Consolidated statement of total return Year ended 31 December 2024 Group Note 2024 2023 $’000 $’000 Gross rental income 309,935 330,905 Other income 31,594 33,841 Gross revenue 341,529 364,746 Property related tax (30,272) (30,022) Business tax (1,976) (1,922) Property management fees and reimbursables (21,424) (23,399) Other property operating expenses 19 (61,280) (62,664) Total property operating expenses (114,952) (118,007) Net property income 226,577 246,739 Manager’s management fees 20 (19,164) (20,819) Trustee’s fees (645) (683) Audit fees(1) (635) (811) Valuation fees (98) (123) Other operating income/(expenses) 21 116 (254) Foreign exchange gain – realised 1,003 7,001 Finance income 3,430 3,723 Finance costs (65,369) (70,394) Net finance costs 22 (61,939) (66,671) Net income 145,215 164,379 Gain on disposal of subsidiary(2) 7,309 – Gain on derecognition of lease liabilities(3) – 1,574 Change in fair value of investment properties 4 (89,733) (39,769) Change in fair value of financial derivatives (403) (1,067) Foreign exchange loss – unrealised (204) (141) Total return for the year before taxation 62,184 124,976 Taxation 23 (66,121) (70,005) Total return for the year after taxation (3,937) 54,971 Attributable to: Unitholders (18,066) 37,451 Perpetual securities holders 3,384 3,375 Non-controlling interests 17 10,745 14,145 Total return for the year after taxation (3,937) 54,971 Earnings per Unit (cents) 24 – Basic (1.06) 2.22 – Diluted (1.05) 2.20 (1) Relates to audit and audit related fees paid or payable to auditors of the Group. No non-audit fees were paid during the year. (2) The gain relates to the divestment of CapitaMall Shuangjing. The divestment of CapitaMall Shuangjing was announced on 6 December 2023 and completed on 23 January 2024. A fair value uplift in investment property in relation to CapitaMall Shuangjing was recognised in the year ended 31 December 2023. (3) This relates to CapitaMall Qibao as the mall ceased operations in March 2023. The accompanying notes form an integral part of these financial statements. 89 Annual Report 2024
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