Kiwi Property reports $36.5m loss, maintains dividend

Kiwi Property Group has reported its interim results for the six months ending September 2023.

Despite economic challenges, the company has made progress in its strategy of creating retail-led mixed-use properties.

Asset sales have generated over $127 million, contributing to a decline in net rental income and operating profit before tax.

However, on a like-for-like basis, net rental income increased by 2.5% and adjusted funds from operations declined marginally by 0.2%.

The fair value of the company's investment portfolio decreased by $81.1 million, resulting in a net loss after tax of $36.5 million.

Kiwi Property completed almost 350 leasing transactions and saw sales growth of 14.9% in its mixed-use and retail centers.

The company has maintained a focus on disciplined capital management and is progressing on its build-to-rent development at Sylvia Park.

Kiwi Property also made progress on its sustainability agenda and will pay a cash dividend of 2.85 cents per share.

The company expects its dividend for FY24 to be within its target payout range of 90-100% of adjusted funds from operations.