COVID-19 had a significant impact on people and businesses across New Zealand over recent months, including Kiwi Property. On this page, you can read about some of the highlights from out 2021 half-year financial and download a copy of our half-year financial statements.
Hear from Clive Mackenzie, our Chief Executive Officer, discuss our 2021 half-year result, including the milestones we’ve achieved over recent months and the impact COVID-19 on the business.
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The Company reported an operating profit before tax of $55.2 million, down 8.4% on the same period last year. This reduction was driven by a decline in net rental income, due to the cost of COVID-19 related rental abatements.
In the six months to 30 September 2020, we recorded a net profit after tax of $54.2 million, up $17.5 million or 47.5% on the prior corresponding period. This significant increase was assisted by a fair value gain on the Company’s investment properties.
Our mixed use, office, retail and other investment properties were worth $3.2 billion as at 30 September 2020, including an $11.8 million fair value uplift. Kiwi Property’s office assets proved resistant to the economic impact of COVID-19, increasing in value by 4.4% to $950 million.
At the half year, Kiwi Property’s assets were 99.1% occupied, with a robust weighted average lease expiry of 4.7 years. In parallel, income from new leasing and rent reviews increased 1.5% overall, led by office (+3.6%).
Kiwi Property opened the 20,000 square metre Sylvia Park Level 1 expansion on 15 October 2020. Following the new $277 million addition, Sylvia Park now offers more than 250 stores and 5,000 free carparks, the most of any shopping centre in the country.
A dividend of 2.20 cents per share will be paid for the six months ended 30 September 2020. In line with Kiwi Property’s new dividend policy, the payout is set at 95% of the Company’s AFFO. The board expects full-year AFFO to be in the range of 4.90 to 5.15 cents per share, contingent on the Company’s performance through the remainder of the 2021 financial year and barring material adverse events or unforeseen circumstances.
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