Closure of non-essential business

NZX RELEASE
24 March 2020
Closure of non-essential business


In light of the four-week closure of non-essential business ordered by the Government
yesterday, Kiwi Property has identified a small number of tenants, relative to the total
number of tenants in its portfolio, with a contractual right to suspend rental payments if
they are unable or chose not to occupy or utilise their premises because of the
Government order.
If all of the tenants exercise this right for the entire four-week shutdown period, the
Company expects it would result in a drop in gross rental income of around $6 million,
representing less than 3% of the prior year’s gross rental income.
Kiwi Property yesterday announced it had successfully refinanced $214m of debt
facilities on five-year terms. The Company has $303m in undrawn credit lines and has a
current gearing ratio of 29.2%.
> Ends


Contact us for further information
Campbell Hodgetts
Communications & Investor
Relations Lead
campbell.hodgetts@kp.co.nz
0275634985



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 20 Index. We’ve been around for over 25 years
and we proudly own and manage a $3.3 billion portfolio of real estate, comprising some of
New Zealand’s best mixed-use, retail and office buildings. Our objective is to provide investors
with a reliable investment in New Zealand property 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 the highest rated New Zealand company
within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of
benchmarks and tradeable indices for ESG (Environmental, Social and Governance) investors.
Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our
website kp.co.nz

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