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Latest Financials

Statement of Total Return and Comprehensive Income
for the financial year ended 31 December
2016
S$'000
2015
S$'000
Change
%
Property income 161,2521 170,3472 (5.3)
Net property income 128,370 137,465 (6.6)
Share of results of associates3 83,460 75,695 10.3
Share of results of joint venture 4 30,789 17,163 79.4
Distributable income 208,123 217,268 (4.2)

Balance Sheet
as at 31 December
2016
S$'000
2015
S$'000
Change
%
Total assets 7,535,325 7,425,418 1.5
Total liabilities 2,636,767 2,647,570 (0.4)
Unitholders' funds 4,746,717 4,626,021 2.6
Perpetual securities 149,701 149,719 (0.01)
Total borrowings5 3,329,450 3,340,755 (0.3)
Value of deposited properties 8,649,064 8,496,235 1.8
Market capitalisation6 3,357,448 2,990,996 12.3
Net asset value per unit($) 1.44 1.44 -
Adjusted net asset value per unit ($)
- excluding distributable income
1.43 1.42 0.7

Financial Ratios
as at 31 December
2016
S$'000
2015
S$'000
Change
%
Distribution per unit (DPU)(cents) 6.377 6.808 (6.3)
Distribution yield (%)6 6.2 7.3 (15.1)
Aggregate leverage (%) 38.5 39.3 (2.0)
Interest coverage ratio (times) 4.7 4.4 6.8
All-in interest rate (%) 2.51 2.54 (1.2)

1   Property income in 2016 comprised property income from Bugis Junction Towers, 99.9% interest in Ocean Financial Centre (the Ocean Financial Centre Interest), 50% interest in 275 George Street (the 275 George Street Interest), 50% interest in the office building and two retail units at 8 Exhibition Street, as well as 100% interest in the three adjoining retail units acquired on 12 October 2015 (the 8 Exhibition Street Interest) and 77 King Street Office Tower for the period from 1 January 2016 to 29 January 2016.
2   Property income in 2015 comprised property income from Bugis Junction Towers, the Ocean Financial Centre Interest, the 275 George Street Interest, the 8 Exhibition Street Interest and 77 King Street Office Tower.
3   Share of results of associates comprised Keppel REITís one-third share of the respective total return after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP) and Central Boulevard Development Pte. Ltd. (CBDPL).
4   Share of results of joint ventures comprised Keppel REITís 50% interests in Mirvac 8 Chifley Trustís (M8CT) and Mirvac (Old Treasury) Trustís (MOTT) total return after tax.
5   Included Keppel REITís share of deferred payments in relation to the development of the Ocean Financial Centre carpark and retail podium, and share of borrowings carried at ORQPL and CBDPL.
6   Based on the market closing price of $1.02 per Unit as at 31 December 2016 for FY 2016, and $0.93 per Unit as at 31 December 2015 for FY 2015.
7   Total DPU for FY 2016 of 6.37 cents was based on 1.68 cents, 1.61 cents, 1.60 cents and 1.48 cents announced during the 1Q 2016, 2Q 2016, 3Q 2016 and 4Q 2016 results announcements respectively.
8   Total DPU for FY 2015 of 6.80 cents was based on 1.70 cents, 1.72 cents, 1.70 cents and 1.68 cents announced during the 1Q 2015, 2Q 2015, 3Q 2015 and 4Q 2015 results announcements respectively.