Kiwi Property delivered a strong operating result for the year ending 31 March 2022, including growth in all key operating metrics. The Company built significant momentum in the delivery of its mixed-use strategy over the past 12 months, with a number of exciting opportunities ahead. Further details of our annual result and downloadable copies of our annual reporting suite are available below.
Listen to our Chief Executive Officer, Clive Mackenzie, discuss our annual result including key highlights from FY22.
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Net rental income increased 7.8% to $187.1 million in FY22, underpinned by a full period of trading at Sylvia Park’s successful Level 1 expansion. This positive outcome flowed through to operating profit before tax, which increased 7.3% to $124.8 million.
Kiwi Property delivered net profit after tax of $224.3m, up +$14.1% on the year before, driven by a $120.5m increase in the fair value of the Company’s investment properties.
Adjusted funds from operations (the key determinant of Kiwi Property’s dividend) grew 12.3% to over $100 million. This result comes despite Kiwi Property providing $17.4 million of rent relief to support its hardest hit tenants through COVID-19.
Sales were up 6.7% in FY22 compared to the prior year, despite our Auckland shopping centres being closed for around 15% longer in this financial year than the last one, due to COVID-19. This performance highlights the resilience of our high-quality portfolio.
Kiwi Property’s Drury Private Plan Change application was approved in May 2022, unlocking development of the Company’s 53-hectare site, which is set to be the location for the new Drury Town Centre. We’re planning to create a sustainable mixed-use community.
Kiwi Property will pay a final cash dividend of 2.85 cps for the six-months ended 31 March 2022. The Company’s total cash dividend for FY22 amounts to 5.60 cps, an increase of 8.7% on the 5.15 cps paid in the prior year.
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