Funds From operations ($m)2
Funds From Operations, the key metric of IOF's performance, continues to grow.
BOOK VALUE ($BN)
The portfolio is now 100% based in Australia and continues to grow as assets continue to show strong valuation improvements.
RESPONSIBLE ENTITY FEES ($M)
The Responsible Entity fee was aligned with market capitalisation in 2012 and movements reflect the increase in the unit price over the last four years from $2.71 to $4.28.
NABERS ENERGY (STARS)
NABERS ratings demonstrate the outcomes of strategic capital investment in energy saving initiatives, building infrastructure and active asset management.
PER UNIT (cents)
IOF is committed to a sustainable distribution and targets a payout ratio of 95-100% of AFFO through the cycle.
NABERS WATER (STARS)
NABERS Water ratings improved incrementally through increased operational focus on water management. This is despite added demand through the introduction of end-of-trip facilities and increased occupancy.
|Responsible Entity Fees||$m||12.3||11.1||10.1||9.4||8.6|
|Net profit (statutory)||$m||493.8||179.2||183.6||158.7||101.9|
|Funds From Operations||$m||175.6||169.9||162.6||153.5||141.8|
|Funds From Operations Per Unit||cents||28.6||27.7||26.5||25.0||22.3|
|Gearing Ratio (look-through)||%||27.7||28.83||32.03||26.3||21.9|
|Net Tangible Assets Per Unit||$||4.23||3.62||3.35||3.23||3.14|
|No of Unitholders4||#||13,823||15,342||16,236||16,644||17,588|
|Units on Issue4||millions||614.1||614.1||614.1||614.1||614.1|
|Securities on Issue to Top 20 Unitholders4||%||86.6||85.3||83.9||83.1||82.6|
|Total Distributions Per Unit||cents||19.60||19.25||18.50||17.75||17.505|
|Weighted Average Lease Expiry||years||4.8||5.2||5.0||4.9||5.1|
|Net Lettable Area (ownership %)||sqm||421,895||414,080||427,813||502,244||477,533|
|Total Book Value||$bn||3.6||3.3||3.1||2.8||2.5|
|Australian Owned Assets||%||100||100||97||88||87|
|No of Tenants||#||387||446||437||312||312|
|Net Lettable Area (metered)||sqm||457,726||459,760||411,045||409,458||303,641|
|Electricity Metered Consumption||MWh||35,401||37,209||34,617||36,098||27,773|
|Electricity Consumption Intensity||kWh/sqm/yr||77||81||84||88||91|
|Gas Metered Consumption||GJ||25,151||23,810||24,702||31,716||25,327|
|Gas Consumption Intensity||MJ/sqm/yr||78||73||77||99||134|
|Greenhouse Gas Emissions Intensity||kg.CO2-e/sqm/yr||70||73||78||86||86|
|Water Metered Consumption||kL||307,534||310,218||284,508||297,689||245,446|
|Water Consumption Intensity||L/sqm/yr||672||675||692||727||808|
|NABERS Energy Ratings||Stars||4.6||4.4||4.2||4.2||4.0|
|NABERS Water Ratings||Stars||3.9||3.8||3.7||3.7||3.4|
1. Prior year balances have been recalculated where necessary for the 4:1 unit consolidation in 2012.
2. The Responsible Entity considers the non-AAS measure, Funds From Operation (FFO), an important indicator of underlying performance of IOF. FFO was adopted as the primary measure of the underlying earnings from FY13 onwards. To calculate FFO, net profit attributable to unitholders is adjusted to exclude unrealised gains or losses, certain non-cash items such as the amortisation of tenant incentives, fair value gains or losses on investments and other unrealised or one-off items. IOF's FFO calculation is based on Property Council of Australia definition of FFO. Refer to the glossary for the complete definition.
3. The methodology for the calculation of the gearing ratio has been amended during the period to reflect a look-through debt balance that includes the Group's Australian dollar exposure after hedging its US Private Placements (USPPs). The impact on the 30 June 2014 ratio is that the gearing ratio has increased from 31.5%, to 32.0% under the new methodology.
4. As at 31 August of each year.
5. The financial year 2012 normal distribution was 15.6 cents. A special distribution of 1.9 cents was paid following the sale of offshore assets.
6. Environmental intensity statistics cover reporting period 1 April 2015 - 31 March 2016 and have been assured by KPMG. The KPMG Assurance Statement, including selected performance data and the relevant reporting criteria, can be found online at http://www.investa.com.au/iof-sustainability-assurance.
7. IOF assets joined the broader Investa waste and recycling program in FY13. This transition to new contracts includes provision for ongoing reporting.