Financial Summary

Actual for the financial year/period	2011 Year	2010 Year	2009 Year	2008 10 Mths	2007 Year
Operating Revenue ($ millon)	15.44	17.98	21.16	18.94	20.19
Distributable Income ($ million)	8.94	9.78	9.58	7.17	6.81
Net Profit / (Loss) for the Year ($ million)	(14.67)	(7.37)	(21.29)	18.43	29.07
Total Assets ($ million)	175.45	193.03	269.41	304.43	311.53
Total Liability ($ million)	80.48	58.33	118.27	120.04	138.55
Total Debt ($ million)	64.50	42.50	99.00	107.00	124.00
Total Unit Holders Funds ($ million)	94.97	134.70	151.14	184.39	172.98
Units on Issue (million)	161.92	193.33	191.16	189.39	128.63

Financial Ratio	2011 Year	2010 Year	2009 Year	2008 10 Mths	2007 Year
Distributable Earnings Per Unit	5.10	5.06	5.01	4.16	5.51
Distribution (Cents per unit)	4.55	4.50	5.01	4.16	5.51
Gearing Ratio (Total Debt to Gross Property Value %)	38.25%	22.23%	37.10%	35.59%	32.93%
Interest Cover (EBIT/Interest Expense)	3.05	2.56	2.20	1.70	1.80
* May 2007 figures have been restated under the new NZ International Financial Reporting Standards (NZIFRS). Prior to 2007 the accounts were prepared under NZ GAAP.