Kiwi Income improves on last year

The trust's figure of $35.38 million compares with $31.78 million last year. Net unrealised revaluation gains were $15.2 million, and a further $8.84 million gain was achieved as a result of the acquisition of Kiwi Development Trust.

The trust says it paid its final dividend at the beginning of May to ensure that units issued in respect of the acquisition of Kiwi Development Trust ranked equally with existing units on issue.

The total dividend paid for the year was 9.195 cents per unit with attached imputation credits.

Trust chairman, Robert Narev, says the latest result is a pleasing one, with a solid increase in operating profit.

"While the first part of the year had been mixed, with a severe slump in business confidence, the second half showed an upturn."

"Christchurch, Wellington and the provincial cities experienced much of the benefit of this upturn. Auckland also benefited, although to a lesser degree."

Mr Narev says tenants are being understandably cautious at present in considering new lease commitments but KIP is in the fortunate position of having a vacancy rate in the commercial portfolio of just 3.2% at the end of March.

"At the end of the year, the Trust completed the largest acquisition in its history, making a take-over offer for, and subsequently acquiring, Kiwi Development Trust and its trophy asset the Royal & SunAlliance Centre - arguably the most important commercial office tower in New Zealand."

The company says following this acquisition the trust has become New Zealand's largest listed property investment vehicle by market capitalisation.

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