and 45: 40 8. Financial Information (cont.)
Page 56 and 57: 52 9. Fees 9.1 Fees and other costs
Page 60 and 61: 56 9. Fees (cont.) 9.2.3 Interest a
Page 62 and 63: 58 10. Risk Factors 10.1 Introducti
Page 64 and 65: 60 10. Risk Factors (cont.) To the
Page 66 and 67: 62 10. Risk Factors (cont.) Given t
Page 68: 64 11. Valuation Report
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Page 76 and 77: 72 12. Financial Services Guide and
Page 78: 74 13. Taxation Report (cont.)
Page 82 and 83: 78 13. Taxation Report (cont.)
Page 84 and 85: 80 14. Legal Report for Superannuat
Page 86 and 87: 82 15. Additional Information (cont
Page 98 and 99: 94 16. Glossary Term A-GAAP A-IFRS
Page 100 and 101: 96 16. Glossary (cont.) Term Financ
Page 102 and 103: 98 16. Glossary (cont.) Term Specia
Page 104 and 105: 100 Guide to the Application Form (
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Page 2 J Bank account details for T
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Page 2 J Bank account details for T
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Stockland Funds Management Limited
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2. Privacy In order to be able to p
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SDOT2 Product Disclosure Statement - Stockland

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