Sales and Rents Across Kiwi's Retail Portfolio Continue to Disappoint. FVE Cut to NZD 1.35
Kiwi Property Group’s first-half fiscal 2019 earnings on a funds from operations, or FFO, basis were marginally below expectations at NZD 3.67 cents per security mainly due to greater than expected rent loss as space is vacated for redevelopment projects. However, rent outcomes across the retail portfolio was disappointing, with multiple shopping centres reporting weak growth over the past 12 months. We were expecting the favourable economic conditions would result in stronger rental uplift than...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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