Friday 12th March 2021
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Kiwi Property today increased its 2021 financial year AFFO earnings guidance to 5.50-5.60 cents per share, up from the 4.90-5.15 cents per share range forecast at the half-year.
The revised guidance reflects stronger than anticipated trading conditions, with Kiwi Property’s retailers performing ahead of expectations, despite COVID-19 related disruptions. As a result, leasing outcomes and turnover rent have exceeded forecast, while rental abatements and doubtful debt allowances are less than anticipated.
Kiwi Property CEO, Clive Mackenzie said:
“The arrival of COVID-19 brought widespread uncertainty to New Zealand, however many parts of the retail sector continue to track ahead of predictions. In addition, our office portfolio has remained very resilient to the impact of the pandemic. By working closely with our tenants, we’ve been able to navigate the fallout from COVID-19, while also delivering major projects such as the Sylvia Park Level 1 expansion ahead of schedule.”
Kiwi Property’s full year results to 31 March 2021 are scheduled to be announced on 24 May 2021.
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