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Latest Financials

Statement of Total Return and Comprehensive Income
for the financial year ended 31 December
2017
S$'000
2016
S$'000
Change
%
Property income 164,5161 161,2522 2.0
Net property income 131,200 128,370 2.2
Share of results of associates3 83,795 83,460 0.4
Share of results of joint venture 4 31,959 30,789 3.8
Distributable income 190,730 208,123 (8.4)

Balance Sheet
as at 31 December
2017
S$'000
2016
S$'000
Change
%
Total assets 7,604,288 7,535,325 0.9
Total liabilities 2,689,030 2,636,767 2.0
Unitholders' funds 4,763,424 4,746,717 0.4
Perpetual securities 149,701 149,701 -
Total borrowings5 3,374,565 3,329,450 1.4
Value of deposited properties 8,718,254 8,649,064 0.8
Market capitalisation6 4,247,125 3,357,448 26.5
Net asset value per unit($) 1.41 1.44 (2.1)
Adjusted net asset value per unit ($)
- excluding distributable income
1.40 1.43 (2.1)

Financial Ratios
as at 31 December
2017
S$'000
2016
S$'000
Change
%
Distribution per unit (DPU)(cents) 5.707 6.378 (10.5)
Distribution yield (%)6 4.5 6.2 (27.4)
Interest coverage ratio (times) 4.3 4.7 (8.5)
All-in interest rate (%) 2.62 2.51 4.4
Aggregate leverage (%) 38.7 38.5 0.5

1   Property income for 2017 comprised property income from Bugis Junction Towers, Ocean Financial Centre, 50% interest in 275 George Street (the 275 George Street Interest), 50% interest in the 8 Exhibition Street office building and 100% interest in another 3 retail units (the 8 Exhibition Street Interest).
2   Property income for 2016 comprised property income from Bugis Junction Towers, Ocean Financial Centre, the 275 George Street Interest, the 8 Exhibition Street Interest and 77 King Street Office Tower (for the period from 1 January 2016 to 29 January 2016).
3   Share of results of associates comprised Keppel REITís one-third interests 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 the respective total return after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT).
5   Included Keppel REITís share of deferred payments in relation to the development of the Ocean Financial Centre carpark and retail podium, Marina Bay Financial Centre Towers 1 and 2, and Marina Bay Link Mall, and share of borrowings carried at ORQPL and CBDPL.
6   Based on the market closing price of $1.26 per Unit as at 31 December 2017 for FY 2017, and $1.02 per Unit as at 31 December 2016 for FY 2016.
7   Total DPU for FY 2017 of 5.70 cents was based on 1.45 cents, 1.42 cents, 1.40 cents and 1.43 cents announced during the 1Q 2017, 2Q 2017, 3Q 2017 and 4Q 2017 results announcements respectively.
8   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.