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Statement of Total Return
Year ended 31 March 2010
Note 2010 2009
$’000 $’000
Gross revenue 17 413,678 396,534
Property operating expenses 18 (93,690) (99,916)
Net property income 319,988 296,618
Management fees 19 (23,421) (31,698)
Trust expenses 20 (2,879) (4,715)
Finance income 21 1,650 29
Finance costs 21 (69,805) (59,485)
Net income 225,533 200,749
Net change in fair value of financial derivatives (23,878) -
Net depreciation on revaluation of investment properties (53,682) (115,443)
Total return for the year before income tax 147,973 85,306
Income tax expense 22 - -
Total return for the year 147,973 85,306
Non-tax deductible expenses, net 33,236 10,174
Net depreciation on revaluation of investment properties 53,682 115,443
Income available for distribution 234,891 210,923
Earnings per unit (cents)
- Basic and diluted 23 8.23 6.11
Distribution per unit (cents) 23 13.10 15.18
The accompanying notes form an integral part of these financial statements.
8th Annual Report FY09/10
105