Diversified major listed real estate investor and Sylvia Park mall owner Kiwi Property has just announced it pushed up annual profit for the March year by 15 per cent, reporting $138m.
Kiwi made $120.1m for the year to March 31, 2018 and chairman Mark Ford said part of the reason for the rise was having its portfolio weighted so much towards Auckland and Hamilton where so much economic activity was happening.
Revenue rose 3 per cent to $286m. Full details are here.
Ford said: "Our portfolio is now beneficially weighted towards Auckland and the golden triangle where about 50 per cent of New Zealand's population lives and much of the country's economic activity takes place."
Shareholders will get a final cash dividend of 6.95cps, up from 6.85cps last year.
Clive Mackenzie, chief executive, said the business had been realigned and the portfolio was 99.3 per cent occupied.
Total retail sales from its shopping centre assets were $1.53b, up 2 per cent on last year.
The NZX listed business has a market capitalisation of $2.1b, yet in April, it said its portfolio was valued at $3.2b. That was up 1.5 per cent or $47m to the year to March 31, 2019.
Mackenzie, said: "Our property portfolio has benefited from a strong investment market with robust international capital inflows contributing to a firming in the weighted average investment portfolio capitalisation rate."
The company's shares are trading around $1.53 and it owns retail and office assets including Shortland St's high-rise Vero Centre.
ASB North Wharf, Mt Wellington's Sylvia Park Lifestyle, New Lynn's LynnMall and neighbouring The Brickworks dining/cinema zone, Westgate Lifestyle opposite Sylvia Park, The Base and Centre Place in Hamilton, The Plaza in Palmerston North, 44 The Terrace and The Aurora Centre in Wellington and Papanui's Northlands shopping centre are assets Kiwi owns.
"Kiwi Property is the largest listed property company on the New Zealand Stock
Exchange," says the business.