Appendix 4E - First State Investments

CPA
CPA
CONTENTS
– Results for announcement
– ASX announcement
– Additional information
– Financial Report
ARSN 086 029 736
Our approach

Commonwealth Property Office Fund (ABN 65 976 185 490)
Appendix 4E - Results for announcement to the market
For the year ended 30 June 2013
12 months to
30-Jun-13 30-Jun-12
Variance
$m $m $m %
2.1 Revenue from ordinary activities (excluding investment property and associates revaluations) 354.6 335.9 18.7
Investment property revaluations - 91.7 (91.7)
Share of associates' revaluations (2.0) 21.4 (23.4)
Total revenue from ordinary activities 352.6 449.0 (96.4) (21.5)
Expenses from ordinary activities (excluding investment property and derivatives revaluations) 166.7 153.7 13.0
Investment property revaluations 38.1 - 38.1
Financial derivatives revaluations 2.4 38.9 (36.5)
Total expenses from ordinary activities 207.2 192.6 14.6 7.6
2.2 Profit from ordinary activities after tax 145.4 256.4 (111.0) (43.3)
2.3 Net profit 145.4 256.4 (111.0) (43.3)
Distribution per unit
Cents 1 Record date
Payment
date
2.4/2.5 Interim 3.20 31-Dec-12 28-Feb-13
Final 3.35 28-Jun-13 28-Aug-13
Total 6.55
2.6
For explanation of figures in 2.1 to 2.4 refer to the attached documents: ASX announcement, Additional information and Financial Report.
Share of net profits 2
Ownership Interest 12 months to 12 months to
30-Jun-13 30-Jun-12 30-Jun-13 30-Jun-12
Details of associates % % $m $m
11 Associates
Kent Street Trust 3 - 50.0 3.2 5.5
Grosvenor Place Holdings Trust 50.0 50.0 11.8 31.1
Site 6 Homebush Bay Trust 50.0 50.0 3.2 5.1
Site 7 Homebush Bay Trust 50.0 50.0 3.9 6.6
PIF Managed Property Pty Limited 50.0 50.0 - -
Grosvenor Place Pty Limited 25.0 25.0 - -
Other information required under ASX Listing Rule 4.3A
Page
Statement of comprehensive income (Rule 4.3A Item No. 3) 11
Statement of financial position (Rule 4.3A Item No. 4) 12
Statement of cashflows (Rule 4.3A Item No. 5) 13
Statement of changes in equity (Rule 4.3A Item No. 6) 14
Distributions (Rule 4.3A Item No. 7) Above, 30
Distribution reinvestment plans (Rule 4.3A Item No. 8)
N/A
Net tangible assets per security (Rule 4.3A Item No. 9) 56
Details of entities over which control has been gained or lost during the year
(Rule 4.3A Item No. 10) Above, 34
Details of associates (Rule 4.3A Item No. 11) Above, 34
Other significant information (Rule 4.3A Item No. 12)
Summary of significant accounting policies 15
Events occurring after the reporting date 55
Foreign entities (Rule 4.3A Item No. 13)
N/A
Commentary on results (Rule 4.3A Item No. 14)
ASX Announcement - Annual Results
The information presented above is based upon the audited Financial Report for 30 June 2013. Refer to page 58 - Independent auditor's report.
Michelle Brady Date: 20 August 2013
Company Secretary
Notes
1 The franked amount per unit for the year ended 30 June 2013 is 0.0072 cents. Details of the full-year tax components of distributions will be provided in the Annual Tax
Statements which will be sent to unitholders on 28 August 2013.
2 Includes investment property valuation gains/(losses).
3 On 10 April 2013, the Fund purchased the remaining 50% of the units in the Kent Street Trust. The Fund's 100% interest in the Kent Street Trust represents control.
As such the Fund gained control over the Kent Street Trust from 10 April 2013. The Kent Street Trust is consolidated from this date.

Responsible Entity:
Commonwealth Managed Investments Limited
ABN 33 084 098 180
AFSL 235384
Colonial First State Property Limited
ABN 20 085 313 926
Manager of Commonwealth Property Office Fund
Registered Address:
Ground Floor, Tower 1, 201 Sussex Street
Sydney NSW 2000 Australia
Principal Office of the Manager:
Level 4, Tower 1, 201 Sussex Street
Sydney NSW 2000 Australia
Telephone: 02 9303 3500
Facsimile: 02 9303 3622
20 August 2013
COMMONWEALTH PROPERTY OFFICE FUND (CPA)
Annual results for the 12 months ended 30 June 2013
Commonwealth Property Office Fund (CPA or the ‘Fund’) has met the challenges of a difficult office market
environment to deliver investors a distribution of 6.55 cents per unit for the year ended 30 June 2013, a 7.6%
increase on the prior year.
Angus McNaughton, Managing Director, Property, Colonial First State Global Asset Management, said: “While
the Australian office markets continued to face a number of obstacles, with weak business confidence and
soft tenant demand contributing to higher vacancy, CPA has delivered another creditable full-year result.”
Charles Moore, CPA Fund Manager, said: “Our commitment to optimising the performance of our portfolio of
quality Australian office assets to deliver long-term sustainable returns to investors has resulted in another
positive outcome for our unitholders. CPA ended the year with an improved portfolio quality, a strong and
flexible balance sheet, and an increase in distributions being declared.”
Key operating highlights for the year included:
net profit of $145.4 million compared to $256.4 million in the prior year, decreasing 43.3%
predominantly due to reduced valuation increases and some valuation losses
Funds From Operations (FFO) 1 increasing 3.1% to $207.0 million, up from $200.8 million in the prior
year 2
distribution of 6.55 cents per unit for the full year, which was up 7.6% on the prior year and reflected a
74.3% payout ratio of FFO
net property income growth of 5.1% and like-for-like 3 property income growth of 2.0%
net tangible asset backing (NTA) per unit declining slightly to $1.15, from $1.16 at 30 June 2012
total assets of $3.8 billion increasing marginally from $3.7 billion in the prior year
restructuring $665 million of debt including $210 million in medium term note issuances
maintaining a conservative gearing position of 25.2% 4 , up from 24.0% at 30 June 2012
preserving a low weighted average cost of debt at 5.6%
securing a solid occupancy level of 96.2% 5 with the successful leasing or renewal of 69,860 sqm of
space, resulting in a weighted average lease expiry profile (by income) of 4.3 years 6
achieving an average 4.1% increase in rents following the completion of rent reviews over 652,355 sqm
of space (82.6% of the portfolio)
acquiring a further 25% interest in 201 Kent Street, Sydney for $77.3 million excluding transaction costs
1
From 1 July 2012, FFO replaced Distributable Income. FFO is a key earnings measure used by management to assess the operating
performance of the Fund. FFO equals net profit excluding: fair value adjustments from investment properties, associates and
derivatives; straight-lining revenue; the movement in fair value of unrealised performance fees; non-cash convertible notes interest
expense; the amortisation of fit-out incentives, cash incentives and leasing commissions and adjustments for other items.
2 30 June 2012 has been restated to reflect the adoption of FFO on 1 July 2012 which resulted in the Fund adding back amortisation of fitout
incentives, cash incentives and leasing commissions totalling $18.5 million to the net profit for the year ended 30 June 2012, to
enable a like-for-like comparison to be made.
3 Net property income and like-for-like net property income are unaudited, non-IFRS financial information and are not key earnings
measures of the Fund. They are used by management to monitor the performance of the property portfolio. Please refer to Appendix 3
for the calculation of net property income and like-for-like net property income.
4 Gearing equals borrowings as a proportion of total assets. For this calculation, total assets exclude the fair value of derivatives and
borrowings is the amount drawn down as per Note 11 of the Financial Report, adjusted for the fair value of cross currency swaps.
5 By income.
6 Excluding 5 Martin Place, Sydney (withdrawn for development).

selling 45 Pirie Street, Adelaide for $87.0 million (excluding transaction costs), Site 4B at Sydney
Olympic Park and an option over 8 Exhibition Street, Melbourne, in line with our asset recycling
strategy
commencing construction on the jointly-owned office development at 5 Martin Place, Sydney,
following law firm Ashurst committing to lease 44% of the project (by office area)
completing the 145 Ann Street development project in Brisbane
being ranked first globally in the 2012 Global Real Estate Sustainability Benchmark Survey and the
Carbon Disclosure Project for Australia and New Zealand, in addition to being the overall winner of the
2012 Best Practices Awards in the Mature Markets category from the Asia Pacific Real Estate
Association (APREA), and
achieving our long-term target of a portfolio weighted average NABERS Energy rating of 4.5-stars
(excluding GreenPower).
The Fund will pay an annual distribution of $153.7 million compared to $144.2 million for the prior year. The
distribution, which equates to 6.55 cents per unit and a payout ratio of 74.3% of FFO, is in line with the Fund’s
policy of distributing 70% to 80% of FFO, or the Fund’s taxable income, whichever is greater for any financial
period. The distribution will be paid on 28 August 2013.
For more information on CPA’s performance during the period, refer to the Appendix 4E which was released
today and can be found on CPA’s website, cfsgam.com.au/cpa
Financial results
CPA’s net profit for the financial year ended 30 June 2013 was $145.4 million, compared to $256.4 million for
the previous year. The profit included a net loss on investment properties and associates valuations of
$40.1 million 7 (compared to a $113.1 million net gain for the previous year), and a net loss on the fair value of
derivatives of $2.4 million (compared to a net loss of $38.9 million for the previous year).
FFO increased 3.1% to $207.0 million, up from $200.8 million in the prior year.
Total net property income was up 5.1% to $255.9 million due to additional income received from the
acquisitions of 10 Eagle Street, Brisbane and a further 25% of 201 Kent Street, Sydney, as well as the
completion of 145 Ann Street, Brisbane, which was partially offset by sales in the prior year. On a like-for-like
basis, net property income was up 2.0%.
Investment performance
The Fund delivered a strong total return 8 of 15.5% for the 2013 financial year, albeit below the S&P/ASX 200
Property Accumulation Index (the ‘Index’).
Over the five and 10-year periods, the Fund outperformed the Index by 4.1 and 3.3 percentage points per
annum respectively, and underperformed over the one and three year periods.
The performance fee entitlement is calculated every six months and is capped at 0.15% of the Fund’s gross
asset value for each six-month period with any over/underperformance carried forward. In accordance with
the Fund’s Constitution, the fee is paid only when there is a period of absolute positive performance; otherwise
it is accrued until such a period occurs.
The Fund changed its performance fee benchmark 9 at the beginning of the year to the S&P ASX 200 Property
Accumulation Index, excluding CPA. This benchmark contains a larger number of entities with which to better
compare CPA’s performance.
The Fund underperformed the benchmark by 9.9 and 1.5 percentage points to 31 December 2012 and
30 June 2013 respectively. Combined with prior period underperformance, the Manager was not entitled to a
performance fee. Accrued underperformance of 22.6% will be carried over to the next reporting period in
accordance with the performance fee formula.
Further details of the performance fee are detailed in Note 14(d)(ii) of the Financial Report.
7 Including net gains or losses on asset sales.
8 Total return comprises unit price performance and distribution income yield.
9 The performance fee benchmark (‘benchmark’) for the period was the S&P/ASX 200 Property Accumulation Index customised to
remove the effect of CPA on the benchmark. A 20-day volume weighted average price (VWAP) is applied to both the CPA index and
the benchmark. Prior to 1 July 2012, the benchmark was the S&P ASX 200 Commercial Accumulation Index.
2

Transactions
CPA has not wavered from its long-held strategy of actively managing a portfolio of quality Australian office
assets to optimise performance. Recycling capital continues to be a key component of our strategy. In the
period, we sold a non-core development site at Sydney Olympic Park and an option over 8 Exhibition Street,
Melbourne, as well as a mature office building at 45 Pirie Street, Adelaide. Proceeds of $92.9 million from
these transactions will be initially applied to pay down debt and provide balance sheet flexibility.
In April 2013, we acquired a further 25% interest in the Sydney CBD office building at 201 Kent Street for
$77.3 million, taking our ownership in this property to 50%. The transaction was accretive to earnings and
provides CPA with greater exposure to an outstanding A-grade office building with high occupancy of 98.4% 10 .
This transaction, along with better than anticipated leasing outcomes across the portfolio and a marginally
higher payout ratio, were key contributors to the Fund’s stronger distribution outcome for the year.
Capital management
Despite lingering global economic concerns, credit market conditions improved throughout the year as interest
rates reduced and demand from corporate bond investors put downward pressure on margins.
Mr Moore said: “Over the past year we have seen further liquidity in capital markets and strengthening
demand for quality borrowers, with margins continuing to compress.”
During the year, the Manager:
issued $185 million of 7-year MTNs at a 5.25% coupon
issued $25 million of 10-year MTNs at a 5.75% coupon
extended a $300 million bank debt facility for 26 months
repaid $83 million of US Private Placement notes, and
cancelled a $155 million short-term bank debt facility.
At year end, CPA had $345.0 million 11 of undrawn debt facilities and the gearing level was 25.2%, up from
24.0% at 30 June 2012, with borrowings of $948.9 million 12 . The weighted average debt maturity was
3.9 years and the weighted average interest rate (including line fees and margins) remained competitive at
5.6%. The Fund’s debt was 95.9% hedged. On hedged debt, the weighted average maturity was 4.0 years
and the weighted average interest rate on hedged debt was 5.1% (including convertible notes and fixed-rate
medium term notes and excluding line fees and margins).
Portfolio update
Total assets at 30 June 2013 were $3.8 billion, increasing marginally from $3.7 billion at 30 June 2012.
At 30 June 2013, the Fund’s portfolio consisted of 25 properties, located in major office markets across
Australia, with 46.3% of the portfolio (by value) in Sydney and 30.0% in Melbourne. The majority of assets are
occupied by blue chip tenants with low risk profiles. The top 15 tenants contribute 51.7% of the Fund’s
income.
Leasing
During the year, 69,860 sqm in new and renewed leases were successfully negotiated, maintaining a solid
occupancy level of 96.2% (by income) across the portfolio. Leasing and renewal activity has contributed to the
portfolio’s long weighted average lease expiry profile, or WALE (by income), of 4.3 years at 30 June 2013
(4.9 years at 30 June 2012). See Appendix 1 for further details.
Major lease deals for the year included:
Ashurst underpinning the start of construction on 5 Martin Place, Sydney, with a 13,871 sqm precommitment,
and
AON Corporation renewing for a 10-year period at 201 Kent Street, Sydney, for 10,964 sqm of space.
10 By income.
11 This has been reduced by the $100 million of short term notes on issue.
12
Borrowings is the amount of debt drawn as per Note 11 of the Financial Report, equal to $931.9 million, adjusted for the $17 million
liability value of cross currency swaps.
3

In addition, we have agreed terms over an additional 44,477 sqm of space, including:
Confidential terms being agreed for a new 12-year lease over 15,000 sqm of office space and CBA
renewing 3,660 sqm of retail space for 10-years at 385 Bourke Street, Melbourne
BNP Paribas agreeing to a new 10-year lease over 5,397 sqm of space at 60 Castlereagh Street,
Sydney, and
Two tenants agreeing to separate lease agreements at 108 North Terrace, Adelaide for seven and
five-year terms respectively across 10,805 sqm of space.
Rental reviews
Rental reviews over 652,355 sqm of tenanted space (82.6% of the portfolio) were undertaken during the year
(see Appendix 2 for further details), achieving an average rental increase of 4.1%. Of the space reviewed,
93% was subject to fixed rental increases with the remainder reviewed to market.
In the 2014 financial year, 606,546 sqm (76.7% of the portfolio) is subject to review, with 93% of the area
subject to fixed reviews at an average increase of 4.5% 13 and the remainder to be reviewed to market.
Asset valuations
The Fund’s annual asset valuation program was this year reflective of the challenging conditions present in
Australian office markets. While asset values remained largely static over the 12-month period, two significant
upcoming lease expiries at 10 Shelley Street, Sydney, and 385 Bourke Street, Melbourne, along with the
Finlay Crisp Centre in Canberra which was impacted by poor market fundamentals, were key drivers of a
$40.1 million unrealised net loss on investment properties and associates valuations.
The weighted average capitalisation rate of the portfolio softened marginally from 7.5% at 30 June 2012 to
7.6% at 30 June 2013.
Mr Moore said: “We are encouraged by solid transaction activity levels in the market. However we expect
valuations to be predominantly driven by the strength of asset cash flows rather than any tightening in
valuation metrics.”
Development underway
5 Martin Place, Sydney
Construction of the jointly-owned 5 Martin Place development is well underway with completion expected in
early 2015. Main contract works on the $215 million project (CPA share) commenced upon securing law firm
Ashurst for over 44% of the office area.
On completion in early 2015, the existing historic building will be transformed and integrated into a new
structure to form a 31,280 sqm office building with floor plates ranging from 1,100 sqm to 2,400 sqm.
The historic banking chamber will also be transformed into 2,580 sqm of retail space fronting Pitt Street.
The project will target a 5-star Green Star rating, a 5-star NABERS Energy rating and a 5-star NABERS Water
rating.
Estimated cost (CPA share)^
CPA cost to complete
$215 million
$153 million
Target year-one yield ~7%*
Target internal rate of return >10%
Office NLA on completion
Retail GLA on completion
31,280 sqm
2,580 sqm
^This represents CPA’s 50% interest including land, construction costs, incentives, leasing fees and an allowance for finance costs.
* On a fully-leased basis on completion.
13 Average rental increase for the year to 30 June 2014 is based on all fixed rent reviews.
4

Major refurbishment projects underway
385 Bourke Street, Melbourne
The centrally located Melbourne CBD property at 385 Bourke Street is to undergo a major refurbishment
project to reposition this asset in the market. The $64 million project 14 will involve the complete refurbishment
of 15 levels or 18,000 sqm of office space into modern A-grade office accommodation, the extension and
refurbishment of the ground floor office foyer as well as the reconfiguration and refurbishment of the Galleria
retail space. Upon completion, this asset will provide quality office space in the heart of Melbourne’s CBD at
rentals comparable to Docklands.
Works are expected to commence in September 2013, with completion in August 2014.
180 Lonsdale Street, Melbourne
This asset will be extensively refurbished with works to commence in August 2013 and completion targeted
for April 2014. Works are estimated to cost $17 million 14 (representing CPA’s 50% interest) and will involve
the refurbishment of 10 office levels over 18,000 sqm and will incorporate a foyer upgrade. Featuring large
floor plates, abundant natural light, quality services and amenities, and competitive rents, this A-grade asset is
well positioned to attract quality tenants.
108 North Terrace, Adelaide
In conjunction with the successful leasing up of 10,805 sqm of office space in this A-grade building, at least
five floors of this building will be extensively refurbished. The $27 million program 14 will commence in
December 2013 and is expected to be completed in June 2015.
Responsible property investment
Mr Moore said: “CPA continues to demonstrate leadership among office property owners and managers in the
field of responsible property investment. Our efforts have again garnered the Fund outstanding global
recognition.”
During the period, CPA was ranked number one:
globally in the Global Real Estate Sustainability Benchmark (GRESB)
in the Australian and New Zealand Carbon Disclosure Project (CDP), and
in the Asia Pacific Real Estate Association’s awards for best practice in the Mature Markets category.
The Fund was also again included in the FTSE4Good, DJSI World, DJSI Asia Pacific and the Australian SAM
Sustainability Index (AuSSI) indices, and has been a member of DJSI since 2003.
At a portfolio level, we achieved our long-term target of reaching a 4.5-star weighted portfolio NABERS
Energy rating, and our portfolio now carries a weighted average 3.7-star NABERS Water rating.
Since July 2007, we have avoided $12.0 million in energy costs, $0.5 million in water costs and $0.5 million in
waste costs 15 . Our office buildings:
are 40.8% more energy efficient 16
are 27.5% more water efficient 16
have 41.1% lower emissions intensity 16 , and
have achieved 67% waste diversion 17 from landfill.
Mr Moore said: “This year we engaged with our stakeholders to identify environmental, social and governance
(ESG) issues that are material to them. By identifying our stakeholders’ level of interest and engagement
compared to CPA on a range of ESG matters, we have been able to prioritise these into our business model.”
Comprehensive detail in relation to the Fund’s approach to responsible property investment can be found on
CPA’s website cfsgam.com.au/cpa
14
Includes construction costs, incentives and leasing fees.
15
Since FY11.
16 Since FY07.
17 For FY13, includes those properties where CPA has operational control over the waste and recycling program.
5

Internalisation proposal
On 24 July 2013, the Commonwealth Managed Investments Limited (CMIL) Board announced it had received
a highly conditional, indicative and incomplete proposal from Commonwealth Bank of Australia to internalise
the management of CPA.
The CMIL Board has established an Independent Board Committee (IBC) of independent Directors, being
Chairman Richard Haddock AM, Nancy Milne OAM and James Kropp, to consider the proposal.
Mr Haddock said: “The Board of CMIL can give no assurance that the proposal or any other proposal will
proceed. It is also noted that the approval of CPA unitholders would be required.”
“The IBC has engaged independent advisers to assist in its consideration of the proposal and will update the
market when it is in a position to do so,” Mr Haddock said.
Outlook
Mr Moore said: “Notwithstanding a very solid 2013 financial year performance, we remain cautious about the
year ahead. While signs are emerging that the global economic environment is improving, this is yet to
translate into business confidence which, upon its return, will drive stronger office leasing demand in many of
the major Australian office markets. We are, however, encouraged by some positive economic indicators such
as rising global stock markets, a lower Australian dollar and stabilising business confidence.
“In the short term, the CPA portfolio does have some leasing challenges, particularly in Melbourne. Within
this context, we will target a distribution for the 2014 financial year at the mid-point of 70% to 80% of FFO and
consequently provide full-year distribution guidance of 6.55 cents 18 per unit,” Mr Moore concluded.
ENDS
For further information please contact:
Charles Moore
Angus McNaughton
Fund Manager
Managing Director, Property
Commonwealth Property Office Fund
Colonial First State Global Asset Management
Phone: +61 2 9303 3438 Phone: +61 2 9303 3765
Email: chmoore@colonialfirststate.com.au
Email: amcnaughton@colonialfirststate.com.au
Investor and media contacts:
Penny Berger
Mathew Chandler
Head of Investor Relations and Communications Investor Relations and Communications Manager
Colonial First State Global Asset Management Colonial First State Global Asset Management
Phone: +61 2 9303 3516 or +61 402 079 955 Phone: +61 2 9303 3484 or +61 407 009 687
Email: pberger@colonialfirststate.com.au
Email: mathewchandler@colonialfirststate.com.au
About Commonwealth Property Office Fund
CPA is an office sector-specific Australian Real Estate Investment Trust (A-REIT) which invests in prime
quality office property located in central business districts and major suburban markets across Australia. The
Fund is managed by entities within CFSGAM Property on behalf of more than 22,000 investors from
20 countries. At 30 June 2013, the Fund comprised 25 assets with a total asset value of $3.8 billion.
About CFSGAM Property
CFSGAM Property is the specialist property division of Colonial First State Global Asset Management, and is
one of the largest real estate fund managers in Australia with $17 billion in funds under management.
CFSGAM Property offers a fully integrated real estate investment platform including investment management,
asset management, development management, origination and execution. CFSGAM Property manages a
suite of wholesale investment products, as well as three listed real estate investment trusts in Australia and
New Zealand.
18
Assuming no performance fees are payable for the full 12-month period, the Fund’s taxable income is no more than 6.55 cents per unit
and there is no unforeseen material deterioration in existing economic conditions. Guidance is based upon the current operating
model. Refer to Note 20 of the Financial Report for details concerning potential changes to this operating model, which may impact
upon future distributions.
6

Commonwealth Property Office Fund
Appendix 1 - Major leasing activity (over 500 sqm)
For the year ended 30 June 2013
Property Tenant Level / suite
Area
sqm
Lease
commence
-ment
New South Wales
201 Miller Street, North Sydney Nestle 21-22 1,099 1-Nov-12 6.0 530 Net Annual 4% increases
201 Miller Street, North Sydney Nestle 9 669 1-Nov-12 6.0 471 Net Annual 4% increases
201 Miller Street, North Sydney Nestle 4 668 1-Nov-12 6.0 430 Net Annual 4% increases
201Kent Street, Sydney Aon Corporation Part level 5 & 26, 27-34 10,964 3-Jul-12 10.0 620 Net Annual 3.75% increases with market review at year 4
201 Kent Street, Sydney Bacardi Lion Level 8 560 1-Oct-13 1.0 655 Net NA
225 George Street, Sydney Barclays 42 1,672 1-Jul-13 3.0 1,225 Gross Annual 4% increases
225 George Street, Sydney Itochu Part level 31 986 1-Mar-13 8.0 1,235 Gross Annual 4% increases
225 George Street, Sydney Colliers Part level 21 838 1-Oct-12 3.1 750 Gross Annual 4% increases
225 George Street, Sydney Sumitomo Part level 33 780 22-Aug-13 7.0 1,220 Gross Annual 4% increases
5 Martin Place, Sydney Ashurst 5-11 13,871 1-Mar-15 10.1 NA Net NA
56 Pitt Street, Sydney NEHTA Part level 21, 25 1,240 1-Sep-12 3.0 841 Gross Annual 4.25% increases
56 Pitt Street, Sydney Infigen Energy 22 823 1-May-13 5.0 830 Gross Annual 4% increases
56 Pitt Street, Sydney Lynas Services 701 780 1-Mar-13 5.0 750 Gross Annual 4% increases
56 Pitt Street, Sydney Philip Services 901 779 15-Mar-13 5.0 700 Gross Annual 4% increases
56 Pitt Street, Sydney Insurance Council of Australia 401 778 21-Nov-13 5.0 690 Gross Annual 4% increases
60 Castlereagh Street, Sydney Centric Services Level 9-10 2,247 1-Jan-13 7.0 638 Net Annual 4% increases
60 Castlereagh Street, Sydney Shaw Stockbroking Part level 15, 16 1,800 1-Nov-12 6.5 875 Gross Annual 4% increases
Victoria
2 Southbank Boulevard, Melbourne Vanguard Investments Part level 36, 33 - 34 3,439 30-Jun-13 7.0 500 Net Annual 3.0% increases in years 1-3, 4.0% increases thereafter
2 Southbank Boulevard, Melbourne Acciona Energy 12 1,804 1-Sep-12 7.0 430 Net Annual 4% increases
Queensland
10 Eagle Street, Brisbane Adani Mining 25 954 25-Sep-12 7.0 686 Gross Annual 4% increases
South Australia
11 Waymouth Street, Adelaide SA Water 12, 15 3,192 1-Nov-12 10.0 515 Net Annual 3.5% increases with market review at year 6
45 Pirie Street, Adelaide SA Government 16 1,115 1-Mar-12 5.4 465 Gross Annual 3.5% increases
45 Pirie Street, Adelaide AAPT Part level 1 641 1-Jul-13 5.0 450 Net Annual 4% increases
Term
years
New
rent
$/sqm
Rent
type
net/gross
Rent
review
structure
*100% ownership basis

Commonwealth Property Office Fund
Appendix 2 - Major rent reviews (over 500 sqm)
For the year ended 30 June 2013
Property Tenant Level / suite
Australian Capital Territory
Finlay Crisp Centre - Nara House, Canberra ACT Government Whole building 7,506 1-Jul-12 Fixed 400 416 Gross 4.0%
New South Wales
10 Shelley Street, Sydney KPMG Part ground, 2-15 26,261 1-Feb-13 Fixed 681 721 Net 5.9%
10 Shelley Street, Sydney KPMG 1 1,461 1-Feb-13 Fixed 607 637 Net 5.0%
101 George Street Paramatta Commonwealth Bank of Australia 3-11 17,625 9-Nov-12 Fixed 450 468 Gross 4.0%
150 George Street, Paramatta Commonwealth Bank of Australia Whole building 21,964 23-Nov-12 Fixed 339 352 Net 3.8%
175 Pitt Street, Sydney Federal Government 2-5 4,142 1-Jul-12 Fixed 520 541 Net 4.0%
175 Pitt Street, Sydney Kemp Strang Part level 17, 14-16 3,854 1-Jul-12 Fixed 564 587 Net 4.0%
175 Pitt Street, Sydney Federal Government 19-21 3,137 1-Apr-13 Fixed 646 672 Net 4.0%
175 Pitt Street, Sydney Employers Mutual Management Part level 11, 12-13 2,576 1-Jan-13 Fixed 567 589 Net 4.0%
175 Pitt Street, Sydney Bendigo & Adelaide Bank Mezzanine - 1 2,453 1-Jan-13 Fixed 536 557 Net 4.0%
175 Pitt Street, Sydney Tax Institute of Australia 10 987 1-Apr-13 Fixed 570 593 Net 4.0%
175 Pitt Street, Sydney State Super 9 946 1-Sep-12 Fixed 540 562 Net 4.0%
175 Pitt Street, Sydney Cushman and Wakefield Part level 18 689 1-Dec-12 Fixed 620 645 Net 4.0%
175 Pitt Street, Sydney (retail) Fitness First Basement 1,410 3-Sep-12 Fixed 633 659 Gross 4.0%
2 Dawn Fraser Ave, Sydney Olympic Park Commonwealth Bank of Australia Part ground, 1-7 18,803 23-Dec-12 Fixed 322 332 Net 3.3%
2 Dawn Fraser Ave, Sydney Olympic Park Commonwealth Bank of Australia Part ground 957 23-Dec-12 Fixed 539 557 Gross 3.3%
201 Miller Street, North Sydney Gallagher Bassett 5-8, 12-13 3,998 1-May-13 Fixed 437 454 Net 4.0%
201 Miller Street, North Sydney Wipro 17 665 1-Jan-13 Fixed 519 540 Net 4.0%
201 Miller Street, North Sydney McAffee 20 665 1-Feb-13 Fixed 503 523 Net 4.0%
201 Miller Street, North Sydney McAffee 19 665 1-Feb-13 Fixed 498 517 Net 4.0%
201 Miller Street, North Sydney Jobpac 1 659 1-Aug-12 Fixed 420 437 Net 4.0%
201 Kent Street, Sydney ARUP 9,10 3,482 1-Oct-12 Fixed 543 566 Net 4.3%
201 Kent Street, Sydney KBR 12,13 3,482 1-Jun-13 Fixed 583 609 Net 4.5%
201 Kent Street, Sydney Austrade 22,23 2,650 1-May-13 Fixed 573 593 Net 3.5%
201 Kent Street, Sydney Soul Pattinson Telecommunications L14 1,741 1-Mar-13 Fixed 573 596 Net 4.0%
201 Kent Street, Sydney Lend Lease 15 1,698 1-Nov-12 Fixed 602 631 Net 4.7%
201 Kent Street, Sydney Bupa Care Services 19 1,325 1-Jul-12 Fixed 584 607 Net 4.0%
201 Kent Street, Sydney I-Med Network 24 1,325 1-Jan-13 Market (with ratchet) 600 625 Net 4.2%
201 Kent Street, Sydney NSW Electoral Commission 25 1,325 1-Dec-12 Market (without ratchet) 608 633 Net 4.1%
201 Kent Street, Sydney Aberdeen Asset Management Part level 6 1,021 1-Apr-13 Fixed 530 551 Gross 4.0%
201 Kent Street, Sydney White Energy Company Part level 20 828 1-Oct-12 Fixed 607 630 Net 3.7%
201 Kent Street, Sydney Adconian Part level 11 692 1-Feb-13 Fixed 550 573 Net 4.3%
201 Kent Street, Sydney Lachlan Partners Part level 18 619 15-May-13 Fixed 612 636 Net 4.0%
201 Kent Street, Sydney 18201 Kent Street Part level 18 590 1-Mar-13 Fixed 615 641 Net 4.3%
201 Kent Street, Sydney Plus Fitness Part level 2 588 1-Dec-12 Fixed 158 164 Gross 4.0%
201 Kent Street, Sydney Barcardi Lion 8 560 1-Oct-12 Fixed 625 655 Net 4.7%
201 Kent Street, Sydney NSW Government Part level 21 507 1-Dec-12 Market (without ratchet) 588 620 Net 5.5%
225 George Street, Sydney Deloitte 1 - 11,14,15 22,120 1-Dec-12 Fixed 910 950 Gross 4.4%
Area
sqm
Review
date
Review
type
Passing
rent
$/sqm
New
rent
$/sqm
Rent
type
net/gross
Variance
%
* 100% ownership basis

Commonwealth Property Office Fund
Appendix 2 - Major rent reviews (over 500 sqm)
For the year ended 30 June 2013
Property Tenant Level / suite
225 George Street, Sydney Ashurst 35-42 13,793 1-Jul-12 Fixed 990 1,032 Gross 4.3%
225 George Street, Sydney Norton Rose 16-20 9,163 1-Jan-13 Fixed 1,034 1,076 Gross 4.0%
225 George Street, Sydney Blackrock 43-44 3,992 1-Aug-12 Fixed 1,117 1,162 Gross 4.0%
225 George Street, Sydney McCann RNH Grd - 6 3,959 1-Sep-12 Fixed 365 386 Gross 5.8%
225 George Street, Sydney Ethereal 13 1,916 1-Jul-12 Fixed 884 920 Gross 4.1%
225 George Street, Sydney RGA 23 1,878 1-Jul-12 Fixed 746 780 Gross 4.7%
225 George Street, Sydney Barclays Bank Part level 42 1,672 1-Aug-12 Fixed 1,149 1,195 Gross 4.0%
225 George Street, Sydney Man Investments Part level 21 753 1-Mar-13 Fixed 925 962 Gross 4.0%
34-36 George Street Burwood Rail Corporation NSW Part ground, 2, 3 7,241 1-Nov-12 Fixed 300 311 Net 3.5%
36 George Street Burwood Rail Corporation NSW Part ground, 1, 4 6,127 1-Nov-12 Fixed 315 328 Net 4.0%
36 George Street Burwood Hewlett-Packard 4 3,092 10-Oct-12 Fixed 316 329 Net 4.0%
4 Dawn Fraser Ave, Sydney Olympic Park Commonwealth Bank of Australia Part ground, 1-7 13,515 22-Aug-12 Fixed 322 332 Net 3.3%
4 Dawn Fraser Ave, Sydney Olympic Park Commonwealth Bank of Australia Part ground 798 22-Aug-12 Fixed 539 557 Net 3.3%
56 Pitt Street, Sydney The Donnington Group 15 824 1-Jul-12 Fixed 779 810 Gross 4.0%
56 Pitt Street, Sydney Insurance Council of Australia 4 778 21-Nov-12 Fixed 685 716 Gross 4.5%
56 Pitt Street, Sydney Transocean Part level 5 584 1-Sep-12 Fixed 660 686 Gross 4.0%
56 Pitt Street, Sydney QIC Part Level 12 523 1-May-13 Fixed 738 768 Gross 4.0%
60 Castlereagh Street, Sydney Banque Nationale De Paris 2, 4-8 8,675 1-Jul-12 Market (without ratchet) 375 398 Net 6.2%
60 Castlereagh Street, Sydney Pitcher Partners 3 1,678 1-Mar-13 Fixed 677 705 Gross 4.0%
60 Castlereagh Street, Sydney Balmain NB Commercial Managers 14 1,191 14-Feb-13 Fixed 815 848 Gross 4.0%
60 Castlereagh Street, Sydney RMB Australia 13 1,190 1-Apr-13 Fixed 947 990 Gross 4.5%
60 Castlereagh Street, Sydney Goodman International 18 1,189 1-Dec-12 Fixed 850 882 Gross 3.8%
60 Castlereagh Street, Sydney Birdanco Nominees 12 1,171 1-Apr-13 Fixed 850 882 Gross 3.8%
60 Castlereagh Street, Sydney Verandah Bar Ground level Elizabeth St 785 1-Oct-12 CPI 808 826 Gross 2.2%
60 Castlereagh Street, Sydney Jones Lang LaSalle Part level 1 584 31-Oct-12 Fixed 720 749 Gross 4.0%
60 Castlereagh Street, Sydney Birdanco Nominees Part level 19 571 1-Apr-13 Fixed 893 927 Gross 3.8%
South Australia
11 Waymouth Street, Adelaide SA Government 2-8 10,960 1-Feb-13 Fixed 456 474 Gross 4.0%
11 Waymouth Street, Adelaide Australian Bureau of Statistics 9-11 4,581 1-Feb-13 Fixed 482 499 Gross 3.5%
11 Waymouth Street, Adelaide ANZ 20, 21 2,928 1-Feb-13 Fixed 439 455 Net 3.5%
11 Waymouth Street, Adelaide Deloitte 16,17 2,904 1-Feb-13 Fixed 421 437 Net 3.8%
11 Waymouth Street, Adelaide SA Government 18 1,611 1-Feb-13 Fixed 433 449 Net 3.8%
11 Waymouth Street, Adelaide Federal Government 13 1,391 1-Feb-13 Fixed 505 525 Gross 4.0%
11 Waymouth Street, Adelaide ANZ Part level 19 716 1-Feb-13 Fixed 445 461 Net 3.5%
11 Waymouth Street, Adelaide WSP Buildings 19 709 1-Feb-13 Fixed 427 444 Net 4.0%
11 Waymouth Street, Adelaide Woods Bagot Part level 14 677 1-Feb-13 Fixed 438 456 Net 4.0%
11 Waymouth Street, Adelaide Federal Government Part level 14 643 1-Feb-13 Fixed 535 557 Gross 4.0%
45 Pirie Street, Adelaide SA Government Part ground, 2-11,14,17 13,957 1-Sep-12 Market (with ratchet) 419 465 Gross 11.0%
45 Pirie Street, Adelaide AAPT Part level 1 641 1-Jul-12 Fixed 416 433 Gross 4.0%
45 Pirie Street, Adelaide JBWere Part level 13 523 1-May-13 Fixed 520 541 Gross 4.0%
Area
sqm
Review
date
Review
type
Passing
rent
$/sqm
New
rent
$/sqm
Rent
type
net/gross
Variance
%
* 100% ownership basis

Commonwealth Property Office Fund
Appendix 2 - Major rent reviews (over 500 sqm)
For the year ended 30 June 2013
Property Tenant Level / suite
Victoria
180 Lonsdale Street, Melbourne Telstra 10-16 13,040 15-Jul-12 Fixed 388 403 Net 3.8%
180 Lonsdale Street, Melbourne BHP Billiton 23-28 10,768 6-Oct-12 Fixed 372 387 Net 4.0%
180 Lonsdale Street, Melbourne National Australia Bank 19-22 7,171 6-Oct-12 Fixed 372 387 Net 4.0%
180 Lonsdale Street, Melbourne GHD 7-9 5,670 1-Apr-13 Fixed 362 375 Net 3.5%
180 Lonsdale Street, Melbourne Accenture 17, 18 3,597 1-Nov-12 Fixed 399 417 Net 4.5%
2 Southbank Boulevard, Melbourne PricewaterhouseCoopers 15-27 22,968 10-Jun-13 Fixed 428 443 Net 3.4%
2 Southbank Boulevard, Melbourne SPI Powernet 30-32 5,800 1-Sep-12 Fixed 436 452 Net 3.5%
2 Southbank Boulevard, Melbourne PMP Part level 10,11,12 3,881 4-Jul-12 Fixed 408 422 Net 3.3%
2 Southbank Boulevard, Melbourne HJ Heinz 8,9, part level 10 3,509 1-Sep-12 Fixed 411 425 Net 3.5%
2 Southbank Boulevard, Melbourne Microsoft 5-7 3,185 1-Nov-12 Fixed 327 338 Net 3.5%
2 Southbank Boulevard, Melbourne Vanguard Investments 33, 34 2,928 30-Jun-13 Fixed 447 500 Net 11.9%
2 Southbank Boulevard, Melbourne SPI Powernet 29 1,893 1-Oct-12 Fixed 440 456 Net 3.7%
2 Southbank Boulevard, Melbourne Australand 14 1,806 10-Jun-13 Fixed 432 448 Net 3.5%
2 Southbank Boulevard, Melbourne Antares Requisites Part level 28 1,401 1-Nov-12 Fixed 440 456 Net 3.4%
2 Southbank Boulevard, Melbourne Kaplan Part level 4 1,045 1-Aug-12 Fixed 377 392 Net 4.0%
2 Southbank Boulevard, Melbourne Morrows Part level 13 817 10-Jun-13 Fixed 435 449 Net 3.4%
2 Southbank Boulevard, Melbourne Genesis Fitness Club 3 683 20-Jun-13 Fixed 375 388 Gross 3.5%
2 Southbank Boulevard, Melbourne HJ Heinz Part level 10 639 1-Sep-12 Fixed 424 438 Net 3.5%
2 Southbank Boulevard, Melbourne LEK Consulting Part level 35 547 8-Jun-13 Fixed 460 475 Net 3.4%
2 Southbank Boulevard, Melbourne Vanguard Investments Part level 36 511 30-Jun-13 Fixed 460 500 Net 8.6%
222 Lonsdale Street, Melbourne Telstra Whole building 18,429 2-Jul-12 Fixed 357 369 Net 3.5%
385 Bourke Street, Melbourne TRUenergy 28-34 9,303 1-Dec-12 Fixed 395 411 Net 4.0%
385 Bourke Street, Melbourne Commonwealth Bank of Australia 2, 6-11 8,160 19-Apr-13 Fixed 319 331 Net 3.8%
385 Bourke Street, Melbourne Commonwealth Bank of Australia Part level 1, 12-16 7,627 19-Apr-13 Fixed 344 357 Net 3.8%
385 Bourke Street, Melbourne Commonwealth Bank of Australia 4,5 2,407 19-Apr-13 Fixed 338 350 Net 3.8%
385 Bourke Street, Melbourne Commonwealth Bank of Australia Lower ground 1,968 19-Apr-13 Fixed 74 76 Net 3.8%
385 Bourke Street, Melbourne Halcrow Pacific 40 1,397 14-Mar-13 Fixed 442 460 Net 4.0%
385 Bourke Street, Melbourne Herbert Geer 19-21, 23 4,065 1-Oct-12 Fixed 385 400 Net 3.7%
385 Bourke Street, Melbourne IRESS 17-18 2,511 1-Jul-12 Fixed 390 404 Net 3.5%
385 Bourke Street, Melbourne Hunt & Hunt Part level 26, 25 1,740 1-Jan-13 Fixed 402 418 Net 4.0%
385 Bourke Street, Melbourne Robert Walters 41 1,389 1-Dec-12 Fixed 460 477 Net 3.8%
385 Bourke Street, Melbourne FIS Australasia 27 1,287 1-Oct-12 Market 398 425 Net 6.9%
385 Bourke Street, Melbourne Piper Alderman 24 1,284 1-Jul-12 Fixed 384 398 Net 3.8%
385 Bourke Street, Melbourne Herbert Geer 22 1,283 1-Oct-12 Fixed 413 429 Net 3.7%
385 Bourke Street, Melbourne Regus Part level 39 977 1-Dec-12 Fixed 465 484 Net 4.0%
385 Bourke Street, Melbourne IRESS Part level 26 832 1-Sep-12 Fixed 397 413 Net 4.3%
655 Collins Street, Melbourne Fairfax Whole building 16,620 9-Dec-12 CPI 377 384 Net 1.8%
750 Collins Street, Melbourne AMP Part level 2, 4-10 37,029 1-Dec-12 Fixed 402 416 Net 3.5%
750 Collins Street, Melbourne Penguin Child Care Part level 1 1,031 1-Dec-12 Fixed 445 461 Net 3.5%
Area
sqm
Review
date
Review
type
Passing
rent
$/sqm
New
rent
$/sqm
Rent
type
net/gross
Variance
%
* 100% ownership basis

Commonwealth Property Office Fund
Appendix 2 - Major rent reviews (over 500 sqm)
For the year ended 30 June 2013
Property Tenant Level / suite
Western Australia
58 Mounts Bay Road, Perth Clough Projects 6-15 15,692 3-Jun-13 Fixed 683 713 Net 4.5%
58 Mounts Bay Road, Perth Cape Bouvard 19 1,571 3-Jun-13 Fixed 551 579 Net 5.0%
58 Mounts Bay Road, Perth North West Shelf Shipping 16 1,571 3-Jun-13 Fixed 634 666 Net 5.0%
58 Mounts Bay Road, Perth Euroz Securities 18 1,570 2-Jul-12 Fixed 549 573 Net 4.5%
58 Mounts Bay Road, Perth Perdaman Part level 17 774 3-Jun-13 Fixed 696 721 Net 3.5%
58 Mounts Bay Road, Perth CPA Australia Part level 17 772 3-Jun-13 Fixed 691 722 Net 4.5%
Queensland
10 Eagle Street, Brisbane Adani Mining 25, 30 1,908 1-Feb-13 Fixed 686 742 Gross 8.2%
10 Eagle Street, Brisbane BDO Services 5-6 1,818 1-Oct-12 Market (with ratchet) 703 738 Gross 5.0%
10 Eagle Street, Brisbane Talisman Australasia Part level 22, 21 1,470 1-Jun-13 Fixed 703 731 Gross 4.0%
10 Eagle Street, Brisbane Bow Energy 26 954 29-Oct-12 Fixed 660 686 Gross 4.0%
10 Eagle Street, Brisbane Ord Minnett Limited 31 954 1-Mar-13 Fixed 665 692 Gross 4.0%
10 Eagle Street, Brisbane Knight Frank 11 911 1-Jun-13 Fixed 474 493 Gross 4.0%
10 Eagle Street, Brisbane Moore Stephens Queensland 12 911 1-Mar-13 Fixed 666 692 Gross 4.0%
10 Eagle Street, Brisbane Rider Levett Bucknall QLD 13 911 1-Oct-12 Fixed 640 666 Gross 4.0%
10 Eagle Street, Brisbane Arrow Energy 3 909 1-Oct-12 Market (with ratchet) 899 944 Gross 5.0%
10 Eagle Street, Brisbane BDO Services 4 909 1-Oct-12 Market (with ratchet) 899 944 Gross 5.0%
10 Eagle Street, Brisbane QIC 2 909 1-Oct-12 Market (with ratchet) 899 944 Gross 5.0%
10 Eagle Street, Brisbane Willis Australia Limited 1 819 15-Dec-12 Fixed 627 652 Gross 4.0%
10 Eagle Street, Brisbane CPA Australia Part level 29 795 1-Sep-12 Market (without ratchet) 900 810 Gross (10.0%)
10 Eagle Street, Brisbane McConaghy Property Services Part level 24 780 1-Apr-13 Fixed 670 697 Gross 4.0%
10 Eagle Street, Brisbane Idemitsu Australia Resources Part level 28 688 1-Mar-13 Fixed 844 880 Gross 4.3%
10 Eagle Street, Brisbane Adani Mining Part level 19 515 1-Jul-12 Fixed 676 703 Gross 4.0%
Area
sqm
Review
date
Review
type
Passing
rent
$/sqm
New
rent
$/sqm
Rent
type
net/gross
Variance
%
* 100% ownership basis

Commonwealth Property Office Fund
Appendix 3 - Calculation of net property income and like-for-like net property income
For the year ended
30-Jun-13 30-Jun-12 Change
$m $m %
Extracted from Consolidated Statement of Comprehensive Income in the Financial Report
Rental and other property income 327.8 306.1 7.1
Share of net profits from associates before fair value adjustments 24.1 26.9 (10.4)
Rates, taxes and other outgoings (77.7) (75.9)
Repairs and maintenance (12.2) (8.1) 6.6
Bad and doubtful debts expense (0.1) (0.4)
261.9 248.6
Adjustments:
- straight-lining revenue 1 (6.0) (5.2)
Net property income 255.9 243.4 5.1
Like-for-like adjustments:
Net property income from development-affected properties 2 (11.3) (0.9)
Net property income adjustment for changes in ownership of properties 3 (25.8) (28.0)
Like-for-like net property income 218.8 214.5 2.0
1. Refer to Note 2 of the Financial Report for further detail.
2. Properties have been excluded from the like-for-like calculation where income has been significantly affected by development in
either year. Properties excluded are 145 Ann Street Brisbane and 5 Martin Place , Sydney.
3. Properties have been excluded from the like-for-like calculation where there was a change in ownership in either year. Properties
excluded are: 201 Kent Street, Sydney; 10 Eagle Street, Brisbane; 45 Pirie Street, Adelaide; 1 and 5 Mill Street; Perth; 197 St Georges
Terrace, Perth and 259 George Street, Sydney.

Commonwealth Property Office Fund
Key occupancy statistics by property
As at 30 June 2013
Weighted Average
Leases expiring
Over/
Occupancy average passing rent
by
(Under)
by income lease expiry (occupied
30-Jun-14
by income office) 1 renting
by income 2
Property
% years $/sqm % %
Australian Capital Territory
Finlay Crisp Centre, Canberra 100.0 4.1 403 n.a 0.0
New South Wales
60 Castlereagh Street, Sydney 91.4 3.5 752 (5.3) 38.7
2 and 4 Dawn Fraser Avenue, Sydney Olympic Park 100.0 4.7 332 (9.4) 8.2
36 George Street, Burwood 100.0 4.1 434 (2.3) 22.3
101 George Street, Parramatta 100.0 3.4 483 0.6 0.4
150 George Street, Parramatta 100.0 2.3 460 2.1 0.0
225 George Street, Sydney 84.3 5.2 1,022 (4.9) 16.1
201 Kent Street, Sydney 96.9 4.0 712 1.2 18.4
14 Lee Street, Sydney 100.0 2.2 487 (14.7) 0.0
5 Martin Place, Sydney currently under development
201 Miller Street, North Sydney 92.3 3.0 598 0.2 12.5
56 Pitt Street, Sydney 84.2 2.3 806 3.8 31.1
175 Pitt Street, Sydney (excl. retail) 98.6 5.8 739 2.9 1.4
10 Shelley Street, Sydney 100.0 2.5 878 20.5 0.5
Queensland
145 Ann Street, Brisbane 3 100.0 8.3 649 (1.2) 0.0
10 Eagle Street, Brisbane 85.4 3.1 741 5.4 17.1
South Australia
108 North Terrace, Adelaide 100.0 0.6 546 10.0 100.0
11 Waymouth Street, Adelaide 97.7 3.7 520 2.6 2.7
Victoria
385 Bourke Street, Melbourne (excl. Galleria) 100.0 3.5 527 (4.2) 32.2
655 Collins Street, Melbourne 100.0 16.3 493 (4.6) 0.0
750 Collins Street, Melbourne 100.0 6.1 520 0.1 2.1
180-222 Lonsdale Street, Melbourne 4 100.0 2.6 506 (6.9) 60.9
2 Southbank Boulevard, Melbourne 99.1 3.3 585 (3.9) 3.9
Western Australia
46 Colin Street, West Perth 100.0 4.2 713 3.9 0.0
58 Mounts Bay Road, Perth 100.0 8.2 856 (1.5) 0.0
Total portfolio average 96.2 4.3 594 (0.7) 17.7
Key
1. Represents base rent plus recoveries, including increases over base years.
2. Includes vacancies and holdovers and represents leases expiring in the 12 months to 30 June 2014.
3. The development of 145 Ann Street, Brisbane completed in November 2012.
4. Office component only.

Commonwealth Property Office Fund
Appendix 4E - Net property income (NPI)
For the year ended 30 June 2013
NPI components for 12 months to 30 June 2013 ($m) NPI components for 12 months to 30 June 2012 ($m)
Rent free
incentives
amortisation
Fit-out
amortisation
Cash
incentives
amortisation
Leasing
commissions
amortisation NPI (pre amortisation)
Rent free incentives
amortisation
NPI (pre amortisation)
Total NPI variance
Property Total NPI Total NPI $m %
Australian Capital Territory
Finlay Crisp Centre, Canberra^ 10.0 0.7 0.2 - 0.3 8.8 9.8 0.7 0.3 - 0.2 8.6 0.2 2.5
Fit-out
amortisation
Cash incentives
amortisation
Leasing
commissions
amortisation
New South Wales
60 Castlereagh Street, Sydney^ 14.6 0.5 1.0 - 0.2 12.9 14.2 0.3 1.0 - 0.2 12.6 0.3 2.3
36 George Street, Burwood^ 5.1 0.6 0.3 - 0.2 4.1 6.7 2.3 0.4 - 0.1 3.9 0.1 2.9
101 George Street, Parramatta^ 7.5 0.1 1.7 - 0.0 5.6 7.6 0.1 1.7 - 0.0 5.8 (0.2) (3.2)
150 George Street, Parramatta^ 9.0 0.0 1.3 - 0.1 7.6 9.0 - 1.3 - 0.1 7.6 0.0 0.0
259 George Street, Sydney 1 0.0 - - - - 0.0 9.2 (0.1) 1.5 - 0.1 7.7 (7.7) n.a.
201 Kent Street, Sydney 2 2.5 0.2 0.2 0.0 0.0 2.1 - - 0.0 - - - 2.1 n.a.
14 Lee Street, Sydney^ 5.9 - 0.1 - 0.0 5.7 5.2 - 0.1 - 0.0 5.1 0.6 12.4
5 Martin Place, Sydney 3 0.1 - - - - 0.1 0.9 - 0.0 - - 0.9 (0.8) n.a.
201 Miller Street, North Sydney^ 5.1 0.1 0.3 - 0.2 4.6 5.0 0.1 0.3 - 0.1 4.6 0.1 1.3
56 Pitt Street, Sydney^ 9.9 0.2 0.7 0.0 0.2 8.7 11.7 0.2 0.9 - 0.3 10.4 (1.7) (16.2)
175 Pitt Street, Sydney^ 16.4 0.7 3.4 0.0 0.4 12.0 13.0 0.5 2.9 - 0.4 9.2 2.8 30.5
10 Shelley Street, Sydney^ 12.1 - 0.0 - 0.0 12.1 11.9 - 0.0 - 0.0 11.9 0.2 2.0
Queensland
145 Ann Street, Brisbane 4 11.4 0.0 0.2 - - 11.2 - - 0.0 - - - 11.2 n.a.
10 Eagle Street, Brisbane 5 14.9 0.1 0.1 - 0.0 14.6 0.4 - 0.0 - - 0.4 14.3 n.a.
South Australia
108 North Terrace, Adelaide^ 8.4 - - - - 8.4 8.0 - 0.0 - - 8.0 0.5 5.9
45 Pirie Street, Adelaide 6 6.8 0.3 0.6 - 0.1 5.8 7.0 0.1 0.6 - 0.1 6.1 (0.4) (5.8)
11 Waymouth Street, Adelaide^ 11.8 0.0 (0.0) - 0.0 11.8 12.7 0.0 0.0 - 0.0 12.7 (0.9) (7.3)
Victoria
385 Bourke Street, Melbourne^ 26.1 0.1 2.4 - 0.5 23.0 26.0 0.1 2.3 - 0.4 23.2 (0.1) (0.6)
655 Collins Street, Melbourne^ 6.9 - - - - 6.9 6.6 - 0.0 - - 6.6 0.4 5.5
750 Collins Street, Melbourne^ 18.4 (0.0) 0.1 - (0.1) 18.4 17.5 0.0 0.0 - 0.0 17.5 0.9 5.3
180-222 Lonsdale Street, Melbourne^ 22.3 - (0.0) - 0.1 22.2 21.7 - 0.0 - 0.1 21.7 0.5 2.3
2 Southbank Boulevard, Melbourne^ 14.8 0.2 0.6 - 0.0 14.0 13.7 0.1 0.6 - 0.0 13.0 1.0 7.8
Western Australia
46 Colin Street, West Perth^ 3.4 - 0.1 - 0.1 3.2 2.6 - 0.0 - - 2.6 0.6 21.6
1 Mill Street, Perth 7 - - - - - - 2.1 - 0.0 - - 2.1 (2.1) n.a.
5 Mill Street, Perth 7 - - - - - - 1.7 0.0 0.0 - - 1.7 (1.7) n.a.
58 Mounts Bay Road, Perth^ 8.0 0.1 0.1 - - 7.9 7.9 0.0 0.1 - - 7.8 0.1 1.4
197 St Georges Terrace, Perth 7 0.1 - - - - 0.1 5.1 - 0.0 - 0.1 5.0 (4.9) n.a.
Total 251.5 3.9 13.4 0.0 2.4 231.8 237.3 4.5 14.0 - 2.3 216.5 15.4 7.1
Distribution income from investments in associates
Grosvenor Place Holdings Trust ^ 16.9 0.3 1.7 - 0.3 14.5 17.6 0.3 1.6 - 0.1 15.7 (1.2) (7.4)
Kent Street Trust 2 4.6 0.4 0.9 0.0 0.1 3.2 5.8 0.3 0.5 - 0.1 5.0 (1.8) n.a.
Site 6 Homebush Bay Trust ^ 2.7 - - - - 2.7 2.6 - 0.0 - - 2.6 0.1 2.9
Site 7 Homebush Bay Trust ^ 3.7 - - - - 3.7 3.7 - 0.0 - - 3.7 (0.0) (0.0)
Total 27.8 0.7 2.6 0.0 0.4 24.1 29.7 0.6 2.0 - 0.2 26.9 (2.9) (10.6)
GRAND TOTAL 279.3 4.6 16.0 0.0 2.8 255.9 267.0 5.1 16.0 - 2.5 243.4 12.5 5.1
Like-for-like total 8 218.8 214.5 4.3 2.0
^ Indicates properties held throughout the period 1 July 2011 to 30 June 2013 (excluding 5 Martin Place, Sydney, 145 Ann Street, Brisbane and 201 Kent Street, Sydney).
1. In October 2011, the Fund sold its interest in 259 George Street, Sydney.
2. On 10 April 2013, the Fund acquired the remaining 50% interest in the Kent Street Trust. It has been determined that the Fund’s 100% holding represents control. As such, the Kent Street Trust was fully consolidated from this date.
3. In June 2012, the Fund sold a 50% interest in 5 Martin Place, Sydney.
4. The development of 145 Ann Street, Brisbane completed in November 2012.
5. In June 2012, the Fund acquired a 100% interest in 10 Eagle Street, Brisbane.
6. In June 2013, the Fund sold its interest in 45 Pirie Street, Adelaide.
7. In December 2011, the Fund sold its interest in 1 and 5 Mill Street, Perth and 197 St Georges Terrace, Perth.
8. Only includes investments as indicated by ^ above.

Commonwealth Property Office Fund
Valuation information by property
As at 30 June 2013
CPA
share
Valuation
Discount
rate 1
Terminal
yield
Capitalisation
rate
Property % Company date $m % % %
Australian Capital Territory
Finlay Crisp Centre, Canberra
- Allara House 100 JLL Jun-13 21.0 10.00 9.50 9.25
- Customs House 100 JLL Jun 13 31.5 10.00 9.50 9.25
- Nara Centre 100 JLL Jun 13 25.0 9.75 9.25 8.75
New South Wales
60 Castlereagh Street, Sydney 100 JLL Mar-13 247.5 9.00 7.25 7.00
2 and 4 Dawn Fraser Avenue,
Sydney Olympic Park 50 CBRE Dec-12 83.7 9.50 8.25 8.00
36 George Street, Burwood 100 m3 Mar-13 52.0 9.25 8.75 8.75
101 George Street, Parramatta 100 JLL Jun 13 93.0 9.25 8.25 8.00
150 George Street, Parramatta 100 CBRE Sep 12 99.5 9.50 8.75 8.50
225 George Street, Sydney 25 CI Dec-12 271.3 8.75 6.75 6.50
201Kent Street, Sydney 50 KF Dec-12 156.0 9.00 7.50 7.38
14 Lee Street, Sydney 100 Sav Sep 12 70.0 9.50 8.50 8.00
5 Martin Place, Sydney 2 50 KF Jun-13 52.5
201 Miller Street, North Sydney 100 Sav Sep 12 71.0 9.75 9.00 8.50
56 Pitt Street, Sydney 100 KF Dec-12 166.0 9.00 7.25 7.25
175 Pitt Street, Sydney
- Tower 100 CI Jun-13 182.0 8.75 7.38 7.25
- Retail 100 CI Jun-13 63.5 9.00 7.00 6.88
10 Shelley Street, Sydney 50 Sav Jun-13 108.0 9.00 7.50 7.00
Queensland
145 Ann Street, Brisbane 100 KF Dec-12 218.0 9.25 7.68 7.53
10 Eagle Street, Brisbane 100 CI Mar-13 204.0 9.00 7.50 7.50
South Australia
108 North Terrace, Adelaide 100 JLL Sep-12 73.8 10.00 8.75 8.50
11 Waymouth Street, Adelaide 100 KF Sep-12 154.0 9.50 8.50 8.25
Victoria
385 Bourke Street, Melbourne
- Tower 100 CBRE Dec-12 237.0 9.25 7.75 7.50
- Galleria 100 CBRE Dec-12 61.5 9.50 7.75 7.50
655 Collins Street, Melbourne 100 Sav Jun-13 100.0 9.25 7.25 7.00
750 Collins Street, Docklands 100 m3 Jun-13 240.0 9.00 7.50 7.50
180-222 Lonsdale Street, Melbourne
- 180 Lonsdale Street, Melbourne 50 JLL Mar-13 101.0 9.00 7.75 7.50
- 222 Lonsdale Street, Melbourne 50 JLL Mar-13 40.5 9.25 7.75 7.50
- QV Retail Centre, Melbourne 50 JLL Mar-13 116.5 9.00 7.50 7.25
- QV Centre car park, Melbourne 50 JLL Mar-13 33.8 10.25 8.00 7.75
- QV Creche, Melbourne 100 JLL Mar-13 3.9 9.00
2 Southbank Boulevard, Melbourne 50 CI Mar-13 183.0 9.00 7.25 7.25
Western Australia
46 Colin Street, West Perth 100 Sav Jun-13 44.0 10.50 10.00 9.75
58 Mounts Bay Road, Perth 50 KF Dec-12 103.0 9.75 8.25 8.00
Total portfolio weighted average rates 9.17 7.72 7.55
Note
1. Used to calculate discounted cash flow valuation over 10 years.
Valuation company legend
CBRE CB Richard Ellis
CI
Colliers International
JLL
Jones Lang LaSalle
KF
Knight Frank
m3
m3 Property
SAV
Savills

Commonwealth Property Office Fund
Appendix 4E - Reconciliation of book values by property ($m)
For the year ended 30 June 2013
Book value
as at
30-Jun-12
Acquisitions/
(Divestments) Capex
Leasing fees and
incentives paid
Amortisation of fitout
incentives,
cash incentives
and leasing
comissions
Amortisation of rent
free incentives
Straight-lining
revenue
Independent
revaluation
changes
Property
Australian Capital Territory
Finlay Crisp Centre, Canberra 90.7 - 1.2 - (0.5) (0.7) (0.1) (13.2) 0.1 77.5
New South Wales
60 Castlereagh Street, Sydney 243.8 - 1.2 4.5 (1.2) (0.5) 0.4 0.0 (0.4) 247.8
36 George Street, Burwood 54.0 - 0.2 1.4 (0.5) (0.6) (0.0) (2.4) 0.0 52.1
101 George Street, Parramatta 92.0 - 0.2 0.1 (1.7) (0.1) (0.1) 2.6 0.1 93.0
150 George Street, Parramatta 98.8 - 0.5 - (1.4) (0.0) (0.4) 1.0 0.4 98.9
201 Kent Street, Sydney 1 - 159.7 0.4 0.7 (0.2) (0.2) (0.0) 0.0 0.0 160.4
14 Lee Street, Sydney 71.6 - 0.2 - (0.1) - 0.1 (1.6) (0.1) 70.1
5 Martin Place, Sydney 40.0 - 19.4 - - - - (6.9) - 52.5
201 Miller Street, North Sydney 69.5 - 2.4 1.7 (0.5) (0.1) 0.2 1.0 (0.2) 74.1
56 Pitt Street, Sydney 159.5 - 2.7 2.2 (1.0) (0.2) 0.1 5.5 (0.1) 168.7
175 Pitt Street, Sydney 240.0 - 0.5 3.8 (3.8) (0.7) 1.3 5.6 (1.3) 245.5
10 Shelley Street, Sydney 137.9 - 0.2 0.0 (0.0) - (0.7) (30.1) 0.7 108.0
Site 4B, Sydney Olympic Park 2 3.6 (4.6) 0.1 - - - - 0.9 - -
Queensland
145 Ann Street, Brisbane 165.1 - 52.3 3.1 (0.2) (0.0) 2.4 1.5 (2.4) 221.8
10 Eagle Street, Brisbane 205.9 - 7.9 2.0 (0.1) (0.1) 1.3 (6.0) (1.3) 209.5
South Australia
108 North Terrace, Adelaide 76.5 - 0.1 - - - (1.0) (2.8) 1.0 73.8
45 Pirie Street, Adelaide 3 85.7 (86.3) 1.4 2.6 (0.7) (0.3) 0.1 (2.4) (0.1) 0.0
11 Waymouth Street, Adelaide 151.1 - 0.9 0.3 (0.0) (0.0) (0.1) 2.7 0.1 155.0
Victoria
385 Bourke Street, Melbourne 311.3 - 10.3 0.1 (2.9) (0.1) 0.0 (16.1) (0.0) 302.6
655 Collins Street, Melbourne 96.8 - 0.2 - - - 0.0 3.0 (0.0) 100.0
750 Collins Street, Melbourne 224.5 - 0.7 (0.2) - 0.0 1.5 15.0 (1.5) 240.0
180-222 Lonsdale Street, Melbourne 285.8 - 2.2 0.2 (0.1) - 0.6 8.3 (0.6) 296.4
2 Southbank Boulevard, Melbourne 182.2 - 0.0 0.8 (0.6) (0.2) (0.7) 0.6 0.7 182.9
AIFRS
revaluation
changes
Book value
as at
30-Jun-13

Commonwealth Property Office Fund
Appendix 4E - Reconciliation of book values by property ($m)
For the year ended 30 June 2013
Book value
as at
30-Jun-12
Acquisitions/
(Divestments) Capex
Leasing fees and
incentives paid
Amortisation of fitout
incentives,
cash incentives
and leasing
comissions
Amortisation of rent
free incentives
Straight-lining
revenue
Independent
revaluation
changes
Property
Western Australia
46 Colin Street, West Perth 43.5 - 0.6 1.5 (0.2) - (0.2) (1.4) 0.2 44.0
58 Mounts Bay Road, Perth 100.0 - 0.0 - (0.1) (0.1) 1.3 3.1 (1.3) 102.9
Total 3,229.8 68.8 105.8 24.9 (15.8) (3.9) 6.0 (32.1) (6.0) 3,377.5
Investments in associates
AIFRS
revaluation
changes
Book value
as at
30-Jun-13
Grosvenor Place Holdings Trust 4 273.1 4.7 - - - - - (2.8) - 275.1
Kent Street Trust 1 85.3 (85.2) - - - - - (0.1) - 0.0
Site 6 Homebush Bay Trust 5 35.0 0.1 - - - - - 0.6 - 35.6
Site 7 Homebush Bay Trust 6 47.5 0.4 - - - - - 0.3 - 48.2
Total 440.9 (80.0) - - - - - (2.0) - 358.9
GRAND TOTAL 3,670.7 (11.2) 105.8 24.9 (15.8) (3.9) 6.0 (34.1) (6.0) 3,736.4
1. On 10 April 2013, the Fund acquired the remaining 50% interest in the Kent Street Trust. It has been determined that the Fund’s 100% holding represents control. As such, the Kent Street Trust was fully consolidated from this date.
2. On 21 December 2012, the Fund sold its interest in Site 4B, Sydney Olympic Park for $4.7 million excluding selling costs.
3. On 12 June 2013, the Fund sold its interest in 45 Pirie Street, Adelaide for $87.0 million excluding selling costs.
4. The Fund indirectly owns 25% of 225 George Street, Sydney via units in Grosvenor Place Holdings Trust. The Fund's equity accounted investment includes its share of the non-property assets and liabilities of the Grosvenor Place Holdings Trust.
5. The Fund indirectly owns 50% of 4 Dawn Fraser Avenue, Sydney Olympic Park via units in Site 6 Homebush Bay Trust. The Fund's equity accounted investment includes its share of the non-property assets and liabilities of Site 6 Homebush Bay Trust.
6. The Fund indirectly owns 50% of 2 Dawn Fraser Avenue, Sydney Olympic Park via units in Site 7 Homebush Bay Trust. The Fund's equity accounted investment includes its share of the non-property assets and liabilities of Site 7 Homebush Bay Trust.

Commonwealth Property Office Fund
Debt summary
As at 30 June 2013
Key debt statistics Debt maturity profile $m 7
Total borrowings 1 $948.9m
Borrowings as a proportion of total assets 2 25.2%
FY14
Weighted average interest rate (including margins and line fees) 5.6%
FY15 200
Weighted average debt maturity 3.9 years
Portion of debt hedged 3 95.9%
Weighted average interest rate on hedged debt (excluding margins and fees) 3 5.1%
Weighted average maturity of hedged debt 3 4.0 years
Credit rating Short term Long term
- Moody's P-2 A3
- Standard & Poor's A-2 A- Sources of debt 7
FY16
FY17
FY18
FY19
Beyond
151
200
300
210
200
33
Debt position as at 30 June 2013
Facility size Drawn Undrawn
Type Maturity $m $m $m
Bank debt facility Jun-15 200.0 - 200.0
Bank debt facility Apr-18 300.0 55.0 245.0
Short term notes Jul/Aug-13 100.0 100.0 -
Medium term notes Mar-16 200.0 200.0 -
Medium term notes Dec-19 185.0 185.0 -
Medium term notes Dec-22 25.0 25.0 -
Convertible notes 4 Dec-16 200.0 200.0 -
US Private Placement 5 Dec-15 150.6 150.6 -
US Private Placement 5 Dec 17 33.3 33.3 - Hedge maturity profile for the financial years ended 3
32%
14%
15%
39%
1,393.9 948.9 445.0
Less short term notes 6 1,000
Jul/Aug-13 (100.0) - (100.0)
Total 1,293.9 948.9 345.0 800
Notes:
600
1. Borrowings is the amount of debt drawn as per Note 11 of the Financial Report equal to $931.9 million,
adjusted for the value of cross currency swaps of $17.0 million liability.
400
2. Total assets exclude the fair value of derivative financial instruments of $2.2 million.
3. Including all fixed-rate debt.
200
4. Convertible note investors have a put option on 11 December 2014.
0
5. Converted to AUD at AUD/USD 0.7505.
6. As the Fund’s same day funding facility was in place to provide liquidity support to maturing
2014 2015 2016 2017 2018 2019
short-term notes, the capacity of the facilities is reduced by the total amount of short-term notes issued.
Key: Face v alue of hedges ($m) (LHS) Weighted average interest rate on hedge debt (RHS)
7. Excludes short term notes maturing in FY14 which are backed by bank debt facilities.
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%

Asset summaries
CPA
Asset summaries
24
5 Martin Place, Sydney

145 ANN STREET, BRISBANE
385 BOURKE STREET, MELBOURNE
Date
CPA
ownership
100%
Grade
A
Date
acquired
CPA
ownership
100%
Grade
A
FY14 >
FY14 >
32.2%
FY15
0.0%
FY15
2.5%
FY16
0.0%
FY16
10.4%
FY17
0.0%
FY17
10.5%
FY18
12.4%
FY18
21.1%
BEYOND
87.6%
BEYOND
23.3%
145 Ann Street Brisbane, QLD
^
^
385 Bourke Street Melbourne, VIC

Asset summaries
60 CASTLEREAGH STREET, SYDNEY
46 COLIN STREET, WEST PERTH
Date
CPA
Date
CPA
ownership Grade
ownership Grade
100% A 100% A
Perth
FY14 >
38.7%
FY14 >
0.0%
FY15
5.6%
FY15
0.0%
FY16
0.0%
FY16
0.0%
FY17
10.2%
FY17
0.0%
FY18
6.2%
FY18
100%
BEYOND
39.3%
BEYOND
0.0%
60 Castlereagh Street Sydney, NSW
46 Colin Street West Perth, WA

655 COLLINS STREET, MELBOURNE
750 COLLINS STREET, MELBOURNE
Date
CPA
ownership
100%
Grade
A
Date
CPA
ownership
100%
Grade
A
FY14 >
0.0%
FY14 >
2.1%
FY15
0.0%
FY15
0.0%
FY16
0.0%
FY16
1.9%
FY17
0.0%
FY17
0.5%
FY18
0.0%
FY18
2.4%
BEYOND
100%
BEYOND
93.1%
655 Collins Street Melbourne, VIC
750 Collins Street Melbourne, VIC

Asset summaries
2 AND 4 DAWN FRASER AVENUE, SYDNEY OLYMPIC PARK
SHOPPING 10 EAGLE STREET, CENTREBRISBANE
railway station.
Date
CPA
Date
CPA
ownership Grade
ownership Grade
A
100%
A
FY14 >
8.2%
FY14 >
17.1%
FY15
0.0%
FY15
21.7%
FY16
0.5%
FY16
18.1%
FY17
0.0%
FY17
16.3%
FY18
53.1%
FY18
5.1%
BEYOND
38.2%
BEYOND
21.6%
2 and 4 Dawn Fraser Avenue Sydney Olympic Park, NSW
^
10 Eagle Street Brisbane, QLD

FINLAY CRISP CENTRE, CANBERRA
36 GEORGE STREET, BURWOOD
Date
CPA
ownership
100%
Grade
Date
CPA
ownership
100% A
Grade
FY14 >
0%
FY14 >
22.3%
FY15
0%
FY15
0.0%
FY16
0%
FY16
0.0%
FY17
72.1%
FY17
0.0%
FY18
0%
FY18
0.0%
BEYOND
27.9%
BEYOND
77.7%
Finlay Crisp Centre
Canberra, ACT
36 George Street Burwood, NSW

Asset summaries
101 GEORGE STREET, PARRAMATTA
150 GEORGE STREET, PARRAMATTA
Parramatta
Date
CPA
Date
CPA
ownership Grade Parramatta
ownership Grade
100% A 100% A
FY14 >
0.4%
FY14 >
0.0%
FY15
45.3%
FY15
0.0%
FY16
0.0%
FY16
100%
FY17
0.0%
FY17
0.0%
FY18
0.0%
FY18
0.0%
BEYOND
54.3%
BEYOND
0.0%
101 George Street Parramatta, NSW
150 George Street Parramatta, NSW

225 GEORGE STREET, SYDNEY
201 KENT STREET, SYDNEY
Date
CPA
ownership
Grade
Date
#
CPA
ownership
Grade
A
FY14 >
16.1%
FY14 >
18.4%
FY15
17.5%
FY15
31.5%
FY16
10.1%
FY16
9.1%
FY17
3.2%
FY17
5.3%
FY18
4.8%
FY18
0.0%
BEYOND
48.3%
BEYOND
35.7%
225 George Street Sydney, NSW
^
201 Kent Street Sydney, NSW
^

Asset summaries
14 LEE STREET, SYDNEY
180–222 LONSDALE STREET, MELBOURNE
Date
CPA
Date
CPA
ownership Grade
ownership Grade
A
A
FY14 >
0.0%
FY14 >
60.9%
FY15
94.8%
FY15
9.3%
FY16
0.0%
FY16
0.0%
FY17
0.0%
FY17
0.0%
FY18
0.0%
FY18
6.4%
BEYOND
5.2%
BEYOND
23.3%
14 Lee Street Sydney, NSW
180–222 Lonsdale Street Melbourne, VIC

5 MARTIN PLACE, SYDNEY
201 MILLER STREET, NORTH SYDNEY
Date
CPA
ownership
^
Date
CPA
ownership
A
FY14 >
60.8%
FY14 >
12.5%
FY15
0.0%
FY15
23.7%
FY16
0.2%
FY16
2.4%
FY17
0.0%
FY17
39.7%
FY18
0.0%
FY18
1.9%
BEYOND
39.0%
BEYOND
19.8%
5 Martin Place Sydney, NSW
^
^
201 Miller Street North Sydney, NSW

Asset summaries
58 MOUNTS BAY ROAD, PERTH
108 NORTH TERRACE, ADELAIDE
Perth
Date
CPA
Date
CPA
ownership Grade
ownership Grade
A
A
FY14 >
0.0%
FY14 >
100%
FY15
0.0%
FY15
0.0%
FY16
0.0%
FY16
0.0%
FY17
5.6%
FY17
0.0%
FY18
6.8%
FY18
0.0%
BEYOND
87.7%
BEYOND
0.0%
58 Mounts Bay Road Perth, WA
108 North Terrace Adelaide, SA

56 PITT STREET, SYDNEY
175 PITT STREET, SYDNEY
Date
CPA
ownership
100%
Grade
Date
CPA
ownership
100%
Grade
A
FY14 >
31.1%
FY14 >
1.4%
FY15
12.4%
FY15
0.0%
FY16
18.5%
FY16
14.5%
FY17
14.3%
FY17
14.6%
FY18
21.7%
FY18
2.1%
BEYOND
2.0%
BEYOND
67.4%
56 Pitt Street Sydney, NSW
175 Pitt Street Sydney, NSW

Asset summaries
10 SHELLEY STREET, SYDNEY
2 SOUTHBANK BOULEVARD, MELBOURNE
Date
CPA
Date
CPA
ownership Grade
ownership Grade
A
A
FY14 >
0.5%
FY14 >
3.9%
FY15
0.0%
FY15
12.6%
FY16
99.5%
FY16
26.6%
FY17
0.0%
FY17
42.6%
FY18
0.0%
FY18
0.9%
BEYOND
0.0%
BEYOND
13.4%
10 Shelley Street Sydney, NSW
2 Southbank Boulevard Melbourne, VIC

11 WAYMOUTH STREET, ADELAIDE
Date
CPA
ownership
Grade
FY14 >
FY15
FY16
FY17
FY18
BEYOND
2.7%
0.7%
0.0%
86.2%
5.4%
5.0%
11 Waymouth Street Adelaide, SA

COMMONWEALTH PROPERTY OFFICE FUND
(ARSN 086 029 736)
FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2013
Contents
DIRECTORS’ REPORT ............................................................................................................ 2
AUDITOR’S INDEPENDENCE DECLARATION ...................................................................... 10
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ......................................... 11
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................. 12
CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................... 13
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................................... 14
NOTES TO THE FINANCIAL STATEMENTS ......................................................................... 15
DIRECTORS’ DECLARATION ................................................................................................ 57
INDEPENDENT AUDITOR’S REPORT ................................................................................... 58
1

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
The Directors of Commonwealth Managed Investments Limited (CMIL), the Responsible Entity for
Commonwealth Property Office Fund (CPA), present their report together with the financial
statements of Commonwealth Property Office Fund for the financial year ended 30 June 2013.
1.1 Directors
The names of the Directors of the Responsible Entity at any time during the financial year and up to
the date of this report are:
(i)
Chairman – Non-executive Director
R M Haddock AM (independent)
(ii)
Non-executive Directors
J F Kropp (independent)
N J Milne OAM (independent)
R E Griffiths
(iii)
M J Venter
Executive Director
1.2 Principal activities
CPA is a registered managed investment scheme domiciled in Australia and has its principal place of
business at Level 4, 201 Sussex Street, Sydney, New South Wales 2000.
The Responsible Entity of CPA is incorporated and domiciled in Australia and has its registered office
at Ground Floor, Tower 1, 201 Sussex Street, Sydney, New South Wales 2000.
The principal activity of CPA and its controlled entities (the ‘Fund’) is investment in Australian office
property in major markets. There were no significant changes in the nature of the Fund’s activity
during the financial year.
1.3 Distributions
Total distributions paid/payable for the financial year ended 30 June 2013 amounted to $153.7
million, representing 6.55 cents per unit (Jun 2012: $144.2 million, or 6.09 cents per unit).
(i) Distributions for the six months ended 31 December 2012
The distribution paid for the six months ended 31 December 2012 was $75.1 million (3.20 cents per
unit).
(ii) Distributions for the six months ended 30 June 2013
The distribution declared but not paid for the six months ended 30 June 2013 is $78.6 million (3.35
cents per unit).
1.4 Operating and financial review
The Fund is an externally managed office sector specific Australian Real Estate Investment Trust (A-
REIT), with a mandate to invest in quality office buildings located in central business districts and
major suburban markets in Australia. The Fund is focused on providing long-term sustainable returns
for unitholders through actively managing assets, disciplined investment decisions, prudent capital
management and investing responsibly, with a leading approach to corporate governance.
The Fund seeks opportunities to enhance rental growth by developing or refurbishing its office
buildings to take advantage of tenant demand. The Fund periodically acquires assets that improve the
long-term earnings prospects of the portfolio and sells assets where it believes capital might best be
deployed elsewhere. The Fund targets a modest gearing level of 25% to 35%. This allows the Fund to
take on some leverage which can enhance income returns for unitholders. Keeping gearing modest
allows the flexibility to fund development expansions and acquisitions.
2

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.4 Operating and financial review (continued)
(i)
Financial results and operations
Key financial and operational highlights over the financial year include:
The consolidated net profit for the financial year ended 30 June 2013 decreased by 43.3% to
$145.4 million (Jun 2012: $256.4 million), primarily resulting from reduced valuation increases
and some valuation losses in fair value adjustments of investment properties and net movement
of derivatives between the two financial years.
Rental and other property income increased by 7.1% compared to prior year mainly due to
additional rental income received from the following properties:
- 10 Eagle Street, Brisbane, acquired on 13 June 2012
- development of 145 Ann Street, Brisbane, completed 22 November 2012
- 201 Kent Street, Sydney, following the acquisition of an additional 50% interest in the Kent
Street Trust on 10 April 2013.
These increases were partly offset by the prior year sales of Perth properties and 259 George
Street, Sydney which were income producing for part of the prior year.
For the year ended 30 June 2013 the Fund’s average rental review increase was 4.1%, including
fixed, market and CPI rent reviews (Jun 2012: 3.8%).
Total property expenses being rates, taxes and other outgoings, repairs and maintenance and
bad and doubtful debts increased by 6.6% primarily due to the above properties becoming
income producing.
Share of net profits from associates before fair value adjustments decreased by 10.4% mainly as
a result of the reclassification of Kent Street Trust from being an associate to an investment
property since the date of acquisition and the decline in income of Grosvenor Place Holdings Trust
due to an increase in vacancies.
Borrowing costs increased by 11.0% to $56.7 million (Jun 2012: $51.1 million). The increase in
borrowing costs was mainly due to the completion of the 145 Ann Street, Brisbane development
on 22 November 2012 which became income producing. The Fund’s weighted average interest
rate increased slightly to 5.6% at 30 June 2013 from 5.5% at 30 June 2012.
The Responsible Entity’s base fee has increased to $17.0 million (Jun 2012: $13.7 million). This
increase was predominantly driven by the expiry of the waiver of the Responsible Entity’s base
fee from 1 July 2012 on the following assets: 180-222 Lonsdale Street, Melbourne (50%), 655
Collins Street, Melbourne and 750 Collins Street, Melbourne.
The Fund’s performance fee benchmark prior to 1 July 2012 was the S&P ASX 200 Commercial
Accumulation Index (excluding CPA). From 1 July 2012, the Fund’s performance fee benchmark
was changed to the S&P ASX 200 Property Accumulation Index (excluding CPA). The new
benchmark is comprised of 15 Australian Real Estate Investment Trusts (A-REITs), which
compares to the previous benchmark, whose composition over time has reduced from seven A-
REITs to one. The Board determined that the new benchmark was comparable to the previous
benchmark, while providing a broader base for which to compare the Fund’s performance. An
independent expert review by KPMG Corporate Finance has also concluded that the Directors
have selected a comparable index and that the change is fair and reasonable. The
underperformance as at 30 June 2012 was carried forward to the new index. Other than the
change in the underlying benchmark, the overall fee mechanism remained unchanged.
The performance fee is calculated each half-year at December and June. For the six months to
December 2012, the Fund underperformed the S&P ASX 200 Property Accumulation Index (the
‘Index’) by 9.9 percentage points. For the six months to 30 June 2013, the Fund underperformed
by 1.5 percentage points. In accordance with the Fund’s Trust Deed, the performance fee is
determined on the Fund’s relative performance since the last period in which a performance fee
was accrued, being 31 December 2010. Since that period, the Fund has underperformed by
19.4 percentage points and 22.6 percentage points at 31 December 2012 and 30 June 2013
respectively. As such, the Fund has not recognised a performance fee in the financial year ended
30 June 2013.
Net profit was impacted by $40.1 million of net revaluation losses on properties and associates.
The valuation decline was primarily driven by two significant lease expiries at 385 Bourke Street,
Melbourne ($16.1 million loss) and 10 Shelley Street, Sydney ($29.3 million loss), and also by
Finlay Crisp Centre, Canberra ($13.1 million loss) which was impacted by poor market
fundamentals including elevated vacancy rates and subdued tenant demand in Canberra.
Excluding the impact of 385 Bourke Street, Melbourne, 10 Shelley Street, Sydney and Finlay
Crisp Centre, Canberra the remaining assets that were independently revalued during the period
reported a net increase of $18.4 million. Key assets 750 Collins Street, Melbourne and 180-
222 Lonsdale Street, Melbourne showed solid increases due to improved market outlook reflecting
buyer transactions by both domestic and international parties.
3

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.4 Operating and financial review (continued)
(i)
Financial results and operations (continued)
Included within the net profit is a net loss on the fair value of interest rate swaps of $2.4 million
(Jun 2012: $38.9 million loss). The current year result reflects the relatively minor reduction in
interest rates during the year, whereas the drop in interest rates was far more significant in the
comparative year. The swaps have been effective in meeting their objective of providing the Fund
with greater certainty of financing costs.
Prior to 1 July 2012, the performance of the Fund was based on the following measures: net
profit, Distributable Income and distribution per unit. From 1 July 2012, Funds From Operations
(FFO) replaced Distributable Income as a basis for measuring the earnings performance of the
Fund in order to provide a more relevant basis for comparison with other REITs and given it is a
more widely recognised measure than Distributable Income. From the same date, the Fund’s
chief operating decision makers used FFO internally when evaluating the earnings of the Fund and
in making strategic decisions.
FFO is an earnings measure which is assessed on profit under Australian Accounting Standards
adjusted for fair value adjustments, certain unrealised and non-cash items, and amounts that are
non-recurring or capital in nature. It does not represent cash flow from operations as defined by
Australian Accounting Standards, should not be considered as an alternative to consolidated net
profit and is not an alternative to cash flows as a measure of liquidity.
The consolidated net profit in the reported result has been adjusted for fair value adjustments,
certain unrealised and non-cash items, amounts that are non-recurring or capital in nature and
any other items in accordance with the Fund’s Constitution to arrive at FFO for the financial year
ended 30 June 2013 of $207.0 million (Jun 2012: $200.8 million). A reconciliation of net profit to
FFO and distributions paid and payable is provided below:
Consolidated
30 Jun 2013
$m
Restated (1)
Consolidated
30 Jun 2012
$m
Total revenue and other income 352.6 449.0
Net profit for the financial year 145.4 256.4
Adjustments:
- straight-lining revenue (6.0) (5.2)
- fair value adjustments from investment properties and associates 40.1 (113.1)
- other fair value adjustments to derivatives 2.4 38.9
- non-cash convertible notes interest expense 5.8 5.3
- amortisation of fit-out incentives, cash incentives and
18.8 18.5
leasing commissions
- other items 0.5 -
Funds From Operations (FFO) (1) 207.0 200.8
Other adjustments:
- amount withheld in accordance with distribution policy restated (2) (53.3) (56.6)
Distributions paid and payable 153.7 144.2
4
Consolidated
30 Jun 2013
Consolidated
30 Jun 2012
Value of Fund’s total assets ($m) (3) 3,773.2 3,713.8
Net tangible asset backing per unit ($) (4) 1.15 1.16
(1) On 1 July 2012, the Fund adopted FFO replacing Distributable Income. The adoption of FFO on 1 July 2012 has resulted in the
Fund adding back amortisation of fit-out incentives, cash incentives and leasing commissions totalling $18.5 million to the net
profit for the 12 months to 30 June 2012 in reaching FFO. This has resulted in an FFO of $200.8 million for the 12 months
ended 30 June 2012. Refer to note 2 in the financial statements for further details of the retrospective application of FFO on
the 30 June 2012 results.
(2) From 1 July 2012, the Fund distributes 70% to 80% of FFO or the Fund’s taxable income, whichever is greater, for any
financial period. Prior to 1 July 2012, the Fund distributed either 70% to 80% of Distributable Income, or the Fund’s taxable
income, whichever was greater, for any financial period. Refer to note 2 in the financial statements for further details on the
restated amounts.
(3) Details of the valuation methods applied to derive the Fund’s assets and liabilities are set out in note 1 in the financial
statements.
(4) Net tangible asset backing per unit is calculated by dividing the total equity attributable to unitholders of the Fund by the
number of ordinary units on issue.

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.4 Operating and financial review (continued)
(i)
(ii)
Financial results and operations (continued)
FFO increased by 3.1% to $207.0 million (Jun 2012: $200.8 million). The improvement was
primarily driven by increased rental income.
In June 2013, the Property Council of Australia (PCA) issued the Voluntary Best Practice
Guidelines for disclosing FFO and AFFO. There are two main differences between these guidelines
and the Fund’s policy in determining FFO. The Fund adds back the amortisation of leasing
commissions to the net profit in reaching FFO and does not adjust for amortisation of rent free
incentives. The Fund did not adopt ‘Property Council FFO’ as it is monitoring the reaction of
market participants to the new guidelines.
The Fund’s total distribution for the financial year was $153.7 million (Jun 2012: $144.2 million),
which represents a 7.6% increase in distribution per unit to 6.55 cents per unit (Jun 2012: 6.09
cents per unit). The uplift was driven by increases in rental income and a marginally higher payout
ratio.
Financial position
Key features of the Fund’s financial position at reporting date include:
Total assets increased by 1.6% to $3,773.2 million (Jun 2012: $3,713.8 million), reflecting the
following transactions:
- In October 2012, the Fund secured a pre-commitment of 44% of the office area for the
development at 5 Martin Place, Sydney. Total project cost is estimated to be $215.0 million
(50%), and the development is due for completion in early 2015. With early works underway,
construction began under the main building contract upon securing the Ashurst precommitment.
This project will transform the former Commonwealth Bank ‘Money Box’ building
into Sydney’s next Premium-grade office building. The development costs incurred this year
amount to $19.4 million.
- On 9 November 2012, the Fund exchanged a conditional contract to sell its interest in Site 4B,
Sydney Olympic Park for $4.7 million excluding selling costs. The transaction was settled on
21 December 2012.
- On 22 November 2012, the development at 145 Ann Street, Brisbane reached practical
completion. Total project cost was $209.8 million, and the property was independently valued
in December 2012 at $218.0 million, reflecting a development profit of $8.2 million, $6.7
million of which has been recognised in prior valuations. The development costs for the
financial year ended 30 June 2013 amounted to $51.5 million.
- On 10 April 2013, the Fund acquired the remaining 50% interest in the Kent Street Trust for
$77.3 million (excluding transaction costs). The transaction settled on the same day.
- On 22 May 2013, the Fund exchanged contracts to sell 45 Pirie Street, Adelaide for $87.0
million excluding transaction costs. Settlement occurred on 12 June 2013.
Net assets declined by 0.3% to $2,703.4 million (Jun 2012: $2,711.7 million), resulting in a net
tangible asset backing per unit (NTA) at 30 June 2013 of $1.15 (Jun 2012: $1.16). The decrease in
NTA was driven by net valuation losses in fair value adjustments of investment properties and
associates of $40.1 million.
The Fund’s gearing at 30 June 2013 is 25.2% (Jun 2012: 24.0%), within the target range of 25%
to 35%. The increase in gearing reflects the increase of borrowings during the year which mainly
relate to the funding for developments as described above.
In June 2013, the Fund restructured its existing hedge portfolio following the sale of 45 Pirie
Street, Adelaide. The Fund terminated $380 million of existing interest rate swaps, executed $300
million of swaps at more favourable rates and increased hedged debt duration.
As at 30 June 2013, the Fund’s borrowings were 95.9% hedged (Jun 2012: 87.5%) which is above
the Fund’s target range of 65% to 85%. The increase in the hedging level is a result of debt repaid
from funds received for the disposal of 45 Pirie Street, Adelaide. The Fund is expected to draw
down on debt to fund distribution payments in August 2013 which will reduce the hedging level. It
is the Fund’s policy that derivatives are used for hedging purposes only and not as speculative or
trading instruments.
5

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.4 Operating and financial review (continued)
(ii)
Financial position (continued)
The Fund’s active capital management during the financial year resulted in the restructuring of
$665.0 million of debt, improving the underlying fundamentals of the balance sheet. As a result
of its continued active capital management, the weighted average duration of debt increased to
3.9 years (Jun 2012: 3.3 years). The Fund also maintained a competitive weighted average
interest rate of 5.6% at 30 June 2013 (Jun 2012: 5.5%).
As at 30 June 2013, the Fund had $445.0 million undrawn cash advance facilities expiring beyond
one year with which to fund its $100.0 million current debt obligations represented by short-term
notes. Undrawn facilities in excess of current debt obligations will be used to fund the buy-back
program (if required) and various working capital commitments including the development at 5
Martin Place, Sydney and the refurbishment of 385 Bourke Street, Melbourne, 180 Lonsdale
Street, Melbourne and 108 North Terrace, Adelaide.
The Fund’s principal debt covenants and corresponding results at 30 June 2013 are as follows:
Covenant
Actual
Loan to value ratio (LVR) (1) 45.0% or less 28.6%
Interest cover ratio (ICR) (2) 2.0 times or greater 4.4 times
(1) LVR is calculated as total liabilities divided by total assets excluding the effect of the option component of the convertible
notes and the fair value of derivatives.
(2) ICR is calculated as earnings before interest divided by net interest expense. For the purposes of this calculation, earnings
represent net profit excluding all fair value adjustments, straight-lining revenue, borrowing costs and net interest expense on
interest rate swaps. Interest expense is the sum of borrowing costs, net interest expense on interest rate swaps, and
capitalised interest, less non-cash convertible notes interest expense.
(iii)
Business strategies and prospects for future financial years
The Fund will continue to focus on the active management of assets, adopting prudent capital
management and a leading corporate governance approach, so as to enhance investment returns
to unitholders.
The Fund will aim to maintain strong occupancy in its assets by forward solving upcoming lease
expiries, focusing on current vacancies and maintaining a robust and attractive portfolio through
world-class sustainability initiatives.
The Fund will continue to enhance the performance of its properties through developments and
refurbishments including the development of 5 Martin Place, Sydney with the target completion
date of early 2015. Refurbishment projects in the planning stage include:
- the $64.0 million refurbishment of 385 Bourke Street, Melbourne, which will involve the
refurbishment of 15 floors, foyer upgrade and retail arcade refurbishment. The work is
expected to commence in September 2013 and be completed by August 2014
- the $17.0 million refurbishment of 180 Lonsdale Street, Melbourne upon the vacation of two
main tenants in August 2013. The scope of work includes the refurbishment of the office
foyer, new bathrooms, ceiling work and end of trip facilities and is expected to be completed
by April 2014
- the $27.0 refurbishment of 108 North Terrace, Adelaide, which will commence in December
2013 and is expected to be completed by June 2015.
The Fund will continue to investigate opportunities to further refine the quality of its portfolio,
which may come from the sale of non-core or mature assets in favour of retaining or acquiring
assets with higher sustainable upside returns.
The Fund will continue to investigate opportunities to extend and diversify sources of debt and
focus on maintaining a competitive cost of debt.
For the 2014 financial year, the Fund will target a distribution at the mid-point of 70% to 80% of
FFO equating to a distribution guidance of 6.55 cents per unit (assuming no performance fees are
payable for the full 12-month period, the Fund’s taxable income is no more than 6.55 cents per
unit and there is no unforeseen material deterioration in existing economic conditions). The
distribution guidance is based upon the current operating model. Refer to section 1.6 of this
report for details concerning potential changes to this operating model, which may impact upon
future distributions.
6

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.4 Operating and financial review (continued)
(iii)
Business strategies and prospects for future financial years (continued)
The material risks that could affect the Fund’s achievement of the financial prospects noted above
include a further deterioration of the office market environment impacting on the Fund’s ability to
achieve leasing forecasts, potential increases in construction and interest costs, delays in project
completions, and the inability to secure sufficient funding. Major leasing risks relate to the leasing
of the following properties:
- 10 Shelley Street, Sydney (27,722 sqm)
- 108 North Terrace, Adelaide (20,112 sqm)
- 385 Bourke Street, Melbourne (18,194 sqm)
- 180 Lonsdale Street, Melbourne (17,939 sqm)
- 5 Martin Place, Sydney (19,989 sqm).
The Fund seeks to mitigate these risks via:
- the ongoing appointment of an experienced property management team with appropriate
specialisation in office leasing, development and refurbishment
- active capital management ensuring all debt expiring in the short to medium term is
refinanced well in advance of expiry date. This includes $200.0 million debt expiring in June
2015
- the maintenance of a strong balance sheet and credit rating. The Fund will continue to target
gearing of 25% to 35%, enabling flexibility for acquisition opportunities and delivery of its
development and refurbishments and
- the targeting of 65% to 85% of borrowings at fixed rates of interest, thereby providing
greater certainty of financing costs.
1.5 Significant changes in the state of affairs
In the opinion of the Directors, there were no significant changes in the state of the affairs of the Fund
that occurred during the financial year other than those matters stated in this report.
1.6 Matters subsequent to the end of the financial year
On 24 July 2013, the CMIL Board announced it had received a highly conditional, indicative
and incomplete proposal from Commonwealth Bank of Australia to internalise the management of the
Fund.
The CMIL Board has established a sub-committee of Independent Directors, being Richard Haddock AM,
Nancy Milne OAM and James Kropp, to consider the proposal. The CMIL Board can give no assurance that
the proposal or any other transaction will proceed. It is also noted that the approval of the Fund’s
unitholders would be required for the proposal to proceed.
Subsequent to the end of the financial year, the Fund did not buy back or cancel any of its units under
the on-market buy-back offer.
The Directors of the Responsible Entity are not aware of any other matter or circumstances occurring
after reporting date which may affect either the Fund’s operations or the results of those operations or
the state of affairs of the Fund, not otherwise disclosed in this report.
7

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.7 Environmental regulation
The Fund provides data to the Commonwealth Bank of Australia (the ‘Bank’), as the ultimate parent of
CMIL, in order for the Bank to fulfil its reporting obligations under the National Greenhouse and Energy
Reporting Act 2007 and the Energy Efficiency Opportunity Act 2005.
Under the Building Energy Efficiency Disclosure Act 2010, there are mandatory obligations applicable to
the Fund, where it leases or sells property consisting of contiguous office space equal to or greater than
2,000 square metres. It is required to obtain and disclose a current Building Energy Efficiency Certificate
(BEEC). A BEEC is comprised of:
- a NABERS Energy star rating for the building
- an assessment of tenancy lighting in the area of the building that is being sold or leased, and
- general energy efficiency guidance.
BEECs are valid for 12 months and must be publicly accessible on the online Building Energy Efficiency
Register. The Fund monitors its legal obligations and ensures compliance for all applicable assets.
1.8 Indemnification and insurance of officers
No insurance premiums were paid out of the assets of the Fund for insurance cover provided to either the
officers of the Responsible Entity or the auditor of the Fund. Where the officers of the Responsible Entity
act in accordance with the Fund’s Constitution and the Corporations Act 2001, the officers remain
indemnified out of the assets of the Fund against losses incurred while acting on behalf of the Fund. The
auditor of the Fund is not indemnified out of the assets of the Fund.
1.9 Responsible Entity interests and fees
Fees paid and payable to the Responsible Entity during the financial year are disclosed in note 14(d) in
the financial statements.
The holdings in units in the Fund held by the Responsible Entity or its associates as at the end of the
financial year are set out in note 14(e) in the financial statements.
1.10 Interests in the Fund
The interests in the Fund held by Directors of the Responsible Entity as at the end of the financial year
are set out in note 14(e) in the financial statements.
No Director of the Responsible Entity has received or become entitled to receive any benefit by reason of
a contract made by the Fund or a related entity with a Director or with a firm of which a Director is a
member, or with an entity in which a Director has a substantial interest.
The movement in units on issue in the Fund during the financial year, along with the number of units on
issue at the end of the financial year, is disclosed in note 12 in the financial statements.
1.11 Non-audit services
The Responsible Entity may employ the Fund’s auditor on assignments in addition to its statutory audit
duties. Details of the amount paid or payable to the auditor for audit and non-audit services are set out in
note 18 in the financial statements. The Directors, in accordance with advice received from the Audit
Committee, are satisfied that the provision of the non-audit services is compatible with the general
standard of independence for auditors imposed by the Corporations Act 2001 and did not compromise the
auditor independence requirements of the Corporations Act 2001 for the following reasons:
- all non-audit services have been reviewed by the Audit Committee to ensure that they do not
impact the impartiality and objectivity of the auditor
- none of the services undermine the general principles relating to auditor independence as set
out in APES 110 Code of Ethics for Professional Accountants.
8

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ REPORT
1.12 Rounding of amounts
The Fund is of a kind referred to in Class Order 98/100 issued by the Australian Securities and
Investments Commission (ASIC) relating to the ‘rounding off’ of amounts in the Directors’ report.
Accordingly, amounts in the Directors’ report have been rounded off to the nearest tenth of a million
dollars ($m) in accordance with that Class Order, unless stated otherwise.
1.13 Auditor
PricewaterhouseCoopers continues in office as the auditor of the Fund.
1.14 Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is attached to the Directors’ report on page 10.
This report is signed in accordance with the resolution of the Directors of Commonwealth Managed
Investments Limited.
R M Haddock AM
Director
Sydney
20 August 2013
9

Auditor’s Independence Declaration
As lead auditor for the audit of Commonwealth Property Office Fund for the year ended 30 June 2013, I declare that
to the best of my knowledge and belief, there have been:
a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the
audit; and
b) no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Commonwealth Property Office Fund and the entities it controlled during the period.
TJO Peel
Partner
PricewaterhouseCoopers
20 August 2013
Sydney
PricewaterhouseCoopers, ABN 52 780 433 757
Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171
T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.

COMMONWEALTH PROPERTY OFFICE FUND
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2013
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Revenue
Rental and other property income 3 327.8 306.1
Interest income 0.6 1.4
Alignment fee income 14(i) 0.2 0.9
Other revenue 1.9 0.6
330.5 309.0
Other income
Share of net profits from associates before fair value adjustments 24.1 26.9
Share of associates’ (loss)/profit from fair value adjustments (2.0) 21.4
Share of net profit accounted for using the equity method 8(a) 22.1 48.3
Fair value adjustments to investment properties 7(b)(i)(ii) - 91.7
Total revenue and other income 352.6 449.0
Expenses
Net interest expense on derivatives 0.2 2.0
Other fair value adjustments to derivatives 2.4 38.9
Net loss on derivatives 2.6 40.9
Fair value adjustments to investment properties 7(b) 38.1 -
Rates, taxes and other outgoings 77.7 75.9
Repairs and maintenance 12.2 8.1
Bad and doubtful debts expense 0.1 0.4
Borrowing costs 56.7 51.1
Responsible Entity’s base fee 14(d)(i) 17.0 13.7
Auditor’s remuneration 18 0.5 0.5
Other expenses 2.3 2.0
Total expenses 207.2 192.6
Net profit for the financial year 145.4 256.4
Other comprehensive income - -
Total comprehensive income for the financial year 145.4 256.4
30 Jun 2013 30 Jun 2012
Basic earnings per unit (cents) 17 6.19 10.66
Diluted earnings per unit (cents) 17 6.40 10.54
The above consolidated statement of comprehensive income should be read in conjunction with the
accompanying notes.
11

COMMONWEALTH PROPERTY OFFICE FUND
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2013
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Current assets
Cash and cash equivalents 9.6 8.2
Receivables 5 20.2 30.3
Derivatives 19(h) 2.2 0.1
Other assets 6 4.8 4.5
Total current assets 36.8 43.1
Non-current assets
Investment properties 7 3,377.5 3,229.8
Investments in associates 8 358.9 440.9
Total non-current assets 3,736.4 3,670.7
Total assets 3,773.2 3,713.8
Current liabilities
Payables 10 53.5 51.9
Distribution payable 4 78.6 75.1
Responsible Entity’s base fees payable 14(d)(i) 4.3 3.3
Interest bearing liabilities 11 100.0 162.2
Derivatives 19(h) 17.0 46.9
Total current liabilities 253.4 339.4
Non-current liabilities
Interest bearing liabilities 11 816.4 662.7
Total non-current liabilities 816.4 662.7
Total liabilities 1,069.8 1,002.1
Net assets 2,703.4 2,711.7
Equity
Contributed equity 12 2,383.3 2,383.3
Reserves 13 320.1 328.4
Total equity 2,703.4 2,711.7
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
12

COMMONWEALTH PROPERTY OFFICE FUND
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Cash flows from operating activities
Rental and other property income received 379.1 348.3
Dividends received 0.2 0.1
Distributions received 24.0 17.6
Interest income received 0.6 1.4
Payments to suppliers (144.3) (134.7)
Borrowing costs paid (55.0) (54.6)
Net interest expense on interest rate swaps (0.1) (2.8)
Net cash flows from operating activities 15 204.5 175.3
Cash flows from investing activities
Payments for investment properties - (205.9)
Payments for property developments and improvements (127.6) (133.0)
Acquisition of Kent Street Trust net of cash acquired (75.7) -
Capital distributions from associates 7.0 -
Proceeds from disposal of investment properties 90.9 587.1
Net cash flows (used in)/from investing activities (105.4) 248.2
Cash flows from financing activities
Units bought back off-market and cancelled 12 - (66.5)
Units bought back on-market and cancelled 12 - (41.1)
Unit buy-back transaction costs 12 - (0.4)
Proceeds from interest bearing liabilities 1,139.0 944.5
Repayment of interest bearing liabilities (1,081.6) (1,071.5)
Termination payments on interest rate swaps (4.9) (49.3)
Distributions paid 4 (150.2) (136.5)
Net cash flows used in financing activities (97.7) (420.8)
Net increase in cash and cash equivalents held 1.4 2.7
Cash and cash equivalents at the beginning of the financial
year 8.2 5.5
Cash and cash equivalents at the end of the financial year 9.6 8.2
Non-cash financing and investing activities 16
The above consolidated statement of cash flows should be read in conjunction with the
accompanying notes.
13

COMMONWEALTH PROPERTY OFFICE FUND
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2013
Note
Contributed
equity
$m
Reserves
$m
Total
$m
Total equity as at 1 July 2011 2,481.8 225.7 2,707.5
Net profit for the financial year
Other comprehensive income
-
-
256.4
-
256.4
-
Total comprehensive income for the 2012
financial year - 256.4 256.4
Transactions with unitholders in their capacity as
unitholders:
Issue of units in relation to accrued performance fees 12,13 9.5 (9.5) -
Units bought back off-market and cancelled 12 (66.5) - (66.5)
Units bought back on-market and cancelled 12 (41.1) - (41.1)
Unit buy-back transaction costs 12 (0.4) - (0.4)
Distributions paid and payable 4 - (144.2) (144.2)
Total equity as at 30 June 2012 2,383.3 328.4 2,711.7
Net profit for the financial year
Other comprehensive income
-
-
145.4
-
145.4
-
Total comprehensive income for the 2013
financial year - 145.4 145.4
Transactions with unitholders in their capacity as
unitholders:
Distributions paid and payable 4 - (153.7) (153.7)
Total equity as at 30 June 2013 2,383.3 320.1 2,703.4
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
14

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies
This consolidated financial report is for Commonwealth Property Office Fund (the ‘parent entity’ or
CPA) and its controlled entities (together the ‘Fund’) for the financial year ended 30 June 2013. The
principal accounting policies adopted in the preparation of the financial statements are set out below
and have been consistently applied to all years presented.
(a)
Basis of preparation
This general purpose financial report has been prepared in accordance with the Fund Constitution,
Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards
Board, other mandatory professional reporting requirements and the Corporations Act 2001. CPA is a
for-profit entity for the purpose of preparing this financial report.
This financial report has also been prepared in accordance with the historical cost convention, except
for financial assets and liabilities (including derivatives) at fair value through profit and loss and
investment properties.
The financial report is presented in Australian dollars ($) and was approved by the Board of Directors
on 20 August 2013. The Directors have the power to amend and reissue the financial report.
Although CPA has a net current deficiency (current liabilities exceed current assets) at reporting date,
CPA has sufficient current undrawn borrowing facilities (refer to note 11) and operating cash flows to
meet this deficit. The financial report is therefore prepared on a going concern basis.
i. Compliance with IFRS
The financial report complies with Australian Accounting Standards and International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board.
ii.
New accounting standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year, apart from
the adoption of the following new standards, interpretations and amendments which became
mandatory in the annual reporting period commencing 1 July 2012:
AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of items in
other comprehensive income.
The adoption of this standard amendment did not result in any impact on the financial statements of
the Fund.
In addition to the above, certain accounting standards and interpretations relevant to the Fund have
been issued or amended but are not yet mandatory and have not been adopted by the Fund for the
annual reporting period commencing 1 July 2012. The impact of the new or amended standards, along
with the effective date, is set out below:
- AASB 9 Financial Instruments (effective 1 July 2015)
- AASB 10 Consolidated Financial Statements (effective 1 July 2013)
- AASB 11 Joint Arrangements (effective 1 July 2013)
- AASB 12 Disclosure of Interests in Other Entities (effective 1 July 2013)
- AASB 13 Fair Value Measurement (effective 1 July 2013)
- AASB 127 Separate Financial Statements (effective 1 July 2013)
- AASB 128 Investments in Associates and Joint Ventures (effective 1 July 2013)
- AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December
2010) (effective 1 July 2015)
- AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key
Management Personnel Disclosure Requirements (effective 1 July 2013)
- AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and
Joint Arrangements Standards (effective 1 July 2013)
- AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 (effective 1
July 2013)
15

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(a)
ii.
Basis of preparation (continued)
New accounting standards and interpretations (continued)
- AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial
Assets and Financial Liabilities (effective 1 July 2013)
- AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and
Financial Liabilities (effective 1 July 2014)
- AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements
2009-2011 Cycle (effective 1 July 2013)
- AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB
9 and Transition Disclosures (effective 1 July 2013)
- Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
- Amendments to IAS 36: Recoverable Amount Disclosures for Non-Financial Assets.
AASB 9 Financial Instruments, AASB 2010-7 Amendments to Australian Accounting
Standards arising from AASB 9 (December 2010) (effective 1 July 2015) and AASB 2012-6
Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and
Transition Disclosures (effective 1 July 2013)
AASB 9 contains new requirements for classification, measurement and de-recognition of financial
assets and liabilities, replacing the recognition and measurement requirements in AASB 139 Financial
Instruments: Recognition and Measurement. AASB 9 only permits the recognition of fair value gains
and losses in other comprehensive income if they relate to equity investments that are not held for
trading. As the Fund currently classifies its financial assets either at amortised cost or fair value
through the profit and loss, no impact is expected on the Fund’s financial performance or financial
position on adoption of this standard. AASB 9 also changes the accounting for financial liabilities that
an entity chooses to account for at fair value through profit or loss, using the fair value option. For
such liabilities, changes in fair value related to changes in own credit risk are presented separately in
other comprehensive income, and will not be recycled to profit or loss in future periods. All other fair
value changes are presented in the income statement. The Fund continues to assess the impact of this
standard. AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date
of AASB 9 and Transition Disclosures amended the application date of AASB 9 from 1 July 2013 to 1
July 2015 and consequently makes minor amendments to other standards which impact, or are
impacted by AASB 9.
AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements, AASB 12
Disclosure of Interests in Other Entities, revised AASB 127 Separate Financial Statements,
AASB 128 Investments in Associates and Joint Ventures, AASB 2011-7 Amendments to
Australian Accounting Standards arising from the Consolidation and Joint Arrangement
Standards (effective 1 July 2013)
In August 2011, the AASB issued a suite of five new and amended standards which address the
accounting for joint arrangements, consolidated financial statements and associated disclosures.
AASB 10 replaces all of the guidance on control and consolidation in AASB 127 Consolidated and
Separate Financial Statements, and Interpretation 12 Consolidation – Special Purpose Entities. The
core principle that a consolidated entity presents a parent and its subsidiaries as if they are a single
economic entity remains unchanged, as do the mechanics of consolidation. However, the standard
introduces a single definition of control that applies to all entities. It focuses on the need to have both
power and exposure to, or rights to, variable returns before control is present. Power is the current
ability to direct the activities that significantly influence returns. Returns must vary and can be
positive, negative or both. There is also new guidance on participating and protective rights and on
agent/principal relationships. The Fund has undertaken an assessment of all its investments in entities
and has not identified any additional investments that would need to be consolidated upon application
of the new standard.
16

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(a) Basis of preparation (continued)
ii.
New accounting standards and interpretations (continued)
AASB 11 introduces a principles based approach to accounting for joint arrangements. The focus is no
longer on the legal structure of joint arrangements, but rather on how rights and obligations are
shared by the parties to the joint arrangement. Based on the assessment of rights and obligations, a
joint arrangement will be classified as either a joint operation or joint venture. Joint ventures are
accounted for using the equity method, and the choice to proportionately consolidate will no longer be
permitted. Parties to a joint operation will account for their share of revenues, expenses, assets and
liabilities in much the same way as under the previous standard. AASB 11 also provides guidance for
parties that participate in joint arrangements but do not share joint control. The Fund has undertaken
an assessment of all of its joint arrangements in light of the new standards. The Fund’s investments
currently classified as associates will qualify as joint ventures under AASB 11 and will continue to be
accounted for using the equity method. The Fund’s interests in jointly controlled assets will qualify as
joint operations under AASB 11, and the Fund will continue to account for its share of revenues,
expenses, assets and liabilities.
AASB 12 sets out the required disclosures for entities reporting under the two new standards, AASB
10 and AASB 11, and replaces the disclosure requirements currently found in AASB 128. Application of
this standard by the Fund will not affect any of the amounts recognised in the financial statements,
but will impact the type of information disclosed in relation to the Fund’s investments.
AASB 127 is renamed Separate Financial Statements and is now a standard dealing solely with
separate financial statements. Application of this standard by the Fund will not affect any of the
amounts recognised in the financial statements.
Amendments to AASB 128 provide clarification that an entity continues to apply the equity method
and does not remeasure its retained interest as part of ownership changes where a joint venture
becomes an associate, and vice versa. The amendments also introduce a ‘partial disposal’ concept.
The Fund has assessed the impact of this standard upon its accounting for investments in entities and
no material impact is expected.
AASB 13 Fair Value Measurement, AASB 2011-8 Amendments to Australian Accounting
Standards arising from AASB 13 (effective 1 July 2013)
AASB 13 establishes a single source of guidance under AASB for determining the fair value of assets
and liabilities. AASB 13 does not change when the Fund is required to use fair value but, rather,
provides guidance on how to determine fair value when fair value is required or permitted. AASB 13
also expands the disclosure requirements for all assets or liabilities carried at fair value. The Fund has
undertaken an impact assessment of this standard which involved comparing the valuation premise in
AASB 13 to the Fund’s current valuation practice for all of its property investments. No material
impact is expected on the Fund’s financial performance or financial position; however, additional
disclosure particularly on the valuation of investment properties in the fair value hierarchy will be
required in the Fund’s financial statements upon adoption of this standard.
AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key
Management Personnel Disclosure Requirements (effective 1 July 2013)
AASB 2011-4 removes the requirement for the Fund to include individual key management personnel
disclosures. While this will reduce the disclosures that are currently required in the notes to the
financial statements, it will not affect any of the amounts recognised in the financial statements.
AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting
Financial Assets and Financial Liabilities (effective 1 July 2013), AASB 2012-3 Amendments
to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities
(effective 1 July 2014)
AASB 2012-2 and AASB 2012-3 amend AASB 7 Financial Instruments: Disclosures and AASB 132
Financial Instruments: Presentation, respectively, by revising and clarifying the criteria where financial
instruments can be offset in the financial statements. These standards are unlikely to affect the
accounting of the Fund’s current offsetting arrangements but may require additional disclosures in
relation to these arrangements.
17

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(a) Basis of preparation (continued)
ii.
New accounting standards and interpretations (continued)
AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual
Improvements 2009-2011 Cycle (effective 1 July 2013)
AASB 2012-5 comprises a number of minor amendments to AASB 1, 101, 116, 132 and 134. Only the
amendment to AASB 134 may apply to the Fund. The amendment clarifies the disclosure requirements
for segment assets and liabilities in interim reports but will not affect any of the amounts recognised
in the financial statements.
The following pronouncements have been issued by the International Accounting Standards Board
(IASB); however, an equivalent pronouncement has not been issued by the Australian Accounting
Standards Board. Therefore these have not been adopted at 30 June 2013 and the Fund is currently
assessing the impact of these pronouncements.
- Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
- Amendments to IAS 36: Recoverable Amount Disclosures for Non-Financial Assets.
(b)
Parent entity financial information
The financial information for the parent entity is disclosed in note 22 and has been prepared on the
same basis as the consolidated financial statements, except for investments in controlled entities and
associates which, in the parent entity, are classified as available-for-sale financial assets (refer to note
1(p)) in the statement of financial position.
(c)
Principles of consolidation
i. Controlled entities
Controlled entities are all entities (including special purpose entities) over which the parent entity has
the power to govern the financial and operating policies, generally accompanying a shareholding of
more than one half of the voting rights. The existence and effect of potential voting rights that are
currently exercisable or convertible are considered when assessing whether the Fund controls another
entity.
Controlled entities are fully consolidated from the date on which control is transferred to the Fund and,
where applicable, deconsolidated from the date on which control ceases.
The acquisition method of accounting is used to account for the acquisition of controlled entities, and
the balances and effects of transactions between all controlled entities are eliminated in full.
The financial statements of controlled entities are prepared for the same reporting period as the
parent entity, using consistent accounting policies.
ii.
Associates
Certain property investments are held via joint ownership arrangements. These joint ownership
arrangements include the ownership of units in a single purpose unlisted trust over which the Fund
exercises significant influence, but does not control (associate).
The Fund has adopted the equity method of accounting for investments in associates. Under this
method, the investment in associates in the statement of financial position is carried at cost plus postacquisition
changes of the Fund’s share of the associate’s net assets, less any impairment in value.
The Fund’s share of the associates’ net profit after income tax expense is recognised in the
consolidated statement of comprehensive income. Distributions received from the associates are
recognised in the consolidated financial report as a reduction of the carrying amount of the
investment.
The reporting dates of associates are the same as the Fund and where associates’ accounting policies
differ from the Fund, adjustments are made so as to ensure consistency within the Fund.
18

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(d) Segment reporting
An operating segment is a group of assets and operations engaged in providing products and services
that are subject to risks and returns that are different to those of other segments.
The Fund also determines and presents operating segments based on the information that is internally
provided to the Fund’s chief operating decision makers and used in making strategic decisions. The
chief operating decision makers have been determined as the Fund Manager, Mr Charles Moore, and
the Managing Director Property, Mr Angus McNaughton.
(e)
Foreign currency translation
The functional and presentation currency of the Fund is Australian dollars ($). The functional currency
is the currency of the primary economic environment in which the Fund operates.
Transactions in foreign currencies are initially recorded in the functional currency at the exchange
rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies are translated to Australian dollars at the exchange rates ruling at reporting date.
All foreign exchange differences in the consolidated financial report are recognised as a revenue or
expense in the statement of comprehensive income in the period in which they arise, with the
exception of differences on non-monetary assets measured at fair value. These are taken directly to
the foreign currency translation reserve until the disposal of the net investment, at which time they
are recognised in the statement of comprehensive income.
The Fund has US dollar (USD) denominated debt and corresponding highly effective cross-currency
swaps which hedge the changes in the fair value of the debt relating to changes in the USD/AUD
exchange rate and the benchmark USD interest rate. These swaps qualify for hedge accounting. Refer
to note 1(r) for further details.
(f)
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Fund
and the amount can be reliably measured.
Fixed rental increases in the Fund’s leases are recognised on a straight-line basis over the term of the
lease. Rent not received at reporting date is reflected in the statement of financial position as a
receivable, or if paid in advance, as rent in advance. Contingent rental income is recognised as income
in the reporting period in which it is earned.
When the Fund provides lease incentives to tenants (refer to note 1(o)), the costs of the incentives
are recognised over the lease term, on a straight-line basis, as a reduction in rental income.
Distribution and dividend revenue are recognised when the Fund has the right to receive payment,
being the date when they are declared.
Interest income is recognised on an accruals basis using the effective interest method.
A gain or loss on disposal of assets is calculated as the difference between the carrying amount of the
asset at the date of disposal and the net proceeds from disposal, and is included in the statement of
comprehensive income in the year of disposal. Where revenue is obtained from the sale of properties
or assets, it is recognised when the significant risks and rewards have transferred to the buyer. This
will normally take place on exchange of unconditional contracts.
If revenue is not received at reporting date, it is included in the statement of financial position as a
receivable and carried at amortised cost.
Government grants relating to the improvement or purchase of assets attaching to investment
properties are recognised at their fair value and included in liabilities as deferred income and are
credited to profit or loss on a straight-line basis over the expected lives of the related assets.
19

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(g)
Expenditure
All expenses are recognised in the statement of comprehensive income on an accruals basis.
Property expenditure includes rates, taxes and other outgoings incurred in relation to investment
properties, where such expenses are the responsibility of the Fund.
Borrowing costs incurred on interest bearing liabilities are included in note 1(v). Responsible Entity’s
base fees and performance fees are set out in notes 14(d)(i), 14(d)(ii) and 1(u) respectively.
(h)
Income tax
Under current income tax legislation, the Fund is not subject to income tax, provided that unitholders
are presently entitled to the income of the Fund as calculated for trust accounting purposes.
(i)
Goods and Services Tax (GST)
Revenues, expenses and assets (with the exception of receivables) are recognised net of the amount
of GST, unless the GST is not recoverable from the taxation authority. Where GST is not recoverable,
it is recognised as part of the cost of acquisition, or as an expense.
Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from, or
payable to, the taxation authority is included in the statement of financial position as receivable or
payable.
Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash
flows arising from investing or financing activities which are recoverable from, or payable to, the
taxation authority are presented as operating cash flows.
(j)
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and short-term money market deposits with
maturities of three months or less that are readily converted to cash.
(k)
Receivables
Rental and sundry debtors are initially recognised at fair value and subsequently measured at
amortised cost, which, in the case of the Fund, is the original invoice amount less a provision for any
uncollected debts. Collectability of rental debtors is reviewed on an ongoing basis, and bad debts are
written off when identified by reducing the amount of the receivable in the statement of financial
position. A specific provision is made for any doubtful debts where objective evidence exists that the
Fund will not be able to collect the amounts due according to the original terms of the receivables.
Indicators that debts may be uncollectable include default in payment (more than 30 days overdue),
significant financial difficulties of the debtor and the probability that the debtor will be placed in
administration or bankruptcy. The debtor’s circumstances relating to the default in payment are
considered, and in some cases alternative payment arrangements may apply. If the debtor defaults on
the terms of these arrangements, the debt will be recognised as doubtful.
The amount of the doubtful debt provision is calculated as the difference between the original debt
amount and the present value of the estimated future cash flows. The amount of the provision is
recognised in the statement of comprehensive income as a bad and doubtful debts expense.
Where a rental debtor for which a provision for doubtful debt had been recognised becomes
uncollectable in a subsequent period, it is written off against the doubtful debt provision. Subsequent
recoveries of amounts previously written off are credited against the bad and doubtful debts expense
in the statement of comprehensive income.
Normal commercial terms and conditions apply to receivables.
All receivables with maturities greater than 12 months after reporting date are classified as noncurrent
assets.
20

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(l)
Non-current assets classified as held for sale
For a non-current asset to be classified as held for sale, its carrying value must be expected to be
recovered principally through a sale transaction rather than through continuing use. It must also be
available for immediate use in its present condition, and its sale must be highly probable.
Non-current assets which are classified as held for sale are measured at the lower of their carrying
amount or fair value less costs to sell, except for investment properties which are measured at fair
value as set out in note 1(m). Non-current assets classified as held for sale are presented separately
from the other assets in the statement of financial position.
(m) Investment properties
Investment properties are direct property investments held for long-term rental yields and comprise
either freehold or leasehold land, buildings, leasehold improvements and property that is under
development for future use as investment property.
Investment properties are initially recognised at cost plus associated costs of acquisition, including
stamp duty. Subsequent to initial recognition, investment properties are stated at fair value. Fair
value is the amount for which the investment property could be exchanged between knowledgeable,
willing parties in an arm’s length transaction. Gains and losses arising from changes in the fair value
of investment properties are recognised in the statement of comprehensive income.
Investment properties are independently valued at intervals of not more than one year and all
valuations are performed by registered valuers.
At each reporting date, the Responsible Entity of the Fund assesses the fair value of each investment
property to ensure its carrying value, as determined by the independent valuation adjusted for
subsequent capital expenditure, reflects fair value. In determining fair value, the valuation methods of
capitalisation of net income and discounted cash flows have been used. These are based upon
assumptions and judgement in relation to future rental income, anticipated maintenance costs and
appropriate discount rates, and make reference to market evidence of transaction prices for similar
properties. Refer to note 1(aa)(i) for the key assumptions used by the Fund in determining fair value
of the Fund’s investment properties.
The reported fair value of investment property reflects market conditions at the end of the reporting
period. While this represents the best estimates as at the reporting date, actual sale prices achieved
may be higher or lower than the most recent valuation. This is particularly relevant in periods of
market illiquidity or uncertainty.
Land and buildings (including integral plant and equipment) that comprise investment property are
not depreciated. The carrying amount of investment properties may include the costs of acquisition,
additions, refurbishments, redevelopments, improvements, lease incentives, assets relating to fixed
increases in operating lease rental in future periods and borrowing costs incurred during the
construction period of qualifying assets.
Investment properties are derecognised when disposed of. The gain or loss on disposal is calculated as
the difference between the carrying amount of the asset at the date of disposal and the net proceeds
from disposal. It is included in the statement of comprehensive income in the same reporting period
as the year in which disposal occurs.
Where investment properties have been revalued, the potential effect of the Capital Gains Tax (CGT)
on disposal has not been taken into account in the determination of the revalued carrying amount
because the Fund does not expect to be ultimately liable for CGT in respect of the assets.
21

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(m) Investment properties (continued)
i. Property under development
Property under development is classified as investment property and stated at fair value. In
determining fair value, the following factors, among others, are considered:
- the stage of completion
- whether the project/property is standard (typical for the market) or non-standard
- the level of reliability of cash inflows after completion
- the development risk specific to the property
- past experience with similar developments
- status of development/construction permits, and
- the provisions of the construction contract.
Refer to note 1(l) for investment properties that are classified as held for sale.
(n)
Leases
Leases are classified at their inception as either operating or finance leases based on the economic
substance of the agreement so as to reflect the risks and benefits incidental to ownership.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are
classified as operating leases.
The minimum lease payments of operating leases, which exclude contingent payments, are recognised
as an expense in the statement of comprehensive income on a straight-line basis over the period of
the lease.
Lease income from operating leases where the Fund is the lessor is recognised in income on a
straight-lining basis over the lease term (refer to note 1(f)).
(o)
Lease incentives
Lease incentives may take the form of cash, rent-free periods, contributions to certain lessees’ costs,
relocation costs and lessee or lessor owned fit-outs and improvements. These incentives are
capitalised as part of the carrying value of the investment properties and amortised on a straight-line
basis over the term of the lease as a reduction of rental income. The carrying amount of the lease
incentives is reflected in the fair value of investment properties.
(p)
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in this financial asset
category or not classified in any other financial asset categories. Investments are designated as
available-for-sale if they do not have fixed maturities, fixed or determinable payments and
management intends to hold them for the medium to long term.
These investments are initially recognised at cost including any costs relating to acquisition.
Subsequent to initial recognition, the investments are recognised at fair value.
The fair values of investments that have an active market are determined by reference to quoted
market prices. For investments with no active market, fair values are determined using valuation
techniques which keep judgemental inputs to a minimum, including the fair value of underlying assets,
recent arm’s length transactions and reference to market value of similar investments.
Gains and losses on available-for-sale investments are recognised in the investment revaluation
reserve in the statement of financial position and included in other comprehensive income in the
statement of comprehensive income until the investment is sold or impaired.
When available-for-sale financial assets are sold or impaired, cumulative gains recognised in the
investment revaluation reserve are recognised in the statement of comprehensive income. Cumulative
losses are recognised in the investment revaluation reserve to the extent they reverse previously
recorded gains, and when previously recorded gains have been reversed in full, any impairment loss
below original cost (when significant and prolonged) is recognised in the statement of comprehensive
income.
22

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(p)
Available-for-sale financial assets (continued)
Available-for-sale financial assets are classified as non-current assets unless management intends to
dispose of the investments within 12 months of reporting date.
(q)
Financial assets and liabilities
The Fund classifies its financial assets in the following categories: financial assets at fair value through
profit or loss, loans and receivables, held-to-maturity investments and available-for-sale financial
assets. Financial liabilities are classified as financial liabilities at amortised cost. Classification of
financial assets and liabilities depends on the purpose for which the assets and liabilities were
acquired.
The Fund’s classifications are set out below:
Financial asset/liability Classification Valuation basis
Cash Fair value through profit and loss Fair value Refer to note 1(j)
Receivables Loans and receivables Amortised cost Refer to note 1(k)
Derivatives Fair value through profit and loss Fair value Refer to note 1(r)
Investments
(parent entity only)
Available-for-sale financial assets Fair value Refer to note 1(p)
Payables Financial liability at amortised cost Amortised cost Refer to note 1(t)
Foreign currency
denominated notes
Interest bearing
liabilities (except for
foreign currency
denominated notes)
Fair value through profit and loss Fair value Refer to notes 1(r)
and 1(v)
Financial liability at amortised cost Amortised cost Refer to note 1(v)
i. Derecognition of financial instruments
Financial assets and financial liabilities are derecognised when the Fund no longer controls the
contractual rights that comprise the financial instrument which is normally the case when the
instrument is sold or all the risks and rewards of ownership have transferred to an independent third
party or the Fund’s obligations are extinguished.
(r)
Derivatives
The Fund is exposed to changes in interest rates and foreign exchange rates, and uses derivatives
including interest rate swaps and cross-currency swaps to hedge these risks.
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered
into and are subsequently remeasured to fair value at each reporting date. The gain or loss on
remeasurement to fair value is recognised in the statement of comprehensive income. Fair value at
reporting date is calculated to be the present value of the estimated future cash flows of these
instruments. The two key variables used in the valuation are the forward price curve and discount
rates. Each instrument is discounted at the market interest rate appropriate to the instrument.
There is a comprehensive hedging program implemented by the Fund that is used to manage interest
and exchange rate risk. Derivatives are not entered into for speculative purposes, and the hedging
policies are approved and monitored by the Capital Management Committee.
Derivatives are carried as assets when their fair value is positive and as liabilities when their fair value
is negative.
23

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(r)
Derivatives (continued)
i. Interest rate swaps
The Fund enters into interest rate swap agreements that are used to convert certain variable interest
rate borrowings to fixed interest rates or vice versa. The swaps are entered into with the objective of
hedging the risk of adverse interest rate fluctuations. While the Responsible Entity has determined
that these arrangements are economically effective, they have not satisfied the documentation,
designation and effectiveness tests required by Australian Accounting Standards. As a result, they do
not qualify for hedge accounting, and gains or losses arising from changes in fair value are recognised
immediately in the statement of comprehensive income.
ii.
Cross-currency swaps
Foreign currency denominated notes have been swapped back to Australian dollars via principal and
interest cross-currency swaps. These swaps qualify for hedge accounting, as they have met the
documentation, designation and effectiveness tests. Having satisfied these tests, these swaps are
designated as fair value hedges of the underlying foreign currency exposures. Changes in the fair
value of derivatives that qualify as fair value hedges are recorded in the statement of comprehensive
income, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
(s)
Impairment of assets
All assets, including non-financial assets, are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Where an indicator of
impairment or objective evidence exists, an estimate of the asset’s recoverable amount is made. An
impairment loss is recognised in the statement of comprehensive income for the amount by which the
asset’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an
asset’s fair value less costs to sell and value in use.
(t)
Payables
Payables represent liabilities and accrued expenses owing by the Fund at year end which are unpaid.
The amounts are unsecured and usually paid within 30 days of recognition. Payables are recognised at
amortised cost, and normal commercial terms and conditions apply to payables.
A distribution payable to unitholders of the Fund is recognised for the amount of any distribution
approved on or before reporting date but not distributed at reporting date.
All payables with maturities greater than 12 months after the reporting date are classified as noncurrent
liabilities.
(u)
Performance fees
The performance fee is calculated in accordance with the Fund Constitution. Refer to note 14(d)(ii) for
further details on performance fees and to note 1(aa) for details of significant estimates and
assumptions used in the determination of the fair value of the performance fee.
The Fund’s performance fee is settled through the issue of units, therefore the movement in the fair
value of the Responsible Entity’s entitlement to a performance fee is recognised in the statement of
comprehensive income with a corresponding increase in contributed equity.
(v)
Interest bearing liabilities
Interest bearing liabilities are recognised initially at cost, being the fair value of the consideration
received, net of transaction costs associated with the borrowing. Subsequent to initial recognition,
interest bearing liabilities, other than foreign currency denominated notes, are recognised at
amortised cost using the effective interest method. Under the effective interest method, any
transaction fees, costs, discounts and premiums directly related to the borrowings are recognised in
the statement of comprehensive income over the expected life of the borrowings.
Foreign currency denominated notes, which qualify for hedge accounting, are carried at fair value.
Changes in fair value are recorded in the statement of comprehensive income.
24

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(v)
Interest bearing liabilities (continued)
The fair value of the liability portion of the Fund’s convertible notes is determined using a market
interest rate for an equivalent non-convertible bond at the date of issue. This amount is recorded as a
liability until extinguished on conversion or maturity of the notes. The remainder of the proceeds is
allocated to the conversion option and recognised in contributed equity as units on issue.
Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a
financing facility which expires within one year. Amounts drawn under financing facilities which expire
after one year are classified as non-current.
i. Borrowing costs
Borrowing costs include interest, amortisation of discounts or premiums relating to borrowings, and
amortisation of ancillary costs incurred in connection with the arrangement of borrowings. Borrowing
costs are expensed as incurred, unless they relate to a qualifying asset, and recognised in interest
bearing liabilities in the statement of financial position. A qualifying asset is an asset which generally
takes more than 12 months to get ready for its intended purpose. In these circumstances, borrowing
costs incurred for the construction of a qualifying asset are capitalised to the cost of the asset for the
period of time that is required to complete and prepare the asset. The capitalisation rate used to
determine the amount of borrowing costs capitalised is the weighted average interest rate applicable
to the Fund’s outstanding borrowings during the financial year.
(w) Contributed equity
Units on issue are classified as equity and recognised at the value of the consideration received by the
Fund. Incremental costs directly attributable to the issue of new units are recognised in equity as a
deduction, net of tax, from the proceeds. Where the Fund purchases its own issued units under a
buy-back, the consideration paid, including any directly attributable transaction costs, is deducted
from contributed equity.
(x)
Distributions
In accordance with the Fund Constitution, the Fund distributes income adjusted for unrealised and
other amounts, as determined by the Directors, to unitholders on a semi-annual basis.
Refer to note 1(t) for the accounting policy for the distribution payable to unitholders at reporting
date.
(y)
Earnings per unit
Basic earnings per unit is calculated as net profit/(loss) for the financial year divided by the weighted
average number of units on issue. Alternative basic earnings per unit is calculated as net profit for the
financial year before fair value adjustments to investment properties, associates, derivatives,
performance fees, non-cash convertible notes interest expenses, straight-lining of rent increases,
amortisation of fit-out incentives, cash incentives and leasing commissions and other items divided by
the weighted average number of units.
Diluted earnings per unit is calculated by adjusting the basic earnings per unit to take into account the
effect of interest and other borrowing costs associated with dilutive potential ordinary units and the
weighted average number of additional ordinary units that would have been outstanding assuming the
conversion of all dilutive potential ordinary units, namely ordinary units issued to settle performance
fees and convertible notes converted into units. The alternative diluted earnings per unit equals the
diluted earnings per unit adjusted for fair value adjustments to investment properties, associates,
derivatives, performance fees, straight-lining of rent increases, amortisation of fit-out incentives, cash
incentives and leasing commissions and other items.
(z)
Rounding of amounts
The Fund is of a kind referred to in Class Order 98/100, issued by the Australian Securities and
Investments Commission (ASIC). Accordingly, amounts in the financial report have been rounded to
the nearest tenth of a million dollars ($m), unless stated otherwise.
25

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(aa) Critical accounting estimates and judgements
The preparation of the financial statements requires the Responsible Entity to make judgements,
estimates and assumptions that affect the amounts reported in the financial statements. The
Responsible Entity bases its judgements and estimates on historical experience and other various
factors it believes to be reasonable under the circumstances, but which are inherently uncertain and
unpredictable, the result of which form the basis of the carrying values of assets and liabilities. As
such, actual results could differ from those estimates.
The areas where a higher degree of judgement or complexity arises, or areas where assumptions and
estimates are significant to the Fund’s financial statements, are detailed below:
i. Valuation of investment properties and associates
Critical judgements are made by the Responsible Entity in respect of the fair values of investment
properties (including properties under development and properties classified as ‘held for sale’). As
referred to in note 1(m), the fair values of these investments are reviewed regularly by the
Responsible Entity with reference to external independent property valuations, recent offers and
market conditions existing at reporting date.
At reporting date, the key assumptions used by the Fund in determining fair value for the Fund’s
investment properties, excluding properties under development, are outlined below:
30 Jun 2013 30 Jun 2012
Weighted average discount rate 9.17% 9.29%
Weighted average terminal yield 7.72% 7.78%
Weighted average capitalisation rate 7.55% 7.54%
Expected vacancy period range 6 to 21 months 6 to 18 months
Rental growth rate range 2.00% to 4.70% 2.95% to 4.35%
All of the above key assumptions have been taken from the last independent valuation report for the
assets in the portfolio.
The Fund continues to obtain independent valuations of properties at least annually, with the latest
valuation details set out in note 7. The critical assumptions underlying the Responsible Entity’s
estimates of fair values relate to the receipt of contractual rents, expected future market rentals,
maintenance requirements and discount rates that reflect current market uncertainties. If there is any
change in these assumptions or regional or national economic conditions, the fair value of investment
properties may differ.
ii.
Valuation of performance fees
The Responsible Entity of the Fund is entitled to a performance fee when the Fund outperforms the
S&P ASX 200 Property Accumulation Index customised to remove the effect of the Fund on the index.
Although the amount of the performance fee to be paid each six-month period is capped, any
outperformance in prior periods may be carried over and used in the calculation of the performance
fee in future periods. The fair value of the ‘carry-over’ outperformance is determined as the present
value of future cash flows, based upon assumptions relating to the probability of paying capped
performance fees in future periods and an appropriate discount rate. Therefore, the actual future
performance fee may differ from the fair value of the ‘carry-over’ outperformance included in these
financial statements if any of these assumptions change. In a period where the ‘carry-over’ equates
to nil or is negative the fair value of future performance fees is reduced. Refer to note 14(d)(ii).
26

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
1. Summary of significant accounting policies (continued)
(aa) Critical accounting estimates and judgements (continued)
iii.
Valuation of derivatives and foreign currency denominated notes
The Fund’s derivatives and USD denominated debt is carried at fair value. The fair values of these
derivatives are calculated as the present value of the estimated future cash flows based on the
forward price curve of interest rates. The fair value of USD denominated debt is calculated as the
present value of the estimated future cash flows based on the observable yield curve.
The fair value of derivatives and foreign currency denominated notes is based on certain assumptions
about future events and involves significant estimates. The Fund determines the fair value of
derivatives and foreign currency denominated notes using a generally accepted pricing model based
on a discounted cash flow analysis which uses assumptions supported by observable market rates.
Whilst certain derivatives are not quoted in an active market, the Fund’s valuation technique makes
the maximum use of market inputs and relies as little as possible on entity specific inputs. It
incorporates all factors that market participants would consider in setting a price and is consistent with
accepted economic methodologies for pricing financial instruments. Data inputs that the Fund relies
upon when valuing derivatives and foreign currency denominated notes relate to interest rates,
volatility, counterparty credit risk and foreign exchange rates. Volatility in global financial markets
makes it difficult to estimate with certainty the present value of the estimated future cash flows.
Therefore the fair value of derivatives and foreign currency denominated notes reported at 30 June
2013 may differ if there is volatility in interest rates or foreign exchange rates in the future.
Periodically, the Fund calibrates the valuation technique and tests it for validity using prices from any
observable current market transactions in the same instrument (ie without modification) or based on
any available observable market data. The determination of fair value of derivatives and foreign
currency denominated notes is described further in note 19(h).
2. Segment information
The Fund operates in one segment, being office property in Australia.
This operating segment, as described in note 1(d), has been determined based on internal reports
provided to the Fund Manager, Mr Charles Moore, and the Managing Director Property, Mr Angus
McNaughton, being the Fund’s chief operating decision makers.
Prior to 1 July 2012, the performance of the Fund was based on the following measures: net profit,
Distributable Income and distribution per unit. From 1 July 2012, Funds From Operations (FFO)
replaced Distributable Income as a basis for measuring the earnings performance of the Fund in order
to provide a more relevant basis for comparison with other REITs and given it is a more widely
recognised measure than Distributable Income. From the same date, the Fund’s chief operating
decision makers used FFO internally when evaluating the earnings of the Fund and in making strategic
decisions.
FFO is an earnings measure which is assessed on profit under Australian Accounting Standards
adjusted for fair value adjustments, certain unrealised and non-cash items and amounts that are nonrecurring
or capital in nature. It does not represent cash flow from operations as defined by Australian
Accounting Standards, should not be considered as an alternative to consolidated net profit and is not
an alternative to cash flows as a measure of liquidity.
27

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
2. Segment information (continued)
The consolidated net profit in the reported result has been adjusted for fair value adjustments, certain
unrealised and non-cash items, amounts that are non-recurring or capital in nature and any other
items in accordance with the Fund’s Constitution to arrive at FFO for the financial year ended 30 June
2013 of $207.0 million (June 2012: $200.8 million). A reconciliation of net profit to FFO and
distribution paid and payable (used in calculating the distribution per unit) is provided below:
Restated
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Total revenue and other income 352.6 449.0
Net profit for the financial year 145.4 256.4
Adjustments:
- straight-lining revenue (1) (6.0) (5.2)
- fair value adjustments from investment properties and
associates (2) 40.1 (113.1)
- other fair value adjustments to derivatives (3) 2.4 38.9
- non-cash convertible notes interest expense (4) 11(a) 5.8 5.3
- amortisation of fit-out incentives, cash incentives and
leasing commissions (5) 18.8 18.5
- other items (6) 0.5 -
Funds From Operations (7) 207.0 200.8
Other adjustments
- amount withheld in accordance with distribution policy (8) (53.3) (56.6)
Distributions paid and payable 4 153.7 144.2
The material adjustments to the net profit to arrive at FFO for the financial year shown in the financial
report are described below.
(1) Straight-lining rental revenue, which is required by Australian Accounting Standards, is an unrealised non-cash amount. As
such, it has been excluded to better reflect FFO.
(2) Movements in the fair value of investment properties are required by Australian Accounting Standards for valuation
purposes and include realised and unrealised gains and losses. Movements in the value of the underlying assets of the
Fund’s investments in associates are required by Australian Accounting Standards but do not reflect the cash distributions
received from these investments. As such, these amounts have been excluded to better reflect FFO.
(3) Fair value movements in derivatives comprise mark-to-market movements required by Australian Accounting Standards for
valuation purposes, including realised and unrealised amounts. These movements have been excluded to better reflect FFO.
(4) The difference between the actual coupon paid on the Fund’s convertible notes and the interest expense calculated at the
market rate for an equivalent non-convertible bond is required to be recognised by Australian Accounting Standards. As it
represents a non-cash amount, it has been excluded to better reflect FFO that has been realised during the financial year.
(5) Amortisation of fit-out incentives, cash incentives and leasing commissions are non-cash amounts. The amounts have been
excluded to better reflect FFO. This has had effect from 1 July 2012 with 30 June 2012 restated to reflect the change.
(6) These items relate to the following:
- In the financial year ended 30 June 2013, the one-off adjustment of $1.7 million relates to 145 Ann Street, Brisbane, which
was anticipated to reach practical completion in July 2012 but achieved practical completion in November 2012. As a result
of the delay in practical completion, the capitalised coupon income received and capitalised interest incurred from July 2012
to November 2012 have been added back to net profit to reflect income earned from the building as of July 2012.
- On 3 August 2011, the Fund exchanged contracts to sell a 50% interest in 5 Martin Place, Sydney. As part of the
negotiation, the Fund was granted a call option to acquire a 50% interest in 8 Exhibition Street, Melbourne, exercisable
between 1 July 2012 and 30 June 2013 at market value. On 26 June 2013, the Fund entered into an agreement to sell the
option. The sale proceeds of $1.2 million are expected to be received by the Fund in August 2013. This amount has been
excluded to better reflect FFO.
(7) From 1 July 2012, the performance of the Fund is based on FFO which replaced Distributable Income. The adoption of FFO
provides a more relevant basis for comparison with other REITs given it is a more widely recognised measure than
Distributable Income.
(8) From 1 July 2012, the Fund distributes 70% to 80% of FFO or the Fund’s taxable income, whichever is greater, for any
financial period.
28

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
2. Segment information (continued)
In June 2013, the Property Council of Australia (PCA) issued the Voluntary Best Practice Guidelines for
disclosing FFO and AFFO. There are two main differences between these guidelines and the Fund’s
policy in determining FFO. The Fund adds back the amortisation of leasing commissions to net profit in
reaching FFO and does not adjust for amortisation of rent free incentives. The Fund did not adopt
‘Property Council FFO’ as it is monitoring the reaction of market participants to the new guidelines.
The information provided to the Fund Manager in respect of total assets and total liabilities is
measured in a manner consistent with the accounting policies disclosed in note 1 of these financial
statements and is presented in the same manner as the consolidated statement of financial position.
The operating segment derives all its revenue in Australia primarily from the rental of office space
from a large number of tenants. Only one tenant or group under common control, being
Commonwealth Bank of Australia (the ‘Bank’), contributes more than 10% of the Fund’s revenues.
The total revenue contributed by the Bank for the financial year ended 30 June 2013 is $45,682,415
(Jun 2012: $47,171,359).
i. Restatement of comparative information
The comparative information for the 12 months ended 30 June 2012 in the reconciliation shown above
has been restated to reflect the change to FFO. As a result, the comparatives for the 12 months to 30
June 2012 add back amortisation of fit-out incentives, cash incentives and leasing commissions
totalling $18.5 million to the net profit. This resulted in FFO comparative for the year ended 30 June
2012 of $200.8 million as shown below:
Consolidated
30 Jun 2012
$m
Net profit (as reported) 256.4
Adjustments (74.1)
Distributable Income (as reported) 182.3
Additional adjustment required under FFO basis
- amortisation of fit-out incentives, cash incentives and leasing commissions 18.5
FFO for the financial year ended 30 June 2012 200.8
In the reported result at 30 June 2012, $38.1 million was withheld from the Distributable Income of
$182.3 million in accordance with the prior distribution policy. After taking this into account, the
distributions paid and payable amount for the financial year ended 30 June 2012 was $144.2 million.
In order to restate the June 2012 comparative information on an FFO basis, an additional amount of
$18.5 million (in addition to the $38.1 million) has been shown as being withheld from FFO in
accordance with the new distribution policy, which results in distributions paid and payable of $144.2
million, being the same distribution as reported at 30 June 2012.
3. Rental and other property income
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Rental and other property income (excluding straight-lining
revenue) 321.8 300.9
Rental income resulting from straight-lining adjustment 6.0 5.2
Total rental and other property income 327.8 306.1
29

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
4. Unitholders’ distributions
Distributions paid and payable by the Fund during the financial year are:
30 Jun 2013 30 Jun 2012
$m
cents/
unit $m
cents/
unit
Distribution paid – February 75.1 3.20 69.1 2.89
Distribution payable – August 78.6 3.35 75.1 3.20
Total distributions paid and payable 153.7 6.55 144.2 6.09
5. Receivables
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Current
Rent debtors 19(c) 1.7 1.6
Less: Provision for doubtful debts 19(c) (0.2) (0.3)
1.5 1.3
Distribution receivable from associates 1.4 6.6
Receivables from managing agents 15.3 19.2
Other 2.0 3.2
Total receivables 20.2 30.3
6. Other assets
Current
Prepayments 4.8 4.5
Total other assets 4.8 4.5
30

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
7. Investment properties
Properties
Owner
-ship
%
Original
purchase
date
Original
purchase
price
$m
Latest
independent
valuation
date
Independent
valuation (1)
$m
Additions/
(Disposals)
since
valuation/
acquisition (1)
$m
Book value
30 Jun 13
$m
Book value
30 Jun 12
$m
Non-current
ACT
Finlay Crisp Centre, Canberra (2) 100 Apr-99 55.0 Jun-13 77.5 - 77.5 90.7
NSW
60 Castlereagh Street, Sydney 100 Oct-02 191.2 Mar-13 247.5 0.3 247.8 243.8
36 George Street, Burwood 100 Apr-99 40.0 Mar-13 52.0 0.1 52.1 54.0
101 George Street, Parramatta 100 Jan-05 19.0 Jun-13 93.0 - 93.0 92.0
150 George Street, Parramatta 100 Oct-02 81.0 Sep-12 99.5 (0.6) 98.9 98.8
14 Lee Street, Sydney (2) 100 Oct-02 56.5 Sep-12 70.0 0.1 70.1 71.6
201 Miller Street, North Sydney 100 Jun-03 72.3 Sep-12 71.0 3.1 74.1 69.5
56 Pitt Street, Sydney 100 Oct-02 136.0 Dec-12 166.0 2.7 168.7 159.5
5 Martin Place, Sydney (3) 50 Apr-99 56.0 Jun-13 52.5 - 52.5 40.0
175 Pitt Street, Sydney 100 Apr-99 116.0 Jun-13 245.5 - 245.5 240.0
10 Shelley Street, Sydney 50 Dec-03 110.4 Jun-13 108.0 - 108.0 137.9
Site 4B, Sydney Olympic Park (2,4) 100 Jan-08 8.7 Dec-12 4.7 (4.7) - 3.6
201 Kent Street, Sydney (2,5) 25 Dec-00 50.6 Dec-12 156.0 4.4 160.4 -
25 Apr-13 81.5
SA
108 North Terrace, Adelaide 100 Oct-05 77.0 Sep-12 73.8 - 73.8 76.5
45 Pirie Street, Adelaide (6) 100 Oct-02 55.2 Jun-12 85.7 (87.0) - 85.7
11 Waymouth Street, Adelaide 100 Dec-04 146.6 Sep-12 154.0 1.0 155.0 151.1
QLD
145 Ann Street, Brisbane (2,7) 100 Nov-09 - Dec-12 218.0 3.8 221.8 165.1
10 Eagle Street, Brisbane 100 Jun-12 205.9 Mar-13 204.0 5.5 209.5 205.9
VIC
385 Bourke Street, Melbourne 100 Apr-99 151.0 Dec-12 298.5 4.1 302.6 311.3
2 Southbank Boulevard, Melbourne 50 Jul-03 136.8 Mar-13 183.0 (0.1) 182.9 182.2
655 Collins Street, Melbourne 100 Nov-10 96.8 Jun-13 100.0 - 100.0 96.8
180-222 Lonsdale Street,
Melbourne 50 Nov-10 285.0 Mar-13 295.7 0.7 296.4 285.8
750 Collins Street, Melbourne 100 Dec-10 232.3 Jun-13 240.0 - 240.0 224.5
WA
46 Colin Street, West Perth (2) 100 Apr-02 30.0 Jun-13 44.0 - 44.0 43.5
58 Mounts Bay Road, Perth 50 Jun-10 100.2 Dec-12 103.0 (0.1) 102.9 100.0
Investment properties 3,377.5 3,229.8
(1) Valuation excludes additions and disposals subsequent to the last independent valuation. Additions/(Disposals) since
valuation includes the cost of properties purchased and the carrying amount of properties sold. It also includes capital
expenditure and payments for incentives and leasing fees, net of amortisation since valuation. For a summary of significant
estimates and assumptions used in valuations, refer to note 1(aa)(i).
(2) The titles to these properties are leasehold. The remaining lease terms range from 86 to 117 years. Only 46 Colin Street,
West Perth has ongoing lease commitments.
(3) Originally, 100% of 5 Martin Place, Sydney was purchased for $112.0 million. On 3 August 2011, the Fund exchanged
contracts to sell a 50% interest in 5 Martin Place, Sydney. As part of the negotiation, the Fund was granted a call option to
acquire a 50% interest in 8 Exhibition Street, Melbourne, exercisable between 1 July 2012 and 30 June 2013 at fair value.
On 26 June 2013, the Fund entered into an agreement to sell the option. The sale proceeds of $1.2 million are expected to
be received by the Fund in August 2013.
(4) On 9 November 2012, the Fund exchanged a conditional contract to sell its 100% interest in Site 4B, Sydney Olympic Park,
for $4.7 million excluding selling costs. The transaction was settled on 21 December 2012.
(5) On 10 April 2013, the Fund acquired the remaining 50% interest in the Kent Street Trust for $77.3 million plus acquisition
costs of $4.2 million. The transaction settled on the same day. The Fund previously equity accounted its investment in the
Kent Street Trust which was classified as an associate. The Fund now owns 100% of the units in the Kent Street Trust,
which in turn owns 50% of 201 Kent Street, Sydney. At 31 December 2012, 201 Kent Street was independently valued at
$312 million (100%) (Jun 2012: $312 million). The Fund’s 100% holding represents control and as such the Fund
consolidates the Kent Street Trust from 10 April 2013.
(6) On 22 May 2013, the Fund exchanged contracts to sell its 100% interest in 45 Pirie Street, Adelaide for $87.0 million
excluding selling costs. The transaction settled on 12 June 2013.
(7) On 22 November 2012, the development at 145 Ann Street, Brisbane reached practical completion. The total cost of the
development was $209.8 million, and the investment property was independently revalued at 31 December 2012 to $218.0
million.
31

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
7. Investment properties (continued)
(a)
Details of valuers
Property Valuer Qualifications Company
Finlay Crisp Centre, Canberra ACT M Smallhorn FAPI Jones Lang LaSalle
60 Castlereagh Street, Sydney NSW M Smallhorn FAPI Jones Lang LaSalle
36 George Street, Burwood NSW A Duguid AAPI m3property
101 George Street, Parramatta NSW P Rhodes AAPI Jones Lang LaSalle
150 George Street, Parramatta NSW R Anderson AAPI CBRE
14 Lee Street, Sydney NSW M Fidden AAPI Savills
201 Miller Street, North Sydney NSW R Nicolson AAPI Savills
56 Pitt Street, Sydney NSW T Miles AAPI Knight Frank
5 Martin Place, Sydney NSW D Castles FAPI Knight Frank
175 Pitt Street, Sydney NSW C Mortimer AAPI Colliers International
10 Shelley Street, Sydney NSW A Pannifex FAPI Savills
Site 4B, Sydney Olympic Park NSW R Nicolson AAPI Savills
201 Kent Street, Sydney NSW D Castles FAPI Knight Frank
108 North Terrace, Adelaide SA T Gornall FAPI Jones Lang LaSalle
45 Pirie Street, Adelaide SA S Hickin AAPI Jones Lang LaSalle
11 Waymouth Street, Adelaide SA N Bell AAPI Knight Frank
145 Ann Street, Brisbane QLD P Zischke AAPI Knight Frank
10 Eagle Street, Brisbane QLD
385 Bourke Street, Melbourne VIC
C Clayworth
A Lett
AAPI
AAPI
Colliers International
CBRE
2 Southbank Boulevard, Melbourne VIC P Volakos AAPI Colliers International
655 Collins Street, Melbourne VIC
180-222 Lonsdale Street, Melbourne VIC
F Lynch
M Reynolds
AAPI
AAPI
Savills
Jones Lang LaSalle
750 Collins Street, Melbourne VIC
46 Colin Street, West Perth WA
G Longden
M Foster-Key
FAPI
AAPI
m3property
Savills
58 Mounts Bay Road, Perth WA M Crowe AAPI Knight Frank
32

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
7. Investment properties (continued)
(b)
Reconciliations
i. Investment properties
A reconciliation of the carrying amount of investment properties at the beginning and end of the
financial year is as follows:
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Opening balance 3,229.8 3,249.4
Additions – capital expenditure 102.6 101.5
Additions – interest capitalised (1) 3.2 8.3
Additions – asset acquisitions 81.5 205.9
Disposals (90.9) (436.0)
Investment property reclassified from investment in
associate 78.2 -
Revaluations (38.1) 92.1
Leasing fees and incentives deferred 24.9 23.5
Amortisation of leasing fees and incentives (19.7) (20.6)
Movement in straight-lining rental income asset 6.0 5.7
Closing balance 3,377.5 3,229.8
(1) Borrowing costs incurred in the construction of qualifying assets have been capitalised at a weighted average rate ranging
from 5.4% to 5.6% (Jun 2012: 5.5% to 6.8%).
ii.
Non-current assets held for sale – investment properties
A reconciliation of the carrying amount of investment properties classified as non-current assets held
for sale at the beginning and end of the financial year is as follows:
Opening balance - 152.0
Additions – capital expenditure - 0.1
Net disposals (1) - (151.1)
Devaluations - (0.4)
Amortisation of leasing fees and incentives - (0.1)
Movement in straight-lining rental income asset - (0.5)
Closing balance - -
(1) On 12 July 2011, a call option was exercised by a third party to purchase 1 and 5 Mill Street and 197 St Georges Terrace,
Perth for $152.0 million. The settlement occurred on 9 December 2011. The above disposal amount represents the sale
price adjusted for $0.9 million of selling costs.
(c)
Capital commitments
Estimated capital expenditure contracted for at reporting date, but not provided for:
Not later than one year 51.0 60.8
Later than one year and not later than five years 61.0 1.3
Total capital commitments (1) 112.0 62.1
(1) As of 30 June 2013, the amount of capital commitments relating to jointly owned properties was $105.4 million (Jun 2012:
$1.0 million).
33

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
7. Investment properties (continued)
(d)
Operating lease commitments
Estimated operating lease expenditure in relation to the 99-year leasehold of 46 Colin Street, West
Perth WA, contracted for at reporting date, but not provided for in the financial statements:
34
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Not later than one year 1.4 1.4
Later than one year and not later than five years 5.6 5.4
Later than five years 5.4 7.0
Total operating lease commitments 12.4 13.8
(e)
Operating lease receivables
The investment properties are leased to tenants under operating leases with rentals payable monthly.
Minimum rental revenue receivable under non-cancellable operating leases of investment properties
are as follows:
Not later than one year 256.7 245.3
Later than one year and not later than five years 710.3 773.4
Later than five years 413.3 439.7
Total operating lease receivables 1,380.3 1,458.4
8. Investments in associates
Ownership Consolidated Consolidated
30 Jun 2013 30 Jun 2012 30 Jun 2013 30 Jun 2012
% % $m $m
Non-current
Kent Street Trust (1),(A) - 50 - 85.3
Grosvenor Place Holdings Trust (2),(A) 50 50 275.1 273.1
Site 6 Homebush Bay Trust (3),(A) 50 50 35.6 35.0
Site 7 Homebush Bay Trust (4),(A) 50 50 48.2 47.5
PIF Managed Property Pty Limited (5) 50 50 - -
Grosvenor Place Pty Limited (6) 25 25 - -
Total investments in associates 358.9 440.9
(A) The titles to these properties are leasehold and the remaining lease terms range from approximately 72 to 95 years.
(1) On 10 April 2013, the Fund purchased the remaining 50% of the units in the Kent Street Trust. The Fund’s 100% interest in
the Kent Street Trust represents control. As such the Kent Street Trust is consolidated from this date. Refer to note 7.
(2) The Fund owns 50% of the units in the Grosvenor Place Holdings Trust, which in turn owns 50% of 225 George Street,
Sydney. The Fund therefore indirectly owns 25% of the property. At 31 December 2012, the property was independently
valued at $1.1 billion (100%) (Jun 2012: $1.1 billion). It has been determined that the Fund’s 50% interest in the Trust
does not represent control. The Fund’s equity accounted investment includes its share of the non-property assets and
liabilities of the Grosvenor Place Holdings Trust.
(3) The Fund owns 50% of the units in the Site 6 Homebush Bay Trust, which in turn owns 100% of 4 Dawn Fraser Avenue,
Sydney Olympic Park (formerly known as Site 6 Dawn Fraser Avenue). The Fund therefore indirectly owns 50% of the
property. At 31 December 2012, the property was independently valued at $71.1 million (100%) (Jun 2012: $70.0 million).
It has been determined that the Fund’s 50% interest in the Trust does not represent control. The Fund’s equity accounted
investment includes its share of the non-property assets and liabilities of Site 6 Homebush Bay Trust.
(4) The Fund owns 50% of the units in the Site 7 Homebush Bay Trust, which in turn owns 100% of 2 Dawn Fraser Avenue,
Sydney Olympic Park (formerly known as Site 7 Dawn Fraser Avenue). The Fund therefore indirectly owns 50% of the
property. At 31 December 2012, the property was independently valued at $96.3 million (100%) (Jun 2012: $95.8 million).
It has been determined that the Fund’s 50% interest in the Trust does not represent control. The Fund’s equity accounted
investment includes its share of the non-property assets and liabilities of Site 7 Homebush Bay Trust.
(5) In February 2004, the Fund established an effective 50% interest in PIF Managed Property Pty Limited at a nominal cost of
$10. The net assets at reporting date were $20. It has been determined that the Fund’s 50% interest in the company does
not represent control.
(6) On 21 November 2008, the Fund purchased a 25% interest in Grosvenor Place Pty Limited from Commonwealth Funds
Management Pty Limited at a nominal cost of $25. Grosvenor Place Pty Limited is a dormant company with net assets of
$100.
All associates are domiciled in Australia, and their principal activity is investment in office property.

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
8. Investments in associates (continued)
(a) Equity accounting information
The Fund’s share of its associates’ financial information is:
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Assets 362.1 449.5
Liabilities 3.2 8.6
Revenue 30.3 33.3
Net profit 22.1 48.3
(b) Share of associates’ commitments and contingencies
The Fund’s share of its associates’ capital expenditure commitments which have been approved but
not provided for at reporting date, operating lease commitments and contingencies are set out below:
Capital commitments 1.0 -
Lease commitments payable - 6.9
Lease commitments receivable 175.9 210.7
Other expenditure commitments 1.0 1.0
Contingent liabilities - -
9. Investments
The Fund holds an ordinary share and a redeemable property preference share in an unlisted
company, CFSP Asset Management Pty Ltd.
Consolidated
30 Jun 2013
$
Consolidated
30 Jun 2012
$
Unlisted company
- ordinary share 1 1
- redeemable property preference share 1 1
Total investments 2 2
10. Payables
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Accrued property expenses 14.3 16.2
Rents received in advance 11.0 4.1
Accrued interest expense 5.8 5.5
Accrued capital expenditure 15.0 21.2
Other 7.4 4.9
Total payables 53.5 51.9
35

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
11. Interest bearing liabilities
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Current – unsecured
US medium-term notes - 62.2
Short-term notes 100.0 100.0
Total current interest bearing liabilities 100.0 162.2
Non-current - unsecured
Cash advance facility 52.9 123.0
US medium-term notes 166.9 157.8
Convertible notes (1) 189.1 182.8
Medium-term notes 407.5 199.1
Total non-current interest bearing liabilities 816.4 662.7
Total interest bearing liabilities 916.4 824.9
(1) On 11 December 2009, the Fund executed a $200 million issuance of senior, unsecured convertible notes, redeemable at
the option of the noteholder on 11 December 2014. Unless previously redeemed or converted to ordinary units, the notes
will be redeemed on the final maturity date of 11 December 2016. At 30 June 2013, the conversion price is $1.1226 per
unit. The price is subject to adjustments in accordance with the Offering Circular. The notes were issued to fund the
acquisitions of 145 Ann Street, Brisbane and 58 Mounts Bay Road, Perth. The notes are listed on the Singapore Stock
Exchange. The face value of the remaining notes on issue at 30 June 2013 is $200.0 million (Jun 2012: $200.0 million).
(a)
Reconciliation of convertible notes
A reconciliation of the carrying amounts of the convertible notes at the beginning and end of the
financial year is set out below:
Opening balance 182.8 177.0
Amortisation of issue costs 0.5 0.5
183.3 177.5
Interest expense at market rate (2) 16.3 15.8
Less: Accumulated coupon paid and payable (10.5) (10.5)
Closing balance of convertible notes 189.1 182.8
(2) The difference of $5.8 million (Jun 2012: $5.3 million) between interest expense calculated at the market rate for an
equivalent non-convertible bond and the coupon rate paid is included in borrowing costs expense in the statement of
comprehensive income and added to the carrying amount of the convertible notes liability in the statement of financial
position. As a result, on 11 December 2014, the carrying amount of the liability will be equal to the face value of the notes
less any amounts converted to units.
36

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
11. Interest bearing liabilities (continued)
(b)
Financing facilities
The Fund has the following facilities available:
30 Jun 2013 30 Jun 2012
Expiry Drawn (8) Facility
Drawn (8) Facility
limit
limit
$m
$m
Undrawn
line of
credit
$m
$m
$m
Undrawn
line of
credit
$m
Cash advance facility (1) 10 Feb 14 - - - 125.0 155.0 30.0
Cash advance facility (2) 30 Apr 18 55.0 300.0 245.0 - 300.0 300.0
Cash advance facility 12 Jun 15 - 200.0 200.0 - 200.0 200.0
Short-term notes (3) to 27 Aug 13 100.0 100.0 - 100.0 100.0 -
18 Jul 13
Medium-term notes 11 Mar 16 200.0 200.0 - 200.0 200.0 -
Medium-term notes (4) 13 Dec 19 185.0 185.0 - - - -
Medium-term notes (5) 13 Dec 22 25.0 25.0 - - - -
Convertible notes (6) 11 Dec 14 200.0 200.0 - 200.0 200.0 -
US medium-term notes
22 Dec 15
to 22 Dec 17 166.9 166.9 - 220.0 220.0 -
931.9 445.0 845.0 530.0
Less: Short-term notes drawn (7) (100.0) (100.0)
Total undrawn lines of credit 345.0 430.0
(1) On 22 May 2013, the Fund terminated this bank debt facility.
(2) On 29 April 2013, the term of this bank debt facility was extended from 28 February 2016 to 30 April 2018.
(3) The Fund has a same day funding facility within the existing cash advance facility providing liquidity support for maturing
short-term notes.
(4) In November 2012, the Fund issued $125.0 million of 7 year medium-term notes which are due to expire in December 2019.
On 16 April 2013, a further $60 million of the same notes were issued.
(5) In November 2012, the Fund issued $25.0 million of 10 year medium-term notes which are due to expire in December 2022.
(6) The convertible notes are redeemable at the option of the noteholder on 11 December 2014. Unless previously redeemed or
converted to ordinary units, the notes will be redeemed on the final maturity date of 11 December 2016.
(7) As the Fund’s same day funding facility was in place to provide liquidity support to maturing short-term notes, the capacity of
the facilities is reduced by the total amount of short-term notes issued.
(8) In accordance with AASB 139 Financial Instruments: Recognition and Measurement, interest bearing liabilities are carried at
amortised cost, net of deferred borrowing costs of $6.2 million (Jun 2012: $5.1 million) and other adjustments to convertible
notes of $9.3 million (Jun 2012: $15.0 million). However, for the purpose of this reconciliation, the actual drawn amounts are
used and not adjusted to amortised cost and other adjustments to convertible notes.
The facilities are senior unsecured. The Fund has a long-term credit rating of A3/stable from Moody’s
and A-/stable from Standard & Poor’s. Refer to note 19 for details of the Fund’s debt covenants and
the fair value of the liabilities.
37

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
12. Contributed equity
Note
30 Jun 2013
No. of units
’000
30 Jun 2012
No. of units
’000
30 Jun 2013
$m
30 Jun 2012
$m
Opening balance 2,347,003 2,449,600 2,383.3 2,481.8
Issue of units (b) - 8,523 - 9.5
Units bought back offmarket
and cancelled (c)(i) - (68,522) - (66.5)
Units bought back onmarket
and cancelled (c)(ii) - (42,598) - (41.1)
Unit buy-back transaction
costs - - - (0.4)
Total contributed equity 2,347,003 2,347,003 2,383.3 2,383.3
(a)
Rights and restrictions over units
Each unit ranks equally with all other units for the purpose of distributions and on termination of the
Fund.
(b)
Placement of units
As the Fund achieved absolute positive performance for the six months ended 30 June 2011,
8,523,841 units were issued to the Manager, Colonial First State Property Limited (CFSPL), on
29 August 2011 in satisfaction of the $9,496,685 cumulative accrued performance fee for the sixmonth
periods ended 30 June 2010 and 31 December 2010. The number of units issued and the issue
prices are as follows:
- 4,015,321 units issued at $1.13 for the half-year ended 30 June 2010
- 4,508,520 units issued at $1.10 for the half-year ended 31 December 2010.
(c)
(i)
(ii)
(iii)
Unit buy-back
On 14 December 2011, the Fund purchased and cancelled 68.5 million of its units off-market.
The units were acquired at a price of $0.97 per unit. The total cost of $66.9 million, including
$0.4 million of transaction costs, was deducted from equity.
On 15 December 2011, the Fund initiated an on-market buy-back of its units. The Fund could
purchase a maximum of 154.9 million units under that on-market buy-back offer over a 12-
month period. The total number of units purchased under this offer in the financial year ended
30 June 2012 was 42.6 million. The Fund did not buy back any units under this buy-back offer
during the remaining period in this financial year.
On 14 December 2012, the Fund announced a continuation of the on-market buy-back. The
Fund may purchase a maximum of 213.4 million units under this on-market buy-back offer over
a 12-month period. As at 30 June 2013, the Fund did not buy back or cancel any of its units
under this on-market buy-back offer.
38

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
13. Reserves
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Undistributed reserve 320.1 328.4
Total reserves 320.1 328.4
Reconciliations of the movements in the reserve at the beginning and end of the current and previous
financial years:
Undistributed reserve
Opening balance 328.4 225.7
Net profit for the financial year 145.4 256.4
Less: Movement in the Responsible Entity’s performance fee
(settled in units) 14(d)(ii) - (9.5)
Less: Distributions paid and payable 4 (153.7) (144.2)
Closing balance of undistributed reserve 320.1 328.4
The closing balance of the undistributed reserve comprises:
Unrealised gain/(loss) on derivatives 2.2 (0.3)
Unrealised straight-lining revenue 51.5 47.2
Net gain on properties and associates and other retained
earnings (1) 266.4 281.5
320.1 328.4
(1) The movement comprises the movements in fair values of investment properties and associates (less $40.1 million), the
amount withheld from the revised distribution policy (add $53.3 million), the amortisation of fit-out incentives, cash
incentives and leasing commissions (less $18.8 million), 145 Ann Street, Brisbane development adjustment (less $1.7
million), 8 Exhibition Street option fee adjustment (add $1.2 million), the non-cash interest expense for convertible notes
(less $5.8 million), the movement in the straight-lining reserve relating to 45 Pirie Street, Adelaide and 201 Kent Street,
Sydney (add $1.7 million) and the realised loss on termination of interest rate swaps (less $4.9 million).
14. Related parties
(a)
Responsible Entity and Manager
Commonwealth Managed Investments Limited (CMIL), the Responsible Entity, has appointed Colonial
First State Property Limited (CFSPL) as the Manager of the Fund. CMIL is a wholly owned subsidiary of
Colonial First State Group Limited (CFSG). CFSG and CFSPL are wholly owned subsidiaries of the
Bank, the ultimate parent of the Responsible Entity, and are considered to be related parties of the
Fund.
(b)
Trustee of the Fund’s sub-trusts
CFS Managed Property Limited (ABN 13 006 464 428), the Trustee of the Fund’s sub-trusts, is a
wholly owned subsidiary of the Bank and is considered to be a related party of the Fund. CFS Managed
Property Limited has not received a fee for acting as Trustee of the sub-trusts.
39

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(c)
Details of Key Management Personnel
i. Directors
The Directors of CMIL, the Responsible Entity of the Fund, are considered to be Key Management
Personnel.
Chairman – Non-executive Director
R M Haddock AM (independent)
Non-executive Directors
J F Kropp (independent)
N J Milne OAM (independent)
R E Griffiths
Executive Director
M J Venter
ii.
Other Key Management Personnel
In addition to the Directors noted above, the following persons are Key Management Personnel with
the authority for the strategic direction and management of the Fund.
Name Position Employer
Angus McNaughton Managing Director Property Commonwealth Bank of Australia
Charles Moore Fund Manager Commonwealth Bank of Australia
iii. Remuneration of Key Management Personnel
Compensation is paid to the Responsible Entity in the form of fees and is disclosed in note 14(d). No
other amounts are paid by the Fund directly or indirectly to the Key Management Personnel for
services provided to the Fund.
The independent Non-executive Directors of the Responsible Entity receive remuneration in their
capacity as Directors of the Responsible Entity. Remuneration of independent Non-executive Directors
is paid directly by the Responsible Entity or related party. Mr Venter and Mr Griffiths are employed as
executives of the Bank, and in that capacity, part of their role is to act as a Director of the Responsible
Entity. Other Key Management Personnel are employed and paid by the Bank. Consequently, no
compensation as defined in AASB 124 Related Parties is paid by the Fund to its Key Management
Personnel, other than that to the Responsible Entity.
(d)
Responsible Entity fees
i. Base fees
In accordance with the Fund Constitution, CMIL is entitled to receive a base fee of 0.45% per annum
of the gross asset value of the Fund less any derivative assets, calculated and accrued on a monthly
basis and payable quarterly in arrears.
The Responsible Entity’s base fee for the financial year ended 30 June 2013 is $16,953,636 (Jun
2012: $13,694,248). As at 30 June 2013, the total amount owed to the Responsible Entity in relation
to base fees is $4,308,189 (Jun 2012: $3,296,755).
ii.
Performance fees
The Responsible Entity is entitled to a performance fee if the Fund’s total return (distributions and unit
price performance) exceeds the benchmark provided by Standard & Poor’s. The Fund’s performance
fee benchmark prior to 1 July 2012 was the S&P ASX 200 Commercial Accumulation Index (excluding
40

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(d)
ii.
Responsible Entity fees (continued)
Performance fees (continued)
CPA). From 1 July 2012, the Fund’s performance fee benchmark was changed to the S&P ASX 200
Property Accumulation Index (excluding CPA). The new benchmark is comprised of 15 Australian Real
Estate Investment Trusts (A-REITs), which compares to the previous benchmark, whose composition
over time has reduced from seven A-REITs to one. The Board determined that the new benchmark is
comparable to the previous benchmark, while providing a broader base for which to compare the
Fund’s performance. An independent expert review by KPMG Corporate Finance has also concluded
that the Directors have selected a comparable index and that the change is fair and reasonable. The
underperformance as at 30 June 2012 was carried forward to the new index. Other than the change in
the underlying benchmark index for the determination of performance fees, the overall fee mechanism
remained unchanged.
The 20-day volume weighted average price (VWAP) is used in both the Fund’s price and in the
customised index. The performance fee entitlement is determined on the Fund’s cumulative
performance since the last period in which a performance fee was accrued (the date of last reset). If
the maximum fee entitlement is earned for a six-month period any carry forward outperformance is
reduced by 1.67%.
Performance fees are satisfied via the issue of units to the Manager. The number of units to be issued
upon settlement of the performance fee is based on the higher of the Fund’s net tangible assets (NTA)
and the 10-day VWAP post the performance fee period. These units are accrued at the time of
entitlement and issued when the Fund achieves positive, absolute performance.
The measure of outperformance will be assessed on a cumulative basis, meaning any
underperformance needs to be earned back before the Responsible Entity can earn performance units
(refer to the Fund Constitution for the complete method of calculation of the performance fee).
The performance fee is calculated and payable, if the Responsible Entity is entitled, each half-year at
December and June. The performance fee rate is calculated as 5% of the first 1% of outperformance
and 15% of outperformance in excess of 1%. This rate is multiplied by the Fund’s average gross asset
value. The fee is capped at 0.15% per six-month period of the Fund’s average gross asset value.
The performance fee for the financial year ended 30 June 2013 is nil (Jun 2012: nil). Furthermore, as
there is a carry-over underperformance of 22.6% there is no fair value of the ‘carry-over’
outperformance (Jun 2012: nil) recognised in the statement of financial position.
During the six months to June 2011, the Fund underperformed its benchmark and did not recognise a
performance fee for that period. As a result and in accordance with the Fund’s Constitution, the
performance fee is determined on the Fund’s relative performance since the last period in which a
performance fee was accrued, being 31 December 2010. Since that period, the Fund has
underperformed the benchmark by 19.4 and 22.6 percentage points at 31 December 2012 and 30
June 2013 respectively. As such, the Fund has not recognised a performance fee in the financial year
ended 30 June 2013.
41

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(d)
ii.
Responsible Entity fees (continued)
Performance fees (continued)
The relative performance of the Fund to the customised index is set out in the following table:
2013
financial year
2012
financial year
Determination of performance fee for the six months
to 31 December
Performance since date of last reset (A) :
Reconciliation – 24 months performance
(Dec 2012: 12 months performance)
Opening ‘carry-over’ outperformance (percentage points) - -
Commonwealth Property Office Fund (A) (%) 28.64 18.74
Commercial Property Trust Accumulation Index (%) (A) 48.04 23.14
Current underperformance (percentage points) (19.40) (4.40)
‘Carry-over’ outperformance (percentage points) - -
‘Carry-over’ absorbed to fund maximum performance fee for the
half-year (percentage points) - -
Closing ‘carry-over' outperformance (percentage points) - -
$’000 $’000
Performance fee for the six months to 31 December - -
Determination of performance fee for the six months
to 30 June
Performance since date of last reset (A) :
Reconciliation – 30 months performance
(Jun 2012: 18 months performance)
Opening ‘carry-over’ outperformance (percentage points) - -
Commonwealth Property Office Fund (A) (%) 34.85 24.90
Commercial Property Trust Accumulation Index (%) (A) 57.46 31.07
Current underperformance (percentage points) (22.61) (6.17)
‘Carry-over’ outperformance (percentage points) - -
‘Carry-over’ absorbed to fund maximum performance fee for the
half-year (percentage points) - -
Closing ‘carry-over' outperformance (percentage points) - -
$’000 $’000
Performance fee for the six months to 30 June - -
(A)
Calculated in accordance with the customised index provided by Standard & Poor’s. The 20-day volume weighted average
price (VWAP) is used in both the Fund’s price and in the performance fee benchmark. The Fund’s performance fee benchmark
prior to 1 July 2012 was the S&P ASX 200 Commercial Accumulation Index (excluding CPA). From 1 July 2012, the Fund’s
performance fee benchmark was changed to the S&P ASX 200 Property Accumulation Index (excluding CPA). The carry-over
underperformance as at 30 June 2012 was carried over to the new benchmark index. In accordance with the performance fee
methodology, the performance fee is determined on the Fund’s performance since the last period in which a performance fee
was accrued (the date of the last reset).
42

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(e)
Related party unitholdings
Directors, employees and associates of CMIL and entities controlled by the Bank may hold investments
in the Fund. Such investments were purchased on normal commercial terms and were at arm’s length.
The number of units held by Directors of CMIL (including entities controlled, jointly controlled or
significantly influenced by them), the Bank and other funds managed by Bank related entities are as
follows:
Parent entity
No. of fully
paid units
30 Jun 2013
Parent entity
No. of fully
paid units
30 Jun 2012
Commonwealth Bank of Australia and related entities 241,410,784 260,308,662
Dunefort Pty Limited (1) 37,239 37,239
(1) Dunefort Pty Limited is the trustee for the self-managed superannuation fund of N J Milne, who was appointed as a nonexecutive
Director of CMIL from 1 January 2009.
(f)
Rental income
The Bank occupies 13.6% (Jun 2012: 13.5%) of the Fund’s lettable area. Rents received during the
financial year amounted to $45,682,415 (Jun 2012: $47,171,359). The amount outstanding at
reporting date is $47,932 (Jun 2012: nil). All leases are based on normal commercial terms and
conditions.
(g)
Bank accounts
As at 30 June 2013, the Fund has $11,323,283 cash deposited in bank accounts operated by the Bank
(Jun 2012: $22,051,592). This amount includes the Fund’s share of cash held within associate trusts
which are equity accounted. Interest received during the financial year in relation to these accounts
amounted to $781,612 (Jun 2012: $1,369,301). These accounts are provided on normal commercial
terms and conditions.
(h)
Interest bearing liabilities
The Fund has a borrowing facility with the Bank. This facility is provided on normal commercial terms
and conditions. Borrowings outstanding at reporting date with the Bank are $55,000,000 (Jun 2012:
nil). Interest paid and payable in respect of the borrowings for the financial year are $623,304 (Jun
2012: $2,062,071). No amount was prepaid by the Fund to the Bank in respect of these borrowings as
at 30 June 2013 (Jun 2012: nil).
The Fund had no interest rate swaps with the Bank to fix interest payable on the Fund’s borrowings
during the financial year (Jun 2012: nil). No interest was paid to the Bank during the financial year in
relation to interest rate swaps (Jun 2012: $717,663).
The Fund had no forward dated interest rate swaps with the Bank during the financial year. In the
comparative year, the Fund terminated $350 million of forward dated interest rate swaps with the
Bank at a cost of $7,533,000.
All swaps are on normal commercial terms and conditions.
(i) Alignment fee income
Colonial First State Management Pty Ltd (CFSM), a wholly owned subsidiary of the Bank, derives
revenue from the Fund assets which it manages. The Fund is entitled to an alignment fee, being a
share of its assets’ contribution towards CFSM’s distributable income. Total alignment fee income of
the Fund for the financial year ended 30 June 2013 was $247,823 (Jun 2012: $896,621) and the
amount receivable at reporting date is $341,951 (Jun 2012: $482,363).
43

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(j)
Other related party transactions
Identity of
related party
Colonial First State
Management Pty Ltd
Colonial First State
Management Pty Ltd
Nature of
relationship
Property manager
of the Fund
Development
manager of the
Fund
Type of
transaction
Property
management fees
payable by the
Fund to Colonial
First State
Management Pty
Ltd (1)
Development fees
payable by the
Fund to Colonial
First State
Management Pty
Ltd (2)
Terms and
conditions
Arm’s length in
accordance with
the property
management
agreement
Arm’s length in
accordance with
the development
management
agreement
(1) Of the above amount, $1,944,439 is outstanding as at June 2013 (Jun 2012: $1,814,599).
(2) Of the above amount, $238,540 is outstanding as at June 2013 (Jun 2012: $449,319).
12 months to 12 months to
30 Jun 2013 30 Jun 2012
$
$
11,605,107 11,190,457
1,896,577 2,061,616
(k)
Property jointly owned by funds
Up until 28 February 2013, Direct Property Investment Fund (DPIF), whose Responsible Entity is
CMIL, had a 50% interest in the following trusts, of which the Fund had the remaining 50% interest:
- Grosvenor Place Holding Trust, which holds a 50% interest in Grosvenor Place, Sydney.
- Site 6 Homebush Bay Trust, which holds a 100% interest in 4 Dawn Fraser Avenue, Sydney
Olympic Park.
- Site 7 Homebush Bay Trust, which holds a 100% interest in 2 Dawn Fraser Avenue, Sydney
Olympic Park.
On 28 February 2013, DPIF sold its interest in these trusts to an unrelated party. As at reporting date,
the Fund’s interest in these properties remained unchanged.
Up until 10 April 2013, DPIF had a 50% interest in the Kent Street Trust, which holds a 50% interest
in 201 Kent Street, Sydney, of which the Fund had the remaining 50% interest. On 10 April the Fund
bought the remaining 50% of the Trust (refer to note 7).
The Fund owns 100% of 150 George Street, Parramatta, 101 George Street, Parramatta and
385 Bourke Street, Melbourne which are leased by the Bank. Arrangements are in place to the effect
that if CMIL ceases to be the Responsible Entity or should the Fund wish to sell the properties, then
the Bank has the right to reacquire the properties at market value.
Colonial First State Property Limited, a related party of the Fund, owns an effective 50% interest in
PIF Managed Property Pty Limited. In the event that the Fund’s Responsible Entity changes to a nonrelated
party of the Bank, the income stream from PIF Managed Property Pty Limited reverts back to
Colonial First State Property Limited.
(l)
Investment in unlisted company
The Fund holds an ordinary share and redeemable property preference shares in an unlisted company,
CFSP Asset Management Pty Ltd (CFSPAM), as disclosed in note 9. Other listed and unlisted property
trusts, for whom CMIL is the Responsible Entity, also hold an investment in CFSPAM. Dividends
received from CFSPAM for the financial year were $165,620 (Jun 2012: $105,389).
44

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
14. Related parties (continued)
(m) CFSPM debtors
As Property Manager of the Fund’s Retail investment properties, CFSPM retains an amount of
net rental income from those properties in a trust account in order to meet the operating
needs of the properties. The amount of these balances at 30 June 2013 was $1,311,990 (Jun
2012: $926,127).
15. Notes to the statement of cash flows
Reconciliation of net profit for the financial year to net cash provided by operating activities:
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Net profit for the financial year 145.4 256.4
Straight-lining revenue (6.0) (5.2)
Increase/(decrease) in payables 4.7 (4.2)
Decrease in receivables and other assets 11.2 0.5
Distribution income reinvested (5.3) (7.0)
Interest capitalised (3.2) (8.3)
Fair value adjustments to investment properties and associates 40.1 (113.1)
Other fair value adjustments to derivatives 2.4 38.9
Amortisation of leasing fees and incentives including rent free
adjustments 9.4 12.0
Non-cash convertible notes interest expense 5.8 5.3
Net cash provided by operating activities 204.5 175.3
(a)
Reconciliation of cash
Cash and cash equivalents as at reporting date comprises cash at bank and money market securities.
(b)
Financing arrangements
Refer to note 11(b) for details of the Fund’s financing facilities. The Fund has no other lines of credit.
16. Non-cash financing and investing activities
Distributions reinvested:
Grosvenor Place Holding Trust 4.7 5.3
Kent Street Trust - 1.7
Site 6 Homebush Bay Trust 0.1 -
Site 7 Homebush Bay Trust 0.5 -
Total distributions reinvested 5.3 7.0
Issue of units in consideration of performance fee 12(b) - 9.5
45

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
17. Earnings per unit
Note
Consolidated
30 Jun 2013
Consolidated
30 Jun 2012
Basic earnings per unit
1(y)
Basic earnings in cents per unit 6.19 10.66
Alternative basic earnings in cents per unit 8.82 8.35 (1)
Diluted earnings per unit
1(y)
Diluted earnings in cents per unit 6.40 10.54
Alternative diluted earnings in cents per unit 8.62 8.18 (1)
(1) Restated as a result of adoption of FFO in the current financial year. Refer to note 2 for further details of the retrospective
application of FFO on the 30 June 2012 results. In the prior year alternate basic earnings was 7.58 cents per unit and
alternate diluted earnings was 7.46 cents per unit.
(a)
Weighted average number of units used in calculating earnings per unit
30 Jun 2013
No. of units
’000
30 Jun 2012
No. of units
’000
Weighted average number of units used as the
denominator in calculating basic earnings per unit (epu) 2,347,003 2,405,177
Adjustments for calculation of diluted earnings per unit:
Convertible notes converted into units (1) 178,158 177,699
Weighted average number of units and units used as the
denominator in calculating the diluted earnings per unit (epu) 2,525,161 2,582,876
(1) The number of units to be issued upon conversion is calculated on the assumption that $200.0 million of convertible notes
will be converted into units at the price of $1.1226.
(b)
Reconciliations of earnings used in calculating earnings per unit
The earnings used in the calculations of basic and alternative basic earnings per unit are as follows:
Consolidated
30 Jun 2013
$m
Restated
Consolidated
30 Jun 2012
$m
Net profit for the financial year 145.4 256.4
Earnings used in calculating basic epu 145.4 256.4
Adjusted for:
Fair value adjustments from investment properties and
associates 40.1 (113.1)
Other fair value adjustments to derivatives 2.4 38.9
Straight-lining revenue (6.0) (5.2)
Non-cash convertible notes interest expense 5.8 5.3
Amortisation of fit-out incentives, cash incentives and
leasing commissions 18.8 18.5
Other items 0.5 -
Earnings used in calculating alternative basic epu 2 207.0 200.8
46

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
17. Earnings per unit (continued)
(b) Reconciliations of earnings used in calculating earnings per unit (continued)
The following reflects the income denominator used in the diluted and alternative diluted earnings per
unit calculations:
Consolidated
30 Jun 2013
$m
Restated
Consolidated
30 Jun 2012
$m
Net profit for the financial year 145.4 256.4
Adjusted for:
Borrowing costs attributable to convertible notes 16.3 15.8
Earnings used in calculating diluted epu 161.7 272.2
Adjustments for:
Fair value adjustments from investment properties and
associates 40.1 (113.1)
Other fair value adjustments to derivatives 2.4 38.9
Straight-lining revenue (6.0) (5.2)
Amortisation of fit-out incentives, cash incentives and
leasing commissions 18.8 18.5
Other items 0.5 -
Earnings used in calculating alternative diluted epu 217.5 211.3
18. Auditor’s remuneration
Amounts received or due and receivable by the auditor of the Fund, PricewaterhouseCoopers:
Consolidated
30 Jun 2013
$
Consolidated
30 Jun 2012
$
Audit services
Statutory audit and review of financial reports 406,600 391,025
Regulatory required audits 10,000 18,478
Other assurance services 102,201 97,931
Auditor’s remuneration expensed 518,801 507,434
Non-audit services
Due diligence services - 25,000
Other auditor’s remuneration (1) - 25,000
Total auditor’s remuneration 518,801 532,434
(1) For the financial year 30 June 2012, the capitalised auditor’s remuneration of $25,000 related to work completed on the
off-market buy-back booklet and was recognised in contributed equity.
47

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management
The Fund’s overall risk management program focuses on ensuring compliance with the Fund’s
Constitution.
Capital and financial risk management is carried out by the Manager through the Capital Strategy and
Risk Management team (CSRM). CSRM identifies, evaluates and hedges financial risks in consultation
with the Fund Manager and reports directly to the Capital Management Committee (CMC). The CMC is
charged with overseeing the capital and financial risk management function under policies approved
by the Manager and Responsible Entity’s Board of Directors (Board) and in accordance with the Fund
Constitution and compliance plan.
The Fund’s capital management strategy is reviewed annually and adjusted where necessary, by
CSRM in conjunction with the Fund Manager and presented to the CMC and the Board for approval.
This includes the debt and hedging strategy overview for the Fund.
The Fund’s objective when managing its capital requirements is to maintain an optimal capital
structure to reduce the cost of capital, considering the balance between risks and returns to investors,
while ensuring that the Fund:
- complies with capital requirements of the Constitution, regulatory authorities and lenders
- maintains a strong credit rating, and
- continues to operate as a going concern.
(a)
Debt covenants
Throughout the capital management process, the Fund considers any likely impact its actions may
have on the financial strength ratings determined by independent ratings agencies. Any change to
these ratings may have an impact on the Fund’s ability to access funding and the cost at which it can
be secured. The Fund performed a review of debt covenants as at 30 June 2013 and no breaches were
identified.
As at reporting date, the Fund’s most restrictive debt covenants are:
Covenant
Actual
30 June 2013
Actual
30 June 2012
Loan to value ratio (LVR) (1) 45.0% or less 28.6% 27.4%
Interest cover ratio (ICR) (2) 2.0 times or greater 4.4 times 4.1 times
(1) LVR is calculated as total liabilities divided by total assets excluding the effect of the option component of the convertible
notes and the fair value of derivatives.
(2) ICR is calculated as earnings before interest divided by net interest expense. For the purposes of this calculation, earnings
represent net profit excluding all fair value adjustments, straight-lining revenue, borrowing costs and net interest expense
on interest rate swaps. Interest expense is the sum of borrowing costs, net interest expense on interest rate swaps, and
capitalised interest, less non-cash convertible notes interest expense.
The Fund may alter its capital mix by drawing upon existing credit facilities, issuing new securities,
offering a distribution reinvestment plan, underwriting the distribution reinvestment plan, divesting
assets to repay borrowings, or undertaking a security buy-back program.
48

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(b)
Financial risk management
The financial risks arising from the Fund’s activities are credit risk, liquidity risk, foreign exchange risk
and interest rate risk. The Manager uses different risk management methods to measure exposure to
these risks, including ageing analysis and selection of appropriately rated counterparties to manage
credit risk, financial modelling of future rolling cash flow forecasts for liquidity risk, and sensitivity
analysis in the case of interest rate risk (refer note 19(g)). The Fund uses derivatives such as foreign
exchange contracts and interest rate swaps to hedge interest rate and foreign exchange risks.
It is, and has been throughout the financial year under review, the Fund’s policy that derivatives are
used for hedging purposes only and not as speculative or trading instruments.
The Fund’s principal financial instruments, other than derivatives, comprise bank debt, short-term
notes, medium-term notes, convertible notes and US dollar senior fixed rate notes. The main purpose
of these financial instruments is to raise finance for the Fund’s operations.
(c)
Credit risk
Credit risk represents the financial loss that would be recognised if counterparties failed to perform as
contracted. Credit risk primarily arises from trade and other receivables and derivatives. The
maximum exposure to credit risk at reporting date is the carrying amount of financial assets
recognised in the statement of financial position.
The Fund manages this risk by:
- investing and transacting derivatives with:
- multiple counterparties that have a Standard & Poor’s long-term corporate credit rating of A-
or higher or Moody’s equivalent A3 rating (where ratings agencies assign different ratings to
an entity, the lower rating will be applied to the counterparty), and
- counterparties holding an Australian Financial Services Licence (AFSL) and $10 million of tier
one capital or are an Authorised Deposit-taking Institution (ADI)
- an annual review by the CMC of the approved panel of counterparties with any addition to the
panel receiving CMC endorsement
- regularly reviewing the allocation of counterparty credit limits between counterparties by the CMC
- analysing the creditworthiness of individual tenants when providing leases and transacting with
high quality tenants with a stable credit history
- obtaining security in the form of rent deposits or bank guarantees (where appropriate) which can
be called upon in the event of default under the terms of the lease
- regularly monitoring receivables on an ongoing basis.
The Fund’s ageing analysis of trade receivables is as follows:
Note
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
0-30 days 0.7 0.4
31-60 days 0.1 0.1
61-90 days 0.1 0.1
90+ days 0.8 1.0
Total 5 1.7 1.6
Impaired 5,1(k) 0.2 0.3
There were no significant financial assets that were past due as at 30 June 2013 and 30 June 2012.
Additionally, there are no other significant financial assets that would have otherwise been past due or
impaired if terms had not been renegotiated.
As at 30 June 2013, credit risk on trade receivables is considered low, as there is no concentration of
material risk from any individual tenant.
49

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(d)
Liquidity risk
Liquidity risk refers to the risk that the Fund will not have sufficient funds to settle a transaction on
the due date.
The Fund manages liquidity risk by:
- prudent monitoring of cash levels
- the use of a detailed fund model which allows for continuous monitoring of forecast and actual cash
flows and matching the maturity profiles of financial assets and liabilities
- maintaining access to funding through committed credit facilities (refer to note 11)
- raising funds by issuing new securities.
The Fund had access to the following undrawn facilities at reporting date:
50
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Note
Floating rate
Expiring beyond one year 345.0 430.0
Total undrawn facilities 11(b) 345.0 430.0
A key component of liquidity risk is refinancing risk, which arises when the Fund is required to
refinance existing debt positions or undertake new debt. A change in the Fund’s credit rating or
unfavourable credit market conditions, including increased interest rate and credit margins, may
impact the availability and acceptable pricing of required finance for the Fund’s operations. The Fund
manages financing risk by diversifying the sources of debt, spreading the maturities of borrowings and
undertaking interest rate swap arrangements. The impact on the Fund’s credit rating is considered
when analysing potential transactions.
Although the Fund has a net current deficiency (current liabilities exceed current assets) at reporting
date, the Fund has sufficient non-current undrawn borrowing facilities and operating cash flows to
meet this deficit (refer to note 11(b)). The financial report is therefore prepared on a going concern
basis.
As part of the Fund’s risk monitoring process with regard to debt covenant requirements, six-monthly
‘stress testing’ is carried out by the Fund Manager and CSRM. The basis of this testing is to determine
the impact against the base case used in the fund model on the Fund’s gearing when subjected to
certain market ‘shock’ scenarios, such as a 10%-30% decrease in asset values, or the impact on the
Fund’s ICR as a result of reducing 30% of NPI by 10%-30%. The results of the ‘stress testing’ are
used to evaluate and manage the risk profile of the Fund with regard to its debt covenant obligations.
The tests have not resulted in any breaches of the Fund’s debt covenant obligations for the next
financial year.
i. Maturities of financial liabilities
The table on the following page shows the Fund’s financial liabilities and net and gross settled
derivative financial liabilities in relevant maturity groupings based on the remaining period at reporting
date to the contractual maturity date. Derivatives that are held at fair value as financial assets at
balance date are not included as an offset to the financial liabilities in this analysis. The amounts in
the table are the contractual undiscounted cash flows including interest payments for the remaining
period of the contract. Drawn debt amounts are assumed to be paid at the expiry date of the facility.
Future cash flows on floating rate debt and interest rate swaps have been estimated assuming interest
rates prevailing at reporting date remain constant for each instrument. Future payments on USD
denominated debt and the offsetting receipts from cross-currency swaps are estimated assuming the
exchange rate at reporting date remains constant for the remaining periods of the instruments.
Convertible notes are assumed to be redeemed at face value of $200.0 million on 11 December 2014,
rather than being converted to units.
Funding obligations will be met either by drawing upon existing undrawn facilities or by establishing
new lines of credit as required.
The weighted average debt maturity is 3.9 years (Jun 2012: 3.3 years). The weighted average
maturity on floating to fixed interest rate swaps is 4.0 years (Jun 2012: 3.6 years).

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(d)
Liquidity risk (continued)
i. Maturities of financial liabilities (continued)
As at 30 June 2013
1 year
or less
1 to 2
years
2 to 5
years
Over 5
years
Total
contractual
cash flows
Carrying
amount (1)
Financial liabilities Note $m $m $m $m $m $m
Non-derivatives
Non-interest bearing
Payables (excluding
accrued interest) 10 47.7 - - - 47.7 47.7
Responsible Entity’s base
fee payable 14(d)(i) 4.3 - - - 4.3 4.3
Distribution payable 4 78.6 - - - 78.6 78.6
Variable rate
Cash advance facility 11 2.0 2.0 60.7 - 64.7 53.0
Short-term notes 11 100.0 - - - 100.0 100.0
Fixed rate
Medium-term notes 11 25.7 25.7 248.0 231.1 530.5 412.5
US medium-term notes 11 8.2 8.2 205.4 - 221.8 167.0
Convertible notes 11 10.5 205.3 -` - 215.8 189.7
Total non-derivatives 277.0 241.2 514.1 231.1 1,263.4 1,052.8
Derivatives (2)
Net settled
(interest rate swaps) - - - - - -
Gross settled
- inflow (8.2) (8.2) (205.4) - (221.8) -
- outflow 6.3 6.3 189.3 - 201.9 17.0
Total derivatives (1.9) (1.9) (16.1) - (19.9) 17.0
As at 30 June 2012
1 year
or less
1 to 2
years
2 to 5
years
Over 5
years
Total
contractual
cash flows
Carrying
amount (1)
Financial liabilities Note $m $m $m $m $m $m
Non-derivatives
Non-interest bearing
Payables (excluding
accrued interest) 10 46.4 - - - 46.4 46.4
Responsible Entity’s base
fee payable 14(d)(i) 3.3 - - - 3.3 3.3
Distribution payable 4 75.1 - - - 75.1 75.1
Variable rate
Cash advance facility 11 4.6 127.9 - - 132.5 123.2
Short-term notes 11 100.0 - - - 100.0 100.0
Fixed rate
Medium-term notes 11 14.5 14.5 229.1 - 258.1 203.5
US medium-term notes 11 70.0 7.5 124.2 25.2 226.9 220.3
Convertible notes 11 10.5 10.5 205.3 - 226.3 183.4
Total non-derivatives 324.4 160.4 558.6 25.2 1,068.6 955.2
Derivatives (2)
Net settled
(interest rate swaps) (0.2) (0.2) (0.3) - (0.7) 0.4
Gross settled
- inflow (70.0) (7.5) (124.2) (25.2) (226.9) -
- outflow 87.4 3.9 157.5 33.7 282.5 46.5
Total derivatives 17.2 (3.8) 33.0 8.5 54.9 46.9
(1) The carrying amount of borrowings includes accrued interest.
(2) This analysis includes cash flows from derivatives that are in a mark-to-market liability position on the statement of
financial position. Additionally, net cash inflows will be generated from derivatives that are in a mark-to-market asset
position on the statement of financial position.
51

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(e)
Interest rate risk
Interest rate risk is the risk that earnings will fluctuate due to changes in market interest rates. The
Fund’s exposure to market risk for changes in interest rates relates primarily to long-term debt
obligations.
The Fund manages its interest cost using a mix of fixed and variable rate debt. To limit exposure to
interest rate fluctuations in order to establish certainty over long-term cash flows, the Fund has
adopted guidelines to keep between 65% and 85% of its borrowings at fixed rates of interest.
Positions are monitored on a daily basis and hedging strategies are used to ensure positions are
maintained within the established limits. To manage exposure to interest rate risk, the Fund enters
into interest rate swaps, in which the Fund agrees to exchange, at specified intervals, the difference
between fixed and variable interest amounts calculated by reference to an agreed-upon notional
principal amount. Refer to note 19(g) for an interest rate sensitivity analysis.
As at 30 June 2013, 95.9% (Jun 2012: 87.5%) of CPA’s exposure to floating interest rates on
Australian dollar debt was hedged with fixed rate debt and interest rate swap agreements that are
used to convert certain variable interest rate borrowings to fixed interest rates or vice versa. The
increase in the hedging level is a result of debt repaid from funds received for the disposal of 45 Pirie
Street, Adelaide. The Fund is expected to draw down on debt to fund distribution payments in August
2013 which will reduce the hedging level. Whilst the Responsible Entity has determined that these
arrangements are economically effective, they have not satisfied the documentation, designation and
effectiveness tests required by accounting standards. As a result, they do not qualify for hedge
accounting, and gains or losses arising from changes in fair value are recognised immediately in the
statement of comprehensive income.
As at reporting date, the Fund had the following variable rate borrowings and interest rate swap
contracts outstanding:
52
Consolidated
30 Jun 2013
$m
Consolidated
30 Jun 2012
$m
Cash advance facility 55.0 125.0
Short-term notes 100.0 100.0
US medium-term notes (a) 183.9 266.5
Interest rate swaps (300.0) (380.0)
Net exposure to cash flow interest rate risk 38.9 111.5
(a)
Value based on hedged rate on debt notes entered into. Included in the table since associated cross currency swaps create
floating rate exposure.
An analysis of maturities is provided in note 19(d).
(f)
Foreign exchange risk
Foreign exchange risk is the risk that the value and cash flows of a financial commitment, asset or
liability will fluctuate due to changes in foreign exchange rates. As the Fund holds borrowings
denominated in a foreign currency, namely USD, it is therefore exposed to this risk.
This risk is managed through the use of cross-currency swaps which hedge the changes in the fair
value of the USD denominated debt relating to changes in foreign currency exchange rates and the
benchmark USD interest rate, in accordance with the hedging objectives set out by the Fund.
The hedge relationship is highly effective, as all key terms of the hedge instruments, being the
consolidated notional principal of the cross-currency swaps and the consolidated underlying cash
flows, coincide with the hedged item. As a result, no portion of the change in fair value of the crosscurrency
swap is ineffective. At 30 June 2013, the Fund has hedged 100% of the $US138.0 million
senior unsecured fixed-rate notes with cross-currency swaps (Jun 2012: 100%). The Fund made a
gain of $6.9 million through fair value adjustments to its cross-currency swaps, offset by a
corresponding loss on the underlying USD denominated debt (Jun 2012: a gain of $11.9 million
through fair value adjustments to its cross-currency swaps, offset by a corresponding loss on the
underlying USD denominated debt). At 30 June 2013, the value of cross-currency swaps is $17.0
million liability (Jun 2012: $46.5 million liability).

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(g) Summarised sensitivity analysis
The following table summarises the impact on Fund profit and equity of a reasonably possible upwards
or downwards movement in interest rate risk, assuming that all other variables remain constant.
These movements are based on management’s best estimate, having regard to historical levels of
changes in interest rates. Due to unexpected market conditions, actual movements may be greater
than anticipated, and therefore these ranges should not be used as a definitive indicator of future
movements in the stated risk variable.
Interest rate risk represents the effect of a change in interest rates applied to the interest rate risk
exposures at reporting date, including the estimated change in the value of financial instruments that
are carried at fair value. Cash and floating rate debt at reporting date are multiplied by the reasonably
possible change in interest rates to determine the effect on profit for the financial year. The Fund’s
financial instruments whose carrying values are affected by changes in interest rates are interest rate
swaps. In calculating the change in value of interest rate swaps, a change in interest rates at
reporting date is assumed to result in a parallel shift in the forward yield curve. A change in interest
rates of up to 100 basis points (1%) is considered to be reasonably possible in the current economic
environment.
As the Fund’s borrowings held in foreign currency (USD) are 100% hedged there is no exchange rate
risk that may affect the Fund’s profit or equity.
The analysis assumes all other variables at balance date are unchanged.
2013 Interest rate risk
Impact on profit
Increase/(decrease)
Impact on equity
Increase/(decrease)
+100bps -100bps +100bps -100bps
$m $m $m $m
Cash and cash equivalents 0.1 (0.1) - -
Borrowings (0.4) 0.4 - -
Derivatives 11.3 (11.9) - -
11.0 (11.6) - -
2012 Interest rate risk
Impact on profit
Increase/(decrease)
Impact on equity
Increase/(decrease)
+100bps -100bps +100bps -100bps
$m $m $m $m
Cash and cash equivalents 0.1 (0.1) - -
Borrowings (1.1) 1.1 - -
Derivatives 13.4 (14.1) - -
12.4 (13.1) - -
(h)
Fair value of financial assets and liabilities
The Fund has adopted the classification of fair value measurements for its financial assets and
liabilities into the following hierarchy as required by AASB 7:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
prices).
53

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
19. Capital and financial risk management (continued)
(h) Fair value of financial assets and liabilities (continued)
The Fund’s financial assets and liabilities measured and recognised at fair value at reporting date are:
Level 1 Level 2 Level 3 Total
30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
2013 2012 2013 2012 2013 2012 2013 2012
$m $m $m $m $m $m $m $m
Assets
Derivative assets
- interest rate swaps - - 2.2 0.1 - - 2.2 0.1
Total assets - 2.2 0.1 - - 2.2 0.1
Liabilities
Derivative liabilities
- interest rate swaps - - - (0.4) - - - (0.4)
- cross-currency swaps - - (17.0) (46.5) - - (17.0) (46.5)
US medium-term
notes
- - (166.9) (220.0) - - (166.9) (220.0)
Total liabilities - - (183.9) (266.9) - - (183.9) (266.9)
The level 2 derivatives that the Fund has at 30 June 2013 include interest rate swaps and crosscurrency
swaps. The fair values of these derivatives are calculated as the present value of the
estimated future cash flows based on the forward price curve of interest rates and compared to the
counterparties’ valuation for the derivative. The fair values of all derivative contracts have also been
confirmed with the counterparties. The fair value of the US medium-term notes is calculated as the
present value of the estimated future cash flows based on the observable yield curve. Refer to note
19(f) for details of hedge accounting.
The fair value of financial assets and liabilities included on the statement of financial position
approximates their carrying value except for interest bearing borrowings. The fair values of interest
bearing borrowings have been calculated by discounting the expected future cash flows by market
swap rates applicable to the relevant term of the borrowing (for floating rate borrowings), and
appropriate margins for borrowings with similar risk profiles.
The carrying amounts and fair values of interest bearing borrowings for the Fund are:
Carrying
amount
30 Jun 2013
$m
Fair value
Carrying
amount
30 Jun 2012
$m
Fair value
30 Jun 2013
$m
30 Jun 2012
$m
Short-term notes 100.0 100.0 100.0 100.0
Medium-term notes 407.5 421.8 199.1 215.2
Cash advance facility 52.9 55.0 123.0 125.4
US medium-term notes 166.9 166.9 220.0 220.0
Convertible notes 189.1 204.2 182.8 206.0
Total interest bearing borrowings 916.4 947.9 824.9 866.6
Refer to note 1(c)(ii) for valuation of investments in associates, note 1(r) for derivatives, note 1(u)
and 14(d)(ii) for performance fee liabilities, note 1(k) for receivables, note 1(t) for payables and note
1(v) for interest bearing liabilities.
54

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
20. Events occurring after the reporting date
On 24 July 2013, the CMIL Board announced it had received a highly conditional, indicative
and incomplete proposal from Commonwealth Bank of Australia to internalise the management of the
Fund.
The CMIL Board has established a sub-committee of Independent Directors, being Richard Haddock
AM, Nancy Milne OAM and James Kropp, to consider the proposal. The CMIL Board can give no
assurance that the proposal or any other transaction will proceed. It is also noted that the approval of
the Fund’s unitholders would be required for the proposal to proceed.
Subsequent to the end of the financial year, the Fund did not buy back or cancel any of its units under
the on-market buy-back offer.
Since the end of the financial year, the Directors are not aware of any other matter or circumstance
not otherwise dealt with in this financial report that has significantly affected or may significantly
affect the Fund’s operations, the results of those operations or the Fund’s state of affairs in future
financial years.
21. Contingencies
The Fund has no contingent assets and liabilities as at 30 June 2013 (Jun 2012: nil).
55

COMMONWEALTH PROPERTY OFFICE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2013
22. Parent entity financial information
(a)
Summary information
The individual financial statements for the parent entity show the following aggregate amounts:
Statement of financial position
30 Jun 2013 30 Jun 2012
$m $m
Current assets 850.1 857.8
Total assets 4,082.4 3,914.4
Current liabilities 562.6 540.4
Total liabilities 1,379.0 1,202.7
Equity
Contributed equity 2,383.4 2,383.4
Undistributed reserves (25.3) (69.3)
Available-for-sale investment revaluation reserve 345.3 397.6
Total equity 2,703.4 2,711.7
Net profit for the financial year 197.7 141.8
Total comprehensive income for the financial year 145.4 256.4
(b)
Contingent liabilities of the parent entity
The parent entity has no contingent liabilities at reporting date (Jun 2012: nil).
(c)
Commitments of the parent entity
The parent entity is committed to financing the development of 5 Martin Place, Sydney of $153.4
million via a loan to its controlled entity 120 Pitt Street Trust. Prior year commitment of $50.0 million
related to the development of 145 Ann Street, Brisbane which is now complete. The interest charged
is the weighted average interest rate for the Fund. Apart from this commitment, there are no other
material commitments at reporting date.
23. Net tangible asset backing per unit
Consolidated
30 Jun 2013
Consolidated
30 Jun 2012
Net tangible assets ($m) 2,703.4 2,711.7
Net tangible asset backing per unit ($) 1.15 1.16
Net tangible asset backing per unit is calculated by dividing the total equity attributable to unitholders
of the Fund by the number of ordinary units on issue. The number of ordinary units used in the
calculation can be found in note 12.
56

COMMONWEALTH PROPERTY OFFICE FUND
DIRECTORS’ DECLARATION
In accordance with a resolution of the Directors of Commonwealth Managed Investments Limited, the
Responsible Entity for the Commonwealth Property Office Fund, we declare that:
(a) in the opinion of the Directors, the financial statements and notes set out on pages 11 to 56
are in accordance with the Corporations Act 2001, including:
(b)
(c)
(i)
(ii)
giving a true and fair view of the Fund and its controlled entities’ financial position as at
30 June 2013 and of the performance for the financial year ended on that date, and
complying with Australian Accounting Standards, the Corporations Regulations 2001 and
the Fund Constitution, and
in the opinion of the Directors, there are reasonable grounds to believe that the Fund and its
controlled entities will be able to pay their debts as and when they become due and payable,
and
the Directors have been given the Declarations required to be made to the Directors in
accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June
2013.
Note 1(a) confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
Signed in accordance with the resolution of the Directors of Commonwealth Managed Investments
Limited.
R M Haddock AM
Director
Sydney
20 August 2013
57

Independent auditor’s report to the unitholders of
Commonwealth Property Office Fund
Report on the financial report
We have audited the accompanying financial report of Commonwealth Property Office Fund (the
registered scheme), which comprises the statement of financial position as at 30 June 2013, and the
statement of comprehensive income, statement of changes in equity and statement of cash flows for the
year ended on that date, a summary of significant accounting policies, other explanatory notes and the
directors’ declaration for the Commonwealth Property Office Fund Group (the consolidated entity). The
consolidated entity comprises the registered scheme and the entities it controlled at the year's end or
from time to time during the financial year.
Directors’ responsibility for the financial report
The directors of Commonwealth Managed Investments Limited (the Responsible Entity) are responsible
for the preparation of the financial report that gives a true and fair view in accordance with Australian
Accounting Standards and the Corporations Act 2001 and for such internal control as the directors
determine is necessary to enable the preparation of the financial report that is free from material
misstatement, whether due to fraud or error. In note 1, the directors also state, in accordance with
Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements
comply with International Financial Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. These Auditing Standards require that we
comply with relevant ethical requirements relating to audit engagements and plan and perform the audit
to obtain reasonable assurance whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial report in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by the directors, as well as evaluating the overall
presentation of the financial report.
Our procedures include reading the other information in the Annual Report to determine whether it
contains any material inconsistencies with the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
PricewaterhouseCoopers, ABN 52 780 433 757
Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171
T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.

Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act
2001.
Auditor’s opinion
In our opinion:
(a)
the financial report of Commonwealth Property Office Fund is in accordance with the
Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the consolidated entity’s financial position as at 30 June
2013 and of its performance for the year ended on that date; and
complying with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Regulations 2001; and
(b)
the financial report and notes also comply with International Financial Reporting Standards as
disclosed in note 1.
PricewaterhouseCoopers
TJO Peel
Partner
20 August 2013
Sydney