Latest Financials

Statement of Total Return and Comprehensive Income for the financial year ended 31 December
	2010 S$'000	2009 S$'000	Change %
Property income	84,559	62,811	34.6
Net property income	67,305	48,880	37.7
Share of results of associated companies	9,695	8,208	18.1
Interest income and income support1	38,418	35,856	7.1
Distributable income	85,631	70,519	21.4

Balance Sheet as at 31 December
	2010 S$'000	2009 S$'000	Change %
Total assets	3,115,923	2,631,639	18.4
Total liabilities	1,060,372	628,987	68.6
Unitholders' funds	2,055,551	2,002,652	2.6
Total borrowings (gross)	1,289,932	581,085	122.0
Value of deposited properties	3,487,634	2,097,700	66.3
Market capitalisation2	1,911,825	1,469,625	30.1
Net asset value per unit3 ($)	1.52	1.50	1.3
Adjusted net asset value per unit ($) - excluding distributable income	1.48	1.47	0.7

Financial Ratios as at 31 December
	2010 S$'000	2009 S$'000	Change %
Distribution per unit (DPU)(cents)	6.374	5.285	20.6
Distribution yield (%)	4.5	4.8	(6.3)
Aggregate leverage (%)	37.0	27.7	33.6
EBITDA interest coverage ratio (times)6	5.59	3.19	75.2
All-in interest rate (%)	3.37	4.23	(20.3)
Management expense ratio (%)	1.05	0.90	16.7

1. Income support in 2010 comprised income support for the 29% interest in Prudential Tower, 50% interest in 275 George Street and respective one-third interest in One Raffles Quay Pte Ltd (ORQPL) and BFC Development Pte. Ltd. Income support in 2009 comprised income support for the one-third interest in ORQPL.
2. Based on closing unit price as at the last trading day for the financial year.
3. Includes distributable income.
4. The actual DPU paid out for FY2010 amounted to 6.35 cents as a result of the enlarged unit base as at end-2010.
5. Restated taking into account the effects of the rights issue completed in November 2009.
6. EBITDA interest coverage: Ratio of profit before interest expense, tax, depreciation and amortization to interest expense.