The announcement added that all fixed rent payments for the months from May 2019 to November 2019 have been paid by Urban Commons within the same month on which the fixed rent was due. For the month of December 2019, a substantial portion of the fixed rent was paid within the same month on which the fixed rent was due, with the balance paid in January.
SINGAPORE (April 20): Eagle Hospitality Trust’s portfolio - comprising of 18 assets including the famed Queen Mary - was valued based on its master leases by two valuers. The master lessee, Urban Commons, is also the sponsor and owner of EHT’s manager. In responses to the queries from the SGX, EHT’s manager revealed that the master lessee has not paid the master lease rent, as part of the master lease agreements, for the months of January, February and March this year.
“The fixed rent for the months of January 2020, February 2020 and March 2020 which were due in February 2020, March 2020 and April 2020 respectively, have not been paid. The variable rent for the first quarter of 2020, which is due in April 2020, has also not been paid,” EHT’s manager said in response to queries from SGX.
