Group
Trust
Note
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Gross revenue
13
99,342
96,489
99,342
96,489
Property expenses
14
(21,534)
(16,076)
(21,534)
(16,076)
Net property income
77,808
80,413
77,808
80,413
Management fees
15
(6,568)
(6,454)
(6,568)
(6,454)
Performance fees
15
(1,684)
(13,869)
(1,684)
(13,869)
Trust expenses
16
(1,431)
(2,487)
(1,432)
(2,488)
Interest income
111
87
111
87
Borrowing costs
17
(17,627)
(23,668)
(17,627)
(23,668)
Net income
50,609
34,022
50,608
34,021
Share of profits in jointly-controlled entity
7
496
13,951
–
–
Distribution income from jointly-controlled entity
–
–
603
594
Net income after share of profits
in jointly-controlled entity
51,105
47,973
51,211
34,615
Gain on disposal of investment properties
18
1,047
34,982
1,047
34,982
Change in fair value of financial derivatives
1,142
2,084
1,142
2,084
Change in fair value of investment properties and
investment properties under development
4
(7,876)
33,856
(7,876)
33,856
Total return before income tax
45,418 118,895
45,524 105,537
Income tax expense
19
(102)
(11)
(102)
(11)
Total return for the year
45,316 118,884 45,422 105,526
Earnings per unit (cents)
– basic
20
3.615
9.686
3.624
8.598
– diluted
20
3.613
9.686
3.622
8.598
Distribution per unit (cents)
20
5.004
4.976
5.004
4.976
STATEMENT OF TOTAL RETURN
Year ended 31 December 2014
The accompanying notes form an integral part of these financial statements.
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
102
