Annual Report 2025 113 Statement of Total Return Year ended 31 December 2025 Group Note 2025 $’000 2024 $’000 Gross revenue 21 1,619,174 1,586,329 Property operating expenses 22 (429,425) (432,851) Net property income 1,189,749 1,153,478 Interest and other income 23 6,781 12,765 Investment income 24 9,083 9,381 Management fees – Base component (53,434) (48,162) – Performance component (52,193) (47,471) Professional fees1 (1,981) (3,175) Valuation fees (587) (800) Trustee’s fees (3,654) (3,442) Audit fees2 (882) (923) Finance costs 25 (314,704) (345,394) Other expenses (4,470) (10,586) Net income before share of results of joint ventures 773,708 715,671 Share of results (net of tax) of: – Joint ventures 7 116,753 33,756 Net income 890,461 749,427 Net change in fair value of investment properties 68,117 153,127 Gain on divestment of investment property 33 – 32,765 Gain on divestment of a joint venture 26 – Total return for the year before tax 958,604 935,319 Taxation 26 (7,180) 6,458 Total return for the year 951,424 941,777 Total return attributable to: Unitholders 937,287 933,683 Non-controlling interests 19 14,137 8,094 Total return for the year 951,424 941,777 Earnings per unit (cents) Basic 27 12.62 13.60 Diluted 27 12.60 13.57 1 2024 includes non-audit fees paid and payable of $39,000 to auditors of the Trust and Deloitte network firms. 2 2025 and 2024 relates to audit fees paid and payable to auditors of the Trust and Deloitte network firms. The accompanying notes form an integral part of these financial statements.
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