Monday 23rd November 2020
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Kiwi Property today announced its financial results for the six months ended 30 September 2020, reporting operating profit before tax of $55.2 million, down 8.4% on the same period last year. Net profit after tax rose 47.5% to $54.2 million, assisted by a fair value gain on investment properties.
As at 30 September 2020, the Company’s mixed use, office, retail and other investment properties were worth $3.2 billion [Note 3], following an $11.8 million fair value uplift. Net tangible assets per share also increased marginally to $1.29. Kiwi Property’s office assets proved most resistant to the economic impact of the pandemic, increasing in value by 4.3% to $950 million. In contrast, the Company’s mixed-use and retail portfolios declined in value by 0.9% (to $1.55 billion) and 3.3% (to $469 million) respectively.
The cost of the rent relief measures introduced to support tenants post-lockdowns contributed to a 5.3% reduction in net rental income to $84.9 million. Adjusted Funds from Operations (AFFO) were similarly affected, declining 21.1% to $36.5 million.
Dividend and guidance update
An interim dividend will be paid for the six month period ended 30 September 2020. In line with Kiwi Property’s new dividend policy, the payout of 2.20 cents per share is set at 95% of the Company’s AFFO. Payment will be made on 18 December 2020. Acknowledging that trading conditions remain uncertain for the remainder of the year, the board expects full-year AFFO to be in the range of 4.90 to 5.15 cents per share.
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