Investore Property's full year profit is down by 27 percent after being hit by a lower revaluation of its portfolio of big box retail stores.
Some Countdown stores are in Investore Property's portfolio. Photo:
Investore's financial result included $1 million in rent abatements, which had been mandated by government legislation as part of the Covid-19 response.
It said its portfolio of large format retail properties resulted in relatively minor rent abatements, due to the resilience of large format retail properties and the large proportion of tenants that provide essential services within Investore's portfolio.
Key numbers for the 12 months ended March compared to a year ago:
- Net profit $118.2m vs $161.3m
- Revenue $58.3m vs $55.8m
- Revaluation $91m $139.3m
- Distributable profit $29.9m vs $29.1m
- Interim/final dividend 7.9 cents a share vx 7.6c
The company said it had focused on targeted growth over the past year, which had resulted in Investore completing $73.8m of acquisitions, with a further acquisition of development land at Waimak Junction, Kaiapoi, for $10.5m remaining conditional as at 31 March.
It said the market for large format retail properties had remained strong during the financial year.
Investore's portfolio was independently valued at $1.2 billion as of 31 March, representing a gain of 8.2 percent over the year earlier.