Five Year Performance

Five year
performance

All values in $M unless otherwise noted.

YEAR ENDED 31 DECEMBER	2017	2016	2015	2014	2013

FINANCIAL PERFORMANCE
Operating revenue	73.5	71.1	66.9	63.8	48.1
Operating expenses	(25.9)	(28.0)	(30.3)	(26.9)	(21.2)
Total operating earnings	47.6	43.1	36.6	36.9	26.9
Non-operating income and expenses	2.0	88.9	43.0	29.0	20.5
Profit before taxation	49.6	132.1	79.6	65.9	47.4
Total taxation benefit / (expense)	2.1	(8.7)	(6.8)	(6.0)	(6.9)
Total comprehensive income after tax	51.7	123.4	72.8	59.9	40.5
Weighted average number of ordinary shares (‘000 shares)	459,600	450,079	422,275	411,502	316,742
IFRS earnings per share (cps)	11.25	27.42	17.25	14.55	12.79
DISTRIBUTIONS
Total comprehensive income after tax	51.7	123.4	72.8	59.9	40.5
Distributable profit adjustments	(14.6)	(89.3)	(41.5)	(28.9)	(17.2)
Distributable profit	37.1	34.1	31.3	31.0	23.3
Weighted average number of ordinary shares (‘000 shares)	459,600	450,079	422,275	411,502	316,742
Distributable profit per share (cps)	8.08	7.58	7.01	7.41	7.28
Gross dividends paid relating to the year reported (cps)	7.45	9.24	9.06	9.04	8.69
Net dividends paid relating to the year reported (cps)	7.45	7.35	7.30	7.25	7.20
Pay-out ratio (%)	95.7%	97.2%	106.1%	97.8%	100.4%
FINANCIAL POSITION
Investment properties	1,210.8	1,083.3	986.6	876.0	841.8
Goodwill	29.1	29.1	29.1	29.1	29.1
Other assets	2.2	9.4	11.5	1.8	6.1
Total assets	1,242.1	1,121.8	1,027.2	906.9	877.0
Borrowings	370.6	332.9	330.9	312.8	314.6
Other liabilities	28.6	32.7	38.3	29.1	27.2
Total liabilities	399.2	365.7	369.2	341.9	341.8
Total equity	842.9	756.1	658.0	565.0	535.2
Closing shares on issue (‘000 shares)	498,723	452,459	447,692	411,502	411,502
Net tangible (excluding goodwill) assets (cps)	163.2	160.7	140.5	130.2	123.0
Gearing (%)	30.8%	30.1%	33.3%	35.8%	37.4%
PROPERTY PORTFOLIO METRICS
Number of properties (#)	92	83	84	79	83
Number of tenants (#)	148	143	141	134	136
Contract rent	79.6	72.5	72.3	65.8	65.4
Occupancy (%)	99.9%	99.6%	99.6%	98.5%	97.1%
Net lettable area including yard (sqm)	756,455	667,441	673,112	626,755	627,575
Weighted average lease term (years)	5.33	4.79	5.18	5.26	5.31
Capitalisation rate (%)	6.4%	6.6%	7.0%	7.2%	7.8%