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Financial Highlights
Profit and Loss
for the financial year ended 31 December |
26 Apr to 31 Dec 2006 |
2007 |
2008 |
2009 |
|
$'000 |
$'000 |
$'000 |
$'000 |
| Property income |
23,861 |
40,069 |
52,646 |
62,811 |
| Net property income |
16,814 |
28,262 |
39,659 |
48,880 |
| Distributable income (1) |
11,174 |
21,812 |
58,182 |
70,519 |
| Distribution per unit (cents) |
4.63 |
8.82 |
8.91 |
5.28 |
| Distribution yield (%) (2) |
2.7 |
4.1 |
12.7 |
4.8 |
Balance Sheet
As at 31 December |
2006 |
2007 |
2008 |
2009 |
|
$'000 |
$'000 |
$'000 |
$'000 |
| Total assets |
694,859 |
2,088,084 |
2,092,322 |
2,631,639 |
| Total liabilities |
202,462 |
1,154,317 |
606,651 |
628,987 |
| Unitholders' funds |
492,397 |
933,767 |
1,485,671 |
2,002,652 |
| Total borrowings |
190,085 |
1,132,085 |
581,085 |
581,085 |
| Value of deposited properties |
677,000 |
2,102,000 |
2,102,000 |
2,097,700 |
Financial Ratios
As at 31 December |
2006 |
2007 |
2008 |
2009 |
| Aggregate leverage (%) |
27.4 |
53.9 |
27.6 |
27.7 |
| EBITDA interest coverage ratio (times) (3) |
2.72 |
2.46 |
3.14 |
3.19 |
| All-in interest rate (%) |
4.06 |
3.88 |
3.19 |
4.23 |
| Management expense ratio (%) (4) |
1.12 |
1.27 |
1.11 |
0.90 |
Per Unit Data
As at 31 December |
2006 |
2007 |
2008 |
2009 |
| Net asset value per unit ($) |
2.04 |
3.78 |
2.28 |
1.50 |
Adjusted net asset value per unit ($)
- excluding distributable income |
2.00 |
3.69 |
2.19 |
1.47 |
| Year-end closing price ($) |
2.50 |
2.13 |
0.70 |
1.10 |
| Number of units in issue at year-end ('000) |
241,610 |
247,184 |
652,724 |
1,336,023 |
| Market capitalisation ($'000) (2) |
604,026 |
526,501 |
456,907 |
1,469,625 |
(1) The distributable income to Unitholders is based on 100% of the income available for distribution to Unitholders.
(2) Based on closing unit price as at the last trading day for the financial year.
(3) EBITDA interest coverage ratio: Ratio of profit before interest expense, tax, depreciation and amortisation to
interest expense.
(4) The ratio is computed in accordance with the guidelines of Investment Management Association of Singapore.
The expenses used in the computation relate to the trust expenses, excluding property expenses, amortisation
expense and borrowing costs, but including performance component of the Manager's management fees.
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