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Group Trust
Note 2012 2011 2012 2011
$’000 $’000 $’000 $’000
Gross revenue 21 503,304 447,634 500,463 447,634
Property operating expenses 22 (134,967) (108,208) (134,133) (108,208)
Net property income 368,337 339,426 366,330 339,426
Management fees 23 (29,142) (24,725) (29,142) (24,725)
Performance fee 23 - (5,420) - (5,420)
Trust expenses 24 (4,970) (3,608) (4,884) (3,608)
Finance income 25 5,437 3,295 5,307 3,295
Finance costs 25 (64,202) (77,655) (63,732) (77,655)
Foreign exchange (loss)/gain (932) 2,352 (863) 2,352
Net income 274,528 233,665 273,016 233,665
Net change in fair value of fnancial derivatives (4,196) 1,144 (4,196) 1,144
Net appreciation on revaluation of investment properties
and investment properties under development 224,452 344,777 224,162 344,777
Total return for the year before income tax expense 494,784 579,586 492,982 579,586
Income tax expense 26 (1,616) (976) (920) (976)
Total return for the year after income tax expense 493,168 578,610 492,062 578,610
Non-tax deductible expenses, net and other adjustments 9,034 9,352 9,850 9,352
Net appreciation on revaluation of investment properties
and investment properties under development (224,452) (344,777) (224,162) (344,777)
Income available for distribution 277,750 243,185 277,750 243,185
Distribution from capital 3,993 4,768 3,993 4,768
Total amount available for distribution 281,743 247,953 281,743 247,953
Earnings per unit (cents)
- Basic 27 23.74 30.89 23.69 30.89
- Diluted 27 22.61 29.51 22.56 29.51
Distributions per unit (cents) 27 13.56 13.23 13.56 13.23
STATEMENTS OF TOTAL RETURN
Year ended 31 March 2012
The accompanying notes form an integral part of these fnancial statements.
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
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