Group
Trust
2014
2013
2014
2013
Note
$’000
$’000
$’000
$’000
Gross rental income
189,088 149,083
–
–
Other income
14,174
10,992
–
–
Gross revenue
203,262 160,075
–
–
Land rental
(5,620)
(5,238)
–
–
Property related tax
(10,943)
(8,938)
–
–
Business tax
(11,272)
(9,009)
–
–
Property management fees &
reimbursables
(10,078)
(8,028)
–
–
Other property operating expenses
17 (32,984)
(25,824)
–
–
Total property operating expenses
(70,897)
(57,037)
–
–
Net property income
132,365 103,038
–
–
Manager’s management fees
– Base fee
18 (5,527)
(4,283)
(5,527)
(4,283)
– Performance fee
18 (5,295)
(4,122)
(5,295)
(4,122)
Manager’s acquisition fee
–
–
–
(3,562)
Trustee’s fees
(368)
(302)
(368)
(302)
Audit fees
(479)
(407)
(164)
(155)
Valuation fees
(188)
(278)
–
–
Other trust operating (expenses)/income
19 (2,151)
(426)
(537)
265
Dividend income
–
–
–
17,396
Foreign exchange gain – realised
1,371
746
675
620
Finance income
874
1,133
24,405
24,210
Finance costs
(21,926)
(11,329)
(12,470)
(9,784)
Net finance (costs)/income
20 (21,052)
(10,196)
11,935
14,426
Total return before change in fair value
of financial derivatives, investment
properties and unrealised foreign
exchange (loss)/gain
98,676
83,770
719
20,283
Change in fair value of financial
derivatives
–
1,423
(6,977)
(20,148)
Change in fair value of investment
properties
4 104,829
99,159
–
–
Foreign exchange (loss)/gain – unrealised
(41)
101
16,406
13,922
Total return for the year before taxation
203,464 184,453
10,148
14,057
Taxation
21 (57,109)
(48,505)
(8)
(20)
Total return for the year after taxation
146,355 135,948
10,140
14,037
Non-controlling interest
14 (1,757)
(3,030)
–
–
Total return for the year attributable to
Unitholders
144,598 132,918
10,140
14,037
Earnings per unit (cents)
22
– Basic
17.69
17.52
– Diluted
17.69
17.52
The accompanying notes form an integral part of these financial statements.
Statements of Total Return
Year ended 31 December 2014
Delivering Performance | 81
