Kiwi Property portfolio value rises to $3.1 billion

Kiwi Property today reported a net fair value gain of approximately $34 million (+1.1%) on its portfolio of shopping centres and office buildings for the year ended 31 March 2018, with the total portfolio value lifting to $3.1 billion. Chief Executive, Chris Gudgeon, said: "Kiwi Property's portfolio has benefited from generally positive property market conditions with the investment portfolio weighted average capitalisation rate firming to a record low. New leasing deals, strategic development works, strong sales at our key Auckland retail centres and strong tenant demand for our office properties have assisted value growth. This has been partially offset by the cost of seismic strengthening activities, predominantly at assets in regions with higher seismic risk, and related increases in insurance costs." The weighted average capitalisation rate for the investment portfolio firmed 27 basis points to a record low of 6.10%, and the valuations indicate that, overall, the portfolio rental levels are essentially at market. The March 2018 property valuations were determined by independent valuers and will be confirmed in the Company's audited financial results for the year to 31 March 2018, to be announced on 21 May 2018. The valuation summary as at 31 March 2018 has been provided to NZX. Contact us for further information Chris Gudgeon Chief Executive chris.gudgeon@kp.co.nz +64 9 359 4011 Gavin Parker Chief Operating Officer gavin.parker@kp.co.nz +64 9 359 4012 Stuart Tabuteau Chief Financial Officer stuart.tabuteau@kp.co.nz +64 9 359 4025 About us Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index. We've been around for more than 20 years and we proudly own and manage a $3.1 billion portfolio of real estate, comprising some of New Zealand's best shopping centres and prime office buildings. Our objective is to provide investors with a reliable investment in New Zealand property by targeting superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz End CA:00316414 For:KPG Type:GENERAL Time:2018-04-05 13:47:24