Financial Highlights

Key Income Statement Items

For the year ended 31 December 2016 2015 2014 2013 2012
(HK$'000)        
Revenue 452,926 438,723 403,413 341,883 308,366
Net property income 357,847 345,479 312,056 266,931 239,471
Distributable income 258,362 254,083 231,364 209,056 186,868
Distribution per unit (HK$) 0.1777 0.1768 0.1630 0.1495 0.1354

Distribution Statement

For the year ended 31 December 2016 2015 2014 2013 2012
(HK$'000)        
Profit for the year, before transactions with unitholders 565,244 692,591 466,493 695,729 1,074,715
Adjustments:        
   Manager's fee 52,280 50,070 46,973 41,283 36,774
   Acquisition fee - - 10,100 - -
   Change in fair value of investment properties (345,334) (515,702) (332,101) (550,591) (947,720)
   Change in fair value of derivative financial instruments (45,242) 295 6,567 - -
   Finance costs 16,997 12,700 21,222 10,126 10,153
   Deferred tax 14,417 14,129 12,110 12,509 12,946
Distributable income 258,362 254,083 231,364 209,056 186,868

Key Statement of Financial Position Items

As at 31 December 2016 2015 2014 2013 2012
(HK$'000)        
Investment properties (1)10,777,000 10,419,000 9,890,000 8,518,000 7,952,000
Net assets attributable to unitholders 7,515,721 7,155,735 6,668,686 6,361,402 5,819,182
Net asset value per unit (HK$) 5.17 4.98 4.70 4.57 4.24
Gearing ratio (%) 26.4% 27.20% 28.60% 20.90% 22.40%

Key Operation Data

For the year ended 31 December 2016 2015 2014 2013 2012
Average effective unit rent (HK$ per sq. ft.) 23.76 22.72 20.81 19.03 16.94
Occupany rate (%) (as at 31 December) 96.1% 96.4% 97.7% 98.9% 98.5%
Rental reversion rate (%) 10.9% 16.3% 32.1% 34.9% 36.1%
Cost-to-revenue ratio (%) 21.0% 21.3% 22.6% 21.9% 22.3%

(1)The amount includes Harbourfront Landmark property of HK$594,000,000 transferred to assets of a disposal group classified as held for sale.

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