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EC World Real Estate Investment Trust ANNUAL REPORT 2016
NOTES TO THE
Financial Statements
For the Financial Year ended 31 December 2016
3.
Gross Revenue
Group
Year ended
31 December
2016
Period from
5 August 2015
to 31 December
2015
S$’000
S$’000
Rental income
93,356
24,455
Warehouse management income
1,958
386
Government grant
164
320
Other operating income
56
57
95,534
25,218
4.
Property expenses
Group
Year ended
31 December
2016
Period from
5 August 2015
to 31 December
2015
S$’000
S$’000
Property maintenance and repair expenses
5,514
1,168
Property management fee
540
–
Business and property-related taxes
5,577
3,153
11,631
4,321
The Group’s daily operations and administrative functions are provided by the Manager and Property Manager.
All of the Group’s investment properties generate rental income and the above expenses are direct operating
expenses arising therefrom.
5.
Finance costs
Group
Year ended
31 December
2016
Period from
5 August 2015
to 31 December
2015
S$’000
S$’000
Interest expenses:
– Borrowings
13,902
3,790
– Interest rate swaps
296
–
Financing fees
5,439
–
Other bank charges
509
16
20,146
3,806