Five year
financial summary

    • 2012
      $M
    • 2013
      $M
    • 2014
      $M
    • 2015
      $M
    • 2016
      $M
    • Income statement
    • Gross property income
    • 235.7
    • 219.6
    • 207.7
    • 206.1
    • 204.6
    • Management income
    • 139.2
    • 181.0
    • 205.5
    • 215.3
    • 259.3
    • Development income
    • 340.1
    • 471.6
    • 767.6
    • 763.7
    • 1,250.4
    • Distributions from investments
    • 22.2
    • 3.1
    • 2.0
    • -
    • -
    • Net gain/(loss) on disposals of assets
    • 34.2
    • 12.8
    • 2.4
    • 41.5
    • (26.7)
    • Net gain from fair value adjustments on investment properties
    • 6.5
    • 28.0
    • 48.6
    • 515.9
    • 327.8
    • Share of net results of equity accounted investments
    • 166.6
    • 228.8
    • 445.2
    • 614.1
    • 928.6
    • Total income
    • 944.5
    • 1,144.9
    • 1,679.0
    • 2,356.6
    • 2,944.0
    • Property expenses
    • (61.7)
    • (59.7)
    • (60.1)
    • (59.4)
    • (63.9)
    • Development expenses
    • (216.0)
    • (311.4)
    • (579.8)
    • (619.0)
    • (929.1)
    • Employee expenses
    • (87.3)
    • (98.8)
    • (132.7)
    • (144.8)
    • (172.6)
    • Share based payments expense
    • (24.4)
    • (26.4)
    • (32.0)
    • (51.0)
    • (66.9)
    • Administrative and other expenses
    • (64.0)
    • (70.5)
    • (74.0)
    • (76.2)
    • (79.1)
    • Impairment losses
    • (89.5)
    • (65.4)
    • (14.4)
    • (28.2)
    • (249.1)
    • Restructuring costs
    • -
    • (9.8)
    • -
    • -
    • -
    • Net finance income/(costs)
    • 58.6
    • (303.7)
    • (94.3)
    • (127.8)
    • (13.0)
    • Total expenses
    • (484.3)
    • (945.7)
    • (987.3)
    • (1,106.4)
    • (1,573.7)
    • Profit before income tax
    • 460.2
    • 199.2
    • 691.7
    • 1,250.2
    • 1,370.3
    • Income tax expense
    • (9.7)
    • (15.9)
    • (13.0)
    • (21.0)
    • (75.6)
    • Profit for the year
    • 450.5
    • 183.3
    • 678.7
    • 1,229.2
    • 1,294.7
    • Profit attributable to other non-controlling interests
    • (42.2)
    • (22.3)
    • (21.4)
    • (21.2)
    • (20.1)
    • Profit attributable to Securityholders
    • 408.3
    • 161.0
    • 657.3
    • 1,208.0
    • 1,274.6
    • Operating profit reconciliation (non-IFRS)
    • Operating profit available for distribution
    • 463.4
    • 544.1
    • 601.1
    • 653.5
    • 714.5
    • Adjustments for:
    • Property valuation (losses)/gains
    • (6.6)
    • (36.7)
    • 172.4
    • 721.7
    • 809.5
    • Non-property related impairment losses
    • (21.5)
    • -
    • -
    • (12.0)
    • (204.6)
    • Derivative mark to market and unrealised foreign exchange movements
    • 5.1
    • (293.0)
    • (78.4)
    • (99.8)
    • 81.5
    • Other non-cash adjustments or non-recurring losses
    • (32.1)
    • (53.4)
    • (37.8)
    • (55.4)
    • (126.3)
    • Profit attributable to Securityholders
    • 408.3
    • 161.0
    • 657.3
    • 1,208.0
    • 1,274.6
    • Operating profit per stapled security (cents per security)1
    • 30.5
    • 32.4
    • 34.8
    • 37.2
    • 40.1
    • Distributions (cents per security)
    • 18.0
    • 19.4
    • 20.7
    • 22.2
    • 24.0
  • 1. Fully diluted for performance rights.
    • 2012
      $M
    • 2013
      $M
    • 2014
      $M
    • 2015
      $M
    • 2016
      $M
    • Balance sheet
    • Cash and receivables
    • 605.9
    • 1,172.8
    • 780.8
    • 1,137.0
    • 1,774.5
    • Property assets
    • 3,469.8
    • 3,355.4
    • 3,663.0
    • 4,337.7
    • 4,096.5
    • Equity accounted investments
    • 2,893.4
    • 3,243.1
    • 3,855.6
    • 4,508.8
    • 5,348.1
    • Intangible assets
    • 783.2
    • 891.4
    • 932.7
    • 976.4
    • 780.6
    • Other (including derivative financial instruments)
    • 467.6
    • 228.0
    • 171.8
    • 302.4
    • 387.4
    • Total assets
    • 8,219.9
    • 8,890.7
    • 9,403.9
    • 11,262.3
    • 12,387.1
    • Payables and provisions
    • 512.2
    • 520.0
    • 656.8
    • 732.0
    • 747.4
    • Interest bearing liabilities
    • 2,347.5
    • 2,249.8
    • 2,160.5
    • 2,707.9
    • 2,865.2
    • Other (including derivative financial instruments)1
    • 185.6
    • 285.2
    • 356.2
    • 446.3
    • 381.2
    • Total liabilities
    • 3,045.3
    • 3,055.0
    • 3,173.5
    • 3,886.2
    • 3,993.8
    • Net assets
    • 5,174.6
    • 5,835.7
    • 6,230.4
    • 7,376.1
    • 8,393.3
    • Non-controlling interests
    • (318.8)
    • (331.5)
    • (325.8)
    • (325.8)
    • (325.8)
    • Net assets (after non-controlling interests)
    • 4,855.8
    • 5,504.2
    • 5,904.6
    • 7,050.3
    • 8,067.5
    • NTA per security ($)
    • 2.54
    • 2.69
    • 2.88
    • 3.46
    • 4.10
    • Gearing ratio1 (%)
    • 23.9
    • 18.5
    • 19.5
    • 17.3
    • 11.8
    • Statement of changes in equity
    • Total equity at the beginning of the year
    • 5,013.9
    • 5,174.6
    • 5,835.7
    • 6,230.4
    • 7,376.1
    • Total comprehensive income for the year
    • 429.9
    • 460.2
    • 797.4
    • 1,429.2
    • 1,298.5
    • 5,443.8
    • 5,634.8
    • 6,633.1
    • 7,659.6
    • 8,674.6
    • Contributions of equity, net of transaction costs
    • 33.3
    • 441.4
    • 42.1
    • 89.3
    • 95.5
    • Distributions provided or paid
    • (283.1)
    • (243.7)
    • (445.4)
    • (388.3)
    • (408.0)
    • Other transactions with equity holders
    • 22.8
    • 20.9
    • 27.7
    • 36.7
    • 51.3
    • Movements in non-controlling interests during the year
    • (42.2)
    • (17.7)
    • (27.1)
    • (21.2)
    • (20.1)
    • Total equity at the end of the year
    • 5,174.6
    • 5,835.7
    • 6,230.4
    • 7,376.1
    • 8,393.3
    • Cash flow statement
    • Net cash provided by operating activities
    • 266.8
    • 356.1
    • 404.4
    • 654.7
    • 830.1
    • Net cash used in investing activities
    • (220.8)
    • 146.4
    • (228.5)
    • (147.8)
    • 160.0
    • Net cash provided by/(used in) financing activities
    • 37.0
    • (167.9)
    • (461.4)
    • (120.3)
    • (399.6)
    • Net increase/(decrease) in cash held
    • 83.0
    • 334.6
    • (285.5)
    • 386.6
    • 590.5
    • Cash at the beginning of the year
    • 227.8
    • 310.8
    • 645.4
    • 359.9
    • 746.5
    • Cash at the end of the year
    • 310.8
    • 645.4
    • 359.9
    • 746.5
    • 1,337.0
  • 1. Gearing calculated as total interest bearing liabilities over total assets.

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