2Q 2020 Financial Results
Entrusted Management Agreement Model
Business Model
REIT Income Model
Outlet Sales
Gross Revenue
EMA Resultant Rent
EM Base Fee
Residual
~10-16%
Commission
FC
VC
GR = Total rental receivable +
Income from permissible
investments
EMA Resultant Rent ("RR")
comprises FC and VC
REIT paid EMA Resultant Rent
before EM Base Fee
"
VC is pegged to the Sales of
the Outlet
SGinvestors
REIT
SASSEUR
Outlets
Variable Component
(% of Sales)
Chongqing
4.0%
Bishan
4.5%
Hefei
5.5%
Kunming
5.0%
EM Performance Fee
"
EM Base Fee: Up to
EM Performance Fee:
30% of GR to the
Entrusted Manager
60% x (GR - RR - EM Base Fee)
Payment to REIT:
40% x (GR - RR - EM Base Fee)
The EMA Model aligns the interest of the Operating Manager with the REIT.
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