200 STRATEGICALLY ADVANCING STATEMENT OF TOTAL RETURN For the financial year ended 31 December 2024 Group 2024 2023 Note $’000 $’000 Gross revenue 19 370,504 386,350 Property expenses 20 (108,850) (113,191) Net property income 261,654 273,159 Income from investments at FVTPL 7,803 9,215 Management fees 21 (20,724) (21,924) Trust expenses 22 (7,674) (6,348) Borrowing costs, net 23 (68,885) (76,013) Finance costs on lease liabilities for leasehold land 13 (31,469) (32,176) Net income 140,705 145,913 Foreign exchange gain/(loss) 4,151 (1,240) Change in fair value of investments at FVTPL (26,796) (39,839) Change in fair value of financial derivatives (6,559) (16,346) Change in fair value of investment properties 4 (220,180) (166,818) Change in fair value of right-of-use of leasehold land 13 8,179 8,685 Share of results of joint venture 6 2,842 3,876 Total loss for the year before income tax (97,658) (65,769) Income tax (expense)/credit 24 (9,956) 2,104 Total loss for the year after income tax (107,614) (63,665) Attributable to: Unitholders of the Trust and perpetual securities holders (127,779) (67,449) Non-controlling interest — perpetual securities holders – 467 Non-controlling interests — others 20,165 3,317 Total loss for the year (107,614) (63,665) Earnings per Unit (cents) Basic and diluted 25 (1.914) (1.150) Distribution per Unit (cents) 25 2.119 2.564 The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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