STATEMENT OF TOTAL RETURN Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. Group Note 2023 2022 $’000 $’000 Gross revenue 20 1,559,934 1,441,747 Property operating expenses 21 (444,027) (398,464) Net property income 1,115,907 1,043,283 Interest income 22 11,285 5,181 Other income 23 34,467 155 Investment income 24 12,760 10,594 Management fees – Base component (46,674) (45,280) – Performance component (44,492) (42,654) Professional fees1 (2,026) (2,663) Valuation fees (812) (585) Trustee’s fees (3,398) (3,274) Audit fees2 (955) (914) Finance costs 25 (322,075) (242,437) Other expenses (3,798) (1,100) Net income before share of results of joint ventures 750,189 720,306 Share of results (net of tax) of: – Joint ventures 15,579 42,467 Net income 765,768 762,773 Net change in fair value of investment properties 113,561 (90,438) Net change in fair value of financial derivatives – 402 Gain on divestment of investment property 33 – 57,257 Total return for the year before tax 879,329 729,994 Taxation 26 (10,111) (4,105) Total return for the year 869,218 725,889 Total return attributable to: Unitholders 862,570 723,369 Non-controlling interests 18 6,648 2,520 Total return for the year 869,218 725,889 Earnings per unit (cents) Basic 27 12.97 10.92 Diluted 27 12.94 10.89 1 Includes non-audit fees paid and payable to auditors of the Trust and other firms affiliated with KPMG International Limited of $42,431 (2022: $20,242). 2 Relates to audit fees paid and payable to auditors of the Trust and other firms affiliated with KPMG International Limited. ANNUAL REPORT 2023 177 Other Information Overview Leadership Performance Framework
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