Morningstar | Kiwi Property’s Solid Retail Sales Faces Medium-Term Pressures. FVE Increases to NZD 1.40
Kiwi Property Group Limited is one of New Zealand's largest REITs, with gross assets of NZD 3.0 billion, split between retail (70%) and office (30%). We ascribe a narrow moat to the company, reflecting the efficient scale of its retail assets, the significant barriers for new entrants, and the network effect of larger retail assets. Distributions are underpinned by Kiwi Property's high occupancy and long weighted average lease expiry, which provide a high degree of medium-term income certainty. Income is overwhelmingly derived from passive rent, with the balance derived from periodic asset sales. Kiwi Property also undertakes development, with an objective of holding finished product in the trust. The stock should be considered by investors who are willing to accept some capital volatility, while enjoying an attractive distribution yield.Kiwi Property Group is engaged in investing in New Zealand real estate. The Trust's objectives are to maximize earnings and to provide long-term sustainable returns to investors through the strategic acquisition, intensive management and ongoing development of office, retail and industrial property assets. Co.'s business segments comprise retail (representing Co.'s investment in retail property), office (representing Co.'s investment in office property) and other (representing those items which are neither retail nor office). As of Mar 31 2010, Co. had total assets of NZ$1,984,822,000.
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