Kiwi Property portfolio value rises to $3.1 billion

NZX RELEASE
5 April 2018
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.
A summary of the valuations follows:

Note: Due to rounding, numbers within this table may not add up precisely to the totals provided and
percentages may not precisely reflect the absolute figures. The 2017 comparative figures have been
adjusted for the sale of The Majestic Centre which settled on 11 December 2017.
> Ends

$ m %
Sylv ia Park5.88% 5.38% 50 835.0 10 1.2%
Sylv ia Park Lifestyle6.38% 6.25% 13 74.0 3 4.7%
LynnMall6.38% 6.25% 13 274.0 1 0.3%
Westgate Lifestyle6.50% 6.38% 13 90.0 3 3.1%
The Base6.50% 6.25% 25 202.5 6 3.3%
Centre Place North8.63% 8.75% -1359.0 -8-11.7%
The Plaza7.00% 7.00% - 207.0 -15-6.8%
North City7.63% 7.88% -25106.0 -7-6.5%
Northlands7.25% 7.13% 13 240.0 -18-6.8%
Retail portfolio6.52% 6.23% 29 2,087.5 -25-1.2%
Vero Centre5.75% 5.50% 25 420.0 30 7.7%
ASB North Wharf
5.75% 5.63% 13 209.0 11 5.8%
The Aurora Centre6.50% 6.38% 13 152.3 7 5.0%
44 The Terrace6.88% 6.63% 25 49.9 5 11.8%
Office portfolio5.95% 5.76% 19 831.2 54 7.0%
INVESTMENT PORTFOLIO6.37% 6.10% 27 2,918.7 30 1.0%
Other property140.2 4 3.2%
TOTAL P ORTF OLIO3,058.8 34 1.1%
Property / Portfolio
Capitalisation rate
Value
Mar-18
$ m
Projected fair value
movement
Mar-17
%
Mar-18
%
Movement
bps

2
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