Flat First Half for Kiwi; Construction Boom Remains a Tailwind For Retail Assets
Narrow moat-rated Kiwi Property reported funds from operations for first-half fiscal 2017 of NZD 3.72 cents per share, unchanged on the previous corresponding period. This was a particularly messy result, with a host of properties undergoing redevelopment plus asset sales and acquisitions creating volatility in rental receipts. For the few properties where like-for-like comparisons can be made, rent growth was very strong for Auckland office and retail, while shopping malls outside Auckland repo...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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