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Kiwi Property released its annual results for the year ended 31 March 2023 (FY23) today, announcing record sales across its mixed-use property portfolio. Read more about our annual financial results and download copies of our annual reporting suite below.
Listen to our Chief Executive Officer, Clive Mackenzie, discuss our financial result for the year ended 31 March 2023.
Sales across Kiwi Property’s mixed-use portfolio rose 28.5% from the year before to $1.7b. Sylvia Park’s performance was particularly strong with sales of $889 million across the precinct, reinforcing its standing as New Zealand’s favourite shopping centre.
Kiwi Property’s net rental income rose 13.9% to $203.7 million in FY23, underpinned by the final release of COVID-19 rental abatement accruals that were no longer required. Operating profit before tax was also up, increasing 11.3% to $129.6 million.
The company’s property portfolio was 99.3% occupied at 31 March 2023. Rental growth was similarly robust, with leasing spreads on rent reviews and new leasing up 5.3% and 4.4% respectively, despite the challenging economic environment.
The challenging economic climate contributed to an unrealised 4.2% or $139.3m decrease in the fair value of the company’s investment portfolio in the second half of FY23, contributing to a full year net loss after tax of $227.7 million.
Kiwi Property continued to progress on its capital recycling programme over the past year, including the sale of Westgate Lifestyle Shopping Centre for $85.7 million in May 2023. Gearing was 33.3% on a pro-forma basis following this transaction.
Kiwi Property will pay a cash dividend of 1.425 cents per share for the fourth quarter of FY23 on 21 June 2023, taking the full-year cash dividend payment to 5.70 cents per share. The company has also reinstated its Dividend Reinvestment Plan.
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