C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
/ 1 6 5
(B)
Ratio of total operating expenses to net asset value
The revised CIS issued by MAS on 14 July 2015 requires that the total operating expenses (including all fees and
charges paid to the Manager) be disclosed in both absolute terms and as a percentage of the net asset value of
the Trust as at the end of the financial year.
The total operating expenses of the Trust, including all fees, charges paid to the Manager and interested parties
to net asset value as at 31 December 2015 is as follows:
2015
2014
$’000
$’000
Property expenses
26,088
21,534
Management fees
7,115
6,568
Performance fees
–
1,684
Trust expenses
2,326
1,431
Borrowing costs
22,220
17,627
Total operating expenses
57,749
48,844
Less: Income tax
–
(102)
57,749
48,742
Net asset value
872,911 866,333
Ratio of total operating expenses to net asset value (%)
6.6
5.6
ADDITIONAL INFORMATION
