Key figures for the 12 months ending March compared to a year ago:
- Net loss $2.1 million versus $227.7 million
- Revenue $244.7 million versus $259.1 million
- Net rental income $184.9 million versus $203.7 million
- Operating profit $108.2 million versus $129.6 million
- Real estate devaluation $77.8 million vs. $352.6 million
- Dividend for the entire year 5.7 cents per share
Net rental income fell 9.2 per cent following the sale of Northlands in Christchurch and Westgate in Auckland, but adjusted for property sales Kiwi Property said rental income rose 5.8 per cent on a like-for-like basis.
It said Sylvia Park's sales were flat after a sustained period of growth, but remained well above pre-Covid levels.
Sales at The Base Te Awa and LynnMall improved by 13.1 and 1.8 percent respectively, following the opening of new stores.
Kiwi Property continued its mixed-use strategy, with the 295-unit apartment complex at Sylvia Park nearing completion and two of the three towers completed.
It said the last building would open next week.
The company recently announced the sale of the Vero Center in Auckland for $458 million, subject to approval by the Overseas Investment Office.
KiwiProperty said it has undertaken several cost-saving initiatives during the year, but the results of the measures will not be visible until 2025.
The company expected demand for high-quality rental accommodation, fueled by record migration and declining building permits.