Group
Trust
Note
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Gross revenue
14
100,382
93,693
79,496
75,189
Property expenses
15
(6,607)
(6,094)
(3,118)
(3,084)
Net property income
93,775
87,599
76,378
72,105
Management fees
16
(10,051)
(9,376)
(9,389)
(8,353)
Trust expenses
17
(2,736)
(2,470)
(2,177)
(1,792)
Interest income
6
6
–
1
Finance costs
18
(8,255)
(8,133)
(8,255)
(8,133)
Foreign exchange gain, net
2,313
1,683
36,153
69,174
(18,723)
(18,290)
16,332
50,897
Total return before changes in fair value
of financial derivatives and investment
properties
75,052
69,309
92,710
123,002
Net change in fair value of financial derivatives
36
3,232
4,692
3,232
Net change in fair value of investment properties 4
45,051
32,045
28,602
37,332
Gain on disposal of investment properties
19
13,674
–
–
–
Total return before income tax
133,813
104,586
126,004
163,566
Income tax expense
20
(12,707)
(6,307)
–
–
Total return for the year
121,106
98,279
126,004
163,566
Earnings per unit (cents)
Basic and diluted
21
20.02
16.24
20.83
27.04
STATEMENTS OF
TOTAL RETURN
Year ended 31 December 2014
The accompanying notes form an integral part of these financial statements.
74
PA R K WAY L I F E R E I T
