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Kiwi Property overcame the challenging economic climate to deliver a strong operating performance in the six months to 30 September 2022. Read more about our interim financial results and download copies of our interim reporting suite below.
Listen to our Chief Executive Officer, Clive Mackenzie, discuss our financial result for the six months ended 30 September 2022.
Net rental income rose 6.3% to a record-high $100 million in the first half of the financial year, driven by sustained revenue growth at Sylvia Park, in particular. Operating profit was also up, increasing 4.2% to $65.1 million.
The company’s active leasing and re-mixing programme drove uplift in both rent reviews and new leasing, which rose 5.2% and 4.1% respectively. Portfolio vacancy remained at just 0.3%.
Sales across Kiwi Property’s property portfolio increased 9.6% from the prior comparable period. Pedestrian counts are also on the rise, with year-to-date visitor number at Sylvia Park, for example, back to pre-pandemic levels.
The challenging economic climate contributed to an unrealised $213.3 million or 5.8% decrease in the fair value of Kiwi Property’s investment portfolio and a subsequent net loss after tax of $151.1 million.
Kiwi Property achieved a Global Real Estate Benchmark (GRESB) score of 81 for 2022, up marginally from the year before. The company is committed to being net carbon positive in its operations by 2030.
Kiwi Property confirmed its full year dividend guidance of 5.70 cents per share for the 2023 financial year (contingent on the company’s annual result and barring material adverse effects or unforeseen circumstances).
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