The real estate investor's net debt shrank to $902.8 million as at March 31 from $1.02 billion a year earlier, with its gearing ratio falling to 29.7 per cent from 34.5 per cent.
The board declared a final dividend of 3.425 cents per share payable on June 21 with a June 6 record date, taking the annual payment to 6.85 cents, meeting guidance and up from 6.75 cents in 2017. Kiwi Property projects a 6.95 cents per share dividend will be paid in 2019.
"Our key focus in the year ahead will be on progressing our development projects underway at Sylvia Park and Northlands, while also progressing our town centre vision for our development land at Drury, south of Auckland," Ford said.
The shares last traded at $1.39 and have declined 1.1 per cent so far this year, lagging behind a 3.12 per cent increase in the S&P/NZX 50 index over the same period.
Kiwi Property's occupancy rate improved to 99.6 per cent as at March 31 from 98.8 per cent last year, while its weighted average lease term slipped to 5.3 years from 5.6 years. About 68 per cent of the company's portfolio is in retail property, spearheaded by its flagship Sylvia Park mall, with office space at 27 per cent and other property at 5 per cent.
The annual result will be Chris Gudgeon's last as chief executive, with the long-serving head leaving in September after 10 years. The board has interviewed international and domestic candidates for his replacement, and will make an announcement on the new CEO in the near future, the annual report said.
- BusinessDesk