Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the six months ended 31 December 2022 today.

The company recorded a 9.0% increase in net property income (NPI) of $66.6 million compared to the previous comparable period (1H22: $61.1 million) and net operating income before tax of $51.3 million, up 12.7% (1H22: $45.5 million).

Total comprehensive income after tax of $0.6 million compared to $40.7 million for the same period last year, with the difference mainly attributable to the fair value movement across the value of Precinct’s properties of $53.6 million recorded in the current period.

The company reported an increase in Adjusted funds from operations (AFFO) of 3.42 cps (1H22: 3.22cps) representing a 6.2% increase.

Precinct reaffirmed its FY23 dividend of no less than 6.70 cps.

During the period, the company secured a number of new opportunities and established a multi-unit residential development business with Auckland-based private equity real estate developer Lamont & Co. Anne Url

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