Kiwi Income Property annual earnings fall 15 percent, sees smaller payout in 2014

Kiwi Income Property annual earnings fall 15 percent, sees smaller payout in 2014
By Paul McBeth May 13 (BusinessDesk) - Kiwi Income Property Trust, the owner of Auckland’s Sylvia Park Shopping Centre, reported a 15 percent fall in annual earnings due to a drop in rental income and expects to pay a smaller return to investors in 2014. Distributable earnings, the favoured profit measure for property investors which strips out unrealised movements in the value of the portfolio, fell to $61.2 million in the 12 months ended March 31 from $71.7 million a year earlier, the manager of the Auckland-based trust said in a statement...