Investore's first half-year profit is down more than a third as gains in the value of its portfolio of big box retail properties slowed.
Countdown is one of Investore's tenants Photo: RNZ / Cole Eastham-Farrelly
Financial result for six months to 30 September versus a year earlier:
- Net profit $56.9 million versus $93.9m
- Underlying profit 15.4m versus $12.2
- Revenue $28.0m versus $27.4
- Revaluation movement $44.8m versus $83.7m
- Dividend 1.975 cents per share versus 1.9 cents per share
Investore manager Philip Littlewood said the company had been focused on growth with $83.8m of acquisitions, driving up the value of the portfolio to $1.15 billion as of 30 September.
Recent purchases included a $36m Auckland property next door to an existing Investore property occupied by Bunnings, a Countdown property in Petone for $37.3m, and development land in Kaiapoi for $10.5m.
Investore was still looking for further acquisitions and was considering another listed bond issue in the second half to extend its debt facilities.
Its occupancy rate was 99 percent with nearly three quarters of its leases expiring in 2030 or beyond.
The company also set aside $1m to cover additional costs associated with legislation requiring landlords to abate a fair proportion of rent as a result of the ongoing Covid-19 lockdowns.