Statement of comprehensive income

		Audited 12 months 30 June 2014 R’000		Unaudited 12 months 30 June 2013 R’000	Audited 6 months 30 June 2013 R’000
Revenue		2 514 779		2 223 991	1 099 489
Investment property income		2 432 459		2 036 083	1 008 671
Straight-line rental income accrual		45 055		39 136	15 879
Listed property securities income		37 265		148 772	74 939
Property expenses		(837 822)		(711 184)	(347 277)
Net property income		1 676 957		1 512 807	752 212
Other operating expenses		(82 480)		(56 182)	(26 720)
Operating income		1 594 477		1 456 625	725 492
Net interest		(394 721)		(385 563)	(191 723)
Received		65 645		28 570	17 234
Paid		(460 366)		(414 133)	(208 957)
Net operating income		1 199 756		1 071 062	533 769
Change in fair value		1 532 852		2 254 840	1 403 721
Investment property		1 655 897		1 898 754	1 198 105
Straight-line rental income accrual		(45 055)		(39 136)	(15 879)
Listed property securities (on disposal)		(82 266)		255 535	(2 842)
Derivative instruments		4 276		139 687	224 337
Profit on disposal		190 760		12 532	28 061
Investment property		4 460		(11 796)	90
Associate		17 431
Listed property securities		168 869		(3 643)
Sycom rights offer nil paid letters				27 971	27 971
Amortisation of debenture premium		102 806		299 042	49 119
Gain on bargain purchase (African Land)		102 895
Impairment of goodwill		(7 779)
Income before debenture interest		3 121 290		3 637 476	2 014 670
Debenture interest		(1 147 443)		(1 030 800)	(517 831)
Net income before share of income from associate		1 973 847		2 606 676	1 496 839
Share of income from associate		462		4 406	4 262
Profit before taxation		1 974 309		2 611 082	1 501 101
Taxation		(17 719)		2 047 626	2 239 008
Profit for the year/period		1 956 590		4 658 708	3 740 109
Other comprehensive income
Exchange differences on translation of foreign operations		8 894		313	319
Total comprehensive income for the year/period		1 965 484		4 659 021	3 740 428
Total profit for the year/period attributable to:
Unitholders of the company		1 948 487		4 658 708	3 740 109
Non-controlling interests		8 103
Profit for the year/period		1 956 590		4 658 708	3 740 109
Total comprehensive income attributable to:
Unitholders of the company		1 956 248		4 659 021	3 740 428
Non-controlling interest		9 236
Total comprehensive income for the year/period		1 965 484		4 659 021	3 740 428
Abridged reconciliation — headline earnings and distributable earnings
Net income after taxation		1 948 487		4 658 708	3 740 109
Debenture interest		1 147 443		1 030 800	517 831
Earnings		3 095 930		5 689 508	4 257 940
Headline earnings adjustments		(1 870 232)		(3 621 990)	(3 296 367)
Change in fair value of investment property		(1 650 419)		(1 285 691)	(1 198 105)
(Profit)/loss on disposal: Investment property		(4 460)		11 796	(90)
Associate company (Mantrablox)		(17 431)
Sycom rights offer nil paid letters				(27 971)	(27 971)
Amortisation of debenture premium		(102 806)		(299 042)	(49 119)
Gain on bargain purchase (African Land)		(102 895)
Deferred taxation – investment property				(2 021 082)	(2 021 082)
Impairment of goodwill		7 779
Headline earnings		1 225 698		2 067 518	961 573
Distributable earnings adjustments		(77 098)		(1 035 391)	(444 320)
Change in fair value: Listed property securities		82 266		(210 132)	2 842
Derivative instruments		(4 276)		(139 687)	(224 337)
(Profit)/loss on disposal of listed property securities		(168 869)		3 643
Net income: Hyprop Investments (Mauritius)		(20 929)		(3 789)	(3 789)
Africa Land		(17 590)
Dividends received: Hyprop Investments (Mauritius)		4 770		1 434	1 434
Africa Land		30 308
Capital restructuring costs (2013: Sycom transaction cost)		1 325		3 502	1 791
Taxation				2 963	1 520
Deferred taxation (listed property securities and other)		15 897		(689 356)	(219 812)
Investment in associate (Mantrablox)				(3 969)	(3 969)
Distributable earnings		1 148 600		1 032 127	517 253
Total combined units in issue		243 256 092		243 113 169	243 113 169
Weighted average combined units in issue — for earnings and headline earnings		243 195 790		243 113 169	243 113 169
Basic and diluted earnings per combined unit (cents)		1 273,0		2 340,3	1 751,4
Basic and diluted headline earnings per combined unit (cents)		504,0		850,4	395,5
Distribution details
Total distribution for the year (cents)		472,0		424,0	213,0
Six months ended 30 June (cents)		241,0		213,0	213,0
Six months ended 31 December (cents)		231,0		211,0