Kiwi Property remained resilient during the 2021 financial year and made important progress on the delivery of its mixed-use strategy. While the company did not escape the impact of COVID-19, a stabilisation of trading conditions over recent months saw the company end the year in a robust position. On this page, you can read about some of the highlights from our 2021 annual result and download documents from our annual reporting suite.
Listen to our Chief Executive Officer, Clive Mackenzie, discuss our FY21 annual result, including the company's response to COVID-19 and the outlook for the next financial year.
PDF / 7.4 MB
PDF / 4.3 MB
PDF / 3.4 MB
PDF / 5.9 MB
Kiwi Property recorded net profit after tax of $196.5 million for the 2021 financial year, up $383.2 million on the year before. This significant increase was assisted by a fair value gain on the Company’s investment properties.
Operating profit before tax declined 10.3% to $116.3 million, due to the cost of COVID-19 related asset lockdowns and rent relief measures. Despite this decrease, Kiwi Property ended the financial year in a robust position, with leasing projections and rental abatements tracking better than forecast.
Our property portfolio was worth $3.3 billion as at 31 March 2021, following a fair value gain of 3.1% or $99.8 million. The company’s office assets performed particularly strongly during the year, increasing in value by 10.2%, while mixed-use was up 1.5%.
Kiwi Property ended the 2021 financial year with gearing of 31.2%, comfortably within our self-imposed range of 25-35%. Since balance date, the company refinanced $700 million of bank debt, resulting in an increased weighted average debt term of 3.5 years on a pro-forma basis.
Construction of a second office building at Sylvia Park is scheduled to begin in October 2021. The $63 million, six-storey development will target a 6 star Green Star rating and has been designed in response to tenant feedback.
Kiwi Property will pay a final cash dividend of 2.95 cents per share for the six-month period ended 31 March 2021, taking the total cash dividend for the 2021 financial year to 5.15 cents per share. This is equivalent to 90% of Adjusted Funds from Operations (AFFO).
view annual reportannual report