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Kiwi Income has steady six months

By Phil Boeyen, ShareChat Business News Editor

Monday 13th November 2000

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Kiwi Income Property Trust has reported a 3% increase in interim profit to $16.3 million to the end of September.

Net income was slightly ahead of last year in the company's retail and commercial portfolios, with vacancy levels in the commercial portfolios falling to 3.0% down from 5.7% at the end of March. The level of vacancy in the retail portfolio remains stable at 2.0%.

Trust chairman, Robert Narev, says in spite of negative commentary about the level of vacancies in the major commercial office markets, management was maintaining occupancy levels and enjoying good success in renewing leases as they fall due.

"It is a hallmark of a diversified portfolio of quality investment properties that the rental income levels are predictable and not subject to short-term volatility as a result of changing economic conditions".

Investors' Funds have increased by $13.8m to $471.1m following an issue of 15 million units in August. The ratio of debt to assets is 29.4%, up from the 27.4% at the end of March.

The trust has declared an interim dividend of 4.655 cents per share.

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