Financial Highlights

  1.7.2025 to
31.12.2025
($'000)		 1.7.2024 to
31.12.2024
($'000)		 Change
%		 1.1.2025 to
31.12.2025
($'000)		 1.1.2024 to
31.12.2024
($'000)		 Change
%
Gross revenue 237,147 236,674 0.2 471,606 463,556 1.7
Net property income 157,312 159,766 (1.5) 316,792 310,759 1.9
Income from joint ventures 52,075 49,988 4.2 103,239 99,569 3.7
- loans to joint ventures 5,793 8,005 (27.6) 12,557 16,242 (22.7)
- share of profits (a) 46,282 41,983 10.2 90,682 83,327 8.8
Distribution income from operations 114,479 92,231 24.1 207,280 180,923 14.6
Number of issued and issuable units at the end of the period entitled to distribution ('000) (b) 2,955,540 2,933,932 0.7 2,955,540 2,933,932 0.7
Distribution per Unit ("DPU") (cents) (b), (c) 3.880 3.150 23.2 7.035 6.192 13.6
- 1 Jan to 31 Mar (d) - - - 1.563 1.511 3.4
- 1 Apr to 30 Jun (e) - - - 1.592 1.531 4.0
- 1 Jul to 30 Sep (f) 1.778 1.580 12.5 1.778 1.580 12.5
- 1 Oct to 31 Dec 2.102 1.570 33.9 2.102 1.570 33.9

n.m. - not meaningful
Footnotes:
  1. Excludes share of gain/(loss) arising from fair value adjustments of $37,850,000 for the period from 1 July 2025 to 31 December 2025 ("2H FY25") and $37,582,000 for the financial year ended 31 December 2025 ("FY25"), ($2,903,000) for the period from 1 July 2024 to 31 December 2024 ("2H FY24") and ($2,829,000) for the financial year ended 31 December 2024 ("FY24").
  2. The computation of Distribution per Unit for the period from 1 October 2025 to 31 December 2025 is based on the number of units entitled to distribution:
    1. The number of units in issue as at 31 December 2025 of 2,945,448,311; and
    2. The units issuable to the Manager by 30 January 2026 as partial satisfaction of asset management base fees incurred for the period from 1 October 2025 to 31 December 2025 of 3,192,497 and asset management performance fees incurred for the period from 1 January 2025 to 31 December 2025 of 6,899,480.
  3. Please refer to Distribution statement on Page 6 to Page 8.
  4. Distribution of 1.563 cents per unit for the period 1 January 2025 to 31 March 2025 was paid on 30 May 2025.
  5. Distribution of 1.592 cents per unit for the period 1 April 2025 to 30 June 2025 was paid on 29 August 2025.
  6. Distribution of 1.778 cents per unit for the period 1 July 2025 to 30 September 2025 was paid on 28 November 2025.