Stapled Group Note 2023 2022 $’000 $’000 Amount to be distributed to Stapled Securityholders at beginning of the year 77,679 56,515 Total return attributable to Stapled Securityholders and perpetual securities holders 231,255 223,305 Less: Total return attributable to perpetual securities holders (13,495) (13,495) Distribution adjustments A 19,249 (19,976) Income available for distribution to Stapled Securityholders for the year 237,009 189,834 Distribution to Stapled Securityholders 314,688 246,349 Distributions to Stapled Securityholders during the year – Distribution of 1.726 cents per Stapled Security for the period from 20 September 2021 to 31 December 2021 – (56,554) – Distribution of 2.332 cents per Stapled Security for the period from 1 January 2022 to 30 June 2022 – (76,648) – Distribution of 1.078 cents per Stapled Security for the period from 1 July 2022 to 23 August 2022 – (35,468) – Distribution of 2.255 cents per Stapled Security for the period from 24 August 2022 to 31 December 2022 (77,699) – – Distribution of 2.778 cents per Stapled Security for the period from 1 January 2023 to 30 June 2023 (96,209) – – Distribution of 0.701 cents per Stapled Security for the period from 1 July 2023 to 13 August 2023 (24,303) – (198,211) (168,670) Amount to be distributed to Stapled Securityholders at end of the year 116,477 77,679 Note A – Distribution adjustments Distribution adjustment items: – Net change in fair value of investment properties, investment properties under development and assets held for sale (101,132) (122,353) – Revaluation surplus on land and buildings – (5,393) – Net change in fair value of financial derivatives 24,327 (597) – Profit from divestments (16,016) (99) – Investment properties written off 230 78 – Property, plant and equipment written off from renovation at The Robertson House by The Crest Collection 1,248 – – Depreciation expense 38,897 35,773 – Managers’ management fees paid/payable in Stapled Securities 24,669 21,757 – REIT Trustee’s fee 158 175 – Foreign exchange loss – unrealised 15,270 53,821 – Interest expense on lease liabilities 9,716 10,379 – Lease payments for right-of-use assets (18,716) (18,276) – Deferred tax expense 33,723 10,845 – Tax expense relating to the divestment 14,105 14 – Non-controlling interests’ share of adjustments (7,617) (2,215) – Share of results (net of tax) of joint venture – (3,918) – Other adjustments 387 33 Net effect of distribution adjustments 19,249 (19,976) The accompanying notes form an integral part of these financial statements. DISTRIBUTION STATEMENTS Year ended 31 December 2023 Overview Sustainability & Governance Leadership Portfolio & Performance Financial Statements and Other Information ANNUAL REPORT 2023 159
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