Revenue and Net Property Income Growth
Gross property income was $137.5M, up 3.6% year‑on‑year; net property income (NPI) increased 3.3% to $120.8M.
Distributable Income and Per-Share Metrics
Gross distributable income rose 9.8% to $70.4M; net distributable income per share was $0.0705 versus $0.0658 last year, a 7.1% increase.
Funds From Operations (FO/FFO) Improvement
FO increased 8.3% to $59.1M from $54.6M; FO per share rose to $0.0685 from $0.0643 (year‑on‑year improvement).
Portfolio Valuation and Revaluation Gain
Investment property value increased by $94M during the year to a portfolio valuation of $2.2B; included a $4.4M gain on two held‑for‑sale properties.
Balance Sheet and Interest Rate Management
Debt to total assets was 37.2% at 31 March and has fallen to just over 36% post-settlements; weighted average cost of debt improved to 4.6% from 5.1%; interest cover ratio improved to 2.7x from 2.5x; fixed‑rate cover increased to 74% (vs 63% last year).
Completed Acquisitions and Development Completions
Acquired 291 East Tamaki Road and completed capital works including 224 Neilson Street (Warehouse B) and Mt Richmond development; capital spending focused on these projects.
Sustainability Recognition and Green Demand
224 Neilson Street won industrial gold and overall sustainability awards; Mt Richmond achieved a confirmed 6 Green Star rating; strong inquiry for 5–6 star green industrial buildings reported.
Dividend Maintained and Policy Update
Full‑year dividend maintained at $0.0665 per share (Q4 = $0.016625). Board changed dividend policy to target 80%–95% of FFO to support sustainable dividends; DRP suspended this dividend.