Financial Year Ended 31 December 2019 2018 2017 2016 2015
  12 months
(Audited)
12 months
(Audited)
12 months
(Audited)
12 months
(Audited)
12 months
(Audited)
Presented in RM’000          
Gross revenue          
Rental income          
- Realised 95,878 96,685 60,418 57,386 61,607
- Unrealised (in relation to unbilled lease income receivable) 998 559 618 247 331
  96,876 97,244 61,036 57,633 61,938
Property operating expenses (16,210) (17,674) (7,237) (4,084) (3,806)
Net rental income 80,666 79,570 53,799 53,549 58,132
Interest income 1,097 1,339 792 1,585 2,651
Other income 89 90 588 498 487
Gains on disposal of investment property - 3,000 - - -
Changes in fair value of investment properties          
- As per valuation 3,117 49,148 42,604 5,208 23,060
- Unbilled lease income receivable (998) (559) (618) (247) (331)
Net property and investment income 83,971 132,588 97,165 60,593 83,998
 
Manager’s fees (6,653) (6,800) (5,868) (5,075) (4,950)
Trustee’s fees (443) (440) (380) (368) (363)
Valuation Fees (272) (369) (334) - -
Auditors’ fees          
- Audit (135) (128) (105) (105) (105)
- Other services (10) (10) (10) (10) (10)
Tax agent’s fees (10) (16) (10) (10) (10)
Administrative expenses (2,297) (1,693) (870) (1,228) (1,718)
Borrowing costs (33,167) (36,024) (15,328) (13,255) (17,159)
Impairment loss on trade receivables - - - - -
Total trust expenses (42,986) (45,474) (22,911) (20,052) (24,316)
 
Income before taxation 40,985 87,114 74,254 40,541 59,683
Income tax expense (5,490) (5,864) - - -
Net income for the year attributable to unitholders 35,494 81,250 74,254 40,541 59,683
 
Other comprehensive income, net of tax - - - - -
Total comprehensive income for the year attributable to unitholders 35,494 81,250 74,254 40,541 59,683
 
Net income for the year is made up as follows:          
Realised 37,137 37,966 31,650 35,333 36,623
Unrealised          
- Unrealised rental income (in relation to unbilled lease income receivable) 998 599 618 247 331
- Change in fair value of investment properties
- As per valuation 3,117 49,148 42,604 5,208 23,060
- Unbilled lease income receivable (998) (559) (618) (247) (331)
- Deferred tax expense (4,759) (5,864) - - -
  (1,642) 43,285 42,604 5,208 23,060
  35,494 81,250 74,254 40,541 59,683
 
Earnings per unit (sen)          
- Before Manager’s fees 7.353 15.361 13.978 7.958 11.275
- After Manager’s fees 6.192 14.174 12.954 7.073 10.412
 
Net income distribution * 35,540 34,965 31,544 33,818 36,142
Income distribution per unit (sen) * 6.200 6.100 5.503 5.899 6.305

Note:

* Withholding tax will be deducted for distributions made for resident corporate, resident non-corporate, non-resident individual, non-resident corporate and non-resident institutional unitholders.