• • 2016 $M
  • 2017 $M
  • 2018 $M
  • 2019 $M
  • 2020 $M
• • Income statement
• • Gross property income
  • 204.6
  • 177.1
  • 150.4
  • 114.6
  • 115.9
• • Management income
  • 259.3
  • 266.3
  • 316.5
  • 469.7
  • 511.2
• • Development income
  • 1,250.4
  • 1,207.1
  • 1,115.8
  • 1,134.3
  • 882.6
• • Net gain/(loss) on disposals of assets
  • (26.7)
  • 129.1
  • 108.1
  • 27.9
  • 56.3
• • Net gain from fair value adjustments on investment properties
  • 327.8
  • 180.9
  • 71.1
  • 146.8
  • 45.2
• • Share of net results of equity accounted investments
  • 928.6
  • 587.7
  • 910.9
  • 1,132.5
  • 1,022.2
• • Total income
  • 2,944.0
  • 2,548.2
  • 2,672.8
  • 3,025.8
  • 2,633.4
• • Property expenses
  • (63.9)
  • (46.9)
  • (36.4)
  • (40.2)
  • (36.4)
• • Development expenses
  • (929.1)
  • (919.9)
  • (808.9)
  • (727.3)
  • (443.4)
• • Employee expenses
  • (172.6)
  • (195.9)
  • (180.7)
  • (191.9)
  • (203.7)
• • Share based payments expense
  • (66.9)
  • (85.4)
  • (125.6)
  • (196.6)
  • (164.0)
• • Administrative and other expenses
  • (79.1)
  • (76.5)
  • (68.7)
  • (75.8)
  • (88.6)
• • Impairment losses
  • (249.1)
  • (93.0)
  • –
  • –
  • –
• • Net finance costs
  • (13.0)
  • (279.4)
  • (267.3)
  • (49.3)
  • (80.2)
• • Total expenses
  • (1,573.7)
  • (1,697.0)
  • (1,487.6)
  • (1,281.1)
  • (1,016.3)
• • Profit before income tax
  • 1,370.3
  • 851.2
  • 1,185.2
  • 1,744.7
  • 1,617.1
• • Income tax expense
  • (75.6)
  • (54.4)
  • (82.4)
  • (116.8)
  • (113.0)
• • Profit for the year
  • 1,294.7
  • 796.8
  • 1,102.8
  • 1,627.9
  • 1,504.1
• • Profit attributable to other non–controlling interests
  • (20.1)
  • (18.7)
  • (4.6)
  • –
  • –
• • Profit attributable to Securityholders
  • 1,274.6
  • 778.1
  • 1,098.2
  • 1,627.9
  • 1,504.1
• • Operating profit reconciliation (non–IFRS)
• • Operating profit adjustments for:
  • 714.5
  • 776.0
  • 845.9
  • 942.3
  • 1,060.2
• • Property valuation related movements
  • 614.4
  • 397.6
  • 639.0
  • 871.7
  • 621.3
• • Fair value adjustments and unrealised foreign currency exchange movements related to liability management
  • 81.5
  • (243.8)
  • (174.4)
  • 17.0
  • 6.8
• • Other non–cash adjustments or non–recurring items
  • (135.8)
  • (151.7)
  • (212.3)
  • (203.1)
  • (184.2)
• • Profit attributable to Securityholders
  • 1,274.6
  • 778.1
  • 1,098.2
  • 1,627.9
  • 1,504.1
• • Operating profit per stapled security (cents)¹
  • 40.1
  • 43.1
  • 46.7
  • 51.6
  • 57.5
• • Dividends/distributions per security (cents)
  • 24.0
  • 25.9
  • 28
  • 30.0
  • 30.0
• 1. Fully diluted for tested performance rights.

• • 2016 $M
  • 2017 $M
  • 2018 $M
  • 2019 $M
  • 2020 $M
• • Statement of financial position
• • Cash and receivables
  • 1,774.5
  • 2,681.9
  • 3,088.7
  • 1,981.4
  • 2,172.5
• • Property assets
  • 4,096.5
  • 3,245.7
  • 2,732.6
  • 2,966.1
  • 3,081.4
• • Equity accounted investments
  • 5,348.1
  • 5,522.7
  • 6,585.5
  • 8,452.4
  • 9,370.8
• • Intangible assets
  • 780.6
  • 771.9
  • 816.7
  • 840.0
  • 845.8
• • Other (including derivative financial instruments)
  • 387.4
  • 489.0
  • 235.9
  • 672.9
  • 667.7
• • Total assets
  • 12,387.1
  • 12,711.2
  • 13,459.4
  • 14,912.8
  • 16,138.2
• • Payables, provisions and contract liabilities
  • 747.4
  • 866.6
  • 918.4
  • 944.1
  • 988.3
• • Interest bearing liabilities
  • 2,865.2
  • 2,878.3
  • 3,081.5
  • 2,975.0
  • 2,938.5
• • Other (including derivative financial instruments)
  • 381.2
  • 344.1
  • 285.8
  • 471.2
  • 690.8
• • Total liabilities
  • 3,993.8
  • 4,089.0
  • 4,285.7
  • 4,390.3
  • 4,617.6
• • Net assets
  • 8,393.3
  • 8,622.2
  • 9,173.7
  • 10,522.5
  • 11,520.6
• • Comprising:
• • Net assets attributable to Securityholders
  • 8,067.5
  • 8,296.4
  • 9,173.7
  • 10,522.5
  • 11,520.6
• • Net assets attributable to other non–controlling interests
  • 325.8
  • 325.8
  • –
  • –
  • –
• • Net tangible assets per security ($)
  • 4.10
  • 4.21
  • 4.64
  • 5.34
  • 5.84
• • Gearing ratio (%)
  • 11.8
  • 5.9
  • 5.1
  • 9.7
  • 7.5
• • Statement of changes in equity
• • Total equity at the beginning of the year
  • 7,376.1
  • 8,393.3
  • 8,622.2
  • 9,173.7
  • 10,522.5
• • Total comprehensive income for the year
  • 1,298.5
  • 678.2
  • 1,304.9
  • 1,795.4
  • 1,467.7
• • 8,674.6
  • 9,071.5
  • 9,927.1
  • 10,969.1
  • 11,990.2
• • Contributions of equity, net of transaction costs
  • 95.5
  • –
  • –
  • –
  • –
• • Distributions provided or paid
  • (408.0)
  • (481.2)
  • (504.2)
  • (544.2)
  • (548.5)
• • Other transactions with equity holders
  • 51.3
  • 62.5
  • 82.4
  • 97.6
  • 78.9
• • Movements in other non–controlling interests
  • (20.1)
  • (30.6)
  • (331.6)
  • –
  • –
• • Total equity at the end of the year
  • 8,393.3
  • 8,622.2
  • 9,173.7
  • 10,522.5
  • 11,520.6
• • Cash flow statement
• • Net cash provided by operating activities
  • 830.1
  • 586.4
  • 1,161.2
  • 827.5
  • 1,156.9
• • Net cash provided by/(used in) investing activities
  • 160.0
  • 730.0
  • (26.5)
  • (818.2)
  • (306.4)
• • Net cash used in financing activities
  • (399.6)
  • (556.3)
  • (799.2)
  • (849.2)
  • (660.9)
• • Net increase/(decrease) in cash held
  • 590.5
  • 760.1
  • 335.5
  • (839.9)
  • 189.6
• • Cash at the beginning of the year
  • 746.5
  • 1,337.0
  • 2,095.1
  • 2,406.8
  • 1,607.1
• • Effect of exchange rate fluctuations on cash held
  • –
  • (2.0)
  • (23.8)
  • 40.2
  • (3.9)
• • Cash at the end of the year
  • 1,337.0
  • 2,095.1
  • 2,406.8
  • 1,607.1
  • 1,792.8