Financial Information

Profit and Loss
for the financial year ended
31 December
2020 2021 2022 2023 2024
  $'000 $'000 $'000 $'000 $'000
Property income 170,223  216,606 219,286 233,071 261,580
Net property income 135,479  172,532 175,942 182,379 201,913
Share of results of associates 88,215 89,039 77,787 80,125 86,268
Share of results of joint ventures 29,356 29,556  22,907 23,665 23,735
Distribution to Unitholders 194,631 212,141  220,936 218,659 214,547
Distribution per Unit (cents) 5.73 5.82  5.92 5.80 5.60
Distribution yield1 (%) 5.1 5.2  6.5 6.2 6.4
Balance Sheet
as at 31 December
2020 2021 2022 2023 2024
  $'000 $'000 $'000 $'000 $'000
Total assets 7,764,368 8,487,684 8,881,375 8,259,328 8,457,643
Total liabilities 2,544,235 2,897,700 3,016,071 2,508,263 2,816,428
Unitholders' funds 4,498,350 4,866,188 5,118,916 5,004,621 4,891,057
Total borrowings 3,129,515 3,485,220 3,605,658 3,664,111 3,973,210
Value of deposited properties 8,385,884 9,085,224 9,395,471 9,421,350 9,643,422
Financial Ratios
as at 31 December
2020 2021 2022 2023 2024
Aggregate leverage (%) 37.3 38.4 38.4 38.9 41.2
Interest coverage ratio (times) 3.4 3.9 3.3 3.0 2.5
All-in interest rate per annum (%) 2.35 1.98 2.29 2.89 3.40
Per Unit Data
as at 31 December
2020 2021 2022 2023 2024
Net asset value per unit ($) 1.32 1.32 1.37 1.32 1.27
Adjusted net asset value per unit ($)
- excluding distributable income
1.29 1.29 1.34 1.29 1.24
Year-end closing price ($) 1.12 1.13 0.91 0.93 0.87
Number of units in issue at year-end ('000) 3,407,825 3,695,419 3,742,223 3,782,553 3,870,595
Market capitalisation1
($'000)
3,816,764 4,175,823 3,405,423 3,517,775 3,344,320
1 Based on closing unit price as at the last trading day for the financial year.