|
Wednesday 24th September 2008 |
Text too small? |
The trust's manager sought an additional valuation of its assets this year in the face of weakening demand and the fall-out from the credit crunch.
Provided economic conditions don't deteriorate, the trust will pay a cash distribution of nine cents a unit for the year ending March 31. That amounts to an after tax yield of 7.5% for New Zealand investors at current prices, it said.
"We do expect a continuation of the current softening trend in property values," said Sean Wareing, chairman of the trust's manager. Still, the impact on Kiwi Income will be "reasonably contained, given the quality of the trust's portfolio."
Kiwi Income has NZ$2.03 billion of assets including Auckland's Vero Centre and National Bank Centre, and the Majestic Centre in Wellington. The trust's units fell 1.6% to NZ$1.20 today. They are rated 'buy' or 'outperform' by five of seven analysts who follow the trust.
No comments yet
Kiwi Income Property Trust
Kiwi Income sells Queen St building to Australian firm
Kiwi Income Property may need to sell assets or raise equity to exit management contract
Kiwi Income manager stays mum on internalisation proposal, sees retail, Auckland office improving
Kiwi Income manager mulls Commonwealth Bank proposal to internalise contract
Kiwi Income Property sees smaller payout in 2014 as annual earnings fall 15 percent
Kiwi Income Property first-half pretax earnings fall 16 percent
Wellington's commercial property market to remain subdued: KIP
Kiwi Income Property Trust
Write-downs hurt Kiwi Income Property Trust but 1H distributable profit rose 9.1%
