Five Year Performance

Five year
performance

All values in $M unless otherwise noted.

Year ended 31 December	2016	2015	2014	2013	2012

FINANCIAL PERFORMANCE
Operating revenue	71.1	66.9	63.8	48.1	29.4
Operating expenses	(28.0)	(30.3)	(26.9)	(21.2)	(12.2)
Total operating earnings	43.1	36.6	36.9	26.9	17.2
Non-operating income and expenses	88.9	43.0	29.0	20.5	14.7
Profit before taxation	132.1	79.6	65.9	47.4	31.9
Total taxation expense	(8.7)	(6.8)	(6.0)	(6.9)	(5.0)
Total comprehensive income after tax	123.4	72.8	59.9	40.5	26.9
Weighted average number of ordinary shares (‘000 shares)	450,079	422,275	411,502	316,742	220,018
IFRS earnings per share (cents per share)	27.42	17.25	14.55	12.79	12.24
DISTRIBUTIONS
Total comprehensive income after tax	123.4	72.8	59.9	40.5	26.9
Distributable profit adjustments	(89.3)	(41.5)	(28.9)	(17.2)	(12.3)
Distributable profit	34.1	31.3	31.0	23.3	14.6
Weighted average number of ordinary shares (‘000 shares)	450,079	422,275	411,502	316,742	220,018
Distributable profit per share (cps)	7.58	7.01	7.41	7.28	6.64
Gross dividends paid relating to the year reported (cps)	9.19	9.06	9.04	8.69	8.21
Net dividends paid relating to the year reported (cps)	7.30	7.30	7.25	7.20	6.60
Pay-out ratio (%)	97.2%	106.1%	97.8%	100.4%	99.6%
FINANCIAL POSITION
Investment properties	1,083.3	986.6	876.0	841.8	382.2
Goodwill	29.1	29.1	29.1	29.1	–
Other assets	9.4	11.5	1.8	6.1	2.4
Total assets	1,121.8	1,027.2	906.9	877.0	384.6
Borrowings	332.9	330.9	312.8	314.6	114.2
Other liabilities	32.7	38.3	29.1	27.2	20.3
Total liabilities	365.7	369.2	341.9	341.8	134.5
Total equity	756.1	658.0	565.0	535.2	250.1
Closing shares on issue (‘000 shares)	452,459	447,692	411,502	411,502	220,411
Net tangible (excluding goodwill) assets (cps)	160.7	140.5	130.2	123.0	113.5
Gearing (%)	30.1%	33.3%	35.8%	37.4%	29.9%
PROPERTY PORTFOLIO METRICS
Number of properties (#)	83	84	79	83	50
Number of tenants (#)	143	141	134	136	86
Contract rent	72.5	72.3	65.8	65.4	32.6
Occupancy (%)	99.6%	99.6%	98.5%	97.1%	97.4%
Net lettable area including yard (sqm)	667,441	673,112	626,755	627,575	379,306
Weighted average lease term (years)	4.79	5.18	5.26	5.31	4.80
Capitalisation rate (%)	6.6%	7.0%	7.2%	7.8%	8.5%