Investore Property, the property investor carved out of its manager Stride Property earlier this year, posted its maiden first-half results and signalled annual dividends are still on track to meet expectations.
The Auckland-based property investor reported net profit of $2.3 million in the six months ended September 30 on net rental income of $13.3 million. Distributable earnings, property investors' preferred measure as it strips out movements in the value of their portfolio, was $7.4 million, or 6c per share.
Investore's board declared a September quarter dividend of 1.38c per share and affirmed guidance for an annual cash dividend of 5.13c, rising to 7.46c in 2018.
The property investor was separated from Stride and listed on the NZX in July, with Stride retaining a 19.9% shareholding and the management contract to run the portfolio. Investore paid Stride $695,000 in management fees in the half, with corporate expenses totalling $2 million.
The Investore float raised $189 million to help the company buy 14 Countdown supermarkets as part of its 39 building portfolio, valued at $642.8 million as at September 30. Its occupancy rate was 99.7% with a weighted average lease term of 14.4 years.
Investore's Countdown supermarket in Blenheim was damaged in this week's 7.5 magnitude earthquake, though there were no significant structural issues and it has since reopened.
The shares last traded at $1.40, having dropped 6% from the $1.49 offer price.
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