Kiwi Property is in excellent shape, with a high-quality portfolio of retail centres and office buildings, a robust balance sheet and an exceptional team of professionals committed to executing a clear investment strategy. On this page, you can read about the highlights from our 2018 annual result.
Kiwi Property has delivered another strong result for shareholders. In the 2018 financial year, we continued to grow revenues while improving the quality of our investment portfolio through the sale of non-core assets, strategic acquisitions and the commencement of new development projects.
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This is down on the prior year result due to lower revaluation gains on our property portfolio this year and the absence of fair value gains on interest rate derivatives experienced in the prior year.
Profit after tax is a GAAP measure. Refer to annual result presentation for definitions.
This is another record operating result. FFO was up 8.2%, predominantly reflecting growth of 5.2% (+2.6% like-for-like) in rental income to $192.1 million, driven largely by contributions from completed developments and strategic acquisitions.
FFO is a non-GAAP measure. Refer to annual result presentation for definitions.
Our property portfolio value increased following the acquisition of our landholdings in Drury and a property adjoining Sylvia Park, capital expenditure, predominantly at Sylvia Park, and revaluation gains.
Mar-17: 6.75 cents per share
The board has confirmed a full-year cash dividend of 6.85 cents per share, in line with guidance and up from 6.75 cents per share in the prior year. The board projects an increased cash dividend of 6.95 cents per share for the 2019 financial year, absent material adverse events or unforeseen circumstances.
We continued to meet our shareholder goals by delivering long-term total returns of 9.3% per annum, in excess of our 9% target. Due to an increased number of shares on issue following an equity raise in July 2017 and the sale of a non-core asset, we were below our target pre-tax funds from operations per share growth of greater than 2%, achieving -2.5% per annum for the latest financial period, compared with +12.5% per annum for the prior year.
We currently have $370 million of developments in progress that will continue to add significantly to both the income performance and quality of our property portfolio. These include our office tower, central carpark and Galleria and south carpark projects at Sylvia Park, and our Langdons Quarter foodcourt redevelopment at Northlands.
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Construction crews are onsite at Sylvia Park where they are helping to realise our vision for a world-class town centre. In FY18, we delivered a vibrant new outdoor dining lane for shoppers, and work is now underway to complete a new office tower, additional carparking and our centre-piece project, a $223 million ‘Galleria’ retail expansion.
Suncorp New Zealand – best known locally for its Asteron Life and Vero Insurance brands – has been a mainstay tenant at Kiwi Property’s Vero Centre since it first opened in 2000. A major shift in business strategy meant an equally major rethink on how it housed its New Zealand head office, leading to a spectacular upgrade of its Vero Centre premises.
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