Retail boost for Kiwi Income Property

Friday 21st May 2004

Kiwi Income Property Trust reported a 9.7% increase in net income after tax to $49.1 million for the year to 31 March 2004, with higher income from leasing activity in its retail centres and lower interest costs.

Total assets grew $187 million to $1.099 billion, up from $912 million the previous year, while investors' funds stood at $746 million, a rise of $80 million compared with $666 million as at 31 March 2003.

Revaluations of the portfolio were up $50.6 million, with the Vero Centre in Auckland worth $12 million. The recently expanded Northlands Shopping Centre in Christchurch enjoyed the biggest jump in value of $17 million to $203 million after KIP spent $91 million on the revamp.

The trust's market capitalisation, calculated by multiplying the unit price by the number of units on issue, increased a further $59 million to $723 million.

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