KIPT reports strong office demand
Distributable income after tax was $76.3 million, up 24.7% on the previous year. Unit holders will receive a final cash distribution of 3.2 cents per unit, taking the full-year cash distribution to 6.4c per unit.
Net rental income was $148.7 million, up $13.2 million on the year before.
Trust chairman Mark Ford said it had delivered an average return of 9.7% since inception 20 years ago.
Chris Gudgeon, chief executive manager, said: “From an operational perspective, net rental income of $148.7 million was up $13.2 million or 9.7% on the previous year, driven by the inclusion of the new ASB North Wharf building into the portfolio, the completion of the Centre Place Shopping Centre redevelopment, the reinstatement of 11 stores at Northlands Shopping Centre and solid rental growth at Sylvia Park Shopping Centre.”
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