Statement of Total Return Year ended 31 December 2024 Group Note 2024 2023 $’000 $’000 Gross revenue 20 1,586,329 1,559,934 Property operating expenses 21 (432,851) (444,027) Net property income 1,153,478 1,115,907 Interest income 22 12,702 11,285 Other income 23 63 34,467 Investment income 24 9,381 12,760 Management fees – Base component (48,162) (46,674) – Performance component (47,471) (44,492) Professional fees1 (3,175) (2,026) Valuation fees (800) (812) Trustee’s fees (3,442) (3,398) Audit fees2 (923) (955) Finance costs 25 (345,394) (322,075) Other expenses (10,586) (3,798) Net income before share of results of joint ventures 715,671 750,189 Share of results (net of tax) of: – Joint ventures 33,756 15,579 Net income 749,427 765,768 Net change in fair value of investment properties 153,127 113,561 Gain on divestment of investment property 33 32,765 – Total return for the year before tax 935,319 879,329 Taxation 26 6,458 (10,111) Total return for the year 941,777 869,218 Total return attributable to: Unitholders 933,683 862,570 Non-controlling interests 18 8,094 6,648 Total return for the year 941,777 869,218 Earnings per unit (cents) Basic 27 13.60 12.97 Diluted 27 13.57 12.94 1 2024 includes non-audit fees paid and payable of $39,000 to auditors of the Trust and Deloitte network firms. 2023 includes $42,431 paid to auditors of the Trust and other firms affiliated with KPMG International Limited. 2 2024 relates to audit fees paid and payable to auditors of the Trust and Deloitte network firms. 2023 relates to audit fees paid and payable to auditors of the Trust and other firms affiliated with KPMG International Limited. The accompanying notes form an integral part of these financial statements. 109 Annual Report 2024
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