Appendix 4E

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Results for announcement to the market

The Fund recorded a statutory profit of $68.7 million for the year ended 30 June 2019 (30 June 2018: $103.1 million). Operating earnings amounted to $44.2 million (16.5 cents per unit) for the year ended 30 June 2019 (30 June 2018: $41.9 million).

The Fund’s statutory accounting profit of $68.7 million includes the following unrealised, non-cash and other items:

$ 36.6 million of net fair value movements on investment properties (2018: $56.7 million);
$ 2.2 million of straightlining of rental income and amortisation of lease fees/incentives (2018: $2.0 million);
($ 0.2) million of loss on sale of investment properties (2018: gain of $1.8 million);
($ 3.2) million of share of equity accounted loss (2018: nil); and
($10.9) million of movement in derivatives (2018: gain of $0.7 million).

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