Kiwi Income Property Trust back in the black
Stock Exchange listed Kiwi Income posts annual profit.
Kiwi Income Property Trust has delivered its forecast after-tax distributable profit to shareholders at $71.7 million, up 4.9% on the previous year.
Unit holders will receive a full year cash distribution of 7c per unit (currently trading at $1.09c a unit).
The operating profit before tax for the year ending March, 2012 was $81.3m, up $4.9m, or 6.4%, on the previous year.
After accounting for property revaluations, other non-cash adjustments and the settlement of the PricewaterhouseCoopers Centre insurance claim, the trust reported an after-tax profit of $89.2m, compared to an after-tax loss of $26.4m for the prior year.
The value of the portfolio is just over $2 billion.
Retail investments such as Sylvia Park proved a highlight in terms of earnings and value increase (up 5.8% to $500m).
As previously reported, earthquakes took their toll on the portfolio values.
Direct effects included the $26.9m write-off of PricewaterhouseCoopers Centre in Christchurch, offset by a partial restoration of value at Northlands, and the $34.4m write down to The Majestic Centre in Wellington for seismic upgrading.
Overall, the value of the portfolio fell $33.5m (-1.6%) over the year to March 2012 but if the earthquake-affected properties are excluded the balance of the portfolio recorded a 1% increase in value.
Another property troubled by retail competition rather than earthquakes was the Centre Place Shopping Centre in Hamilton, undergoing a $39.9m redevelopment and declining in value by $19.7m to $98.8m.
“The trust continues to make good progress with the development of the ASB Bank head office in Wynyard Quarter, Auckland,” the company said.
Chris Hutching
Thu, 17 May 2012
Thu, 17 May 2012
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Kiwi Income Property Trust back in the black
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