Page 54 - Report_to_Unitholders_2012

Operations
Review
Turnover Rent
CRCT’s favourable lease structure helps to provide Unitholders with a stable and growing rental cash fow.
Most of the leases for the anchor tenants, mini-anchors and specialty tenants have an annual step-up in the base rent.
In addition, most of the leases also contain provisions for rent to be payable at the then applicable base rent or at a
percentage of sales turnover, whichever is the higher.
The combination of point-of-sales systems and central cashier systems at our malls allows us to keep track of tenants’
sales fgures.
The long-term master leases over CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Shuangjing contain provisions
for upside in rental revenues through step-ups in the base rent, with the master leases over CapitaMall Anzhen and
CapitaMall Erqi providing for an additional potential upside through a percentage of tenants’ sales turnover if the
turnover exceeds an agreed threshold.
Trade Sector Analysis
%
committed
leases with
turnover rent
provisions
82.6
committed
leases
without
turnover rent
provisions
17.4
% of Committed
Leases with
Turnover Rent
Provisions by Gross
Rental Income
(as at 31 December 2012)
Trade Sector
Analysis by Gross
Rental Income
(%)
(as at 31 December 2012)
Trade Sector
Analysis by GRA
(%)
(as at 31 December 2012)
% of Committed
Leases with Turnover
Rent Provisions by
total GRA
(as at 31 December 2012)
%
committed
leases with
turnover
rent
provisions
75.9
committed
leases
without
turnover
rent
provisions
24.1
By GRI
Department Store 17.8
Supermarket 10.2
Fashion & Accessories 30.1
Food & Beverages 17.1
Leisure & Entertainment 2.6
Houseware & furnishings 2.5
Beauty & Healthcare 6.9
Shoes & Bags 3.9
Sundry & Services 2.3
Others 6.6
By GRA
Department Store 32.3
Supermarket 27.1
Fashion & Accessories 11.1
Food & Beverages 9.6
Leisure & Entertainment 5.0
Houseware & furnishings 4.5
Beauty & Healthcare 4.3
Shoes & Bags 1.3
Sundry & Services 1.2
Others 3.6
Strengthening Fundamentals, Building a Sustainable Future 52