Kiwi Property today released its financial results for the six months ended 30 September 2023, with net rental income rising 6.3% to $100 million, operating profit before tax increasing 4.2% to $65.1 million and adjusted funds from operations increasing 35.8% to $65.2 million.
The company's active leasing and re-mixing programme drove an uplift in both rent reviews and new leasing, with portfolio vacancy remaining at just 0.3%.
The sales performance across Kiwi Property’s asset base was also robust, increasing 9.6% from the prior comparable period.
However, the fair value of Kiwi Property’s property portfolio decreased by an unrealised 5.8%, leading to a net loss after tax of $151.1 million.
Kiwi Property have also announced the sale of two of their non-core properties, reducing their pro-forma gearing to approximately 32% and enabling them to retain earnings to fund future development and growth opportunities.
The company have also confirmed their dividend guidance at 5.70 cents per share for the 2023 financial year, representing an attractive gross dividend yield of 9.3%.
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