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Drop in value of property portfolio disappointing

November 27, 2023
in Business
Drop in value of property portfolio disappointing
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Artist’s impression of Kiwi Property’s planned Drury Town Centre.
Photo: Supplied / Kiwi Property

Kiwi Property Group has reported another half-year loss as the value of its property portfolio continues to be affected by soft economic conditions.

The large, diversified property investor’s underlying profit was also down, reflecting an 11 percent drop in revenue.

However, the company said revenue was little changed on a like-for-like basis, which excluded asset sales and Covid-19 adjustments.

Key numbers for the six months ended September compared with a year ago:

Net loss $36.5m vs $151.1m loss
Revenue $117.7m vs $132.3m
Operating profit $58.6m vs $77.7m

[Ll] Property portfolio net loss $81.1m vs $219.7m loss

Interim dividend 2.85 cents a share unchanged

Chief executive Clive Mackenzie said the company’s capital recycling activity would help create a higher quality and more profitable asset base.

“By disposing of our non-core, capital-intensive assets and reinvesting the proceeds into opportunities such as Drury and build-to-rent, we will build a greener, more resilient and lower-risk portfolio,” he said.

“While this capital recycling activity has resulted in a temporary decline in revenue, the steps we’re taking will promote greater tenant demand, better rents, lower seismic costs and improved returns for our shareholders.”

Mackenzie said the drop in the value of the portfolio was disappointing, which was valued at $3.1 billion as of 30 September.

“The reduction … reflects the recent downturn in the property cycle. On a more positive note, it’s encouraging to see the increased stabilisation of our mixed-used asset values, where rental growth has helped offset capitalisation rate softening,” he said.

“For example, The Base has defied the economic conditions to increase in value by 3.7 percent through the period.”

Net rental income fell 16 percent on the year earlier, though was up 2.5 percent on a like-for-like basis.

The company was focused on completing the Sylvia Park build-to-rent scheme, progressing earthworks at Drury and securing capital to support its strategic plan.

Kiwi Property was maintaining its full-year dividend guidance at 5.70 cents per share.

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/503368/drop-in-value-of-property-portfolio-disappointing-kiwi-property-ceo

Tags: businesspropertyvalue
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