Kiwi Property lifts rental income but swings to net loss

(Image: Kiwi Property Group)

Mon, 22 May 2023

Kiwi Property Group lifted its net rental income by nearly 14%, helped by the final release of covid-19 rental abatement accruals.However, a 4.2% decrease in the value of its portfolio on the back of rising interest and capitalisation rates in the second half of the financial year contributed to a net loss of $227.7 million in the 12 months to March. That compared to a net profit of $224.3m in the prior year.The listed-property company, which owns shopping malls Sylvia Park, LynnMall and The Base, saw its net rental income rise by 13.9% to...

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