Kiwi Property is in excellent shape, with a high-quality portfolio, a robust balance sheet and an exceptional team of professionals committed to executing a clear strategy of assets. On this page, you can read about the highlights from our 2019 annual result.
Clive Mackenzie, our Chief Executive Officer, is responsible for the leadership, strategic direction and management of the company. This is his first annual result presentation for Kiwi Property. Click the button below to listen to the audiocast of Clive delivering our 2019 annual result.
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For the year ended 31 March 2019, we recorded a lift in profit after tax, which rose to $138.1 million from $120.1 million in the prior year, driven primarily by a stronger revaluation performance from our high-quality portfolio of assets.
Profit after tax is a GAAP measure. Refer to the annual result presentation for definitions.
During the year, we sold non-core assets to strategically rebalance our portfolio and reinvested those funds in new acquisitions and development activity in our preferred geographic regions. As expected, these strategic initiatives have had a short-term impact on earnings as can be seen in our FFO result.
FFO is a non-GAAP measure. Refer to the annual result presentation for definitions.
As we continue to invest in long-term value opportunities, our property portfolio increased in value on the back of asset acquisitions, the continued delivery of our development pipeline and revaluation gains, partly offset by the sale of our non-core retail asset, North City.
Our development pipeline will continue to add significantly to both the income performance and quality of our property portfolio. We currently have $269 million of developments in progress, including our Kmart, galleria and south carpark projects at Sylvia Park. During the year, we completed $140 million of projects including the central carpark and ANZ Raranga office building at Sylvia Park, and our Langdons Quarter dining precinct at Northlands.
Kiwi Property has been creating the spaces that Kiwis love for over 25 years. Since our inception, we have delivered a total return to shareholders of 9.5% per annum.
Mar-18: 6.85 cents per share
A final dividend of 3.475 cents per share will be paid to shareholders, taking the full year cash dividend to 6.95 cents per share, in line with guidance and up from 6.85 cents per share in the prior year.
The board projects an increased cash dividend of 7.05 cents per share for the 2020 financial year, absent material adverse events or unforeseen circumstances.
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